Ladenburg Thalmann analyst Dick Bove cut his price target on Wachovia Corp today by $2 to $17, and reversed his 2008 estimate for WB to a loss of 23 cents per share from a prior prediction of a 69 cents per share profit. Could this possibly have anything to do with the bank not taking his suggestion to hire Phil Purcell seriously? Methinks yes. Sure, he maintained his neutral rating on the stock and increased his expectation for 2009 to $2.77 from $2.60 per share BUT as we've seen in the past, a jilted Bove likes to send off 'do not fuck with me again' warning signals first, vindictive crazy lady downgrades later. Also, is this a challenge?
``Steel is starting at an ideal time because he can't do anything worse to this company than has already been done,'' said Ladenburg Thalmann & Co. analyst Richard Bove.
Earlier: Purcell/Bove '08
Wachovia Hires Steel to Mend Investor Relationships [Bloomberg]
Ladenburg's Bove cuts Wachovia price target to $17 [Reuters]