Wells Fargo, Chris Harvey, was wrong about 2020. He called for getting out of the stock market before the 16% increase in the SP500 in 2020.
“We kinda hate this market,” Harvey told CNBC’s “Trading Nation” on Wednesday. “When did we stop liking this market? It’s been relatively recent. The market has moved very close to our price target, and many of the catalysts that we talked about have played out.”
On Sept 27, 2020, Harvey said it was too risky to put money in stocks. This was when the SP500 was at 3298. The SP500 is now 13% higher after 90 days.
Most Wall Street Analysts Have Been Wrong About Tesla
The 32 analysts have in general maintained 11 sell ratings, 13 hold ratings and 8 buy ratings for Tesla throughout 2020. The price targets have been below the price and the price targets only get moved up after Tesla share prices move up. Raising price targets after the stock has moved up are analyst admitting that people should have bought before and the analysts and people who listen to them missed it.
I own Tesla and I have been consistently bullish.
SOURCES- Marketbeat, Google Finance, CNBC
Written by Brian Wang, Nextbigfuture.com (Brian owns shares of Tesla)
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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