Business & Company Research Guide

Analyst Reports

What are Research Analyst Reports?

Research analyst reports, also known as equity research reports or investment reports, are in-depth analyses of a company, industry, or market, prepared by financial analysts. These reports are typically produced by investment banks, brokerage firms, or independent research firms. They are intended to provide investors with information and insights to help them make investment decisions.  

Here's a breakdown of what they are and why they're important:

• Who creates them? Financial analysts, who specialize in a particular industry or sector, create these reports. They conduct extensive research, including analyzing financial statements, meeting with company management, and studying industry trends.  

• What's included in a report? A typical research analyst report might include:

  1. Company overview: A description of the company's business, products/services, and competitive landscape.  
  2. Financial analysis: An examination of the company's financial statements, including key ratios, profitability, and cash flow.  
  3. Valuation: An estimate of the company's intrinsic value, often using various valuation methods (e.g., discounted cash flow, price-to-earnings ratio).  
  4. Investment recommendation: The analyst's opinion on whether to buy, hold, or sell the company's stock. This is often accompanied by a price target.  
  5. Risk assessment: An evaluation of the potential risks and challenges facing the company.  
  6. Industry analysis: An overview of the industry the company operates in, including market trends, growth prospects, and competitive dynamics.
  7. Peer comparison: An analysis of how the company compares to its competitors.

Why Lawyers Want Analyst Reports

1. Case Preparation: Analyst reports can provide detailed industry analysis, financial data, and market trends that are crucial for building strong cases, especially in corporate litigation, mergers and acquisitions, and securities law.
2. Risk Assessment: These reports help lawyers assess potential risks by analyzing historical patterns and predicting future trends, which is essential for advising clients on legal risks and compliance issues.
3. Expert Testimony: Lawyers may use data from analyst reports to support expert testimony, providing a solid foundation for arguments in court.
4. Negotiation Leverage: Having comprehensive market and financial data can give lawyers an edge in negotiations, helping them to secure better outcomes for their clients.

Information Needed from Analyst Reports

1. Financial Performance: Data on a company's financial health, including income statements, balance sheets, cash flow statements and stock price charts.
2. Market Trends: Insights into industry trends, market conditions, and competitive landscape.
3. Company Analysis: Detailed analysis of a company's operations, management, and strategic direction.
   • Business overview, including industry and competitive landscape.
   • Financial analysis, assessing the company's financial health.
   • Evaluation of the company's competitive advantages.
4. Investment Outlook:
   • Analysts' estimate of the company's intrinsic value.
   • Proprietary stock ratings indicating undervaluation, overvaluation, or fair valuation.
   • Buy, hold, or sell recommendations.

How Lawyers Find Analyst Reports

• Financial Databases: Platforms like CapitalIQ, D&B Hoovers, Pitchbook, and FactSet provide access to a wide range of analyst reports.  These are not available at UC Law SF, and even the Westlaw Investext reports are not available to academic users. However there is one subscription resources that is available: 

If you are willing to pay for reports, they are available on: