SemGroup Corporation got “Christine Cho’d” yesterday.
Let me explain.
It wasn’t so much that Christine (a director and equity research analyst at Barclays covering the U.S. diversified natural gas industry and U.S. MLPs) upgraded SemGroup to Overweight that raised eyebrows….
That, Bloomberg’s Luke Kawa writes, “was an unremarkable change for a $1.9 billion company whose stock plunged more than 15 percent over two days last week.”
But Kawa – and probably a whole lot of clients – got confused when, just a couple of hours later, Cho downgraded the same company:
As you can see from that second screengrab, Cho’s new price target failed to account for an estimated 11 million shares when looking at the total stock issued.
As disappointed Kawa notes that “Cho did not immediately respond to an email and phone call seeking comment.”
Write your own jokes.