Just tracking with a view to bottom fishing at the right time


CSFB downgraded glassmaker Pilkington to 'underperform' from 'neutral', dropping its price target to 45p from 68p. 'Pilkington's near term prospects have deteriorated markedly over the last several months and the trading update at the end of this month is likely to be a profit warning,' it said.


ains


Currently 45.75/46p

Okay I have put my money wher my mouth is and invested 12 thou.
I peg you for right.

Although Pilk has gone up this morning, there has been some searious sales. Does anybody have any clues to why or is this just the normal way of things? I personally am happy with this company and I feel if their market picks up this shares will move further upwards. If I am wrong please feel free to enlighten me :-)

I have just read this BB for the first time. Fascinating stuff. So on 10 March, DrKW lowered price target to 41p. CSFB lowered target to 45p. Both brokers forecast poor trading conditions and a dividend cut. Rocamar wrote here "this will fall to 35p in the next few weeks according to the charts". The previous trading day Pilkington had closed at around 49p.

In fact the 52 week low for Pilkington occurred the following day, at 43.3p. The trading update at the end of March was positive, news flow has continued to improve and today Pilkington is at 99p, with a maintained dividend.

Its nice that this confirms my suspicion that broker forecasts are as wrong as much as they are right, and charts may as well be drawn upside-down for the good they do.