|price target raised by analysts at BMO Capital Markets from $75.00 to $86.00|
Most likely done by a computerized analysis
Computerized algorithms are quickly replacing single-stock analysts and investors, leading to big changes in the way the stock market will value companies and increasing the chance that software glitches or hack attacks will jeopardize market stability.
Technological forces—including high-frequency trading, an explosion in exchange-traded funds and the proliferation of free information via social media—are behind this seismic shift, according to Nicholas Colas of ConvergEx Group.
"The changes that started with high-frequency and algorithmic trading are just the first step to an entirely different process of determining stock prices," Colas wrote in a sweeping note to clients Monday. "Will an equity market running on algorithmic autopilot serve to tie the managers of capital (senior executives) to the ultimate owners (shareholders) as robustly as one dominated by flesh-and-blood money managers? It seems a stretch to think so."
In other words, we've come a long way from the days of the Buttonwood tree and Benjamin Graham.