PurchasePro Down on Sell Rating
TSC Staff
04/27/01 - 11:39 AM EDT
B2B e-commerce company
PurchasePro.com (PPRO Quote) fell another 6% by late morning after losing 60% of its value since Monday. Yesterday,
Prudential Securities cuts its rating to sell from hold, and slashed its price target to $2. Prudential cited, among other things, a lack of revenue visibility, lack of management credibility and a dependence on business from
AOL (AOL Quote).
PurchasePro posted a loss Thursday morning that missed lowered estimates, after delaying the report for a day. The delay followed an awkward last-minute warning Wednesday morning.
