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We find a significant market reaction to the information contained in analysts' target prices, both unconditionally and conditional on contemporaneously issued stock recommendation and earnings forecast revisions. Using a cointegration approach, we analyze the long\u2010term behavior of market and target prices. We find that, on average, the one\u2010year\u2010ahead target price is 28 percent higher than the current market price.<\/jats:p>","DOI":"10.1111\/1540-6261.00593","type":"journal-article","created":{"date-parts":[[2003,9,11]],"date-time":"2003-09-11T12:19:48Z","timestamp":1063282788000},"page":"1933-1967","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":399,"title":["An Empirical Analysis of Analysts' Target Prices: Short\u2010term Informativeness and Long\u2010term Dynamics"],"prefix":"10.1111","volume":"58","author":[{"given":"Alon","family":"Brav","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Reuven","family":"Lehavy","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2003,9,11]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"publisher","DOI":"10.3386\/w9246"},{"key":"e_1_2_9_3_1","doi-asserted-by":"publisher","DOI":"10.1016\/0169-2070(95)00593-0"},{"key":"e_1_2_9_4_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00336"},{"key":"e_1_2_9_5_1","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v59.n2.2517"},{"key":"e_1_2_9_6_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(96)00890-2"},{"key":"e_1_2_9_7_1","volume-title":"How do analysts use their forecasts? 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