Salomon Starts CMGI With Neutral Rating, $6 Price Target

Salomon Smith Barney analyst Charles Grom started CMGI(CMGI Quote - Cramer on CMGI - Stock Picks) with a neutral rating and a price target of $6 this morning.

Shares of CMGI recently gained 19 cents, or 3.6%, to $5.44 in morning trading on the Nasdaq. The shares have a 52-week low of $3.63 and a high for the year of $151.50.

In his report, Grom called CMGI's current restructuring effort "positive" and said "its model is attractive." However, he attributed his "cautious rating" to the company's "current inability to provide forward-looking cash burn rates, as well as the lack of visible traction into its private, operating companies."

CMGI has pushed back its 2001 guidance until March, when the company will release second-quarter earnings.