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Analysts’ earnings forecasts lag harsh reality as pandemic clobbers economy [Toronto Globe and Mail (Ontario, Canada)]

Canadian Imperial Bank of Commerce (CM) 
Last canadian imperial bank of commerce earnings: 2/26 05:53 am Check Earnings Report
Analysts’ earnings forecasts lag harsh reality as pandemic clobbers economy Equity analysts have been slow to adjust to the realities of the COVID-19 era, with current earnings forecasts largely out of sync with the ugly economic backdrop that is just starting to take shape. In the United States and Canada, consensus estimates still call for a relatively shallow decline in corporate profits, a rebound starting by the end of the year and a full recovery to record levels by next fall. The extreme curtailment of manufacturing and industrial activity, however, have the potential to cause “crushing earnings declines,” Citigroup strategist Tobias Levkovich wrote in a report. “Moreover, the collapse of service industries in shutdown mode due to shelter-in-place, social distancing and work-from-home policies is a new wrinkle that also will curtail profits in a major way.” With first-quarter earnings season about to begin, a wave of earnings misses and a mass downward revision of estimates cou Show less Read more
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