i3 Mobile, Inc. - Deutsche Banc Alex. Brown's Fifer Initiates Research Coverage
NEW YORK, May 2, 2000 /PRNewswire via COMTEX/ -- Deutsche Banc Alex. Brown's Bo
Fifer today initiated research coverage of i3 Mobile, Inc. (IIIM -- 18-1/2) with
a STRONG BUY investment rating on the shares. i3 Mobile is a leading player in
the wireless data and "m-commerce" (mobile e-commerce) market that currently
delivers approximately two million messages per day to its customer base of
700,000 users.
Fifer's STRONG BUY rating on the shares of i3 Mobile is based on the following
key factors:
-- The market for wireless data services is on the verge of booming, in
our view, as network operators deploy high-speed packet technology over
the next 7-8 quarters to improve the transmission speeds and quality of
the user experience;
-- i3 Mobile enjoys a strong partner base, with carrier partners
accounting for over 50% of total U.S. wireless users, a blue-chip
roster of branded content providers, and strategic partners that will
expand distribution and drive new application development;
-- In addition to traditional subscription-based services, i3 is
developing a wide array of products/services to take advantage of the
wealth of user-information in the handset and create new revenue
streams such as m-commerce and advertising, among other.
"We believe i3 Mobile has emerged as one of the higher quality names in the
still-unfolding wireless data landscape," said Fifer. "Relative to both our
long-term discounted cash flow model and valuations of the peer group, we
believe shares of i3 Mobile represent an attractive investment in what we
believe will be a booming market for wireless data and m-commerce applications."
Fifer's discounted cash flow-derived 12-month price objective of $29 per share.
Additional Information Available Upon Request.
Deutsche Banc Alex. Brown identifies the U.S. investment banking activities of
DB Alex. Brown LLC and Deutsche Bank Securities Inc., which are indirect
subsidiaries of Deutsche Bank AG. With over $869 billion in assets as of
September 30, 1999 and approximately 90,000 employees, Deutsche Bank offers its
clients unparalleled financial services throughout the world. It ranks among the
leaders in asset management, capital markets, corporate finance, custody, cash
management and private banking. Deutsche Bank is divided into five major
business units: Global Corporates and Institutions, Global Technology and
Services, Asset Management, Corporates and Real Estates and Private and Retail
Banking.
Deutsche Bank Securities Inc. maintains a net primary market in the common stock
of i3 Mobile, Inc.
Within the past three years, Deutsche Bank Securities Inc. or its wholly owned
subsidiary, DB Alex. Brown LLC, has managed or comanaged a public offering of i3
Mobile, Inc.
Information herein is believed to be reliable and has been obtained from sources
believed to be reliable, but its accuracy and completeness cannot be guaranteed.
Opinions, estimates, and projections constitute the company's judgment and are
subject to change without notice. This publication is provided to you for
information purposes only and is not intended as an offer or solicitation for
the sale of any financial instrument. Deutsche Bank Securities Inc., DB Alex.
Brown LLC, and their affiliates worldwide, may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. Transaction should be executed through a
Deutsche Bank entity in the client's home jurisdiction unless otherwise
permitted by law. Deutsche Bank Securities Inc., and DB Alex. Brown LLC, are
members of NYSE and NASD. In the U.S. this report may be distributed either by
Deutsche Bank Securities Inc., or DB Alex. Brown LLC. Interested parties are
advised to contact the U.S. entity they currently deal with, or the U.S. entity
that has distributed this report to them.
SOURCE Deutsche Banc Alex. Brown |
