Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
Last month's upgrade of iRobot (NASDAQ: IRBT) stock did not go according to plan.
Nearly one month back, equity researcher Sidoti & Co. upgraded the once fast-growing robotic vacuum maker, calling it a "compelling" buy at the then-current share price below $62. But instead of going up, iRobot has gone down -- slipping under $58 a share, in fact, earlier this week.