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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: TokyoMex who wrote (60621)	3/10/1999 12:55:00 PM
From: Frost Byte	Respond to of 119973

Merrill's Blodget starts Net coverage America Online, Amazon,Yahoo get high marks By Bambi Francisco, CBS MarketWatch Last Update: 12:35 PM ET Mar 10, 1999 Internet Daily Net headlines NEW YORK (CBS.MW) -- Merrill Lynch's recently hired senior Internet analyst, Henry Blodget, is just as bullish on blue-chip Net stocks at Merrill as he was at CIBC Oppenheimer. Today on CBS MarketWatch Dow sags under profit jitters Europe mixed; France edges higher Merrill's Blodget starts Net coverage BNP makes $38 billion bank bid Alley VC: It's a rough world More top stories... CBS MarketWatch Columns Updated: 3/10/99 10:37:06 AM ET Blodget initiated coverage Wednesday on America Online (AOL) with a "buy" ratings for both the short and long terms and a 12-month price target of $110. He set a 12-to-18-month $225 price target for Yahoo (YHOO), with near-term "accumulate" and long-term "buy" ratings. He reinstated his coverage of Amazon.com (AMZN) with short-term "accumulate" and long-term "buy" ratings and a 12-month price objective of $150. It was back in mid-December that Blodget, then at Oppenheimer, gained notoriety by slapping what seemed to be an outrageous $400-per-share target on Amazon. His predecessor, Jon Cohen, who left Merrill for Wit Capital, had a more cautious view on those leading Net stocks, rating Amazon short-term "reduce" and long-term "neutral," as of late Jan. 27, while he had short-term "neutral" and long-term "buy" ratings on Yahoo. Internet shares romped on the news that Blodget remained bullish despite his new surroundings. Early Wednesday afternoon, America Online shares were up 2 1/4 to 92 7/16. Amazon.com had gained 6 1/16 to 136. And Yahoo had added 5 9/16 to 172 7/8. 'Huge' news "This is huge in that Merrill has been so bearish on Internet stocks in the past and is now taking a completely different stance," said Timothy Harrington, Internet analyst at Lynch & Mayer. "With Merrill's large client base, the demand for these stocks and their limited float should drive prices higher," he said. In a 10-page report, Blodget outlined his extremely positive outlook on the Internet, saying that the Net is a "global megatrend, along the lines of the printing press, the telephone and the computer." As he'd noted before, Blodget said the real "risk" in this sector was not losing money "but missing big upside." Accordingly, he recommends some investment in a "basket of high-quality" stocks, such as the three he noted. One caveat Blodget offered: If the "bubble" ever bursts, there will remain a few fast-growing companies -- "and a lot of wreckage."