Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Analyst sentiment continues to improve.  A net 26% of companies are seeing raised estimates up from net -6.5%. The average estimate revision across our universe is +1%, up from -6.5%.</li>
<li>Analyst sentiment is overcrowded, to the bullish side, for Oilfield Services, Aerospace, Restaurants, Apparel Retail and Software.  They are bearish/crowded for Coal, Refiners, Engineering, Trucking, Semis, HR Services and REITs.</li>
<li>More groups are seeing new raises than the opposite.  On the downside, we see Aluminum, Steel and Real Estate Development in accelerating downtrends.  Alcoholic Beverages estimates are in decelerating uptrends.</li>
</ul>


Analyst sentiment continues to improve.  A net 26% of companies are seeing raised estimates up from net -6.5%. The average estimate revision across our universe is +1%, up from -6.5%.
Analyst sentiment is overcrowded, to the bullish side, for Oilfield Services, Aerospace, Restaurants, Apparel Retail and Software.  They are bearish/crowded for Coal, Refiners, Engineering, Trucking, Semis, HR Services and REITs.
More groups are seeing new raises than the opposite.  On the downside, we see Aluminum, Steel and Real Estate Development in accelerating downtrends.  Alcoholic Beverages estimates are in decelerating uptrends.


Alum., Steel and Real Estate Dev Estimates in Accelerating Downtrends