So, B of A just downgraded KORS to Neutral with a price target of $60. Let's see, right now the price is $46.29. So, a move to $60 would be nearly a 30% increase. Somehow that 30% increase is rated a Neutral at B or A. What a joke.
Let's see. If I look at the Analysts' Opinions posted on Yahoo Finance, they go back as far as September, 2007. Funny thing is that BofA is not listed at all until today when they magically appear with a Sell rating.
If I look at the Analysts' Reports on my Fidelity Investments website, there are a total of 6 reports showing as being issued this month of May, 2015. All of those reports are rating BKCC as either a Hold or a Buy. None recommend a Sell.
So, how does BofA come out of the blue, apparently never having issued a rating between September, 2007 and today, and rate this stock a Sell? Why am I just a bit suspicious as to the BofA's analyst rating???
Ex div. day was 4/1, and the dividend was 21 cents. On 3/31, the stock closed down 23 cents. On 4/1 when it went ex the 21 cent dividend, the stock was down 33 cents, 12 cents more than the dividend. On 4/2, ti dropped another 23 cents, and today it is down a further 31 cents. How do you explain a $1.10 drop on a 21 cent dividend.
Volume already is 2 1/2 times average 90 day volume, and the market remains open for another 2 1/2 hours. In the meantime, management is tight lipped. I hold numerous BDCs, all of which are up today except two which are both down only one cent.