In 2010, the Morgan Stanley analysts covering eBay had stopped using PEG to value eBay, relying on P/E, P/S, and discounted values of free cash flows. In 2013, they dropped P/E and P/S, and only used discounted free cash flows. In 2015, they based their price targets primarily on P/E, and claimed to rely on discounted values of free cash flows as “support” and a “sanity check.” How would you interpret these changes over time in valuation methodology?