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Wit Capital Increases Target Price on 24/7 Media to $84

Wit Capital Research Analyst Jordan Rohan increased the 12- to 18-month price target on ad network 24/7 Media from $63 to $84 per share, based on its move into e-mail marketing.

24/7 Media provides online advertising and direct marketing services to over 620 advertisers, ad agencies, and 2,700 Web sites.

"24/7 Media's opt-in e-mail division, 24/7 Mail, is the leading provider of opt-in e-mail services," Rohan said in a press release. "We believe that opt-in e-mail is a complementary strategic business for online advertising and marketing services companies. Response rates on opt-in e-mail can be as much as 10 times higher than those of banner advertisements."

Rohan added, "We are increasing our target price for the shares of 24/7 Media to $84 from $63 based on our view that 24/7 Media's leadership position in opt-in e-mail will substantially increase the company's long term operating margins. We reiterate our BUY rating."

24/7 closed Thursday at TKTKTK.