Robertson Stephens Reiterates Buy Rating on MESG
SAN FRANCISCO, June 1 /PRNewswire/ -- The following is being issued by Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
Robertson Stephens Managing Director and Senior eCommerce Services Analyst Rick Juarez today reiterated his Buy rating on MessageMedia, Inc. (Nasdaq: MESG - news). The company, based in Boulder, Colo., is a leading provider of sophisticated, database-driven eMessaging solutions.
``We believe that growing demand from enterprises for eMessaging solutions covering all phases of customer interaction continues to drive growth in MessageMedia's sales,'' said Juarez. ``In our view, WWW is in the process of being turned upside down to MMM, as 'World Wide Web' morphs to 'Mail, Messages, Multimedia.' This simple formula reflects our judgement that the e- mail box, sophisticated messaging services, and rich-media-capable messaging will become central to users' interactions in the virtual world, in both B2B and B2C settings.''
``We believe MessageMedia's shares represent excellent value at current levels, both from a valuation perspective and because the company may, in our view, be an acquisition candidate,'' said Juarez. ``Accordingly, we are adjusting our presentation of estimated EBITDA to exclude losses from international operations, as these losses do not affect cash. We are maintaining our revenue and earnings-per-share estimates and reiterating our Buy rating.''
Clients interested in receiving more information should contact their salesperson at (415) 781-9700.
Robertson Stephens is the leading full-service investment bank focused exclusively on growth companies. The market leader in technology IPOs, Robertson Stephens completed 103 deals in the US and Europe in the first quarter of 2000, valued at $40 billion, including 103 IPOs, follow-ons and convertibles. In addition, the firm completed 32 private placements in the first quarter and 37 M&A deals. In 1999, the firm completed 384 transactions, valued at $100 billion, including 233 IPOs, follow-ons and convertibles, 66 private placements and 85 M&A deals. The firm's 47 equity research analysts cover nearly 700 companies. Founded in 1978, Robertson Stephens (Legal name: FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary of FleetBoston Financial Corporation (NYSE: FBF - news) and a member of the NASD and all major exchanges. Together, Robertson Stephens, FleetBoston Robertson Stephens International Ltd., and Robertson Stephens Evergreen Securities Ltd. has over 1,200 employees worldwide with offices in Boston, San Francisco, New York, Menlo Park, Chicago, Atlanta, London, Munich and Tel Aviv.
The foregoing synopses are qualified in their entirety by the more detailed information contained in the full research reports, including the discussion of certain risks associated with an investment in the above- mentioned securities contained in ``Investment Risks.''
The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of FleetBoston Robertson Stephens Inc., the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This Report contains forward- looking statements, which involve risks and uncertainties. Actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in ``Investment Risks.'' FleetBoston Robertson Stephens Inc. from time to time performs corporate finance or other services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. While the information contained in this Report and the opinions contained herein are based on sources believed to be reliable, FleetBoston Robertson Stephens Inc. has not independently verified the facts, assumptions and estimates contained in this Report. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. FleetBoston Robertson Stephens Inc., its managing directors, its affiliates, and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this report is in circulation. FleetBoston Robertson Stephens International Ltd. is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private customers. The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of Fleet Bank or BankBoston N.A., and are subject to investment risk, including possible loss of any principal amount invested.
SOURCE: Robertson Stephens
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