Brav, Alon; Lehavy, Reuven - In: Journal of Finance 58 (2003) 5, pp. 1933-1968
Using a large database of analysts' target prices issued over the period 1997-1999, we examine short-term market reactions to target price revisions and long-term comovement of target and stock prices. We find a significant market reaction to the information contained in analysts' target prices,...