DoubleClick Rises on Optimism for Internet-Advertising Growth
Bloomberg News
March 18, 1999, 9:37 a.m. PT
DoubleClick Rises on Optimism for Internet-Advertising Growth
New York, March 18 (Bloomberg) -- Shares of DoubleClick
Inc., an Internet-advertising agency, rose as much as 12 percent
on investor optimism that the company will benefit from the
growing online advertising market.
DoubleClick rose 13 1/16 to 159 1/2 in midday trading of
3.6 million shares, almost twice its three-month daily average.
Earlier, they reached 163 5/8.
The New York-based company has positioned itself as a leader
in a market that will grow to a projected $7.1 billion by 2002
from $2.1 billion in 1998, said SG Cowen & Co. analyst Scott
Reamer, who upgraded his rating on DoubleClick to ''strong buy''
today.
''It is increasingly clear that the number of revenue
opportunities is growing, and so are their size,'' Reamer said in
an analyst report. ''Once a company has reached a point of
critical mass within an increasing-returns market, they are very,
very hard to unseat. We're betting that DoubleClick has reached
that threshold.''
DoubleClick sells ads on a network of World Wide Web sites
and licenses technology that helps companies manage ads on their
sites. |
