Opinion issued by a securities analyst working in a brokerage house or investment bank, advising customers what action to take regarding a particular stock, sector or market. This opinion is normally backed by statistics and forecasts, and may include target levels for a share price or market index. Although some houses put out pure buy, sell or hold recommendations, others qualify their opinions, recommending for instance, a ""strong buy"" rather than just a ""buy"". Some frame their recommendations differently, for instance gauging whether a stock will ""outperform"" or ""underperform"" the market.
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