Sell-side research, read with the right questions.
Sell-side research comes from brokerage and investment bank analysts and goes to the firm's clients. It is a rich source of data and estimates. It is not a neutral second opinion on what a business is worth.
Published to many readers, paid for by the firm's wider business.
A sell-side analyst covers a set of companies and publishes notes, forecasts and a rating. The firm earns from trading commissions, underwriting and advisory work, and client relationships, so the research sits inside a larger commercial picture.
| Produced by | Brokers, investment banks |
| Read by | Institutional clients |
| Output | Initiations, earnings notes, sector reports |
| Headline items | Rating, price target, estimates |
| Regulation | Analyst rules apply |
Strong on inputs, weaker as a verdict.
Where it helps
Coverage across a whole sector, management access, detailed industry models and a shared set of consensus estimates to compare against.
Where to be careful
Ratings have historically leaned positive, and analysts can feel pressure from the firm's banking and client relationships. Notes also tend to focus on the next few quarters.
What to check
The assumptions behind each estimate, the disclosures at the end of the note, and whether the analyst's forecast differs from consensus and why.
We review sell-side research so your team does not have to take it at face value.
ResearchXWealth is an independent firm. We do not issue ratings or price targets, and we are not a broker-dealer or investment dealer. We read published research and test it against your own numbers.
- Estimate reconciliation comparing broker forecasts with a model built from the company's filings
- Assumption review for growth, margins, capital spending and working capital behind a price target
- Consensus gap analysis showing where a view differs from the market and what it would take to be right
- Sector primers that pull several sell-side notes into one neutral summary
One forecast, three assumptions that move the answer.
| Assumption | Broker case | Our base case | Difference |
|---|---|---|---|
| Revenue growth, next 3 years (CAGR) | 9.5% | 7.0% | -2.5 pts |
| EBITDA margin in year 3 | 22.0% | 20.5% | -1.5 pts |
| Capex as share of revenue | 4.0% | 5.0% | +1.0 pt |
Hypothetical company and figures for illustration only.