Why in my view analyst are ANAL- yst is because because they will always make you lose your ass.
This morning Wachovia and Credit Suisse analyst have just decided to downgrade Lehman. Now if you had listen to Wachovia the last time they upgraded LEH on March 2007 and bought the stock you would be down over 60%. Man oh man if I called a loser for 6% I would be called an idiot but oh well. On the same note LEH has fallen 55% since Credit Suisse last upgrade of the stock.
The crazy thing is LEH still has 7 buy ratings on the street.
LEH might be a teenage stock soon !! who knows ? Only thing I know I would not be owning that stock or any investment bank stock here.
Please note investment banks have earnings out starting next week and we could bounce going into the numbers but I really don't see this group doing well after that..
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