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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies
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To: $Mogul who wrote (95308)9/10/1999 2:27:00 PM
From: Raj Ramaswamy  Read Replies (1) of 119973
 
CBLT...Price target $50..! The question is how soon..? !!

September 09, 1999 11:08

BancBoston Robertson Stephens Initiates Coverage of CBLT with a Buy Rating
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SAN FRANCISCO--(BUSINESS WIRE)--Sept. 9, 1999--BancBoston Robertson Stephens managing director and senior Internet analyst Keith E. Benjamin and senior automotive services analyst Jordan Hymowitz today initiated coverage of the Cobalt Group, Inc. (Nasdaq:CBLT), with a Buy rating. Cobalt is a provider of fully integrated Internet automobile retailing solutions.

"We are initiating coverage of Cobalt with a Buy rating and a price target of $50, as we believe the company has already branded itself as the dominant Internet solution for car dealers and manufacturers," said Benjamin and Hymowitz. "Its clients include approximately 3,000 of the nation's 22,400 franchised dealers, and the company's Web-hosting business has earned exclusive endorsements from approximately 13 auto manufacturers in North America."

"Cobalt now expands vertically, with more services-per-dealer, fewer incremental costs and a recurring revenue stream of more than 90 percent," said Benjamin and Hymowitz. "In 2002, we believe that Cobalt's revenues could reach in excess of $90 million, with earnings of more than $18 million."

Raj
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