Buy-side Analyst Query

Hey all,

First time poster, not-so-long-time reader.

I was wondering, when a buy-side analyst is making his/her report on a company, what are some of the main areas he/she will look at. Eg. Comparables, accounting data, corporate strategy, etc etc.

Do they typically set a target share price or steer clear of that and simply say "overperform/underperform".

Reason I ask is I am doing a business analysis project/presentation where we have to evaluate a firm and come up with a recommendation for our make-believe fund as if we were BSAs.

Any kind of jumping off point would be helpful. Eg. web links, textbooks, first-hand experience.

Cheers,

TheCanuck