These 'Analysts' Are Truly Nauseating

These analysts are so far behind. I am looking at a Rochdale report from yesterday recommending sale of Best Buy (BBY - commentary - Cramer's Take). Sale? I mean, the stock has just been totally crushed. Just pancaked. I just can't believe that now -- after Circuit City is bankrupt -- anyone would sell BBY. Why? The reasons for it were frivolous: costs. Come on. Do you want to buy a big-screen TV from some outfit that might close the store you bought it from? Do you? You trust a warranty backed up by a bankrupt company? It is natural that BBY is going to come out ahead of the game.

Now, how about the AT&T (T - commentary - Cramer's Take) downgrade yesterday by Goldman. Does anyone think that this company, which has a 6% yield, is going to get hammered? The guy cuts his target from $33 to $30? I mean, come on. That's not value added.

But the worst calls are the oil calls. The Merrill analyst is flipping all over the place after a great top call. He thinks it is going to the $20s. Then it is going much higher! Holy cow, what worth is that? Goldman goes from biggest bull to biggest bear?

How about some work here? How about some recognition that oil was bid up by hedge funds and is now being hoarded in tankers because people all know the prices are going up?

How about the fact that you have to believe that these prices reflect worldwide recession/depression, and if we don't get it, they can at least stabilize.

How about that gutsy JPMorgan (JPM - commentary - Cramer's Take) downgrade yesterday from Merrill, where the analyst watched CNBC and cut numbers! Oh my, total value added, no?

And then there is Goldman Sachs (GS - commentary - Cramer's Take). Why do analysts not slash the numbers to what even I, out of the loop, knew was the right level? What were they looking for? Were they trying to create a disappointment?

Was that the plan? Did anyone possibly take into account that going forward, compensation and expense has been almost halved without a concomitant decline in revenue?

Worthless.

These people are worthless.

Wall Street analysts?

Oh, please.

Makes me sick to my stomach.

At the time of publication, Cramer was long Goldman Sachs and JPMorgan.

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Know what you own: Cramer mentions JPMorgan. Other companies in the banking industry include Wells Fargo (WFC - commentary - Cramer's Take), Wachovia (WB - commentary - Cramer's Take) and Credit Suisse (CS - commentary - Cramer's Take).

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