It can give quite misleading results and requires an experienced analyst.

But it's still difficult, even for experienced analysts.

Some of the retail industry's most experienced analysts were less bullish.

The reverse was true for 'sell' recommendations, though, with less experienced analysts proving more adept at spotting stocks suitable for shorting.

Many of these experienced analysts have been snapped up by the smaller houses, which have been only too happy to get them on board.