Wit Capital Corp. initiated coverage on
ad network DoubleClick Inc. and Research Analyst
Jordan Rohan assigned the company an “outperform” rating.
“We recognize the power of the leadership position that DoubleClick has
developed,” Rohan said. “The company is setting industry standards and
expanding the market for online advertising and marketing services.”
“We believe the company is creating a virtuous cycle in online advertising
services, whereby the company can maximize its average revenue per customer
by offering a comprehensive array of services. Furthermore, DoubleClick
stands to benefit from the 4Q99 brand promotion of Alta Vista, the company’s
largest client.”
Rohan said he anticipates that DoubleClick will generate $1.1 billion in
revenues in 2001 and diluted earnings per share of $0.44.
Rohan’s financial
projections include the company’s recent acquisitions of Abacus Direct and
NetGravity.
Wit Capital Group Inc. was founded in 1996 as the first online investment
banking firm.