Prudential analyst John C. Tumazos said..."The analyst cut his rating on the stock to "Underweight," or "Sell, from "Neutral Weight," or "Hold," and dropped his price target to $35 from $40. "
I guess the sheep he leads are impressed, and they paid for his advise too. LOL! Inco was less than $50 per share when the joker spouted and is now at $58. less than 2 weeks later.
How many times are the analysts dead wrong....too many. Beware the liars of the world! Or worse yet, is there any chance that this was a scheme to shake the weak hands out of the tree and buy the shares at a lower price?
Here is the rest of the story taken from an earlier post in this thread
"Inco Shares Slip On Nickel Glut Worries
New York - Inco Ltd., one of the world's largest nickel producers, will likely face a global glut of the metal in 2006 and see prices plummet, a Wall Street analyst said, sending shares lower in morning trading.
Prudential analyst John C. Tumazos said in a note to clients that he sees increasing evidence of an oversupply of nickel, a metal used primarily to manufacture stainless steel and batteries.
Inventories of nickel measured by the London Metal Exchange have risen every day since mid-November. Those rising stocks combined with high Asian stainless steel inventory, the arrival of Inco's Newfoundland refined product this year, as well as the use of a lithium ion substitute in batteries may serve to push prices lower, the analyst said.
"We do not expect the recent weeks rebound to $6 nickel from $5.22 per pound lows to be sustained," Tumazos said, adding that a bear market could be brewing. The analyst cut his rating on the stock to "Underweight," or "Sell, from "Neutral Weight," or "Hold," and dropped his price target to $35 from $40.
Inco shares fell 53 cents to $43.04 in morning trading on the New York Stock Exchange. Shares have traded in a 52-week spread of $31.67 to $47.77."