Os analistas sell-side fazem boas previsões no Brasil?

We analyze the performance of consensus forecasts and recommendations ofsell-side analysts in Brazil from three measures - bias, accuracy andinformativeness. The sample included 195 stocks listed on the BM &FBovespa, 75 brokers and 569 analysts. We apply OLS with panel data for atotal of 8477 observations and found: i. optimistic bias and focus onrecommendations to purchase, even when the target prices suggest pessimism;ii. analysts learn from mistakes, reducing their biases; iii. optimism inforecasts has positive relationship with the dollar variation and variationwith negative interest rate.