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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies
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To: DO$Kapital who wrote (19993)12/1/1998 3:18:00 PM
From: Labrador  Read Replies (2) of 119973
 
ONSALE ONSL
Briefing HOT
14:05 ET

ONSALE INC (ONSL) 58 1/4 -3 1/4. If Needham & Co analyst Dalton Chandler is proven correct, ONSL shares will appreciate an additional 25% over the next 6-12 months. Of course, that price would also fall 25% below the stock's closing level on Friday. While Mr. Chandler may have been a day late slapping a downgrade on the run away shares of the online auction house, those investors who purchased ONSL stock when Chandler first recommended them are hardly calling for his job. The stock has advanced 154% since July 15 when Chandler initiated coverage with a "strong buy" rating and a 6-12-month price target of $82. Today, the analyst lowered that rating to "buy" following the stock's startling 37 5/8 point vault during Friday's holiday shortened trading session. The downgrade is based solely on valuation. Chandler arrives at a new 6-12 month price target of $73 based on assumption that ONSL shares are capable of trading at four times his 1999 revenue estimate of $352.9 million. He notes that on average the eCommerce group trades at 7.7 times projected 1999 revenue and that fellow online auctioneer, eBay (EBAY 202 1/8 +4 1/2), sports a revenue multiple of 5.3 times projected. The analyst expects ONSL to join the ranks of profitable Internet enterprises in 1999 with earnings of $0.02 a share. Chandler forecasts a 2000 profit of $0.82 a share, on revenue of $527.8 million.

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