Ballooning losses were easily explained away by the investment bankers as the new "EBE (earnings before expenses) Model" of valuation, which buy-side analysts on the road show swallowed like ice cream.

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While analysts are predicting a rebound in domestic same-store sales, with buy side analysts forecasting at least a 1% increase at this point, this is mostly due to heavy promotions, which should continue to limit growth to the bottom line.

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Going a step further, why has nobody on the Street begun to pat themselves on the back for making a monster call (18 of 29 sell-side analysts rate Home Depot at a buy or overweight)?

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Working as a buy-side analyst in the financial industry, I have had many conversations with colleagues about how little help sell-side analysts are to their clients.

ECONOMIST: Letters

Of 55 sell-side analysts, the number which rate the stock a Buy or Strong Buy: 55.

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For all of the talk about analysts, bankers, traders and fund managers at buy-side and sell-side firms, the reality is that these firms also employ numerous assistants.

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