Brokerage Price target chasing Market Prices ?
Tuesday, August 12, 2008Brokerage houses are totally confused about the markets as they are unable to take a call on the stock. We see the Sanctity of research at CLSA and Citigroup India ;-)
In the Table below, we can clearly see how CLSA Analyst is chasing the market in revising the stock price downwards of HDIL. Has the Mumbai Realty Market corrected so much ? Have Land prices fallen so Much ?
The matter is no different at Citigroup. They downgraded BHEL's target price to Rs 1,642 from Rs 2,800 and now it is upgraded to Rs 2,025 when the current market price is ruling at Rs 1,800 levels. Well their are so many such instances, so better take an informed decision rather than churning folios aggressively.
You can read our coverage in Jan - Stupid Theories in Bull Market for Stock Price Justification.
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