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To: Paul Engel who wrote (47496)	2/9/1998 3:08:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 186894

Say Paul, what does a downgrade from 'Buy' to 'Accumulate' mean in their 'double speak'???Any idea??

To: Paul Engel who wrote (47496)	2/9/1998 4:12:00 PM
From: Larry Loeb	Respond to of 186894

Paul, What he meant was that there are two different positions on Wall Street for employees for which the title "analyst" is used. The first are for people that are in the research department. Their job, basically, is to analyze companies and write, or assist in the writing of reports by the senior analyst (the talking heads we see on TV and read about). People who prepare and right these research reports are the analysts that are normally associated with the term. In the investment banking area (sales & trading, corporate finance, mergers & acquisitions, etc.) the title analyst is given to college graduates who join the banking area out of school. The other titles are Associate, Vice President, and Managing Director (some firms add titles such as Senior VP and Director, and Goldman Sachs has Partners). These analysts have nothing to do with making stock recommendations. They are the number crunchers who work 100 hour weeks to support the banking function. Hope this clarifies things (probably more than you wanted to know). Larry