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Technology Stocks : BLUEFLY.COM(BFLY)
BFLY 2.705+0.4%12:48 PM EST
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To: Still Rolling who wrote (440)10/5/1999 12:47:00 PM
From: Joe Casey  Read Replies (1) of 487
 
Gruntal initiates coverage of BFLY with their top rating:

1-1 (Outperform-Outperform)
Initiating Coverage of Bluefly, Inc. with a 1-1 Outperformer - Outperformer Rating
Bluefly's selection of designer labels at discount prices reflects the idea that brand awareness and attractive price points are the most significant factors influencing an individual's decision to buy apparel online. We expect the retail discount apparel market to reach $36.0 billion by 2004, since it was $27.0 billion last year and is growing at about 5.0% a year. Forrester Research forecasts the online retail
apparel market to grow to $20.2 billion in 2003, representing over 7% of overall retail apparel sales. Given this trend, we think that it is reasonable to assume that at least 4.0% of the discount apparel market will migrate online. Given Bluefly's early mover status, we expect that it will capture a 20.0% share of the online discount apparel market, with projected net sales of $300.1 million by 2004, compared to $5.5 million projected in 1999. We believe that Bluefly's market capitalization should reflect this growth and market leadership. Our 6-month and 18-month price targets are $13 and $18, representing upside potential of 27.6% and 76.7%, respectively.
Catherine Skelly
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