In the coronavirus pandemic, stock analysts have a new job:
credit analysis.
As the global economy grinds to a standstill amid mandatory
shutdowns, the survival of many businesses is suddenly in doubt,
especially those in vulnerable sectors such as airlines, hotels and
restaurants. Instead of asking how fast a company can grow,
ever-optimistic equity analysts now have to answer a grimmer
question: how long can it last if its revenue vanishes? This focus
on cold, hard cash means they have...