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DB Alex Brown Upgrades eBay to 'Strong Buy'

Deutsche Banc Alex Brown upgraded eBay (EBAY) to strong buy from buy.

Analyst Jeetil Patel believes eBay's U.S. business should continue to grow by 35%-55% year over year in the coming quarters, driven by listings gains, increased pricing, and stronger-than-expected gross merchandise sales. He says the company should benefit from enterprises embracing eBay as a fourth and alternative distribution channel, as well as an economic recovery in the second half of 2002 (in terms of increase in demand, and higher listing-to-sale conversion rates).

Patel thinks eBay's international expansion strategy is ramping ahead of expectations. He sees $0.72 2002 EPS, $1.55 billion in 2003 revenue, and $1.08 EPS. He has an $80 12-month target.

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