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an equity research report either in txt or pdf format
then why isnt it just called ER report
bc "first call" is shorter than "equity research"
It's called "first call" because most people used to get their research reports off of the data service from Thomson called First Call.
In addition, sell-side analysts need to submit their reports (whole or in part) to Thomson FirstCall along with their revenue/EPS/etc estimates. The average is quoted as the consensus estimate.
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