Morgan Stanley Messed Up SNAP ER Note
Read this article last night and it made me wonder. How common is this in Equity Research?
Read this article last night and it made me wonder. How common is this in Equity Research?
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You want to see something funny? Look at the share count assumptions that banks use. Rarely do the analysts get even the share count right...tough to put a "per share" value on an arbitrary number.
Very common. Didn't read the whole article, but I saw BI pointed out that they changed the 2021-2025 earnings and didn't change the target price. Why yes - because most investors can't see / think beyond more than one year ahead, so clearly the street also values everything on something like next year's or NTM multiples. Generally, point stands - often times people will come up with a view they want to uphold and will make the numbers work towards that view, not the other way around.
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