Your assumption of a "neutral" requires "no news" from XXII before her commentary. IMHO...totally flawed assumption. If and when she comes out with a recommendation, it will be based upon that significant "news". (likely with revenue numbers)
Her enthusiasm during the call and her "leading" questions, esp. on China development, points to her not presenting her coverage until the Company announces the substance of the China deal in the making (before the end of the month).
Her proceeding with XXII to the extent of a CC WAS as signal to her audience..."this is something real to nibble at..." Her "coverage" (IMHO post China announcement, with a "Buy")...is her statement: "I told you so!"
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