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Technology Stocks : All About Sun Microsystems
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To: John Chen who wrote (4917)10/18/1997 3:10:00 PM
From: Andy M.   of 64865
 
In fairness to analysts, that very same useful chart Jeff posted also appeared in an analyst report that was posted on this thread within the past couple of days. This cynicism about analysts might be a little over done. The slew of upgrades a few months back was driven I think by Sun's super-optimistic guidance in the previous two conference calls. Sun was solid on this call, but not so super-optimistic and had to admit that they were a little disappointed with sales at the end of the quarter. Also most of the downgrades were tempering buying-type recommendations, with only a few slight reductions in earnings estimates, not surprising given that Sun missed their numbers. The problem is that too many investors might over-react to changes in recommendations if they're not in good touch with the company's fundamentals on their own. The stock tanks and we blow off steam on the analysts. Not saying no manipulation ever goes on, but some of this analyst-bashing seems like misplaced frustration.
Andy
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