Magazine article from our research archive:

Decoding Wall Street's ratings: brokerage houses have many shades of "buy" and "sell" ratings. Here's what they really mean.(Interview)

In his new book, Full of Bull: Do What Wall Street Does, Not What it Says, to Make Money in the Market (FT Press), former analyst Stephen McClellan says most top analysts do more marketing than research. He recently spoke with David Landis.

FILL US IN ON HOW TO INTERPRET "BUY" AND "SELL" CALLS.

It's hilarious. You need a code book. When a stock goes from a very rare sell rating up to a neutral, that is a strong buy. When a rating is lowered from a buy to a neutral or a hold, that's a very strong sell. Obviously, there's a reticence to ever use the big, bad s word because institutional investors and corporate executives, the two biggest audiences a brokerage has, would ...

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