Stock rises for Vegas ‘B2B’ company

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Wednesday, Sept. 20, 2000 | 11:41 a.m.

PurchasePro.com Inc. traded as high as $69 in early trading today on the Nasdaq Stock Market after it closed at $61.75 Tuesday, up $2.25.

The operator of Internet business-to-business purchasing sites was raised to "buy" from "outperform" in a report by analyst Patrick Walravens at Lehman Brothers. He expects the shares to reach $120 within a year, up from a previous estimate of $70.

PurchasePro.com also announced its entry into the international market through BizOmnia.com S.p.A., an Italian affiliate of technology company, Intecs Sistemi S.p.A., and business incubator ClickNest S.p.A.

Separately, PurchasePro.com and Computer Associates International Inc., an e-business firm, announced a strategic alliance that includes technology integration, joint channel development and co-marketing efforts.

Under the agreement, several Computer Associates' products, including Neugents ii, E-Trust and Jasmine ii, will be integrated into the PurchasePro.com platform. The two companies will jointly market and promote the bundled products.