I remember one Analyst downgraded a stock I was trading, and he had a return of -10% on his picks. Literally, if you shorted his buys you were golden. And I take more to heart an Analyst that is ranked in the top 10% versus the guy that is in the bottom 10.
It used to be that the Analyst was allowed to enter into trades on what he was trading. There was no separation. There still isn't, even though they try to make it look like there is. People will downgrade stocks and give their buddy down the hall a heads up, so they can short.