Hi,

Normally recommandations are ranging from Strong Buy / Buy / Hold / Sell / Strong Sell. So Accumulate stands for "Buy" in that sense. We don't have Hold recommandation, because we dont want that our analyst hide behind that easy, diplomatic Hold -recommendations. 

Of course, we always recommend investors to read the actual analysis: recommandations wont give you much information. For example, because we dont have Hold -recommandation, often Buy or Sell/Reduce is the same as Hold. It can be a bit confusing but thats why investors have to read the actual analyst report as well. We encourage investors for long term investing and minimize transactions costs etc. and avoid unnecessary trading. 

Best regards, 

Verneri