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Technology Stocks : Intel Corporation (INTC)
INTC 35.53-1.1%Nov 14 3:59 PM EST
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To: Road Walker who wrote (104002)6/5/2000 3:02:00 PM
From: GVTucker  Read Replies (1) of 186894
 
John, RE: I've been paying attention to ML upgrades and the effects. In most cases it results in a one day pop, then a decline to the previous level, or lower. In fact, I think the influence of analyst upgrades may be waning, though downgrades still seem to have an effect. I think the zenith of the analyst influence may have been when the guy came out with a $1000 (pre-split) target on QCOM. I think investors (wisely) are starting to discount the target price B.S. and to realize a lot of these folks have other agendas.

Actually, the power of analysts to move stocks and help formulate public opinion is a very recent phenomena that closely parallels the greater individual presence in the market.

Prior to this new public presence, analysts for the most part did not move markets much. There were exceptions in the case where that rare sharp analyst may have a better insight than most, but by and large, the analyst effect was very much like you say it is now becoming. Similarly, target prices were irrelevant for years before the mania of the past year or couple of years.

My guess is that the individual investors now have learned what the professional investors already knew.
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