Definitions of Ratings:
OUTPERFORM: The stock is expected to outperform the
average total return of the analyst’s coverage universe by sector over
the next 12 months.
SECTOR PERFORM: The stock is expected to perform
approximately in line with the average total return of the analyst’s
coverage universe by sector over the next 12 months.
UNDERPERFORM: The stock is expected to underperform the
average total return of the analyst’s coverage universe by sector over
the next 12 months.
ACTION LIST BUY: The stock's total return is expected to
exceed a minimum of 15%, on a risk-adjusted basis, over the next 12 months
and it is a top pick in the Analyst's sector.
BUY: The stock’s total return is expected to exceed a
minimum of 15%, on a risk-adjusted basis, over the next 12 months.
SPECULATIVE BUY: The stock's total return is expected to
exceed 30% over the next 12 months; however, there is material event risk
associated with the investment that could result in significant loss.
HOLD: The stock’s total return is expected to be between
0% and 15%, on a risk-adjusted basis, over the next 12 months.
TENDER: Investors are advised to tender their shares to a
specific offer for the company's securities.
REDUCE: The stock’s total return is expected to be
negative over the next 12 months.
MARKET PERFORM: Forecast to perform roughly in line with
the market.
TOP PICK: used to designate the best performing stocks
relative to the market.
FOCUS BUY:
Small cap stocks (defined as stocks with less than $500 million market
capitalization) in this category have a total return potential of greater
than 25% and large cap stocks a greater than 20% total return potential,
as well as superior qualitative and timing characteristics.
FOCUS REDUCE: Companies ranked
Focus Reduce have a significant negative potential total return and
materially compromised qualitative and timing characteristics.
SELL: Poor fundamentals, questionable business opportunity
or below average management profile and trading at an unwarranted
valuation - sell stock if owned.
