Earnings Season: What You Need to Know

Even though we beat on 1Q earnings, you didn't see analysts revise up their estimates for the full year. The market has already priced in the entirety of the good news and that it's no longer willing to put a peak valuation on a peak earnings number. Yes, there's potential for further upside revisions, but what you'll start seeing is those multiples start to get whittled down. That's usually the sign of a sea change in a cyclical change.

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