Organic Inc. (Nasdaq: OGNC) rose 1 to 6 Thursday following reports that Prudential Securities began coverage of the stock with a strong buy recommendation.
The San Francisco, California-based Organic, an Internet consulting company, recently opened an office in Boston, Massachusetts to serve its New England clients. The company counts among its clients DaimlerChrysler, Federated Department Stores and Target Corp.
Organic posted revenue of $66.4 million for the first six months of this year. Last week, however, the company said it will not achieve its goal of reaching profitability in the third quarter. Chairman and Chief Executive Officer Jonathan Nelson blamed a “temporary lull” in the Internet consulting industry for the shortfall.
Organic’s warning followed similar statements from competitors, who said companies are cutting back on e-business spending.
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