I'm shorting as many as I can and have been short since last year. These guys are beyond funny, with buy and hold recommendations last week and "sells" this week as if there was some fundamental change in the businesses or macro environment of these stocks on a weekly basis. I thought they were all strong shorts last year, and I think they are stronger shorts this year.
Hey guys, stop bickering and put a few more of those arbitrary and capricious buy recommendations on each other one more time - just for me, pleeeeasse! If you are new to the blog, check out the entire section that I dedicated to these indecisive flip flop artists.
From the WSJ:
Analysts Downgrade Rivals in a Cycle Turning Vicious
You cut me down? Wait 'til you see what I do to you.
That is the game Wall Street analysts are playing, as they scramble to lower ratings on one another amid signs that their businesses are getting worse.
Thursday, the squabbling, which is beginning to feel like a schoolyard brawl, spilled over into the broader market, sparking a tumble of 3% in the Dow Jones Industrial Average and a drop of almost 4% in the Dow Jones index of major financial stocks.
To start things off, Goldman Sachs Group Inc. analysts downgraded shares of Citigroup Inc., which dropped 6.3%. Goldman also changed its view of the entire brokerage sector to "neutral" from "attractive," saying there were few near-term reasons to get excited.
Then, Goldman itself was downgraded to "market perform" by analysts at Wachovia Corp. amid a gloomy outlook for its brokerage business, sending the investment bank's shares down 4%.
Adding to the frenzy, Sanford C. Bernstein & Co. said it now expects brokerage giant Merrill Lynch & Co. to post a loss of $1.07 a share this year, compared with its previous estimate of a profit of 56 cents a share, while predicting more mortgage-related write-downs and a need for more capital reserves.