We examine how analysts' anticipation of a management forecast affects their search for private information. Analysts are likely to acquire more private information because of the potential gains from trading on that information before a publicly disclosed management forecast. However, this...

This study identifies bold target forecasts as those far deviate from the consensus target and the actual stock price. Analysts’ bold forecasts exert substantial price drifts larger than the impacts caused by non-bold forecasts. The abnormal returns caused by bold pessimistic forecasts are...