This post is in continuation of my forecasting folly series (see here)
On March 29, 2010, Angel Broking put out a Buy Call on HDIL with a target price of Rs.356.The then prevailing price was around Rs.286, implying a gain of around 24%
Around one year later, on Feb 11, 2011, HDIL is quoting around 137.45 Rs –around 38% of the original target price ! This does not deter the good folks at Angel Broking.They issue out another Buy Call on HDIL, this time with a price target of Rs.243
Around six months later, on Aug 16,2012, HDIL is quoting around 83.9 Rs-around 40% of the revised target price ! Dalal Street’s finest at Angel Broking remain undeterred.They heroically maintain their Buy Call, this time revising the price target to Rs. 115
Now, you dear reader, know where this is heading, right?
Around six months later, on March 25, 2013, HDIL is quoting around Rs.46.6. This is around 40% of the revised revised target price !
Forecasting Folly, anyone?