Many critics have questioned the role of financial analysts, particularly whether they augment the financial reporting systems of intangible firms. In this study, we assess the information intermediary role of analysts by examining the accuracy and value relevance of analyst earnings forecasts in following high versus low-intangible firms. First, we examine the association between analyst forecast accuracy relative to forecasts based on firm-reported earnings and firms' intangibles. Second, we compare the value relevance of analyst earnings forecast and firm-reported earnings for high versus low-intangible firms. From both examinations, we obtain results consistent with analysts' augmenting the information environment of high-intangible firms. Our results highlight analyst intermediary role in following intangible firms, and the potential to enhance financial reporting systems for intangibles.