February 02, 2000 14:48
VerticalNet Target Raised By $100 To $350 By Prudential (VERT)
(NewsTraders.com)--After VerticalNet Inc. (VERT) reported an "outstanding" fourth quarter yesterday,
Prudential Volpe Technology Group analyst Timothy Getz raised his price target on the
business-to-business e-commerce portal to $350 from $250.
Getz, who also reiterated his "strong buy" rating on VerticalNet today, raised his 2000 revenue projection
to the $110-to-$115-million range from $90 million, and introduced a 2001 estimate of $190 million to
$200 million in revenue.
The analyst lauded VerticalNet's recent alliances with Softbank, British Telecom (BTY) and Microsoft
(MSFT), commenting that they validate its strategy to operate the largest portfolio of vertical market Web
sites and accelerate its leadership in the B2B market.
The Microsoft deal, recently announced, represents a $100 million investment in VerticalNet, and
commits the technology giant to buy between 60,000 and 100,000 storefronts over the next 3-4 years.
Shares of Horsham, Pa.-based VerticalNet recently plummeted $17.13 to $235.00.
Copyright 2000 NewsTraders Inc. All Rights Reserved 15:59 Wednesday, February 02, 2000 |
