Based on securities analyst research reports from 2017 to 2020, this paper discusses analysts preference for model selection and analysts target price, and takes the lead in proposing the new concept of target price investment reference value and designing its evaluation method. The results show that analysts have specific preferences for valuation model and prefer different valuation models in different industries. However, analysts preferred valuation models may not necessarily generate high-quality target prices. For enterprises with different characteristics, analysts have different preferences for valuation model selection, which has a significant impact on the target price. The conclusion can help analysts optimize the selection of valuation model selection and improve the quality of target prices.