Does an equity analyst’s trust in others impact his or her forecast and recommendation accuracy? We investigate this question using a measure of trust based on surveys conducted in analysts’ countries of origin. As validation of the measure, we document that after the release of management earnings guidance, more trusting analysts update their forecasts faster and closer to guidance numbers. We find that analyst trust and forecast accuracy are, initially, positively related. However, the effect is not monotonic: both “low” and “high” levels of trust are associated with lower forecast accuracy than “medium” levels of trust. A zero-cost investment portfolio that takes advantage of this pattern yields a monthly alpha of about 32 basis points. Our findings are consistent with the hypothesis that analysts with low trust place too little weight on outside information while analysts with high trust place too much weight, and are thus less accurate than “medium” trust analysts.