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Company NameCORE16 Inc.

CEODavid Cho

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Wall Street Conflicts Make Analysts' Calls Suspect(2000-06-30)

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Strong Sell

133690

Mirae Asset TIGER NASDAQ100 ETF

박재훈투영인

Wall Street Conflicts Make Analysts' Calls Suspect(2000-06-30)

Salomon on BoardIn April 1998 San Antonio-based SBC hired Salomon to advise it on its plans to acquire Ameritech Corp., another former Baby Bell, based in Chicago. Kahan says SBC's decision to retain Salomon for the Ameritech acquisition, which it announced that May, was not connected to Grubman's comments. Salomon earned $33 million on the SBC/Ameritech deal, which closed in October 1999.Grubman, who did not return phone calls seeking comment for this story, covers 34 companies. He has ``buy'' recommendations on all but three. Last November, Grubman raised his rating on AT&T Corp. to ``buy'' from ``neutral.'' Rival analysts suggested that Grubman had to be nice to AT&T so that Salomon could win a role in the largest U.S. IPO ever: the $10.6-billion sale in April of a so-called tracking stock in AT&T's wireless unit. AT&T did, in fact, name Salomon, Goldman, Sachs & Co. and Merrill Lynch & Co. to manage the underwriting.In May, Grubman praised WorldCom Inc. for first-quarter results that put the company far and away at the top of the industry. The glowing report came just at the time Salomon was comanaging a $5 billion sale of bonds for the telecommunications company. Asked to comment on these developments, a Salomon spokesperson said, ``We as a firm do objective research.''Analyst MarketersIt can't be easy for analysts with such extensive access to keep their dual duties separate. ``They're trying to be analysts, but at the same time they're marketers for the company,'' says Kent Womack, a finance professor at Dartmouth College. Because of that, opinions generally are more biased than they used to be, Womack says.Meeker made her name with a 300-page report in 1995 that hailed the dawn of the Internet age. She has since turned corporate finance on its head by valuing companies on their potential rather than their past. The upshot: start-ups now routinely seek her backing. Morgan Stanley has underwritten such IPOs as Priceline.com Inc., HomeGrocer.com Inc., Martha Stewart Living Omnimedia Inc., Ask Jeeves Inc. and Drugstore.com. Inc.Forever BullishDubbed Queen of the Internet, Meeker has been consistently bullish about her subjects. She has recommendations of ``outperform'' (read ``buy'') on all but two of 20 companies she covers; she's ``neutral'' on VeriSign Inc., a maker of Internet security software, and Electronic Arts Inc., a designer of interactive entertainment software.Morgan Stanley managed underwritings on 14 of the IPOs for these companies and comanaged another. Says a Morgan Stanley spokesperson, ``Long before the IPO boom, we erected a strict system of Chinese wall separations between the research and banking functions, and it still serves us well today.''The schmoozing and selling an analyst must do these days takes time away from doing research. That, in turn, reinforces a researcher's dependence on spoon-fed information from the companies. Junior analysts right out of college or business school often crunch the numbers. ``It's private-label research,'' says Ryan, the former Bear Stearns analyst. ``You just slap your name on it. Even I did that.''Ryan says Bear Stearns expects analysts to make 150 calls per month to clients, mostly institutional investors, to update them on companies they follow and to pitch stocks. A survey of 2,181 analysts at 102 securities firms by Tempest Consultants found analysts spent 40 percent of their time doing fundamental research in 1999. The analysts expect to spend less time this year -- 36 percent -- on research and more time on selling stocks.SEC ConcernAnalysts' conflicts of interest have worried Securities and Exchange Commission chairman Arthur Levitt Jr. for some time. In speeches in April and October of 1999, the stock market's top regulator complained that analysts all seem to have graduated from the Lake Woebegone School of Securities Analysis: the one that boasts