CHART: Once Again, Wall Street's Earnings Estimates Are Way Down

Unexpectedly good first quarter earnings coupled with positive economic data had some people heralding the beginning of a stronger recovery.

However, recent data has been markedly worse, and people are increasingly pessimistic. If analysts are right, a weak earnings season may confirm those fears. 

Take a look at this chart from Bespoke Investment Group:

S&P earnings forecast

Photo: Bespoke Investment Group

But this is not to say things are all bad. Indeed, Wall Street has a long history of lowballing earnings estimates.

UBS’s Jonathan Golub notes that the earlier announcers have been beating estimates.  And LPL Financial’s Jeff Kleintop notes that earnings season is usually a great time to buy stocks.

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