This post is in continuation of my forecasting folly series (see here)
On March 31, 2012, Dalal Street’s finest at ICICI Direct put out a buy call on Cox & Kings.The then prevailing price was around 163 Rs and the target price given was Rs.195 (implying an upside of around 20%).
By Nov 16, 2012, the price of Cox&Kings had fallen to around 140 Rs.The good folks at ICICI Direct maintained their buy call and revised the target price to 170 Rs
Now exactly 4 months later, on April 16, 2013 ,Cox&Kings closed at 126 Rs.This is around 36% below the original target price.
Forecasting folly, anyone?