It looks like Internet stocks are going to be back in focus on Wednesday. Citigroup’s Mark May, who is the former Internet analyst at Barclays, has issued new coverage of key internet stocks. Citigroup’s prior Internet analyst was Mark Mahaney, who is now at RBC Capital Markets. Investors may want to consider here that, when an analyst leaves a firm and joins a new firm, the new calls should probably be considered as “continuation calls” as it is the same person making a call. These were also issued in the after-hours late in the day on Tuesday.
The favorite names given Buy ratings were as follows:
- Amazon.com Inc. (NASDAQ: AMZN), with a $340 target price
- AOL Inc. (NYSE: AOL), with a $43 target price
- eBay Inc. (NASDAQ: EBAY), with a $65 target price
- Google Inc. (NASDAQ: GOOG), with a $1,100 target price
- Yahoo! Inc. (NASDAQ: YHOO), with a $30 target price.
A Sell rating was issued on OpenTable Inc. (NASDAQ: OPEN), due to competition and valuation. May had previously rated this one as Equal Weight when he was at Barclays, so this is a more negative call than previously.
Again, these should probably be considered continuation calls, due to this being an existing analyst moving from one firm to another. Also note that Mahaney effectively was fired by Citigroup after he and his team handled the dissemination of information to the media about the firm’s opinion on the Facebook IPO.
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