This study analyses the changes in analyst recommendations in the Malaysian stock market from 2010 to 2018. Using samples of 668 upgrade recommendations and 495 downgrade recommendations, this study employs event study methodology to examine price performance by predicting abnormal returns using the market model. The findings indicate that significant positive stock price reactions occur following upgrade recommendations and significant negative stock price reactions occur following downgrade recommendations over a short-term and up to six-month period. Further analysis reveals no statistically significant difference in performance between analysts who are participants of the Capital Market Development Fund – Bursa Research Scheme (CBRS) and those who are not. This finding implies that, despite the significant market reaction to both upgrade and downgrade recommendations, CBRS’s financial analysts do not provide better analysis than those of non-CBRS analysts.