Dear Nikita,
Nice comments!

Regarding your points;
1) Table 4 of the paper shows two subsamples (1/1994-12/2006 - 1/2007/6/2019). Indeed, in the value-weighted returns, we found a drop in the risk-adjusted returns of following analyst recommendations in the later period.

2) Our current version focuses on monthly returns, but we consider adding some robustness checks with daily returns.

All the best!