Analyst behaviour is always the same, downgrade the price target...

Analyst behaviour is always the same, downgrade the price target after the share price has already gone lower and upgrade the price target after the share price has already gone higher.

My favourite analyst report was issued by Morningstar during mid 2020 in which they had a price target on SWM of 10 cents a share. Two weeks after this report the stock price had doubled and then a few months later SWM started running all the way to 55 cents a share. When it reached this new price of 55 cents a share suddenly Morningstar upgraded its price target to >60 cents a share!

This sort of inevitable inertia is what will catapult SWM from trading at less than 3x cyclical low earnings to delivering shareholders multi-bagger gains.

The fact is that the ad market will recover with interest rates being lowered.

Odds are increasing to over 70% chance of a rate cut at the February 2025 RBA meeting. https://www.asx.com.au/markets/trade-our-derivatives-market/futures-market/rba-rate-tracker

Interest rate cuts drive consumer and business confidence which in turn drives ad market spending. Ad market goes up, SWM share price goes up