Bull Market Never Ended for Analysts Wedded to 100% Price Rally Calls
- Vicious stock losses make almost everyone look like optimist
- Hubris, career risk, murky outlook prompt analysts to hold on
Photographer: Jasper Juinen/Bloomberg
This article is for subscribers only.
Whether it’s commendable courage or a refusal to face reality, a receding stock market tide has left Wall Street analysts sitting with price predictions that will take more than a little luck to come true.
Bear-market casualties from Peloton Interactive Inc. to Coinbase Global Inc. are forecast by equity handicappers to double, going by consensus targets compiled by Bloomberg. It’s the same story for a swath of gutted stocks whose travails haven’t dissuaded perennially optimistic analysts of their bullishness.