Cramer's Problem with Analysts
Cramer has had it with the analysts on Wall Street, to whom price means nothing.
They craft a view, such as "I hate the banks" and stick with it regardless of how the financials perform, Cramer complained. If the bank stocks drop 10 percent, they still don't like the space. The financials could fall 20 percent or more, but the analysts would still remain bearish, even though the stock price is cheaper.
"This attitude has lost more people more money and caused them to miss out on more rallies than you could even imagine," Cramer said. "We needed some vision that could put this whole mess in perspective, that the damage is worth 50 cents per share or 30 cents per share. ... Something that tells us what you can expect."
By sticking their necks out once and a while, Cramer thinks the analysts could be of more help. They should come out and say stocks don't reflect the bad news, so sell. When they do reflect the bad news, buy.
If could also add to their credibility if they were to say, "There is no price that the banks are worth buying." After all, that's basically what they're saying when they refuse to change their minds on a stock, even after an enormous decline in price.
"On Wall Street, it’s about dogma ... There isn’t a price where most analysts are willing to change their minds," Cramer noted. "There isn’t a level where something that’s disliked gets to be liked."
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