TY - JOUR T1 - Analysts’ Earnings Forecast, Recommendation,<br/>and Target Price Revisions JF - The Journal of Portfolio Management SP - 120 LP - 132 DO - 10.3905/jpm.2012.38.3.120 VL - 38 IS - 3 AU - Ronen Feldman AU - Joshua Livnat AU - Yuan Zhang Y1 - 2012/04/30 UR - https://pm-research.com/content/38/3/120.abstract N2 - This study examines the immediate and delayed market responses to revisions in analyst forecasts of earnings, target prices, and recommendations. Consistent with prior literature, revisions in earnings forecasts are positively and significantly associated with short-term market returns around the revisions. However, Feldman, Livnat, and Zhang show that short-term market returns around target price revisions and recommendation changes are even stronger. They also find superior future performance (return drift) for portfolios that use information from all three types of revisions to those using information from only one of the three types of revisions.TOPICS: Exchanges/markets/clearinghouses, technical analysis, in markets ER -