With the excitement about KPMG Consulting's recent IPO wearing off, market analysts are lining up with their ratings of the stock, and the Monday 6% drop to $17.88 per share caused Forbes.com to give the stock its "Dog of the Day" ranking.
KPMG Consulting's February IPO is the biggest US IPO of the year so far, and the float has been considered successful to date. Wall Street is now covering the stock's performance, and Monday's ratings were slightly lower than what some investors expected. Only one of the powerhouses gave the stock its highest "buy" rating.
Merrill Lynch assigned a near-term "accumulate" rating with a 12-18 month target price of $28 per share. Merrill Lynch is also estimating that the stock will earn 91 cents per share for 2001 and $1.40 per share for 2002.
KCIN has traded in the range of $18-3/16 to $24-1/4 since its initial public offering.