Wizard,
Let ME clarify your misperception. Mr. Chuck picked up coverage in 1996. Contrary to your recollection, as a banker for the company, he has always kept an Outperform on the stock (and he has changed his $40 price target to $66, then down to $34) and has never gone to neutral on the stock.
From the beginning (1996), he kept the price target, even as the stock traded up through this number (his longish report dated Feb. 25th, 1997 was at a time when the stock was at $43 with a price target of $40). He continued this track record, until 1998 when the stock broke $50. He then upped his price target to $66 (read the note dated July 17, 1998). This price target held through the Fall, 1998, when a note dated September 23, 1998, (stock price at $38) he still kept his $66 target. Then, the market went south, Mr. Chuck's picks all blew up and he lost his franchise. Then, on October 8th (the day of the market sell off), he magically changed his price target to $34. He has held off from changing that price target since. This says nothing of the fact that when the stock twice traded above $50, he didn't lower his target, but upped it.
Funny, but I was short the stock then because I thought Mr. Chuck was full of it. Now, I'm long the stock and I still think he has no idea what he is talking about.
BTW, Glad you are still making money in YHOO and AMZN. I hope reality doesn't sink into this market with AMZN. I mean trying to drive top-line sales before March 23rd with that $5 off gimmick. Looks like the CFO's pre-announcement that Q1 sales would be greater than Q4 which drove the stock up, was a little premature, wouldn't you say??
Be well.
Tokyo |
