Often the recommendation only comes when the price surge has started or is over. Since you often only become aware of it then (usually too late), it gives the impression that the analysts have done a good job. At some point I looked at a few recommendations retrospectively and realized that it is often better to ignore them.
Most analysts simply continue the current trend, i.e. if a share rises, the price target is raised, if a share falls, the price target is lowered. In this respect, I hardly ever pay attention to any price targets set by analysts.
@ImmoHai TTWROR of 11% for the portfolio calculated for 2024 so far, 15% are targeted this year. BAT and PM are both up just under 30% and there are still some nice dividends to come. But I think that's it for the multiple expansion soon, the rest should come from EPS growth. For me, PM's fair P/E ratio is 20 and BAT's 15.