This paper explores how brokerage firms trade on their own revision of equity recommendations to make profits. Distinguishing from past studies, which only emphasize on ratings of recommendations, we focus on changes of recommendations because they deliver more information about firms. We find that the subsequent trades by brokerage firms are inconsistent with their recommendation changes: When analysts upgrade (downgrade) a stock, their affiliated proprietary trading divisions decrease (increase) their holdings after the announcement. The results show that conflicts of interest do exist. A brokerage firm makes short-run profits through upgrading a buy or hold stock and strategically trading on their own recommended stocks. Although a conflict of interest exists, the recommendation revision still conveys information; downgrading providing more information than upgrading.