VerticalNet tumbled 6 13/16 to 21 3/4 Friday, following reports that an analyst at Wedbush Morgan Securities had concerns about some of the company’s contracts.
According to wire reports, Wedbush analyst George Santana lowered his price target for VerticalNet to $30 per share from $50, saying a phone survey of some of the B2B company’s largest customers were not getting good results from its sites.
VerticalNet, based in Horsham, Pennsylvania, operates Internet marketplaces through 57 Web sites. The company’s shares, which traded at about 148 in March, hit a 52-week low of 21 at one point on Friday.
Early Monday, however, the shares were up 1/4 at 22. Reports said Prudential Volpe Technology Group repeated a strong buy recommendation, and Lehman Brothers reiterated a buy.