Ords did the insto cap raise for $10m at $1.10 or thereabouts,...

Ords did the insto cap raise for $10m at $1.10 or thereabouts, so you need to factor that into your net buy numbers. That raise was all taken up by the insto desk (retail desk didn't get offered any stock I am led to believe). Agree though on your view to be considered on reading broker reports, you have to undertake your own analysis, what they are good for is pulling together industry comps and summarising recent company reports and announcements. Key is looking at how they have determined their price target, look at the detail, understand it get comfort with it. I am very comfortable with the approach taken by the analyst on LRK, but other may have a different view. These analysts do need to disclose if they have a holding. And, their track record at calling a stock is key to their career success (ultimately it all comes down to their brokers gaining confidence in the analyst to in turn drive trading on their recommendation as that is what drives brokerage for the firm and profits for clients etc). Analyst that cant find and cover stocks with recommendations that are traded by the brokers don't last long.