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Kaufman Brothers Keeps 'Buy' on Ask Jeeves

Ask Jeeves' (ASKJ) U.K. unit picks Google as its links provider. Kaufman Brothers reiterated its buy rating.

Analyst Richard Fetyko says Google will replace eSpotting as the new paid listings partner for Ask Jeeves' U.K. advertising services. The analyst views this as positive for two reasons: First, he believes ASKJ received a higher revenue share; Second, because Google has proven to be strong partner in the U.S. and has a strong presence in the U.K.

The company's U.K. unit makes up about 25% of revenues, or about $26 million forecast for 2003, and he thinks even a 500 basis-point rise in revenue share could be a meaningful lift in revenues and EPS in 2003. He thinks the impact could be even more profound in 2004.

Fetyko sees EPS of 28 cents in 2003 and 40 cents in 2004. He has a $13 price target on ASKJ stock.

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