Rival’s Net Analyst Said to Be Joining Merrill

If you can’t beat ‘em, hire ‘em.

That might be the thinking of leading brokerage Merrill Lynch & Co., which, according to rival CIBC Oppenheimer & Co., is hiring its Internet stock analyst Henry Blodget.

The move by Blodget, who made a name for himself in mid-December by correctly projecting that Amazon.com Inc. shares would hit $400 within 12 months, was first reported by financial news Web site TheStreet.com.

Merrill has been looking to replace Jonathan Cohen, its former Internet analyst, who left earlier this year to become director of research at Wit Capital Corp.

Cohen and Blodget squared off over the valuation of Amazon.com, the top seller of books, music and videos on the Internet.

Amazon shares surged late last year and topped Blodget’s price target 11 months early, although the Seattle-based company has yet to make a profit. Amazon shares, which split 3-for-1 on Jan. 5, have since eased from their peak. The stock rose $8.69 on Tuesday to close at $115.19.

Calls to Blodget seeking comment weren’t immediately returned. A Merrill Lynch spokeswoman said only that the firm was “actively seeking a replacement” for Cohen.