I think some more things could be added to the article --> 1. Most of the analyst firms are also the investment bankers of the company concerned. To get the business they don't want to placate the company by giving a Sell recommendation. 2. Most of the analysts give HOLD when they want to give SELL. I think HOLD could be a good proxy of when to sell. Certainly we need to be careful in separating genuine hold from the hold for sell. 3. These recommendations are given most of the time free of cost and therefore they don't do most of the hard work. 4. Buy side analysts employed by Mutual Funds etc will give genuine recommendation.
Take e.g of Kotak. They are the investment bankers and help with the IPO of the company. Their Buy side analyst will give HOLD for XYZ co because they may get business from XYZ Co but their sell side analysts employed by their MFs etc will give SELL recommemndation
