It's OK to be cynical after watching shares of Orbitz Worldwide (NYSE: OWW) climb 6% higher yesterday. Goldman Sachs initiated coverage with a "buy" rating, but that's not really the whole story.

See, even though the shares moved up to $11.93 yesterday on the analyst upgrade, they've still got a long way to go to hit the $15 mark that it went public at less than two months ago. And it's at this point that you have to remember that Goldman served as one of the lead underwriters of the disappointing offering. It pitched the stock to many of its clients at $15, and those initial investors are now underwater.

So it's easy to snicker at the overly ambitious $18 year-end price target, the claim that the company is "well positioned within the online travel industry," and a 15% annualized growth target over the next five years.

Get the full story at The Motley Fool