CybeRelease: (OTC: NOVO) Gets Strong Buy Rating at Greenhorseshoe.com
( CybeRelease, July 17, 2007 ) - Lake Harmony, Pa. - www.greenhorseshoe.com -A leading investor information portal, upgrades Novori.com, a Blue Nile competitor, to Strong Buy setting a short term price target of $2.50. Greenhorse shoe also maintains it BUY rating on NILE, the industry leader in Online Diamond and Jewelry retailing.
Citigroup’s Mark S. Mahaney upgraded (Nasdaq: NILE) due to factors including “strong web traffic and international sales will contribute the online jewelry industries increase in sales and revenues.”
Greenhorseshoe.com’s analyzed the first quarter 2007 revenue growth figures for companies in the Online Diamond and Jewelry retailing sector and found the fasted growing company in the industry is Novori Inc. (OTC BB: NOVO). Novori beat NILE’s growth by 19% on a quarter over quarter basis compared to the previous year. Novori’s sales increased 53% for their as reported in their most recent quarterly filing, while Blue Nile’s sales increased 34% for their most recently reported quarter.
Greenhorseshoe.com believes Novori’s stock has substantial upside, relative Blue Nile given its low share price and relatively unknown presence in Wall Street. Novori was founded in 2005, compared to Blue Nile in 1999. Greenhorseshoe.com sees major upside to Novori due to the strength of the competitiveness of the website, rapid revenue growth and increasing presence in the investment world.
IDEX reported that by 2010, more than 7% or all jewelry will be bought or sold online. Forrester’s Research is even more optimistic estimating that 14% of all jewelry sales will be conducted online. NILE and NOVO’s last quarterly results seem to justify that estimate.
“One thing is certain,” commented Robert Wilson, editor of Greenhorseshoe.com, “The industry is growing and there are few pure players in it. Both NILE and NOVO are pure players. But whereas everyone knows NILE, we’re just starting to see NOVO. That bodes well for increasing growth.”
CybeRelease Gainers are Discovery Holding Co (Nasdaq: DISCA), Dynacq Healthcare, Inc. (Nasdaq: DYII), Kulicke and Soffa Industries, Inc. (Nasdaq: KLIC), Echelon Corporation (Nasdaq: ELON), ClickSoftware Technologies Ltd. (Nasdaq: CKSW), Casual Male Retail Group, Inc. (Nasdaq: CMRG) and CEPHEID (Nasdaq: CPHD).
CybeRelease Decliners are Trident Microsystems, Inc. (Nasdaq: TRID), Immersion Corporation (Nasdaq: IMMR), ARIAD Pharmaceuticals, Inc. (Nasdaq: ARIA), Force Protection, Inc. (Nasdaq: FRPT), Flamel Technologies S.A. (Nasdaq: FLML), AmTrust Financial Services, Inc. (Nasdaq: AFSI) and Hudson Highland Group, Inc. (Nasdaq: HHGP).
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