Robertson Stephens Initiates Coverage of EWBX with a Buy Rating
SAN FRANCISCO--(BUSINESS WIRE)--Dec. 22, 1999--Robertson Stephens Senior eServices Analyst Steven Birer today initiated coverage of
EarthWeb (NASDAQ:EWBX - news) with a Buy rating. The company, headquartered in New York, is a provider of Internet-based online services to the information technology industry worldwide, addressing the needs of IT professionals for content, community and commerce.
''We are initiating coverage of EarthWeb with a Buy rating, as we believe the company is a leading player in the rapidly emerging space of vertical portals addressing the needs of both the B2B and
B2b markets, where b represents the technology professional,'' said Birer. ''From its roots in providing content and development resources for IT professionals, the company has evolved to address the ancillary advisory, career management, recruiting, and commerce opportunities created by the estimated $900 billion spent on IT products and services this year.''
''Through a combination of strong internal growth and tactical and strategic acquisitions, EarthWeb has rapidly grown revenues,'' said Birer. ''We expect revenues to grow from $3.3 million in 1998 to
approximately $30.0 million in 1999. Given the company's current resources, we also project that 2000 and 2001 revenues will continue to grow rapidly; our revenue estimates are $52.5 million and
$80.0 million, respectively.''
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