Target Companies are good investments

What about investing in target companies? After all, the real price surge that you see on acquisitions is in the companies that are acquired rather than in the acquiring firms. Not surprisingly, investment strategies built around target firms claim to have found a way to identify these firms before the announcements:

Other investors settle for a less ambitious strategy of investing in companies after they have become targets in acquisitions, hoping to make money as the transaction price is finalized or from a bidding war (between two acquirers).