This post in in continuation of my Forecasting Folly series.
I have been asked by some of my readers why I am writing these kind of posts when most people know that sell side recommendations are shit anyways.Well, the answer is for my own personal amusement !!
The stock I am covering today is Tulip Telecom.
On Nov 8, 2011, Emkay Global Services put out a buy on Tulip Telecom.
Then the prevailing price was around Rs.150/share. Emkay Global in its wisdom put out a price target of Rs.218/share…an expected return of 45%
Instead, the stock crashed over the next months to close at 36.65 today…a whopping loss of around 76%.
A recent article in ET explains the travails of this beleaguered company which is struggling to pay the salaries of its employees.
Forecasting Folly, anyone ?