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Your Evening Briefing: Wall Street Analysts Didn’t Get the Bear Market Memo

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Whether it’s hope, self-delusion or they just didn’t get the memo, the receding stock market tide has left Wall Street analysts sitting on price predictions that seem a better fit for the roulette table. Bear-market casualties from Peloton to Coinbase are forecast by equity handicappers to double. It’s the same story for a large number of pummeled stocks whose suffering hasn’t managed to slow the bulls still running around. In other words, the brutal six-month repricing in markets has been met with a significantly unhurried reappraisal of analyst forecasts, which has left many stocks sporting projections that require a doubling or tripling to achieve. Ed Yardeni, the president of Yardeni Research, put it this way: “When investors own a stock that’s gotten put down by 30% and an analyst tell them that it’s going double a year from now, that doesn’t really have much credibility.” Here’s your markets wrap

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