http://www.nytimes.com/2009/05/24/your-money/stocks-and-bonds/24stra.html?nl=your-money&emc=a4

Professor Barber offered another factor to consider in interpreting a Wall Street analyst’s research report: the buy, hold, and sell recommendations may be less valuable than supporting data and analysis. And when measured along other dimensions, Wall Street analysts often compare favorably with independents. For example, he says, a number of studies have found that Wall Street analysts’ earnings forecasts are more accurate, on average.

The bottom line is this: It’s doubtful that investors will be worse off come July, when the regulatory arrangement expires, especially if they look beyond specific buy-hold-sell advice and focus on the underlying data and analysis.

Mark Hulbert is editor of The Hulbert Financial Digest, a service of MarketWatch. E-mail: strategy@nytimes.com