November 17, 1999 1:50 PM PST
CMGI surges on CEO's revenue forecast
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CMGI expects revenue to rival AOL'sNovember 16, 1999
The stock also got a boost after influential investment bank Goldman Sachs initiated coverage of the company with a "market outperform," setting its 12-month target price at $150 per share.
Prudential Securities also reiterated the stock as a "strong buy" with a 12-month target price of $186 per share.
Andover, Mass.-based CMGI's majority-owned operating companies include Engage Technologies, NaviSite, 1stUp.com, Adsmart, AltaVista, iCast, Magnitude Network and ZineZone.
CMGI's stock rose 20.12 percent, or 20.88 points, to close at 124.63. Shares of CMGI have traded as high as 165 and as low as 16.31 during the past 52 weeks.
CMGI chief executive David Wetherell made his remarks yesterday at the second annual Bloomberg Internet conference in San Francisco.
Currently, the No. 1 and No. 2 revenue generators on the Internet are America Online and Yahoo.