This... *puts tinfoil hat on * Definitely noticed a pattern with GS lately. They've been downright bears on AMD for the past year...until the stock doubled last month. Whoops lets upgrade AMD and downgrade INTC now.
Then comes ALNY, top of their conviction list for the last year, with nearly 90% upside. Mind you this was a name with 90%+ institutional holdings. I'm guessing the rating kept the gate open long enough for their pals to get out before the FDA approved their label narrower than expected, and all of sudden a quater of the upside is shaved off the TP and removed from conviction list.
Would be interesting to run some backtesting on a contrarian strategy against some of these firm's research and see how well it does lol