that all stocks are above average.Levitt warned that analysts were protecting business relationships at the cost of fair analysis. ``I worry that investors hear from too many analysts who may be just a bit too eager to report that what looks like a frog is really a prince,'' he said in April. ``Sometimes a frog is just a frog.''Analyst conflicts aren't new. Wall Street is for bulls, and nobody in a firm likes to hear an analyst say sell. Investors have learned that a ``hold'' recommendation is really a warning to sell the stock. Still, researchers used to be thought of as people who visited companies, kicked some tires and drew independent conclusions.That started to change after 1975, when brokerage firms could no longer fix commissions and Wall Street started to make more money from new stock and bond sales and mergers. The stakes have soared since: The top 25 investment banks handled $68.9 billion in U.S. initial public offerings during 1999, up from $4.5 billion a decade earlier. The value of mergers and acquisitions stood at $1.6 trillion, 11 times the amount for 1990.CampaigningBig-name analysts always have been a magnet for new business. That's why securities firms campaign each year to get money managers to vote for their analysts when Institutional Investor magazine picks the top research talent. Now the stars are even more important as the returns from investment banking and mergers businesses increase.Consider the case of Regeneron Pharmaceuticals Inc., based in Tarrytown, New York. The company shifted its business to Merrill Lynch, largely because biotechnology analyst Eric Hecht had moved there three years ago from Morgan Stanley Dean Witter. Morgan Stanley handled the company's last stock sale in 1995. Regeneron's chief financial officer, Murray Goldberg, says: ``A bank is basically selling a company's stock to its customers. It can only do that if the analyst supports it. You need an analyst who understands your industry and your company and who has enthusiasm for the company.''Biotech BoosterHecht, 40, filled the bill. A medical doctor who ranked third in his category in Institutional Investor's latest poll published in October, he had long been a biotech booster. Better yet, he liked Regeneron even though it hasn't made a cent in the 12 years it's been developing drugs to treat obesity, arthritis, cancer and other diseases.On Feb. 23, when he recommended Regeneron shares as a ``long-term buy,'' Hecht was the only analyst covering the company. One was enough: Regeneron's stock price, which had crawled along the floor at less than 10 for most of 1999, jumped 75 percent the day Hecht's report came out and reached an all-time high of 57 3/8 six days later.No PreconditionRegeneron moved quickly to take advantage. Goldberg says that a week after the report came out, Regeneron met with underwriters and hired Merrill to lead the deal. On March 6, it registered the sale with the SEC. The company sold 2.6 million shares on March 29 to raise $77.4 million. Goldberg says the bullish coverage was not a precondition for Merrill to win the business.The preponderance of glowing research reports coming from Wall Street has made it increasingly difficult for investors to discern the truth. Stock trader Fiascone, for one, relied on favorable reports on MicroStrategy from firms like Friedman, Billings, Ramsey. That firm had helped take MicroStrategy public in June 1998 and comanaged a $54 million secondary issue in February 1999. FBR was also in on another sale of 4 million shares being planned for March.Michael Saylor, who started MicroStrategy in 1989, was never shy about his company's mission. He boasted that his firm would purge ignorance from the planet with data-mining software that could tell companies who was buying what where. Managerial and personal quirks like a mandatory annual Caribbean cruise for the staff (no spouses allowed) and lavish parties at places like Washington's Corcoran Gallery lifted the company's profile.After MicroStrategy went public at 12, its prospects looked good. The company's client roster included big names like General Electric Co. and Est,e Lauder Cos. Analysts loved the stock, which rose to 150 in late November 1999. If anyone saw trouble, they didn't admit it.

