Why have investors dumped all over eBay’s stock in the past 18 months? Because the core marketplace business has ground to a halt. PayPal and Skype are still doing well, but the same can’t be said for eBay itself.
Collins Stewart analyst Sandeep Aggarwal initiated coverage today with a SELL and included the following summary. We disagree with Sandeep about the stock–with eBay trading at 5X EBITDA and 12X earnings, we think the downside is in the stock–but there’s certainly no sign of life in the marketplace business.
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