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Technology Stocks : Internet Capital Group Inc. (ICGE)

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To: bob zagorin who wrote (3876)3/14/2005 7:54:46 PM
From: puborectalis   of 4187
 
14-Mar-05
06:44 BBBB Blackboard upgraded to Buy at BofA (15.96 )

Banc of America upgrades BBBB to Buy from Neutral with a $20 tgt based on a compelling combination of valuation, lessening concerns and higher visibility into their ests. Firm says the correction in the multiple and the mitigated concerns have provided the impetus for the ratings change - the salesforce is growing, the adoption rates appear robust and 'Building Blocks' may fend off Sakai. According to the firm, mgmt's investment in the sales force is proceeding well, aided by dislocations at other cos such as Peoplesoft. They believe the Street has underestimated the opportunity for these investments to contribute to FY05's contract value and deferred revenue, comparisons that will be aided by some changes and mild disruption in the sales organization that may have depressed FY04.
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