In april 2003, analysts at Morgan Stanley and prudential has set 12-month TARGET PRICES OF $106 AND

In april 2003, analysts at Morgan Stanley and prudential has set 12-month TARGET PRICES OF $106 AND $108 FOR THE FIRMS EbAY. AT THT TIME, EbAY’S STOCK WAS $89.22 AND THE CONSENSUS FORECAST FOR EbAY’S WAS 1.45. SUBSEQUENTLY, EbAY SPLIT ITS STOCK TWO-FOR-ONE. iTS ACTUAL eps TURNED OUT TO BE $0.82 (POSTSPLIT, CORRESPONDING TO $1.64 ON A PRESPLIT BASIS), AND ON APRIL 30, 2004, EbAY STOCK PRICE CLOSED ABOVE $82 ($164 ON A PRESPLIT BASIS), AND THE CONSENSUS ANALYST EPS FORCAST FOR THE SUBSEQUENT 12 MONTHS WAS $1.18 (POSTSPLIT). DISCUSSS WHETHER THE STOCK OF EbAY WAS EFFICIENTLY PRICED IN APRIL 2003.