I agree with you about RedEye, heck I even caught them doing unethical trading which seems to be in their culture
I think there is a culture among swedish private investors where they get annoyed when an analyst gives a negative recommendation. This was observed when finnish Inderes is expanding to cover swedish companies. An investmen bank such as RedEye giving super positive target prices and providing help in IPO’s at the same time… IMO you can see it clearly for example in using 11% WACC for Seye currently in their DCF…
Well you know… they are part of forming the swedish culture
But knowing Seye is their biggest holding in Top Picks will at least keep them pumping Seye and I don’t mind as I"m doing my own analysis anyways 
