We identify a novel bias in analyst forecasts, after revision bias, which we identify by examining an analyst's reports after his final earnings forecast of the quarter. We document that (i) qualitative predictions from the text of reports, (ii) share price target revisions, and (iii) revisions...

We address whether analysts bias earnings forecast revisions and convey the bias using forecast revision consistency, i.e., the extent to which analyst reports with earnings forecast revisions include stock recommendation and target price revisions consistent in sign with the earnings forecast...

Analyzing over 97,000 price target valuations from 2005-2020, we find analysts’ judgments reflect over four times more pessimism per dollar of negative earnings news for Non-White CEO firms, resulting in lower target valuations. These lower target valuations are associated with an increased...