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First Albany Keeps 'Buy' on FindWhat.com


First Albany reiterated its buy rating on online-advertising services company FindWhat.com (FWHT).

Analyst Youssef Squali says FindWhat.com signed a private-label contract with Verizon Information Services -- Verizon's yellow-pages unit, the operator of online-directory Web site Superpages.com. Squali says the deal is very positive as it links FindWhat.com to a key player in the red-hot area of a local search. While the terms aren't disclosed, Squali expects the deal to generate incremental revenue and profit in 2004.

He notes the deal is structured as a licensing and revenue-sharing pact, whereby the company's technology and infrastructure supports Superpages.com's advertising services. Squali maintains the 50 cents 2003 and 70 cents 2004 earnings per share estimates. He has a $22 target.


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