Abstract

http://ssrn.com/abstract=1883819
 
 

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Analysts’ Earnings Forecast, Recommendation and Target Price Revisions


Ronen Feldman


Hebrew University of Jerusalem - Jerusalem School of Business Administration

Joshua Livnat


New York University

Yuan Zhang


University of Texas at Dallas

July 11, 2011


Abstract:     
This study examines the immediate and delayed market responses to revisions in analyst forecasts of earnings, target prices, and recommendations. Consistent with prior literature, revisions in earnings forecasts are positively and significantly associated with short-term market returns around the revisions. However, we show that short-term market returns around target price revisions and recommendation changes are even stronger. We also find superior future performance (return drift) for portfolios that use information from all three types of revisions to those using information from only one of the three types of revisions.

Number of Pages in PDF File: 31

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Date posted: July 12, 2011  

Suggested Citation

Feldman, Ronen and Livnat, Joshua and Zhang, Yuan, Analysts’ Earnings Forecast, Recommendation and Target Price Revisions (July 11, 2011). Available at SSRN: http://ssrn.com/abstract=1883819 or http://dx.doi.org/10.2139/ssrn.1883819

Contact Information

Ronen Feldman
Hebrew University of Jerusalem - Jerusalem School of Business Administration ( email )
Mount Scopus
Jerusalem, 91905
Israel
Joshua Livnat
New York University ( email )
44 West 4th Street, Suite 10-76
Stern School of Business
New York, NY 10012-1118
United States
212-998-0022 (Phone)
212-995-4004 (Fax)
Yuan Zhang (Contact Author)
University of Texas at Dallas ( email )
P.O. Box 830688
Richardson, TX 75083-0688
United States
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References:  18
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