Not necessary, because his buy decision is based on the analyst's fundamental analysis and the suitability of holding the tech firm's stock in the portfolio...
我还是觉得是violation, non-public material. 好像schewer有一道类似的,就是overhear了重大信息,做了很多独立研究,而且overhear的内容他也考虑过研究过,于是交易了,答案是 violation,因为overhear nonplubic material info, and execute