The Reasons Analyst Recommendations Are Often More Optimistic Than Warranted

The reasons analyst recommendations are often more optimistic than warranted by an objective analysis of the facts include all of the following except that

A) many analysts fail to grasp the gravity of the problems facing a company.
B) sell recommendations generate lower commissions than buy recommendations.
C) the firms for which analysts work may have lucrative investment banking relationships with the firm.
D) analysts are often pressured by their superiors to overlook negative information.