Ethics Question - well known Analyst's report/recommendation considered material NPI?

Hey Members/Candidates,

Alberto Cosini is the top-rated, sell-side analyst in the biotechnology industry. His recommendations significantly affect prices of industry stocks regularly. Yesterday Cosini changed his rating on Biopharm from “hold” to “buy,” and Cosini’s firm emailed the change to its clients although no public disclosure has yet been made. If Peter Allen, CFA, who heard about Cosini’s rating change for Biopharm from his brother, purchases Biopharm in his personal account, Allen will most likely:

Since Cosini is a well known/top rated analyst, his reports/recommendations are considered MATERIAL, correct? It even says in the material:

“When a particularly well-known or respected analyst issues a report or makes changes to his or her recommendation, that information alone may have an effect on the market and thus may be considered material.”

The correct answer was that there was no violation - could someone help me understand why using Cosini’s report to execute trades does NOT violate using material NPI?