PurchasePro’s stock continues slide

Thursday, March 22, 2001 | 11:07 a.m.

Shares of Las Vegas Internet firm PurchasePro plunged $1.56 or 21 percent to $5.97 Wednesday, a 52-week low, following an analyst's report that downgraded the stock.

Prudential Volpe Technology Group analyst Timothy Getz's report downgraded the stock from "accumulate" to a "hold," citing his expectations that PurchasePro's shares would reach $10 within 12 months, down from his earlier forecast of $25.

PurchasePro creates and manages marketplaces for businesses to buy and sell products in bulk quantities on the Internet.

The company's shares continued their slide this morning, dipping another 22 cents to $5.75.

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