Analysts are sceptical about the guidance issued by Macquarie Group at its annual general meeting last week. Macquarie reaffirmed guidance that March 2013 earnings would be higher than 2012 earnings, assuming market conditions do not deteriorate further.Macquarie's problem area is its equity and specialist markets trading group, Macquarie Securities, which made a A$200 million loss in the March 2012 year. Macquarie said it expected a better result from the division in 2013, although it might still report a loss.Macquarie said it expected the Macquarie Funds and the Corporate and Asset Finance divisions to report earnings in 2013 "broadly in line" with 2012 earnings. It expects its other divisions to be up on their 2012 resultsDeutsche Bank downgraded its 2013 and 2014 earnings forecasts for Macquarie by around 18 per cent. Its view is that markets may remain weak, so Macquarie Securities will not improve on its 2012 performance.Morgan Stanley has also downgraded its earnings forecast for Macquarie, citing "stiff headwinds" hitting its market-facing divisions. Morgan Stanley cut its estimate by seven per cent for 2013 and by around 10 per cent for 2014.Morgan Stanley said: "Activity remains sluggish, so we cannot say that we're at the end of the downgrade cycle. Moreover, we do not expect a return on equity of greater than 10 per cent until the 2015 financial year."Morgan Stanley has an Underweight recommendation for Macquarie stocks and a 12-month price target of $25 (compared with Friday's closing price of $24.92).Deutsche has a Hold recommendation on Macquarie stock and a 12-month price target of $23.30.Deutsche said Macquarie's $500 million share buyback, which is in progress, has helped maintain the share price. The prospect of another buyback, in 2013, "will continue to support the share price".-- Macquarie, meanwhile, appears to have missed out on the chance to buy Dexia Asset Management, the investment division of European bank Dexia. The Financial Times reported at the end of last week that Hony Capital (a Chinese-based private equity group) and CGS Capital (based in Hong Kong) were the preferred bidders. Dexia Asset Management is the majority owner of Ausbil Dexia, an Australian wealth manager.