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CMGI surges on CEO's revenue forecast

Shares of CMGI blast more than 20 percent higher after the company's CEO says he expects it to become the second-largest Internet firm in terms of revenue next year.
Shares of CMGI blasted more than 20 percent higher today after the company's chief executive said he expects it to become the second-largest Internet firm in terms of revenues by the end of its fiscal year in July.

The stock also got a boost after influential investment bank Goldman Sachs initiated coverage of the company with a "market outperform," setting its 12-month target price at $150 per share.

Prudential Securities also reiterated the stock as a "strong buy" with a 12-month target price of $186 per share.

Andover, Mass.-based CMGI's majority-owned operating companies include Engage Technologies, NaviSite, 1stUp.com, Adsmart, AltaVista, iCast, Magnitude Network and ZineZone.

CMGI's stock rose 20.12 percent, or 20.88 points, to close at 124.63. Shares of CMGI have traded as high as 165 and as low as 16.31 during the past 52 weeks.

CMGI chief executive David Wetherell made his remarks yesterday at the second annual Bloomberg Internet conference in San Francisco.

Currently, the No. 1 and No. 2 revenue generators on the Internet are America Online and Yahoo.