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Shares of the online auction site eBay, Inc. (NASDAQ: EBAY) have been surging today after positive remarks from Banc of America Securities analyst Brian J. Pitz, who stated that the company is on track for a "solid" first quarter to the year.

Pitz made his remarks after analyzing the company's recent proprietary listings and conversion rate tracking data. As a result of his findings, Pitz gives the stock a price target of $38, and lifted his revenue forecast for the quarter from $2.03 billion up to $2.08 billion. This is slightly higher than the $2.06 billion that Wall Street is expecting to see, and as a result shares of the e-commerce giant have surged 5% today to $30.96, and hit a high earlier in the session up at $31.21.

eBay has been in the news a lot lately, but for the most part, it has not been positive. The company has been fighting off speculation that a seller's strike late last month that extended into the first week of March had had any material impact on the site's listing numbers. Some have argued that the strike led to a 13% drop in product listings, but eBay has adamantly denied any impact what-so-ever, and instead has insisted that a promotion that ran right before the strike had artificially inflated product listing numbers that were used to compute the strike's effectiveness.

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Banc of America gives eBay a lift originally appeared on BloggingStocks on Thu, 27 Mar 2008 15:43:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>52 week lows52WeekLowsanalysts estimatesAnalystsEstimatesauctionsBACBanc of AmericaBancOfAmericaBrian J. PitzBrianJ.Pitze-commerceeBayforecastsgoodnewsinthenewssellers strikeSellersStrikeThu, 27 Mar 2008 15:43:00 EST