Shares of online Latin network El Sitio (Nasdaq: LCTO), climbed 1-3/16 to 35-1/4 on Wednesday after the stock got a strong buy rating from Credit Suisse First Boston. The investment firm, which was a lead manager for El Sitio’s December IPO, gave the stock a 12-month price target of $55.
Last month, El Sitio launched a shopping channel, and the company is seeing strong traffic growth. El Sitio’s total page views grew 127 percent in the fourth quarter, and the company reached 2.75 million unique users during the quarter, compared to 1.04 million during the third quarter. StarMedia is still the leader in the space, but El Sitio looks like a worthy competitor.