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Strategies & Market Trends : The New Economy and its Winners

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To: Bill Harmond who wrote (24513)	6/14/2005 3:40:37 PM
From: Bill Harmond	Read Replies (2) of 57684

ThinkEquity cautious on ValuClick here VCLK announced the acquisition of Web Clients for $141M, $121M in cash and approximately 1.8 million shares of ValueClick common stock and 350,000 options, and E-Babylon, $14.7M in cash, yesterday. While we feel the acquisitions are incrementally positive in the near term, as they should be strongly accretive and bolster/complement VCLKs direct marketing and e-commerce businesses, we continue to have concerns regarding negative trends for the company's core network and affiliate marketing businesses particularly in light of Google's (NASDAQ: GOOG; $228.50 [sic], Buy - Price Target: $330) recent launch of an ad-network product, Yahoo!'s (NASDAQ: YHOO; $35.18, Accumulate - Price Target: $37) impending launch of a contextual ad-network and the potential negative affect of search price increases on affiliates and Web Client's lead-generation businesses. We are maintaining our Accumulate rating and 12-month price target of $13.

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