I would say everyone just do their own homework. The "smart...

I would say everyone just do their own homework. The "smart money" has done really dumb things before. ..eg GFC, ABC Learning, Babcock Brown......The list goes on. Broker research is not worth the paper it's written on. Investment banks know which side their bread is buttered and it's in corporate finance, advisory, capital markets. Research departments are just cost centres nowadays and their research efforts are in general there to support the bankers. I saw it happen for years. The bankers even review the analyst's draft reports before they are published and send it back with comments. Independent research. .....NOT. IMHO