“There’s almost nothing good to say about the estimates published by professional analysts in advance of Apple’s (AAPL) second quarter earnings,” Elmer-DeWitt reports. “Not only did the pros badly underestimate almost every aspect of the company’s business — from revenue and earnings to unit sales — but they were bested in every category by a rag-tag group of bloggers, day traders and armchair analysts.”
Elmer-DeWitt reports, “Special mention goes, once more, to Turley Muller, who writes an occasional blog called Financial Alchemist. Not only did he outperform the pack this quarter — scoring four greens and a light green — but this is the sixth straight quarter in a row that he’s done it… Daniel Tello has used our chart to rank the analysts by how far they were off, with Muller on top (5.9%) and [Citigroup’s Richard] Gardner on the bottom (14.3%). According to Tello’s calculations, the amateurs as a group were off by 7.7%; the pros were off by 11.6% — 51% worse.”
Full article, with chart showing how the Apple analysts performed, here.