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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

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.