We examine if analysts can add value beyond what stock characteristics can provide in Korean market using their stock recommendations. The stock characteristics included in this study are price momentum, contrarian variables such as turnover ratio, earnings -to-price ratio and book-to-market ratio, and size. Given that these characteristics and their return predictabilities are already known to analysts, if analysts can provide added value, the investment strategy following their stock recommendations should generate higher returns than the investment strategies formed by stock characteristics do. In addition, we examine how the information asymmetry can affect the investment value analysts provide through their stock recommendations. We first show that three month buy-and-hold abnormal returns on zero investment portfolio using consensus recommendation and changes in consensus recommendation earn 12.89% and 9.61%, respectively, confirming the previous findings that analyst recommendations have investment value. Then we examine if analyst recommendations add value, using a model following Jegadeesh et al. (2004). The results show that the level of consensus recommendations does not add value, whereas, the changes in consensus recommendations do add value up to 2 month holding period. We also show that analysts can add more value when the information asymmetry is higher in the market. When the information asymmetry is high, the three month zero investment portfolio returns on the level and the changes in consensus recommendations are statistically significant 3.45% and 3.50% respectively. It indicates that the analysts' private information contributes more to the investment value added by analysts when the information asymmetry is high.