Analysts’ EPS-Decreasing Exclusions and Target Price Forecasts

The authors thank Erik Beardsley, Andy Call (Financial Accounting and Reporting Section Midyear Meeting discussant), Eric Chan, Gus De Franco, Matt Dristill (Hawaiian Accounting Research Conference discussant), Cristi Gleason, Elizabeth Gordon (Haskayne and Fox discussant), Luzi Hail, Nathan Herrmann, Ole-Kristian Hope, Mike Iselin, Jay Jung, Ross Jennings, Martin Kapons, Minjae Kim, Allison Koester, Henry Laurion (American Accounting Association annual meeting discussant), Xi Li (Analyst Research Conference discussant), John McInnis, James Ohlson, Eric So, Anup Srivastava, Tom Stober, Hongping Tan (Haskayne and Fox discussant), Jessie Watkins, Ben Whipple, Teri Yohn, and Yin Zhu as well as workshop and conference participants at the 2022 American Accounting Association annual meeting; the third Analyst Research Conference; the Egyptian Online Seminars in Business, Finance, and Accounting; the 2022 Financial Accounting and Reporting Section Midyear Meeting; the 2022 Haskayne and Fox Accounting Conference; the 2022 Hawaiian Accounting Research Conference; Fudan University; George Mason University; University of Bristol; University of Calgary; University of Louisville; University of Notre Dame; University of Texas at Austin; and Rotman PhD Grads virtual brown bag for helpful comments. The authors thank Minjae Kim for research assistance and Jesse Chan for sharing many analyst reports. All errors are the authors’ own.