Rachel McMinn is invested in justifying her hold recommendation in the face of a sea of buy recommendations. The fact that she the lacks insight and the experience necessary to be a good biotech analyst even though she is good at collection numerical data doesn't stop Merrill hiring her.
Having watched Merrill operate since the 1960's nothing they or their analysts say and do surprises. I just ignore them. There are hundreds of stories none worth relating - Rachel is just the latest.
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