Target price
Fundamental analysisAn analyst's stated expected price, usually a chosen multiple applied to their own forecast.
In plain terms
The number everybody reads and the one worth least. The assumptions that produced it are the useful part.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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DCF
Fundamental analysisDiscounted Cash Flow — valuing a business as the present value of its projected future cash flows.
In plain terms
Its real output is a range and a set of stated assumptions, never a target price.
Sell-side research
Fundamental analysisResearch produced by broking firms, paid for through institutional commissions and banking relationships rather than by readers.
In plain terms
Excellent industry work wrapped around a target price. Take the model and the channel checks; leave the recommendation.