I find it somewhat ironic that Citicorp - a company that has driven itself to the brink and whose own survival is still in question even after billions of TARP funds - had a sell rating on CSE and has now diligently upgraded it to a hold after the stock has gained 300%. CSE has survived quite nicely and maintained some of the highest capital ratios in the industry even after the losses sustained. They did it on their own with no TARP assistance and have positioned themselves for very strong growth. After the stock hits $6 and more Citi will probably upgrade to a buy. Yet another stellar example of the general ineptitude and self-serving stupidity of most of the analyst community.
That's how they do it. CSE moved up more than 50% in the last month or two. Only then do you finally get the analyst scratching his head and calling it a hold. Once it moves to $8-$10, they'll finally do an upgrade to a buy.