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  • kenji100 kenji100 Mar 7, 2013 12:44 PM Flag

    Says Wedbush; ‘Sell Side Are Tools’

    Finally, somebody speaking the truth. I didn't see if he is covering AMZN, but below applies to AMZN, LNKD as well.

    "Mark is an incorrigible optimist,” said Pachter, continuing, “Netflix did something very clever in Q4. They made $950 million in revenue, and they spent $937 million, so they produced $13 million in profit that took the stock up $5 billion in market cap. Was $13 million really worth $5 billion in stock value? They were expected to lose tons of money, they produced a small profit. Who cares?”
    "When presented with the fact that Jefferies & Co.’s Daniel Binder today raised his rating on Best Buy to a Buy, Pachter reflected on the general sell-side research attitude, remarking “Sell-siders are tools,” though he was quick to say that was not a remark about Binder.

    “If a stock goes up — this is why you gave me grief for my $80 target on NFLX went it was at $300 — the entire sell side adjusts their target to where the stock is going now. I’m in the business of telling you what the stock is worth.”


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