I examine the determinants of partisan perception leading to differences in expectations. I argue that the degree of partisanship varies over time among individuals, leading to time-variant differences in partisan perception. Given the desired and enforced political neutrality of financial sell-side analysts, I employ an analyst's donation decision as a proxy for increased partisanship. Using a 23-year dataset of financial analyst earnings forecasts, conference call statements, and individual political donations, I show that increased partisanship shapes information choices and leads to differences in expectations. Exploiting state-level polarizing events that are unrelated to economic fundamentals, I empirically identify that differences in expectations are likely driven by political sentiment rather than by heterogeneous expectations about economic outcomes.