In the spreadsheet above I have tracked the earnings estimates for the Defense & Aerospace ETF (ITA).
The column under the date 12/27/2022 has a letter that represents the movement in 2023 earnings estimates since the most recent print (10/27/2022). “U” means 2023 estimates are UP in the last 60 days. “D” means 2023 estimates are DOWN in the last 60 days. “S” means 2023 estimates have remained the SAME in the last 60 days. The column entitled “1yr Target Est” is the Wall Street consensus 12 month price target for each stock.
What this table is telling us is that estimates have come down. More estimates came DOWN for 2023 in the past 60 days than went UP – Down:Up – 22:8 ratio. The rest remained the same.
The cumulative 2023 earnings power of these stocks was revised down by -6.49% in the past 60 days.
