Massmart downgraded by formerly the US government Bank of America Merrill Lynch. BoFA ML. Jumble that around a little, the FAL MoB. Whatever, the analyst 12 month price target moves up to nearly 99 bucks, the stock trades 9 bucks higher than that. Does it mean anything other than someones 12 month price target is above where they suspect the stock ought to trade. That tells me about all I need to know, the time frames for owning the stock are way too short. Five years time, well nobody is going to give you that sort of view, that is just way too hard.
If you think that black box retailers are going to eat away high street even more, then these companies are for you. Paul and I were interviewed yesterday by the fellows over at BusinessDay, I had some rude things to say about BoFA, sorry. Massmart on the cut. I was wrong, BoFA are going to pay back the TARP money, so not a US owned entity anymore.