Published on 5 Nov 2023 on Simply Wall St. via Yahoo Finance

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Analysts Just Trimmed Their Revenue Forecasts By 10%

Today is shaping up negative for MidWestOne Financial Group, Inc. (NASDAQ:MOFG) shareholders, with the analysts delivering a substantial negative revision to next year's forecasts. There was a fairly draconian cut to their revenue estimates, perhaps an implicit admission that previous forecasts were much too optimistic. Shares are up 7.8% to US$21.13 in the past week. Investors could be forgiven for changing their mind on the business following the downgrade; but it's not clear if the revised forecasts will lead to selling activity.

After the downgrade, the consensus from MidWestOne Financial Group's four analysts is for revenues of US$162m in 2024, which would reflect a small 7.0% decline in sales compared to the last year of performance. Statutory earnings per share are presumed to grow 16% to US$2.51. Before this latest update, the analysts had been forecasting revenues of US$181m and earnings per share (EPS) of US$2.71 in 2024. It looks like analyst sentiment has fallen somewhat in this update, with a substantial drop in revenue estimates and a small dip in earnings per share numbers as well.

View our latest analysis for MidWestOne Financial Group