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Stock Watch: $200 Price Target for Digital Island

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Stock Watch: $200 Price Target for Digital Island

By Nora Macaluso & Andy Wang
E-Commerce Times
02/29/00 12:00 AM PT


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Shares of Digital Island (Nasdaq: ISLD), which provides a global delivery network for online businesses, climbed 2 to 111 on Monday after Bear Stearns reiterated its buy rating on the company and gave the stock a $200 price target. Bear Stearns was the lead underwriter for Digital Island's initial public offering last June. On Friday, Lehman Brothers, which was a co-manager for Digital Island's IPO, started coverage of the company with a buy rating.

Last Thursday, Digital Island, which is competing with leading content delivery company Akamai Technologies, announced that it will deploy Apple's (Nasdaq: AAPL) QuickTime within its content delivery network of more than 6,000 servers worldwide.

The company also announced the completion of a secondary offering of five million shares of stock at $107 per share.

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