Broker research ... not a matter of lies, but of how much it reflects management optimism, or an impartial knowledgeable outsider's perspective.
Quite often it is the former, rather than the latter, especially when there is an investment banking relationship, or some other fee earning relationship.
So it is not about publishing lies, or not, but about accepting management assumptions with no deep independent investigation on feasibility.
I am taking as a former major investment bank analyst.
As to broker analyst getting into trouble? Reports are full of words like "could, would, should, may, ..." Nothing is stated in a deterministic way ... thanks to compliance directives.
Probably the most impartial is Buy side research, bu that is never made public.
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