Chase H&Q Initiates Freemarkets Coverage With a Buy

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Chase H&Q

today initiated coverage on business-to-business auctioneer

FreeMarkets

(FMKT)

with a buy rating.

The firm said it is placing FreeMarkets on its Focus List and set a 12-month price target of $100. Chase projects the company will report a loss of $1.23 a share for 2000, a loss of 84 cents a share for 2001, and reach a profit of 28 cents a share on $310 million in revenue in 2002.

Shares of FreeMarkets gave back earlier gains from this morning, recently trading down $2.25, or 6.3%, to $33.38 in

Nasdaq

trading.