Company Profit Forecasts Trailing Analysts by Most in Two Years
- BofA data show most companies guiding below analysts for Q3
- 3Q profits still predicted to grow by almost 20 percent
Photographer: Daniel Acker/Bloomberg
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The evidence is mounting: U.S. companies are growing less confident they’ll be able to hit analyst profit targets.
Looking at forecasts issued by S&P 500 members last month, Bank of America found that more than two times as many projections were below the Wall Street consensus than above. It’s the most shortfalls in 2 1/2 years.