Interactive TV stocks continued their 2001 upswing Tuesday amid a flurry of press releases and an analyst report that was bullish on the sector though more conservative than previous research.

On Tuesday, interactive TV technology firm

Wink Communications


jumped 12.5% to $8.44, personal video recorder developer


(TIVO) - Get TiVo Corp. Report

rose 11% to $9.13 and electronic program guide developer

Gemstar-TV Guide International


added 8.8% to $51.13. Posting smaller gains were interactive TV companies

Liberate Technologies

(LBRT) - Get Liberty Oilfield Services Inc. Class A Report




and video-on-demand player

SeaChange International

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(SEAC) - Get SeaChange International, Inc. Report


For 2001 through Tuesday morning, a basket of interactive TV stocks tracked by

ING Barings

media and interactive TV analyst Spencer Wang was up 40%, though the same group fell 81% in 2000.

The ongoing price changes indicate the difficulty investors face in valuing interactive TV stocks, which reap minimal revenues for the most part but hold great promise for investors who believe that television will take on more of the participatory character of the Internet.

Part of the gains appear sparked by press releases from the the

NATPE television industry convention in Las Vegas, where firms including Liberate and



talked up different products and services. In addition, companies including programmer

Liberty Digital


made presentations to investors Tuesday at a

C.E. Unterberg Towbin

conference covering interactive TV.

In a report issued Tuesday morning, Wang cut price targets on six different interactive TV stocks he follows, cutting ACTV's from $25 to $12, Liberty Digital's from $45 to $20, and Gemstar's from $100 to $70. Wang rates all of these companies a strong buy, and his firm hasn't done underwriting for any.

Wang says his new price targets take into account more conservative assumptions about the risks investors perceive in holding ITV stocks and their appraisal of the companies' expected value several years from now. These changed assumptions, he says, primarily reflect changing stock market conditions.

What the changed assumptions don't reflect, he says, is any diminished enthusiasm for the sector. "We still remain remarkably excited about the opportunity for interactive television," Wang says.