When analysts pull a Jim Bakker

This will not come as a shock to you, but it's good to remember that when business experts make predictions about the future, sometimes they get them wrong. I refer to this as "pulling a Jim Bakker," based upon the title of the preacher's autobiography, I Was Wrong.

One recent example of a Jim Bakker was committed by Richard Greenfield, who admitted his error on the revenue potential for the movie "Up":

“Dead wrong” is how Richard Greenfield of Pali Research put his related analysis in a research note. “The recent success of Pixar’s ‘Up’ (well ahead of our forecasts) has renewed investor confidence in Disney’s creative capabilities,” he added. “Up” has so far sold $265.9 million in tickets in North America and $35.4 million overseas, where it has only begun to arrive in theaters.

But Mr. Greenfield stuck with his sell recommendation for the company’s stock, saying he believed the next 12 to 18 months would be “substantially more difficult for Disney than investors are currently anticipating.” He listed industrywide troubles with broadcast television and difficulty cutting more costs in the theme park unit.