Domino #2- Lehman sees the light at the end of the tunnel and its a train
Posted by zmann on October 3, 2006
That’s 2 Dominos. Lehman just chopped the E&P sector to negative. Price targets coming down across the board. This is the “marking to market” call I’ve been waiting for , not just for 3Q but for as least the NTM as well, given the sharp price target reductions I’m seeing amongst the E&Ps. Believe me folks, it’s just gettig started. wooo hooo, get off the tracks.
The fact of the matter is, another 20 or so analyst teams from bulge bracket to bucket shop have got to do the exact same thing. It’s math and these teams are busily cranking new price decks through all their models while simultaneously writing price target/eps reduction first call notes. Its a time consuming process but they will all do it, sooner rather than later. Believe me, those analysts are watching their dreams of buying a GI Joe with the Kung Fu Grip for their kids for Christmas circle the drain.