Ok. You should press him for a little more review of it. I'd be curious to see what he thinks after a little bit of thought into it.
I know everyone analyzes risk/reward differently, but it seems to me that the stereotypical Wall Street analyst had quite the herd mentality. If a few of them feel this way, maybe that is pervasive amongst a large contingent of investment firms? I of course have no qualitative evidence to support this. It's mostly just based on gut feel and assumptions.