eSpeed, Inc. (Nasdaq: ESPD) rose 6 15/16 to 66 1/2 Thursday after analysts at Robertson Stephens & Co. began coverage of the stock with a “buy” rating and a 12-month price target of $90.
“Although eSpeed initially concentrated in the debt credit markets, the company is rapidly expanding into electronic marketplaces for energy, communications bandwidths, and other illiquid or decentralized markets,” wrote analysts Justin Hughes and Jordan Hymowitz.
eSpeed, which operates an electronic market for trading securities, has a “huge” marketplace, with more than $150 billion a day in transactions, the analysts said. “We know of no other B2B exchange that comes close to eSpeed’s size, global reach, or 24-hour accessibility.”
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