article

Strong Sell

133690

Mirae Asset TIGER NASDAQ100 ETF

Event

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S&P 500 Stocks with Over 10% Target Price Downgrades – Part 2 📉 (3rd Week of March)

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Strong Sell

AMD

Advanced Micro Devices

+26

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S&P 500 Stocks with Over 10% Target Price Downgrades – Part 2 📉 (3rd Week of March)

Over the past eight weeks (Jan 17, 2025 – Mar 12, 2025), several major S&P 500 companies have seen their target prices cut by more than 10% in analyst reports.This reflects a combination of fundamental shifts in these companies, macroeconomic factors, and changes in industry competition. From a sell-side perspective, such target price downgrades can signal short-term downward pressure on stock prices, requiring investors to consider appropriate risk management and sell strategies.Below is a list of stocks whose target prices have been cut by more than 10% compared to eight weeks ago. For each stock, we provide the target price as of January 17, 2025, and March 12, 2025, along with the percentage decrease.1. AES (AES-US)Target Price (Mar 12, 2025): $15Target Price (Jan 17, 2025): $18Decline: -16.7%Key Issue: Slower growth in the power and utilities sector, combined with rising energy costs, is pressuring the company’s profitability.2. Albemarle (ALB-US)Target Price (Mar 12, 2025): $98Target Price (Jan 17, 2025): $112Decline: -12.5%Key Issue: Falling lithium prices and declining global EV demand are negatively impacting the company’s earnings outlook.3. Advanced Micro Devices (AMD-US)Target Price (Mar 12, 2025): $147Target Price (Jan 17, 2025): $173Decline: -15.0%Key Issue: Slowing demand in the data center and PC markets, along with intensified AI competition, has led to downward earnings revisions.4. Biogen (BIIB-US)Target Price (Mar 12, 2025): $198Target Price (Jan 17, 2025): $228Decline: -13.2%Key Issue: Delays in new drug approvals and growing competition are raising concerns about the company’s revenue growth.5. Builders FirstSource (BLDR-US)Target Price (Mar 12, 2025): $178Target Price (Jan 17, 2025): $203Decline: -12.3%Key Issue: A slowdown in the construction industry and rising raw material costs are putting pressure on profitability.6. Celanese (CE-US)Target Price (Mar 12, 2025): $69Target Price (Jan 17, 2025): $93Decline: -25.8%Key Issue: Weakening demand for chemical products and rising raw material costs are negatively affecting earnings.7. Charles River Laboratories (CRL-US)Target Price (Mar 12, 2025): $183Target Price (Jan 17, 2025): $204Decline: -10.3%Key Issue: Increased competition in the pharmaceutical research and lab supply market is putting pressure on growth projections.8. Electronic Arts (EA-US)Target Price (Mar 12, 2025): $144Target Price (Jan 17, 2025): $163Decline: -11.7%Key Issue: Increased competition in the gaming industry and weaker-than-expected demand for new releases are weighing on revenue forecasts.9. Edison International (EIX-US)Target Price (Mar 12, 2025): $71Target Price (Jan 17, 2025): $86Decline: -17.4%Key Issue: Profitability concerns in the utilities sector and growing regulatory pressures have led to a target price reduction.10. Enphase Energy (ENPH-US)Target Price (Mar 12, 2025): $78Target Price (Jan 17, 2025): $89Decline: -12.4%Key Issue: Slower growth in the renewable energy market and rising raw material costs are weighing on the company’s performance.11. Fidelity National Information Services (FIS-US)Target Price (Mar 12, 2025): $83Target Price (Jan 17, 2025): $93Decline: -10.8%Key Issue: Increased competition in financial services and payment processing is impacting earnings outlooks.12. FMC (FMC-US)Target Price (Mar 12, 2025): $49Target Price (Jan 17, 2025): $67Decline: -26.9%Key Issue: Weak demand for agricultural chemicals and rising input costs are pressuring earnings expectations.13. Huntington Ingalls Industries (HII-US)Target Price (Mar 12, 2025): $199Target Price (Jan 17, 2025): $224Decline: -11.2%Key Issue: Changes in defense and shipbuilding budgets, along with reductions in government spending, have weighed on earnings projections.14. Hewlett Packard Enterprise (HPE-US)Target Price (Mar 12, 2025): $20Target Price (Jan 17, 2025): $24Decline: -16.7%Key Issue: Slowing demand for enterprise IT infrastructure and increased competition in the cloud computing market are affecting the company’s growth prospects.15. Kraft