Here’s what happens on the GS sales floor when Mark Delaney upgrades $TSLA to Buy and raises his PT from $455 to $780:

1/ Each Institut’l salesperson calls their biggest commission paying clients first (Fidelity, Capital, HFS) and talks up the upgrade, and why it’s so great.

2/ Since most GS clients do not hold $TSLA, much of the sales pitch is that Mark and his team will help the buy side client’s research teams with models, conf calls, etc. with the goal that if the client decides to add TSLA, they trade through GS.

3/ Even at GS, Mark’s comp as a research analyst is directly related to his commission $ that come in as a result of his research. With Chinese walls between research and underwriting, Mark’s comp should not be tied to whether $TSLA uses GS to do a TSLA secondary (yeah, right).