In ethics I though the standards prohibit sharing the entire report and the recommendation with the subject company.
But in CAFI exam 1 afternoon session, there was that question which stated “Sharing any section of a research report that might communicate the analyst’s proposed recommendation, rating, or price target is prohibited by the Research Objectivity Standards. Sharing historical factual information, on the other hand, is not a violation.”
The historical factual information is still considered a part of the research report, isn’t it!!