Heinz (KHC-US)Target Price (Mar 12, 2025): $32Target Price (Jan 17, 2025): $36Decline: -11.1%Key Issue: Rising raw material costs and changing consumer spending habits highlight the need for brand competitiveness improvements.16. Microchip Technology (MCHP-US)Target Price (Mar 12, 2025): $66Target Price (Jan 17, 2025): $80Decline: -17.5%Key Issue: Short-term uncertainties in the semiconductor industry and inventory adjustments are negatively impacting earnings expectations.17. Mondelez International Class A (MDLZ-US)Target Price (Mar 12, 2025): $67Target Price (Jan 17, 2025): $75Decline: -10.7%Key Issue: Slowing global consumer goods market growth and rising raw material costs are increasing margin pressures.18. MarketAxess Holdings (MKTX-US)Target Price (Mar 12, 2025): $232Target Price (Jan 17, 2025): $259Decline: -10.4%Key Issue: Increased competition in the bond trading platform market and interest rate volatility are affecting revenue growth.19. Moderna (MRNA-US)Target Price (Mar 12, 2025): $53Target Price (Jan 17, 2025): $69Decline: -23.2%Key Issue: Declining COVID-19 vaccine demand and uncertainties in new drug development are impacting investor sentiment.20. NetApp (NTAP-US)Target Price (Mar 12, 2025): $123Target Price (Jan 17, 2025): $138Decline: -10.9%Key Issue: Increased competition in the data storage and cloud solutions market is slowing the company’s growth trajectory.21. ON Semiconductor (ON-US)Target Price (Mar 12, 2025): $61Target Price (Jan 17, 2025): $79Decline: -22.8%Key Issue: Strong demand for automotive semiconductors is offset by weak IT and consumer electronics demand, leading to lower revenue forecasts.22. Sempra (SRE-US)Target Price (Mar 12, 2025): $83Target Price (Jan 17, 2025): $94Decline: -11.7%Key Issue: Market volatility in the energy and utilities sector and changing regulatory environments are weighing on profitability forecasts.23. Skyworks Solutions (SWKS-US)Target Price (Mar 12, 2025): $72Target Price (Jan 17, 2025): $97Decline: -25.8%Key Issue: Weakening demand for 5G components and increasing competition in the smartphone market are negatively impacting growth.24. Teleflex (TFX-US)Target Price (Mar 12, 2025): $165Target Price (Jan 17, 2025): $240Decline: -31.3%Key Issue: Slowing demand in the medical device market and global economic uncertainty are lowering earnings projections.25. United Parcel Service Class B (UPS-US)Target Price (Mar 12, 2025): $131Target Price (Jan 17, 2025): $148Decline: -11.5%Key Issue: Slowing growth in the global logistics market and rising costs are putting pressure on profit margins.26. Western Digital (WDC-US)Target Price (Mar 12, 2025): $79Target Price (Jan 17, 2025): $88Decline: -10.2%Key Issue: Short-term weakness in the memory semiconductor market and declining prices are impacting revenue and profitability.27. West Pharmaceutical Services (WST-US)Target Price (Mar 12, 2025): $281Target Price (Jan 17, 2025): $377Decline: -25.5%Key Issue: Rising raw material costs and increasing competition in the pharmaceutical and medical device industries are pressuring growth expectations.While the reasons and extent of target price downgrades vary by company, overall, these revisions reflect common macroeconomic risks, such as economic recession fears, supply chain uncertainties, rising costs, intensifying competition.Additionally, some companies are affected by structural industry changes, such as fluctuations in EV battery demand and semiconductor industry trends.From a sell-side perspective, stocks experiencing significant target price cuts could face short-term downside pressure. Investors should consider risk management strategies, including portfolio rebalancing, short positions, market-driven adjustments – Stay alert to upcoming earnings reports, interest rate changes, and key economic indicators, as these can significantly impact volatility.By aligning investment decisions with broader market trends, investors can navigate these shifts with greater flexibility and strategic foresight.[Compliance Note]All posts by Sellsmart are for informational purposes only. Final investment decisions should be made with careful judgment and at the investor’s own risk.The content of this post may be inaccurate, and any profits or losses resulting from trades are solely the responsibility of the investor.Core16 may hold positions in the stocks mentioned in this post and may buy or sell them at any time.

article

Strong Sell

AMD

Advanced Micro Devices

+26