DJ Dresdner, Commerce One -2: 12-Mo Target Price $1,000>CMRC
DETROIT (Dow Jones)--Dresdner Kleinwort Benson auto analyst David M.
Garrity initiated coverage of Commerce One Inc. (CMRC) with a Buy
rating.
In a research note Monday, he also set a 12-month target price of
$1,000.
It may seem strange, an auto analyst covering an e-commerce company,
but Garritry has his reasons; most notably, Commerce One's recent
joint venture with General Motors Corp. (GM).
Under terms of that agreement, General Motors formed an equity-based
relationship with Commerce One based on warrants to purchase 4.8
million shares which, if exercised, would give GM a 20% ownership
interest.
"In this transaction we believe GM has aligned itself with an
important B2B e-commerce enabler who promises to allow GM to not only
lead in the transformation of the global auto industry, but also to
participate in the transformation of the global economy as a whole,"
Garrity said.
-Mark Yost; Dow Jones Newswires; 313-963-7810
(END) DOW JONES NEWS 12-20-99
02:15 PM
- - 02 15 PM EST 12-20-99
-------------------- |
