Stock Watch: VerticalNet Soars After Coverage

Shares of online business-to-business community network VerticalNet (Nasdaq: VERT) gained 13.5 percent on Tuesday, rising 11-3/4 to an all-time closing high of 98-3/4, after the company received a strong buy rating from SG Cowen. The investment firm gave VerticalNet, which operates a network of 51 sites for various industries, a price target of $150.

VerticalNet stock has been a top performer since the company went public at $16 a share in February. Right now, VerticalNet is the crown jewel of business-to-business company incubator Internet Capital Group. Both companies stand to benefit greatly from the booming business-to-business market, but VerticalNet could be the better buy right now because Internet Capital Group’s current valuation of more than $22 billion is a bit hard to swallow. Internet Capital Group went public at $12 a share in August, and the stock closed at 182-11/16 on Tuesday.

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