These guys give NAVI target of 150...
Picked up on Yahoo:
Company Press Release
SOURCE: Hornblower and Weeks, Inc.
Hornblower and Weeks Press Announcement
NEW YORK, June 12 /PRNewswire/ -- The following is being issued by Hornblower and Weeks, Inc., a member of the National Association of Securities Dealers, CRD number 4683:
Hornblower and Weeks, Inc, a New York, New York based investment banking firm has initiated coverage on Navisite Corp (Nasdaq: NAVI - news) with a strong buy recommendation and a 12 month price target of $150 dollars a share *. Internet infrastructure analyst Thomas Halloran predicts demand for outsourcing to remain robust over the next several years. ``Due to the significant cost savings and customization of service, we expect revenues for the web-hosting industry to reach more than $20 billion by 2003.''
Navisite's better than expected fiscal year 3rd quarter saw the company's customer base increase more than 44% sequentially to 283. Additionally, Navisite's average annualized revenue per customer increased 7% sequentially to $201,000 in the same period. ``We feel these outstanding results comfortably prove that Navisite is gaining significant market share in this exciting industry,'' said Halloran. ``Customers are able to capitalize off Navisite's state of the art data facilities, broad product offerings, and industry expertise.''
``We also feel that investors should be very excited for Navisite's international opportunities. Recent strategic alliances will allow Navisite to efficiently establish a large foothold internationally.''
Investors interested in obtaining copies of Thomas Halloran's latest report on Navisite, ``Building the High-Tech Cathedral for the Next Generation'', should contact a representative at 212-361-2266.
Follow up to verbal recommendation
SOURCE: Hornblower and Weeks, Inc. |
