(COMTEX) B: Robertson Stephens Reiterates Buy Rating on NITE
B: Robertson Stephens Reiterates Buy Rating on NITE
SAN FRANCISCO, Jan 31, 2000 (BUSINESS WIRE) -- Robertson Stephens
Senior eFinance Analyst Scott Appleby today reiterated his Buy rating
on Knight/Trimark Group, Inc. (NASDAQ:NITE).
"Over the last several days, specific commentary in the market has
caused concern with regards to NITE's market share and the possibility
of a new high-tech competitor," said Appleby. "We believe this
commentary deserves to be addressed."
"There has been concern lately that NITE's market share growth is
beginning to slow. Instead, we believe that NITE is pulling away from
the competition and creating new markets," said Appleby. "NITE's market
share gains in the fourth quarter were greater than any other market
maker. In addition, January appears to have been the company's
strongest month ever, with a significant increase in Autex/OTC market
share."
"There has also been a myth regarding a new high-tech competitor in the
market," said Appleby. "We believe that the most likely entrant on the
horizon is the institutional liquidity provider Instinet, and that this
'competitor' could be complimentary to NITE."
"We have never felt more confident in NITE's growth prospects," said
Appleby. "We are reiterating our Buy rating and our 12-month
price-target of $60 to $65 on NITE, as we believe recent weakness in
the stock creates a compelling buying opportunity."
Clients interested in receiving more information should contact their
salesperson at (415) 781-9700.
Robertson Stephens (www.rsco.com) is the leading full-services
investment bank focused exclusively on growth companies. In 1999, the
firm completed over 230 public offerings and over 40 private offerings,
raising more than $40 billion in capital for clients. In addition, the
firm advised on over 80 M&A transactions in 1999 with an aggregate
value in excess of $50 billion. The firm's 47 equity research analysts
cover nearly 700 companies. Founded in 1978, Robertson Stephens (Legal
name: FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary
of FleetBoston Financial Corporation (NYSE: FBF) and a member of the
NASD and all major exchanges. Together, Robertson Stephens, Fleetboston
Robertson Stephens International Ltd., and Robertson Stephens Evergreen
Securities Ltd. employ over 1,000 employees worldwide with offices in
Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel
Aviv.
The foregoing synopses are qualified in their entirety by the more
detailed information contained in the full research reports, including
the discussion of certain risks associated with an investment in the
above-mentioned securities contained in "Investment Risks."
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although
opinions and estimates expressed herein reflect the current judgment of
FleetBoston Robertson Stephens Inc., the information upon which such
opinions and estimates are based is not necessarily updated on a
regular basis; when it is, the date of the change in estimate will be
noted. In addition, opinions and estimates are subject to change
without notice. This Report contains forward-looking statements, which
involve risks and uncertainties. Actual results may differ
significantly from the results described in the forward-looking
statements. Factors that might cause such a difference include, but are
not limited to, those discussed in "Investment Risks." FleetBoston
Robertson Stephens Inc. from time to time performs corporate finance or
other services for some companies described herein and may occasionally
possess material, nonpublic information regarding such companies. This
information is not used in the preparation of the opinions and
estimates herein. While the information contained in this Report and
the opinions contained herein are based on sources believed to be
reliable, FleetBoston Robertson Stephens Inc. has not independently
(COMTEX) B: Robertson Stephens Reiterates Buy Rating on NITE
B: Robertson Stephens Reiterates Buy Rating on NITE
SAN FRANCISCO, Jan 31, 2000 (BUSINESS WIRE) -- Robertson Stephens
Senior eFinance Analyst Scott Appleby today reiterated his Buy rating
on Knight/Trimark Group, Inc. (NASDAQ:NITE).
"Over the last several days, specific commentary in the market has
caused concern with regards to NITE's market share and the possibility
of a new high-tech competitor," said Appleby. "We believe this
commentary deserves to be addressed."
