Wit Capital Internet Analyst Ryan B. Alexander Increases Target Price for CMGI to $225; Maintain BUY Rating
PR Newswire - December 02, 1999 09:35
NEW YORK, Dec. 2 /PRNewswire/ -- This release has been issued by Wit Capital Corporation, a registered broker-dealer and member of National Association of Securities Dealers, CRD number 41499, and SIPC.
Wit Capital Research Analyst Ryan B. Alexander today revised operating estimates for CMGI, Inc. (Nasdaq: CMGI) and raised the target price to $225. Incorporated in 1986 as CMG Information Services, Inc. through the acquisition of the College Marketing Group, Inc., CMGI, Inc. develops, integrates and networks a diverse enterprise of Internet-based operating companies and businesses in which CMGI has invested through its venture capital affiliate, @Ventures.
"We are revising our projected enterprise value for CMGI from $20.7 billion to $30.6 billion, which translates into a 12-18 month per share price of approximately $225." In addition, Alexander indicates, "We believe that CMGI should continue to generate superior value and returns from its network of holdings. We believe that the company is very well positioned to benefit from its vital and growing network of public and private Internet companies."
Wit Capital was founded in 1996 as the first online investment banking firm. With offices in New York and San Francisco, Wit Capital is an issuer-driven, Internet-centric company that offers a rapidly expanding array of investment banking services, including underwriting for public offerings, private equity services, strategic advisory, and institutional quality research. Wit Capital also offers individual investors online brokerage services which include access to IPOs and other securities offerings.
This report is available at:
witcapital.com
CONTACT: Janalyn Schreiber of Citigate Dewe Rogerson, 212-688-6840, jschreiber@dewerogerson.com, for Wit Capital; or Ryan B. Alexander of Wit Capital, 212-253-4400, ralexander@witcapital.com
SOURCE Wit Capital
/CONTACT: Janalyn Schreiber of Citigate Dewe Rogerson, 212-688-6840,
jschreiber@dewerogerson.com, for Wit Capital; or Ryan B. Alexander of Wit
Capital, 212-253-4400, ralexander@witcapital.com/
(CMGI) |
