By Mitch Zacks
Wall highway spends over $1 billion a yr studying shares. Too undesirable a lot of that evaluation is rubbish, says writer Zacks. He should still understand: he is v-p of the revered company Zacks funding study, and he is witnessed how the comfy dating among businesses and their funding bankers have corrupted making an investment through the years. Now he is pop out with not just a denunciation of sketchy analysts, yet a guide for person traders for recognizing successful shares on their lonesome. (A trace: it is all in regards to the profits estimates; organisations whose projected profits are being revised upwards are those to guess on.) Zacks's prose is crisp and rapid, and he tackles difficult topics with dispatch. occasionally the ebook veers into an commercial for the enterprise and its site, however the trove of clear-headed industry knowledge is easily definitely worth the occasional self-promotion.Copyright 2003 Reed company details, Inc.
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Extra info for Ahead of the Market: The Zacks Method for Spotting Stocks Early - In Any Economy
For most analysts, individual investors represent at best, a distraction, and at worst, a potential lawsuit for bad advice. KEY POINT The analyst seeks to gain influence with large institutional investors, namely, portfolio managers. The more influence the analyst attains, the more power he has to move markets, and the more money he gets paid. Despite this, analysts are still integral to the way brokerage firms work. How important is an analyst? At some firms, brokers that cater to individuals are not even allowed to recommend stocks that have not been cleared by the firm’s analysts.
So, the fact that analysts do not issue sell recommendations, although only recently publicized in the media, is in reality nothing new. In fact, the percentage of sell recommendations has been under 8% for the past decade. Figure 2-1 shows the distribution of analysts’ recommendations over the past twelve years. As of the later half of 2002, under tremendous regulatory pressure, the number of sell recommendations has been steadily increasing, back to levels not seen since the early 1990s. According to Zacks data, as of October 20, 2002, the number of sell recommendations is at the highest level it has been in several years, hovering above 8%.
Dissecting the Analyst’s Report 43 Pulling Apart the Analyst’s Research Report Figure 3-1 shows a sample of a research report. Although no two research reports are identical, at the most basic level, an analyst’s research report contains a recommendation for the stock, as well as estimates of what the company will earn on a per-share basis over the next four quarters and the next two fiscal years. Most research reports also contain what is called a long-term growth estimate. The long-term growth estimate is the rate at which the analyst believes earnings per share will grow annually over the next three to five years.