"There has been concern lately that NITE's market share growth is
beginning to slow. Instead, we believe that NITE is pulling away from
the competition and creating new markets," said Appleby. "NITE's market
share gains in the fourth quarter were greater than any other market
maker. In addition, January appears to have been the company's
strongest month ever, with a significant increase in Autex/OTC market
share."
"There has also been a myth regarding a new high-tech competitor in the
market," said Appleby. "We believe that the most likely entrant on the
horizon is the institutional liquidity provider Instinet, and that this
'competitor' could be complimentary to NITE."
"We have never felt more confident in NITE's growth prospects," said
Appleby. "We are reiterating our Buy rating and our 12-month
price-target of $60 to $65 on NITE, as we believe recent weakness in
the stock creates a compelling buying opportunity."
Clients interested in receiving more information should contact their
salesperson at (415) 781-9700.
Robertson Stephens (www.rsco.com) is the leading full-services
investment bank focused exclusively on growth companies. In 1999, the
firm completed over 230 public offerings and over 40 private offerings,
raising more than $40 billion in capital for clients. In addition, the
firm advised on over 80 M&A transactions in 1999 with an aggregate
value in excess of $50 billion. The firm's 47 equity research analysts
cover nearly 700 companies. Founded in 1978, Robertson Stephens (Legal
name: FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary
of FleetBoston Financial Corporation (NYSE: FBF) and a member of the
NASD and all major exchanges. Together, Robertson Stephens, Fleetboston
Robertson Stephens International Ltd., and Robertson Stephens Evergreen
Securities Ltd. employ over 1,000 employees worldwide with offices in
Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel
Aviv.
The foregoing synopses are qualified in their entirety by the more
detailed information contained in the full research reports, including
the discussion of certain risks associated with an investment in the
above-mentioned securities contained in "Investment Risks."
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although
opinions and estimates expressed herein reflect the current judgment of
FleetBoston Robertson Stephens Inc., the information upon which such
opinions and estimates are based is not necessarily updated on a
regular basis; when it is, the date of the change in estimate will be
noted. In addition, opinions and estimates are subject to change
without notice. This Report contains forward-looking statements, which
involve risks and uncertainties. Actual results may differ
significantly from the results described in the forward-looking
statements. Factors that might cause such a difference include, but are
not limited to, those discussed in "Investment Risks." FleetBoston
Robertson Stephens Inc. from time to time performs corporate finance or
other services for some companies described herein and may occasionally
possess material, nonpublic information regarding such companies. This
information is not used in the preparation of the opinions and
estimates herein. While the information contained in this Report and
the opinions contained herein are based on sources believed to be
reliable, FleetBoston Robertson Stephens Inc. has not independently
verified the facts, assumptions and estimates contained in this Report.
Accordingly, no representation or warranty, expressed or implied, is
made as to, and no reliance should be placed on, the fairness,
accuracy, completeness or correctness of the information and opinions
contained in this Report. FleetBoston Robertson Stephens Inc., its
managing directors, its affiliates, and/or its employees may have an
interest in the securities of the issue(s) described and may make
purchases or sales while this report is in circulation. FleetBoston
Robertson Stephens International Ltd. is regulated by the Securities
and Futures Authority in the United Kingdom. This publication is not
meant for private customers. The securities discussed herein are not
FDIC insured, are not deposits or other obligations or guarantees of
Fleet Bank or BankBoston N.A., and are subject to investment risk,
including possible loss of any principal amount invested.
Copyright (C) 2000 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: Robertson Stephens, San Francisco
Press Only:
Elizabeth Denton, 415/248-4757
Elizabeth Keys, 202/326-1763
TICKERS: NASDAQ:NITE
WEB PAGE: businesswire.com
GEOGRAPHY: CALIFORNIA
INDUSTRY CODE: BOND/STOCK
RATINGS
COMPUTERS/ELECTRONICS
BANKING
REAL
ESTATE
RETAIL
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
*** end of story ***
*** end of story *** |
