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Morgan Stanley Upgrades Ebay


Shares of EBay (EBAY) were higher in late afternoon trading on Thursday after Morgan Stanley upgraded the stock to strong buy from outperfrom.

Analyst Mary Meeker says eBay is still in very early innings of a big secular growth cycle. She says the company should be able to continue to impact a growing number of markets, making many more efficient. She sees 28% 2002 operating margin growth driven by continuing scale in the U.S. business, profitability ramp in international segment, and price increase.

Meeker says eBay remains her No. 1 Internet stock. She sees operating EPS of $0.76 in 2002, $1.09 in 2003, and $1.50 in 2004.


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