Bear Stearns sets s 12 month target of $300. Should hit that by noon.
biz.yahoo.com
Friday December 10, 8:28 am Eastern Time
Company Press Release
Bear Stearns Announces Investment Opinion on FreeMarkets
NEW YORK--(BUSINESS WIRE)--Dec. 10, 1999--
FreeMarkets(FMKT) Will be the Next Internet Star,
According to Bear Stearns:
Ehrens Believes the ``Business-to-Business' Newcomer
Will Hit $300 a Share
Bear Stearns managing director and Internet analyst Scott Ehrens, who has been at the fore-front of the business-to-business Internet explosion, has found his latest star, FreeMarkets (FMKT). The Internet auction site for businesses was priced last night at $48 per share, but Ehrens does not believe it will stay there for long. The Bear Stearns analyst has put a 12-month price target on the company of $300 a share. ``Thanks to FreeMarkets companies can save 15% on production materials,' said Ehrens. ``It is only a matter of time before clients will be pounding on FreeMarket's door, driving torrid growth for the company.'
FreeMarkets, based in Pittsburgh, conducts business-to-business on-line auctions that make complex purchases easy for buyers of industrial parts, raw materials, commodities and services. The company takes advantage of what Ehrens calls the hottest growth sector of the Internet, business-to-business transactions. In September, Ehrens published a 200-page report entitled ``The Internet Business-to-Business Report' and estimated that companies involved in these types of transactions will have a collective market value of at least $228 billion by 2002.
To speak with Scott Ehrens about FreeMarkets or to obtain a copy of his business-to-business report please call Mary Stewart at 212-272-4309 or Russell Sherman at 212-272-5219.
Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC - news). With approximately $21.4 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent clearing, including securities lending. Headquartered in New York City, the company has over 10,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, Puerto Rico and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our website at bearstearns.com.
Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Bear Stearns may make markets and effect transactions, including transactions contrary to any recommendations herein, or have positions in the securities mentioned herein (or options with respect thereto) and may also have performed investment banking services for the issuers of such securities. In addition, employees of Bear Stearns may have positions and effect transactions in the securities or options of the issuers mentioned herein and may serve as directors of such issuers. Copyright (c) 1999. All rights reserved by Bear, Stearns & Co. Inc.
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Contact:
Bear, Stearns & Co. Inc.
Russell Sherman, 212/272-5219 |
