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IF THERE'S ANYONE WHO knows how quickly fortunes can change on Wall Street, it's Henry Blodget.
Two years ago, he was a struggling trainee at Prudential Securities Inc., wondering whether he should have given up journalism for investment banking.
Today, the 33-year-old is one of Wall Street's most closely watched equity analysts. His stock picks in the Internet sector--Amazon.com, America Online, and Yahoo! among them--have made piles of money for his clients. Last month, Merrill Lynch & Co. lured Mr. Blodget away from CIBC Oppenheimer with a fat contract, putting him in charge of its Internet research group.
"I got lucky," Mr. Blodget says modestly.
His "lucky" break came last December. Mr. Blodget, then at CIBC, put out a report predicting that online bookseller Amazon.com's stock would...