E-Commerce Stock Watch: Blodget Goes to Merrill Lynch

Discussion about the Internet sector is so heated that it can turn analysts into pseudo-celebrities. Just ask Henry Blodget, who has left CIBC Oppenheimer for Merrill Lynch. Blodget will fill the vacancy left by superstar Jonathan Cohen, who recently departed for online investment bank Wit Capital.

Cohen, you may remember, scoffed at Blodget’s $400 (US$) pre-split forecast for Amazon.com in December. Cohen went as far as to say that Amazon.com was worth less than $50 a share at the time. And remember, that was before the split. After the 3-for-1 split, $50 a share is equivalent to less than $17 a share. Merrill Lynch’s about-face seems almost comical to me, but that’s because they’re not helping me manage my money. If they were, I might worry about this drastic change in Internet stock analysis and get my advice elsewhere. Actually, I’d probably take my business to Wit Capital, which is offering an intriguing number of investment opportunities, including private placements and public venture capital. Wit Capital is also giving individual investors first-come, first-served access to a limited amount of shares of Internet IPOs.

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