How to Power Lights in 7 Days to Die
NEW YORK (CBS.MW) -- Shares of Google surged almost 8 percent Friday on their second day of trading as analyst coverage on the Internet search giant began with a couple of upbeat research reports.
Google GOOG,
Broker Jefferies & Co. initiated coverage of Google with a "buy" rating and a target price of $115, citing the company's value compared to major Internet issues like EBay EBAY,
"Google is the dominant paid search-marketing provider, with 37 percent market share," Jefferies said in a note to clients. "It has the brand, the innovative drive and the cash to lead this $5 billion segment, which is growing at a five-year compounded annual growth rate of 25 percent by our estimates."
Think Equity Partners also began coverage of Google with a "buy" rating, and a price target of $120.
"Google avoided the Internet bubble by building a simple product which appealed to consumers and then monetizing it," analyst John Tinker said in a note to clients. "While we do not believe that revenue can continue to double, we believe that Google is a major beneficiary of the continued growth of global Internet advertising and broadband deployment."
But Mark Mahaney of American Technology Research initiated coverage of Google with a "hold" rating.
"Given the high level of risk in these shares -- including the likelihood that the near-term catalysts are more likely to be negative than positive -- we would want more of a discount before being aggressive buyers," Mahaney said in a note to clients. "Our history of dealing with high Beta Internet stocks has taught us to be highly price-sensitive when looking at entry points. This was one of the major lessons of the Bubble Era. We do not need to re-learn it."
In raising nearly $1.7 billion, Google's deal ranks as the third-biggest IPO purse of the year behind insurance firms Genworth GNW,
IPO expert Jay Ritter of University of Florida said in an interview with CBS MarketWatch that Google's Dutch auction was a limited success, with the procedure likely to be tried again with other IPOs. See full story.
The IPO drew regulatory scrutiny as well from an interview with co-founders Sergey Brin and Larry Page published in Playboy during its quiet period; and for its accounting of about $26 million in stock options paid to employees.
Venture capitalist Dan Burstein of Millennium Technology Ventures said he doesn't think the Google IPO will provide much of a lift for other IPOs.
"Google is too much of an aberration (size, process, complications) to have much of a specific impact on the rest of the sputtering on-again, off-again IPO market," Burstein said.
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ECost.com IPO bumped from Friday debut
ECost.com ECST delayed plans to offer 3.15million shares at $7 in a bid to raise about $22 million on Friday.
The Torrance, Calif. online retailer has been moved to a day-to-day status with underwriter William Blair.
WebSideStory withdraws $38M IPO
WebSideStory, a San Diego-based Internet analysis firm, withdrew its $42.5 million offering, according to Dealogic. Earlier this week, WebSideStory cut its estimated price range to $8-$9 per share, down from $10-$12 with underwriter Friedman Billings Ramsey.
How to Power Lights in 7 Days to Die
Source: https://www.marketwatch.com/story/google-shares-surge-8-as-analyst-coverage-begins
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