Why do some analysts reveal their long-horizon forecasts, while many others do not? We find evidence consistent with these decisions being driven by an accuracy-publicity tradeoff faced by analysts' employers; analysts' efforts to signal their ability do not appear to be a primary driver of these decisions. Analysts who work for brokerages where a larger fraction of revenue comes from trading fees are more likely to reveal their long-horizon forecasts. Further, sell-side analysts are much more likely to issue these forecasts than buy-side analysts, consistent with analysts using long-horizon forecasts to attract new clients. Analysts who issue long-horizon forecasts and work for brokerages that value publicity are less likely to lose their jobs but also less likely to move to top brokerages. We provide novel evidence on the influence of brokerages' incentives on the information revelation decisions of their analysts.