Shares of Broadvision (Nasdaq: BVSN) were up again on Tuesday, after climbing more than 10 percent on Monday. That was just an example of, for a lack of a better term, “irrational exuberance.”
Broadvision stock was up 5-9/16 to 55 1/16 Tuesday, and the primary reason was because Legg Mason initiated coverage of the e-commerce software and services provider. There was just one hitch, though. Legg Mason’s coverage wasn’t all that bullish. Legg Mason rated Broadvision an “outperform” and set a 12-month price target of $55, which of course, was exceeded at the close of trading on Tuesday.
On Friday, coverage of Broadvision was initiated by Bear Stearns, which classified it as a buy, not a strong buy, mind you, but simply a buy. Most people on Wall Street know that buy means hold.
Reality seems to have set in today as shares of Broadvision has given back more than four points in early trading.