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From Briefing.com.......Goldman Sachs' Internet Comments: according to notes from the Goldman Sachs Tech Symposium, Internet stocks are continuing their profit taking after a very good holiday season; on average, the group has corrected 35% since Yahoo's better-than-expected Q4 report; views the ongoing profit-taking as healthy and normal and as an opportunity to initiate long-term positions; on the negative side, investors still need to contend with high valuations despite recent price weakness, with average 1999 price-to-revenue ratios of over 20 times for the group, down from 30 times three weeks ago; also, sequentially post holiday Q1 results are likely to be slower than Q4 over Q3 for most Internet companies; expects Internet companies to focus on consolidation and partnership opportunities through the first half of 1999 in the ongoing race to build up scale and leverage in subscriber/users, advertisers, e-commerce partners and key portal features; names to focus on are AOL, Yahoo!, eBay, DoubleClick, Inktomi, and Exodus as leading outsourcing beneficiaries; firm also likes RealNetworks and AtHome..... |
