Stock Watch: ICG Gains on Analyst Recommendation

Internet Capital Group (ICG) (Nasdaq: ICGE) rose 23 3/16 to 142 1/4 Monday after Robertson Stephens & Co. analyst Eric Upin called the stock his “top pick” in the business-to-business (B2B) e-commerce sector. Upin upgraded his rating on the stock to “strong buy” from “buy,” and set a 12-to-18 month price target of $250.

“The fundamentals of B2B e-commerce are compelling over the next two to five years, and we believe that ICG is one of the best ways to play this space,” Upin wrote in a research report. ICG, headquartered in Wayne, Pennsylvania, is the holding company for a number of business-to-business e-commerce companies. “ICG has five public companies and 52 still private, representing the better names in B2B e-commerce,” said Upin.

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