Do Analysts have ANY INTEGRITY!!!!
Some commentary on today's commentary off of Dow Jones:
"Everybody here feels great," said Jeffrey Peterson, who became Standard Pacific's chairman and chief executive earlier this year. "We feel awesome."
No kidding YOU feel "awesome", but how do you think your existing shareholders feel for selling out the company at such a low price when you just represented to them that book value was over $10 per share?
For the most part, analysts were also positive. JMP Securities, which reiterated its market outperform rating, said the deal "secures the company's long-term future and provides significant potential for long-term growth." Standard & Poor's Equity Analyst Ken Leon noted "these actions should improve SPF's financial condition." He reiterated his hold opinion.
How can these jokers make these kind of comments when the company just sold over 3X the outstanding shares at less than $2.35 per share and both analysts had a $6 or better price target prior to the transaction? Do these guys give a damm about their firms clients? Maybe just certain clients?