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Technology Stocks : S1: Doing Business in a Dot Com Depression, -V1
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To: Labrador who wrote (852)6/19/2000 12:00:00 PM
From: MGV  Read Replies (1) of 1013
 
"There must be more to it than that."

Part of it reflects multiple contraction that has been the reality from March. Many analysts have not revised their price targets from Feb./Mar. levels even though they know that sentiment has changed significantly and previous multiple levels will not be repeated anytime soon. One reason many have not in the absence of a news catalyst is concern that a naked price target revision would be interpreted as a signal of lower confidence in the fundamentals beyond a simple recognition that the market is lowering multiples awarded. The consequence is drastically reduced targets when a news catalyst does occur. In this case, you noted that the revenue forecast seemed insignificant relative to the magnitude of the price target change.
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