E-Commerce Stock Watch: VerticalNet Rockets on Coverage

Shares of VerticalNet (Nasdaq: VERT), which operates 33 business-to-business community sites for a wide variety of industries, climbed nearly 36 percent to 74-1/16 on Monday, after Hambrecht & Quist and Lehman Brothers both initiated coverage of the company with a buy rating.

Just last month, VerticalNet went public at $16. Now, it’s just like any of the other top Internet stocks — that is, it exceeds expectations faster than anybody can imagine. After all, Lehman Brothers, which took VerticalNet public, set a price target of $70 for VerticalNet, and it took all of one trading session to get to that point.

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