June 15, 2000 10:27
Jefferies & Co. Reiterates Go2Net At Hold, $80 Target (GNET)
(NewsTraders.com)-- Jefferies & Co. analyst Frederick Moran said today that he feels Go2Net (GNET) is well positioned for future growth, as he reiterated his $80 price target for the stock.
Moran stayed with his "hold" for the Internet network operator, however, based on current market conditions for Internet issues.
With an eye on future catalysts, Moran named early recognition and development of services for the small business, the firm's entry into group buying and the rollout of the Go2Net's broadband as potential drivers for the stock.
Moran was particularly upbeat on Go2Net's small business offering, commenting that the company has assembled a comprehensive set of tools through its HyperMart property that position it better than most.
The analyst also noted that Go2Net's long-term prospects are further strengthened by Microsoft (MSFT) co-founder Paul Allen's stake in the company through his Vulcan Ventures investment arm, providing Go2Net with financial flexibility as well as credibility and the potential for strategic relationships.
"We believe that Go2Net is clearly demonstrating that it is a quality company in the Internet space, producing its fifth straight quarter of profitability," Moran explained.
Moran also put a positive face on the recent market pullback, stating that it should allow Go2Net to further strengthen its market position by acquiring private companies that have opted for acquisition as an exit strategy.
In recent market activity, shares of Go2Net were higher by $0.75 at $41.88.
Copyright 2000 NewsTraders Inc. All Rights Reserved 10:28 Thursday, June 15, 2000 |
