A Bear's Face on Mars Blake Lively's New Role Recognizing a Stroke Data Privacy Day Easy Chocolate Cake Recipe Peacock Discount Dead Space Remake Mental Health Exercises
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

Upgrade sparks Inktomi shares

Shares of Inktomi Corp. (Nasdaq: INKT) hustled up 7 7/16, or 6 percent, to 123 Wednesday after SG Cowen upgraded the stock from a "buy" recommendation to a "strong buy" and set a 12-month price target of $150 a share.

Analyst Drew Brosseau also trimmed his fiscal 2000 loss estimate to 10 cents a share from 16 cents a share.

Brosseau said company management has strong confidence in its underlying business outlook and that while comparable stocks, like VeriSign Inc. (Nasdaq: VRSN), BroadVision Inc. (Nasdaq: BVSN) and Vignette Corp. (Nasdaq: VIGN) have rallied, Inktomi has not, which presents a buying opportunity.

Last quarter, Inktomi lost $4.9 million, or 9 cents a share, on sales of $26.2 million.

Its shares surged up to a 52-week high of 159 1/8 in April after falling to a low of 51 5/16 in February.

Fourteen of the 17 analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.

First Call consensus expects it to lose 8 cents a share in its first quarter and 15 cents a share in the fiscal year.