Stifel Nicolas analyst Jordan Rohan today repeated his Buy rating on eBay (EBAY), lifting his target on the stock to $30, from $27, ahead of the company’s earnings report, which is due tomorrow. The company has already said that results will be at the top end of the forecast range of revenue of $2.13 billion to $2.18 billion, and non-GAAP profits of 35-37 cents a share.
Rohan in particular is bullish on the company’s PayPal business, which he says “is in the best position of any payments solutions to become the de facto currency on the Web.”
- He asserts that PayPal “could become the dominant payment platform on Android devices.”
- He notes that PayPal processes about 50% of virtual gods payments.
- And he notes that the service should get a boost from a range of new digital banking applications like “bump payments” – transfer cash by simply bumping two iPhones together – enabling bank deposits by simply taking a picture of a check and micropayments.
This morning, EBAY is down 11 cents, or 0.4%, to $25.61.
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