HMMM Has this been posted ?
I still like netbank long term, but will look for a lower entry point :
NetB@nk, TeleBanc Financial Shares Overvalued, Barron's Says
New York, May 29 (Bloomberg) -- Net.B@nk Inc. and TeleBanc Financial Corp. shares are overvalued and the Internet banks are likely to face increasing competition, Barron's reported in its ''Up & Down Wall Street'' column, citing First Security Van Kasper analyst Jeff Runnfeldt. Runnfeldt, who issued ''sell'' recommendations on both companies' stock in mid-May, said in a report that the banks could face competition from as many as 1,000 online rivals by year-end. He also wrote, Barron's reported, that their appeal will be limited to a small niche of customers and the stocks trade at multiples well over 200 times their estimated 1999 earnings.
Shares in both companies have dropped from the all-time highs they reached in mid-April, with Alpharetta, Georgia-based Net.B@nk down 46 percent since then and Arlington, Virginia-based TeleBanc Financial down 53 percent.
(Barron's 5/31 3 www.barrons.com)
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