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Technology Stocks : FirstWave Technologies (FSTW)
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To: Mike M who wrote (39)7/12/1998 11:52:00 PM
From: Roger A. Babb  Read Replies (1) of 9677
 
Mike, my opinion of analyst rankings as predictors is not very high. When we are very near a market top (as I think we are now), the vast majority of rankings are "buy" or better. If you believe in efficient market theory, there should be a normal distribution of rankings with good and bad about equal. In fact the rankings are always skewed in favor of "buy". And stocks are rarely downgraded until after bad news is out and the price already crashed.

ETEC is a good example, has fallen by 50% with Asia and semi woes, but with 5 analysts claiming "strong buy" all the way down. VIAS is another example, fallen by a factor of 4 with buy ratings all the way down. Or AMZN which has fallen 40 points and only one analyst out of ten rates it a "sell".
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