You have public comparables and need projections from equity research. How do you choose which report to use?

• Pick the report with the highest target price, since analyst conviction is what moves shares
• Use the oldest available report, because earlier forecasts are set before the market gets overexcited and inflates its estimates
• Use the single most optimistic report, since the highest available estimate best captures a company's upside potential
• Any recent report works equally, so long as it is recent the specific analyst does not matter
• Use recent, reputable estimates, prefer consensus over outliers, and keep metric definitions consistent