This paper is the first study investigating the market impact of sell-side analyst investment recommendations in the largely unexplored Irish stock market. We find the market is influenced by analysts' recommendations. The price reaction to sell recommendations is greater than the price reaction to buy recommendations which is consistent with analysts generating an adequate return compensating for the "costs' associated with issuing a sell recommendation. In addition, in the case of sell recommendations there is evidence of post-recommendation drift which is consistent with initial underreaction to bad news. The high proportion of buy relative to sell recommendations is suggestive that Irish analysts are subject to similar incentive problems as their US counterparts. Interestingly, in this regard, we also find that a significant proportion of hold recommendations may, in fact, be disguised sell recommendations.