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Technology Stocks : NetGravity [NETG]
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To: RDR who wrote (494)5/21/1999 9:44:00 AM
From: RDR  Read Replies (1) of 589
 
Here is update from BancBoston for week ending 21 May 99

NETGRAVITY - We believe NetGravity's business continues to be strong despite what appear to be growing concerns over competitive pressure. We believe many investors have been focused on the possibility that NETG may be the subject of wide-spread customer defection and we believe that these concerns are unfounded. We would not be surprised if NetGravity loses a few customers over time but we would also expect that the company could gain several new customers from competitors. Currently, we estimate that no one customer accounts for more than 2% of revenue so any one or two customer losses would not materially impact our estimates. In addition, we believe that as the company expands its AdCenter product line, it will enhance its ability to satisfy existing licensing customers which may want to move to an outsourced service, which strengthens NetGravity's competitive position. We believe NetGravity's stock has been weak due in part to competitive confusion and in part to weakness in the group in general. However, we believe the stock can work higher in reflection of the company's rapidly developing ability to deliver a full range of ad management services, including providing licensed software and service outsourcing. With the stock trading at roughly half the revenue multiple of competitors DoubleClick and AdForce, we believe there is a lot of upside as consistent execution overcomes competitive concerns.

Regards,
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