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To: Bearded One who wrote (101336)4/17/2000 10:31:00 AM
From: Bob Kim  Respond to of 164687
 
In that case, the analysts are playing momentum games rather than valuing the company in terms of earnings.

That's true. I've documented several times that you can predict Merrill Lynch price targets for Buy-rated stocks by adding 20% to the last closing price. For example, Merrill's Steve Milunovich changes the price target on SUNW an average of every 3 to 4 weeks in either direction. This year alone the price target has gone from 95 to 105 to 115, then back down to 105, then up to 118, and most recently down to 100. The analyst hasn't changed his estimates since the 95 to 105 target change.