Wall Street Is Trying Desperately to Catch Up With Stock Rout
- Analysts cut share-price targets at fastest pace in two years
- It’s latest evidence of souring sentiment on the equity market
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To see how much pressure the five-month equity selloff is putting on Wall Street, consider the plight of analysts, whose overwhelmingly bullish forecasts are being furiously rolled back.
Researchers who focus on single stocks -- the buy/hold/sell crowd that weighs in when results are disclosed and almost always predicts shares will go up -- are slashing price targets for S&P 500 firms at the fastest pace since the pandemic crash in 2020. Altogether, their projected price level for the index fell 11 weeks in a row, the longest stretch of declines in a decade, data compiled by Bloomberg show.