Equity valuations are relatively insensitive to the consensus estimate. A defensible forecast is one where the company forecasts are in sync with the investment thesis or story. A sell-side analyst publishes research reports that only include an investment rating. Analysts must perform an in-depth Fundamental Analysis to make forecasts reflecting a basic understanding of the company. Companies frequently issue financial guidance for the next quarter and year's financial outlook. It is more important now than ever that analysts consider companies' strategic uses of cash flows when creating high quality forecasts of future financial performance. Strategic uses of cash is not important to a financial analysts in making forecasts. All forecasts should reflect an investment thesis, be it positive or negative. e average of the sell-side equity analyst earnings estimates is called the 'Consensus'. Equity valuations are relatively insensitive to the consensus estimate. A defensible forecast is one where the company forecasts are in sync with the investment thesis or story. A sell-side analyst publishes research reports that only include an investment rating. Analysts must perform an in-depth Fundamental Analysis to make forecasts reflecting a basic understanding of the company. Companies frequently issue financial guidance for the next quarter and year's financial outlook. It is more important now than ever that analysts consider companies' strategic uses of cash flows when creating high quality forecasts of future financial performance. Strategic uses of cash is not important to a financial analysts in making forecasts. All forecasts should reflect an investment thesis, be it positive or negative. e average of the sell-side equity analyst earnings estimates is called the 'Consensus