Will Skype Be Acquired?

Will one of the world’s large telecom companies make a run at Skype?

Thomas Weisel Partners analyst Jordan Rohan raised that possibility in a research report this afternoon in which he launched coverage of eBay (EBAY) with an Overweight rating and $34 price target.

Rohan offers a number of reason for his bullish stance, including improving fundamentals in the core Marketplace business, growth at PayPal, and potential upside to earnings estimates – plus an under-appreciated asset in the company’s 30% stake in Skype. Rohan thinks “several” major telcos could bid for the company when – or before – Skype filed to go public.

Rohan notes that Skype now reportedly processes more than 12% of all international calling minutes, up 50% from a year earlier. “At a high level, it is one of the only scale players in telecom that can grow and gain share without respect to geographic or spectrum-related constraints,” he writes. “How could a global incumbent telecom services provider let Skype be acquired by another well-capitalized telecom player from a different geography?”

Meanwhile, earlier today Battle Road Research analyst Ben Rose repeated his Buy rating on EBAY, lifting his price target to $35, from $30. Rose notes that the company has expanded its presence in both Europe and the Pacific Rim, “which should yield improved results in 2010 and beyond.” He also notes that the company has a large cash position, providing “a cushion should the economy again begin to soften.”

eBay on Monday rose 80 cents, or 3%, to $27.37.