That's right, retail holders tend to take analyst opinions at face value without doing independent research.
Fund managers would probably read all of the broker reports, but come to their own assessment of whether the assumptions in the reports seem reasonable.
In general I find the quality of the research from the larger brokers to be far better than the retail newsletter analysts, but not always. They get it wrong often too, most were wrong on VOC... but it's a good starting point for investors to do their own independent research with their own assessment of future earnings and own target price.
VOC Price at posting:
$3.47 Sentiment: Hold Disclosure: Held
