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It's interesting to me how an upgrade (or down) can have such an impact on a stock price, even a very large cap stock. Some relatively unknown entity issues an upgrade and the stock will jump 3-4-5% at the open. Do enough folks pay that much attention to analyst upgrades? Is it baked into the algorithms somehow? Is it mostly small traders who understand that an upgrade will boost the price and they are trying to get in on the action?
The other "interesting" item to note is that the "analysts" consensus is almost always positive, e.g., if 30 analysts have reccos, 10 will be strong buy and 10 will be buy and the rest will be hold and only 1-3 will be sell/underperform. At least the Value Line forced a distribution with as many on one side as the other. I guess "analysts" are a positive group.
I used to listen in on the analyst calls when I was at work for that company when the CEO and CFO would review the results. It was pretty boring, I guess by design. I'm not sure anyone ever learns anything from them of any real import. Maybe there is code they use that I miss. I know when a CFO says "sales in Sloboviz were a bit soft and influenced by currency exchange issues" it means sales probably were way down, but, it's Slobovia. Who cares?