Robertson Stephens Reiterates Buy Rating on VERT
SAN FRANCISCO, Oct 22, 1999 (BUSINESS WIRE) -- Robertson Stephens
Managing Director and Senior Business-to-Business (B2B) eCommerce
Analyst Eric B. Upin today reiterated his Buy rating on VerticalNet
(NASDAQ:VERT). VerticalNet, headquartered in Horsham, Penn., is a B2B
eCommerce company that operates a portfolio of highly focused,
vertical-trade communities on the Internet.
"We are reiterating our Buy rating on VerticalNet, following the
company's announcement of strong-third-quarter-financial results, said
Upin. "The company reported revenues of $5.2 million, representing 478
percent growth year-over-year and 46 percent growth sequentially,
exceeding our estimate of $4.6 million. Operating earnings-per-share
came in at ($0.29), ahead of our ($0.32) estimate and consensus of
($0.31)."
"We believe the company is putting the pieces in place for eCommerce
growth going forward. In the quarter, the company added vertical sites,
advertising customers, commerce revenues and strategic partnerships,"
said Upin. "We believe VerticalNet is solidly executing on its vision
of building large communities and converting these populations to
commerce."
Clients interested in receiving more information should contact their
salesperson at (415) 781-9700.
BancBoston Robertson Stephens Inc. ("Robertson Stephens") is the
leading full-service investment bank focused exclusively on growth
companies. To date in 1999, the firm has completed over 130 public
offerings and over 30 private offerings, raising more than $26 billion
in capital for clients. The firm's 47 research analysts cover nearly
700 companies. Founded in 1978, Robertson Stephens is a section 20
subsidiary of Fleet Boston Corporation (NYSE: FLT) and a member of the
NASD and all major exchanges. Together, Robertson Stephens, BancBoston
Robertson Stephens International Ltd., and Robertson Stephens Evergreen
Securities Ltd. employ over 1,000 employees worldwide with offices in
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Aviv. For more information about the firm, please visit our Web site at
www.rsco.com. |
