It's obvious why Mr Neff is bitter about Palm. The following is from an article that appeared in the New York Times in August 2001:
Quote:
LAST Dec. 5, Andrew J. Neff, a computer analyst at Bear, Stearns, issued a report extolling the virtues of Palm Inc., the maker of hand-held computers. After meeting with Palm’s management, Mr. Neff had come away a believer in the company’s future and its battered shares. With the stock near $44, Palm was well below its March 2000 peak of $165, reached on its first day of trading. He put a 12-month price target of $80 on the shares, reflecting his belief that they would trade at 19 times his 2001 sales estimate for the company.
By the next week, Palm shares had climbed to $56.625. But then they began to sink, until, on Jan. 3, they had reached $27.88. That day, Mr. Neff cut his target to a range of $37 to $48. Two months later, with Palm in the mid-teens, Mr. Neff lowered his target again. Finally, on May 17, the shares stood at $7.05 when he slashed his target to around $5. It closed on Friday at $5.36.
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Never trust the word of a financial analyst who's been so dead wrong the first time.