The *structure* of the report was fine -- standard analysis motif
The *content* was what was off
And if the revenue projections were actually based on what they released today, they would have been EXPLICIT about that at the time -- the primary vs secondary thing would have been SO central to the thesis.
They didn't have that. They needed $17 as a rec. They backfilled the numbers to fit that. When they got pushed, they fabricated a reasonable rationale -- which has been out there with shorts for awhile.