A reference point for expectations — not an independent fact about value.
| Concept | Explanation | |---|---| | Consensus | Average or median analyst estimate. | | Estimate range | Dispersion among forecasts. | | Whisper number | Unofficial expectation that may differ from published consensus. | | Implied expectation | Performance embedded in the current valuation. | | Revision trend | Direction in which forecasts are changing. |
Consensus can be wrong and can move slowly. It is a reference point for expectations, not an independent fact about value.