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When sellside brokerage anal ysts get it totally wrong, BMO and Sandstorm (SAND) ( edition

On Wednesday June 15th, i.e. two short days ago, BMO's Andrew Kaip opened coverage on Sandstorm ( (SAND), giving the stock a "market perform" rating and a twelve month U$4.50 target price. Here's how the note began:

The very next day, his 12 month call was taken out:

We can conclude the following:

1) Kaip won't get into trouble for this because he basically called the stock higher and it went higher. Anal ysts face flak on those rare occasions they're daft/brave enough to call sell on a stock, not buy (or that ultimate get-out phrase, "market perform" linked to a tepid upside percentage call).

2) But it's not a "market perform" at all, it's obviously a "market outperform". He's done his readers a disservice by not getting them into a stock that moved 13.9% in the space of one day.

3) This can only mean that Kaip hasn't read SAND correctly. There's something very wrong with his basic assumptions and, as a public service, IKN invites said anal yst to consider just why he's got the call on this stock so obviously wrong. He may become better at his job from such a period of necessary introspection.