Skeptics sometimes say that Wall Street analysts are predictable animals that follow the pack. True cynics argue that their advice is best avoided.
With that said, it's still worth noting that on Wednesday, like clockwork, analysts from the four investment banks that took SciQuest public in September came out with initial ratings on the Cary technology company. They're required by securities regulations to wait 40 days after an IPO before releasing any reports.
Not surprisingly, all four say SciQuest's stock is a smart buy. Three of the analysts predict it will rise to $15, based on the company's healthy profit and revenue growth.
The shares, which began trading at $9.50 each, rose 83 cents today to $12.34.