Analysts' Upgrades, Downgrades: eBay

Change in Ratings

Astoria Financial(AF Quote) upgraded at RBC to sector perform rating from underperform. Price target holds at $17 while FY09 eps estimates lift to $1.75 from $1.68. Reiterates Average Risk qualifier.

Best Buy(BBY Quote) rating reinstated at Goldman with a sell rating. See multiple risks for investors, including growing competition, fading tax rebate benefit, cycling of benefits from consumer credit deal, and challenges in balancing company's multiple growth platforms. Target at $42.

Comcast(CMCSA Quote) upgraded at Goldman Sachs to buy from neutral based on defensive nature of businesses and renewed focus on free cash flow growth. Note recent pullback on negative commentary from telcos, but believe macro fears are overblown. Price target lowered to $24 from $25.

DynCorp(DCP Quote) rated new Neutral at Credit Suisse Cites company has been very successful in signing many new contracts, but have been unsuccessful in expanding EBITDA margins. Sets $17 target price.

eBay(EBAY Quote) downgraded at Thomas Weisel to market-weight. 2Q revenues have proved better than expected due to foreign exchange rates and EPS gained due to share repurchasing activity. However, there was no improvement in underlying fundamentals as purchasing behavior of the typical eBay customer could take at least 12-18 months.

eBay(EBAY Quote) downgraded at Goldman Goldman said it is downgrading EBAY to Neutral from Buy due to slowing gross merchandise value and doubtful business improvements in tough macro climate. Note slowing growth in GMV, indicating customers are trading down in current environment. Target slashed to $30 from $38.

eBay(EBAY Quote) price target lowered at Jefferies EBAY price target lowered at Jefferies. Price target lowered to $35 from $40. Maintains 2008 EPS estimates of $1.72 and Buy rating.