ANALYSIS-"Value-trap" eBay vs "priced to perfection" Amazon

* EBay undervalued, but core business risky - Street

* Recently derided, Amazon now on top with pricey shares

* Both companies report Q1 results next week

By Alexandria Sage

SAN FRANCISCO, April 13 (Reuters) - Lack of confidence in eBay and sticker shock over Amazon's valuation has left investors struggling to decide whether it's time to jump in.

Once the e-commerce leader, eBay Inc (EBAY.O) is cheaply valued but not inspiring confidence on Wall Street with its confusing three-unit business model. And while Amazon.com (AMZN.O) is stealing the spotlight, the online retailer's lofty price yields little fruit in the short term.

Longer-term, analysts say Amazon, which has had spectacular success reversing Wall Street's pessimism about its prospects and is innovating in technology and processes, is the better bet versus a stop-and-go eBay that might be overestimating its own growth prospects.

Investors will get a fresher glimpse of both companies when they report first-quarter earnings next week.

"Amazon is great but the valuation just scares us," said Solaris Asset Management's Tim Ghriskey, who does not own shares in the company because of the high price.