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Do Brokerage Analysts' Recommendations Have Investment Value? That's the title of a paper by Kent Womack, a professor at Dartmouth College's Amos Tuck School. Womack argues that the answer is yes. "An analysis of new buy and sell recommendations of stocks by security analysts at fourteen major U.S. brokerage firms shows significant, systematic discrepancies between pre-recommendation prices and eventual values," he writes. "The average initial price change at the time of the recommendations is
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