Analyst Disclosure

One of the interesting bits on CNBC is when a stock analyst has a guest spot and recommends a stock. Because of conflicts, it's a bad idea to have an analyst talk their book while keeping things a secret so CNBC puts an "Analyst Disclosure" graphic on the screen.

I noticed recently that a graphic was displayed that showed an analyst has no conflicts. He didn't own the stock. He wouldn't buy the stock for his mom or grandma. His company didn't own the stock. No "other" conflicts. Yet, he was recommending it. Why?