@misc{Brycz_Bogumiła_Target_2017,
 author={Brycz, Bogumiła and Włodarczyk, Katarzyna},
 identifier={DOI: 10.15611/nof.2017.4.03},
 year={2017},
 rights={Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy},
 publisher={Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu},
 description={Nauki o Finansach = Financial Sciences, 2017, Nr 4 (33), s. 35-50},
 language={eng},
 abstract={This paper examines target price accuracy conditional on whether the analyst’s report contains a precise valuation model with underlying assumptions, as well as investigates whether target price accuracy is related to the forecast accuracy of the variables used as inputs in the valuation models. The study is conducted based on the analysts’ stock recommendations issued in 2012 for companies listed on the Warsaw Stock Exchange. We find that approximately 67% of analysts’ price targets are achieved within a 12-month period following the release of a report. Only in the case of positive recommendations we can observe that analysts who provide precise valuation model within their reports issue significantly more accurate target prices. We also find that target price forecast error is, on average, lower for reports with more accurate forecasts of such variables used as inputs in the valuation models as revenue, EBIT and net profit but the results are not always statistically significant},
 title={Target price accuracy and the information content of stock recommendations on the Warsaw Stock Exchange},
 type={artykuł},
 keywords={stock recommendation, target price, target price accuracy, analysts’ forecasts valuationmodel, rekomendacje giełdowe, cena docelowa, trafność ceny docelowej, prognozy analityków, model wyceny},
}