Internet Capital Named Robertson Stephens Top Pick (Update2)
3/6/00 1:18:00 PM
Source: Bloomberg News
(Updates with closing share activity.)
Wayne, Pennsylvania, March 6 (Bloomberg) -- Shares of Internet Capital Group Inc. rose 19 percent after a Robertson Stephens analyst named the investor in electronic-commerce companies as its 'top pick' in that industry.
Internet Capital rose 23 3/16 to 142 1/4 in Nasdaq Stock Market trading of 12 million, about three times the three-month daily average. The shares earlier climbed as high as 156 1/16, a 31 percent gain. They've soared more than 24-fold since the company first sold shares to the public in August.
The Wayne, Pennsylvania-based company is 'the best way to play the (business-to-business) space,' said Robertson Stephens analyst Eric Upin, who today raised his rating on the shares to 'strong buy' from 'buy.' He forecast that the company's shares may reach 250 within the next 18 months.
Internet Capital owns stakes in five publicly traded companies that help businesses work better on the Internet -- VerticalNet Inc., Breakaway Solutions Inc., Emerge Interactive Inc., Onvia.com Inc. and U.S. Interactive Inc. It works with another 50 private companies and has $1.3 billion more to invest, Upin said.
Before today, the shares had fallen 28 percent from their record high close of 200 on Jan. 3.
Upin attributed the decrease sales of shares by executives and to concern that the company's market value may exceed the value of the closely held companies it holds.
'The stock has really been knocked down,' Upin said. 'This is a good time to pay attention again.' |
