The Korean stock market has a high proportion of individual investors, and a securities analyst report is an important source of information that individuals refer to during their investment. However, to date, there has been no research on the accuracy of analysts’ forecasts. This study combines analysts and the analytic hierarchy process (AHP) methodology to check stock price forecasts. Based on forecasting results, it analyzes whether analysts’ market forecasting ability is reasonable. Of the top five industries expected to outperform the market by analysts at two large securities firms, only one or two were included in the top five return categories after six months. However, two out of the five industries expected to underperform in the market were ranked top one and two in terms of stock price return after six months. The outlook is different from the actual result because the stock market has been driven by momentum rather than fundamentals; the volatility of the global stock market has expanded, and the valuation may not be appropriate even if the analysts accurately estimate the future profit. Therefore, we can conclude that analysts’ forecasts may not be helpful in times of high volatility.