Here's another PET PEEVE with Wall Street..... A major rating firm (Goldman) CUTS it's rating on a stock while RAISING the price it expects the stock to trade to.... the REASON for the "ratings cut".... IT HAS GONE UP 36% in ONE YEAR. DOH! Really -- so the stock has gone up 36% and they expect it to go higher!
OMG -- no wonder people go crazy listening to these idiots!
Here's the cut and paste:
Cigarette maker Philip Morris International Inc. (PM) on Tuesday caught a big downgrade from analysts at Goldman Sachs.
The firm said it cut its rating on PM from “Buy” to “Neutral” with an $80 price target, suggesting a 3.5% upside to the stock’s Friday closing price of $77.32.
Goldman defended the move by noting the company lacks any form of near-term catalysts.
Philip Morris International shares, which have gained more than 36% in the past year, fell 38 cents, or -0.5%, in premarket trading Tuesday.
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