Reading the Credit Suisse analysis from January earnings. Their paragraph headings are:
"Might we be seeing early signs of a US Revlimid glass ceiling?"
"However, a glass ceiling investor mentality often arrives even a few
years prior to a company hitting the ceiling"
"Fourth quarter results today: rather uneventful"
I saved their December research piece for comparison:
Price target December [pre-Ash] - $62
Price target post Earnings 2 months later - $75
"CS Adjusted" Earnings Est for 2012/2013 Pre-Ash = 4.66/5.22
"CS Adjusted" Earnings Est for 2012/2013 post Q1 CC = 4.84/5.49
So the net is they raise their price target 20% -- effectively missing the 20% run and remain neutral. The classic is the headline stating the Q4 results are uneventful AFTER the traditional JPM pre-announcement blew #'s away. Their headlines read stronger than the details... the writer is suggestive rather then showing any sort of conviction or belief one way or the other - makes me wonder why they bother covering the company.
I guess free-speech is what our country is built on. But how can one stand up and not admit they totally missed a great run and how they are staying neutral while RAISING their price target by 20%? Just to keep up with the stock price.
When it runs to 80 some time in 2012 [my prediction], they'll be raising their PT with it... and remaining neutral. My price target is 80-82 by January 2013. -- [18-21% increase over closing 2012 price]
Oh well, back to the cave. Looking forward to conf tournament and NCAA tournament action! By the time the final four rolls around we'll be eagerly awaiting Q1 earnings.