State Street Weekly Research Note: Faith no more
This is the first in a weekly series of economic and market-led research notes from State Street Global Markets. Institutional investors disagree with analysts to such an extent that when they receive recommendations they are regularly doing the opposite. While analysts have been busily upgrading their forecasts for energy, institutions have been selling. Given that forecast consensus earnings are still predicted to rise 13% in 2008 even as the macro-economic picture deteriorates, it is hardly surprising that fact-based flows are at odds with opinion-based research.
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