Deutsche Bank reiterates buy on EBay (EBAY ).
Analyst Jeetil Patel says his analysis indicates eBay's product listings appear to be tracking at 63% year-over-year growth in the first week of the second quarter. At the current rate of 16.4 million listings, he thinks eBay could could achieve 55% second quarter listings growth vs. his 48% estimate.
Patel reiterates his buy rating on near-term listings momentum, conservative estimates, and a continued vibrant long-term outlook. He says while shares are trading at about 68 times his $1.30 2003 earnings per share estimate, slightly below his $95 12-month price target, he thinks long-term growth and operating margin expansion could prove his estimates conservative in coming quarters.