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Published: 18 August 2000 16:51 BST
Deutsche Bank has begun to track the market performance of certain European ISP shares after criticising the market for overvaluing internet stocks.
The German bank will rate T-Online, Wanadoo, Lycos Europe, Liberty Surf and Freeserve.
In a statement, the bank said Freeserve.de and Lycos Europe stood out as "stocks with upside potential" but warned that many ISPs - including Wanadoo, T-Online and Terra Networks - were overvalued by as much as 30 per cent and were trading above a fair valuation price.
Deutsche Bank has given a performance target of E19 (£11.50) for T-Online, E11 (£6.65) for Lycos Europe, E32 (£19.37) for Liberty Surf and £2.40 for Freeserve.
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