Merriman Upgrades Ask Jeeves to Buy
Merriman Curhan upgraded Ask Jeeves (ASKJ ) to buy from neutral.
Analyst Richard Fetyko says he upgraded and raised his estimates on the search-marketing services provider, based on a continued ramp in search marketing. He believes Yahoo's third-quarter results indicate that advertisers continue to expand their use of search marketing -- driving coverage and price points higher.
Additionally, he notes organic growth in query volume and sequential growth in traffic-acquisition costs suggest seasonality isn't as much of a factor in the quarter as he earlier thought, and that growth was not necessarily limited to Yahoo's Web properties.
Fetyko raised the $1.03 2004 earnings per share estimate to $1.07, and upped the $1.30 2005 estimate to $1.43.
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