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| Author: | Brav, A. Lehavy, R. |
| Title: | An empirical analysis of analysts' target prices: short-term informativeness and long-term dynamics |
| Journal: | Journal of Finance
2003 : OCT, VOL. 58:5, p. 1933-1967 |
| Index terms: | Stock markets Share prices Information |
| Language: | eng |
| Abstract: | Using a database of analysts' target prices issued 1997-1999, the authors examine short-term market reactions to target price revisions and long-term comovement of target and stock prices. They find a significant market reaction to the information contained in analysts' target prices, both unconditionally and conditional on contemporaneously issued stock recommendation and earnings forecast revisions. The authors find that, on average, the one-year-ahead target price is 28 % higher than the current market price. |
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