We examine if the market responses differently to analysts' stock recommendations when analysts put different weights on private information. Consistent with the previous findings, we find that analysts tend to put larger than efficient weights on private information on average. We show that the market responses to analysts' recommendation are greater when they are made by analysts who put more weight on private information than when they are made by those who put underweight on private information. The results imply that investors value the private information released to the market through analysts' recommendations. Analysts seem to play an important role in reducing information asymmetry in the capital market.