Very thought provoking article as I'm guilty of using price targets relative to valuation metrics for my sell-discipline.

In essence, you are saying that valuation itself can't be a catalyst since the market is already pricing in the known information. For example, Samsung Electronics is trading at a 7.2x P/E for this year. If they match consensus and forecast stable earnings, then there shouldn't be a change in stock price because that's what was already priced in.

However, I think a healthy company w/ flat earnings shouldn't trade at 7.2 P/E and eventually will rerate once the market realizes that profits aren't peaking but are at worst plateauing. Of course, you can argue that this is the new information target . Again, very good article and very thought provoking.