Many Internet stocks got a boost on Wednesday, thanks to positive comments from Merrill Lynch. You might remember that Merrill had a short-term rating of “reduce” for Amazon.com in late January. On Wednesday, Merrill rated Amazon.com “accumulate” and set a 12-month price target of $150.
So what happened? Well, pretty much what you expected would happen when Amazon.com bear Jonathan Cohen left Merrill for Wit Capital, and Merrill replaced him with Amazon.com bull Henry Blodget of CIBC Oppenheimer.
If you’re a Merrill customer, this schizophrenia might seem disturbing. But of course, traders who are looking for any good news about Internet stocks love Blodget. Shares of Amazon.com were up 6-1/16 to 136 on Thursday.