I agree re Morgans (particularly Power) currently having considerable egg on their face.
If you were Morgans though and you had lost faith in the ResApp story, wouldn’t you cut your loses to prevent any further embarrassment / fall out with your clients? It would be a clear direction to sell. Yet, they are sticking with their previous buy recommendation and a price target still considerably higher than the current price... Power even recently handpicked ResApp to discuss as a stock with good prospects in one of his most recent health care sector updates. I generally read all brokers reports / price targets with a grain of salt. However, all of this doesn’t make much sense if they don’t see things turning around.
As @Bloky has previously stated its been retail investors selling, the top 20, the supposed “smart money”, has not.
RAP Price at posting:
5.4¢ Sentiment: Buy Disclosure: Held
