eBay (NASDAQ:EBAY) Results Should be on High End of Guidance Says Barclays

With eBay (NASDAQ:EBAY) about to report their latest earnings, Barclays said they see results coming in at the high end of guidance.

Barclays says, "We expect overall results to be at the high end of guidance or slightly above-note that over the last 8 quarters eBay has beaten consensus earnings by -$0.024 on average. We project revenue of $2.48B (+4.7% Y/Y) and PF EPS of $0.47, essentially in line with consensus of $2.49B and $0.47, though at the high end of guidance for $2.39B-$2.49B in revenue and $0.45-$0.48 in PF EPS.

"Key topics we'll be focused on beyond usual operations: 1) Durbin-we don't expect management to say a lot given unknowns around the bill, but given potential secondary effects, we do expect some color on ACH contribution and how PayPal may be able to offset potentially higher bank fees; 2) FX impact-the Euro has weakened since 3Q earnings and both Marketplaces & PayPal have at least 20%+ exposure to cross-border; 3) Balance sheet-we're modeling $100M in share buybacks for 4Q but that could be conservative given $300M in 3Q and recent $2B authorization; 4) 2011 guidance-we're essentially in line with the Street at $1.85 for 2011 and we'd expect an in-line guide given Durbin unknowns and FX, though some are looking for Marketplaces margin upside; 5) Feb 10 investor day-likely to be PayPal and mobile heavy."

Barclays reiterates an "Equalweight" rating on eBay (EBAY), which was trading at $29.15, down $0.31, or 1.04 percent, as of1:51 PM EST. Barclays has a price target of $29 on eBay.