May-16 Off topic: How to read the rating from institutes

We have been seeing a lot those upgrades and downgrades from institutes and many people are somehow lost as statistics indicate that 70% of the price projection from these analyzing report never meet. Today as there is nothing important to comment on the market (data and trend is still bullish, given the shake the day before yesterday's Nasdaq and the spike yesterday to establish a bullish pattern), I briefly talk about my impression on analyzing reports from different institutes:

• Reliable in long term scope: Merill Lynch, Bank of America, Deutsche Bank, S&P, Morgan Stanley
• Publish report for their own purpose (pump, dump or accumulation): Goldman Sachs, Credit Suisse, UBS, Citi, Lehman Brother
• Totally unreliable: Piper Jaffray, Bear Sterns