In April 2003, analysts at Morgan Stanley and Prudential had set 12-month target prices of $106 and $108 for the firm eBay. At that time, eBay’s stock price was $89.22 and the consensus forecast for eBay’s EPS 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). On April 30, 2004, eBay’s stock price closed above $82 ($164 on a presplit basis), and the consensus analyst EPS forecast for the subsequent 12 months was $1.18 (postsplit). Discuss whether the stock of eBay was efficiently priced in April 2003.