Word: analysts
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Even tech-battered Wall Street analysts are bullish on handhelds. No matter that Palm, Handspring and the Canadian firm Research in Motion are trading at 52-week lows. "These stocks have gotten unnecessarily beaten down," argues Thomas Sepenzis, mobile-Internet analyst at investment bank CIBC. "When people stop panicking, they'll go, 'Oh, gee, what should I buy?' and these stocks will be some of the first to go back up." Within a year, he expects Palm shares to as much as quadruple from last week...
...PDAs that would make the entire market viable and attract ever more software developers to create applications for the Palm operating system. "Palm is getting the first strong competition that it's ever really had. We're going to see its market share decreasing rapidly," predicts Alex Slawsby, analyst at the research firm...
...post-bubble witch hunt, two Internet analysts are getting most of the blame--Henry Blodget at Merrill Lynch and Mary Meeker at Morgan Stanley Dean Witter. They're natural targets. Both work at influential brokerage firms. Both reportedly made $15 million, give or take, as Internet stocks soared in 1999. And both now concede the obvious: they were too slow to downgrade dozens of stocks. Their bullishness in the face of impending disaster has riveted attention on the analyst's role across Wall Street. It's not a pretty picture...
...Morgan, for example, instructs analysts to tell a company when its rating is going down. The company can then ask for a change in the accompanying research note. And the analyst must give a reason for declining to do so. That sorry procedure came to light last week. It casts analysts as puppets of the companies they follow. Meanwhile, brokerages routinely pay them to land underwriting deals, a sale most easily closed with a glowing research report in hand...
...really blame analysts for what happened with VA Linux Systems? The software company filed to go public at $12 a share in 1999. Before any analyst had a chance to publish a word, demand enabled underwriter Credit Suisse First Boston to raise the IPO to $30. Maybe it should have stuck to the initial price, which in theory anyway was based on some valuation model. But it scarcely mattered...