Lehman Brothers

this morning dropped online auctioner

eBay

(EBAY) - Get Report

to a netural rating from buy. Last month, eBay reported strong third quarter earnings and was upbeat about its outlook for coming quarters -- quite an anomaly in the Internet world. But the company's stock hasn't really benefited from it.

Lehman's influential analyst, Holly Becker, wrote in her report today that she is concerned eBay's core business is slowing. She also wrote that the company's aggressive 2005 sales projections have raised a red flag.

eBay closed at $43.44 on Friday, down from its 52-week high of $127.50.