Recommendation Structure
Investment Rating Guidelines
Outperform: The stock's risk adjusted total return is expected to materially outperform sector peer returns over the next 12 months.
Sector Perform: The stock's risk adjusted total return is expected to approximate sector peer returns over the next 12 months.
Underperform: The stock's risk adjusted total return is expected to materially underperform sector peer returns over the next 12 months.
Under Review: The stock rating is under review, pending evaluation of material new information.
Risk Qualifier Guidelines
Average: Operational and financial risks are assessed as being in line with sector peer levels.
Above Average: Operational and financial risks are assessed as being significantly above sector peer levels.
Speculative: Operational and financial risks are assessed as being exceptionally high, low predictability of financial results.
Distribution of Research Ratings
(by # of companies covered as of September 2011)
| Outperform |
32 |
73% |
| Sector Perform |
11 |
25% |
| Underperform |
1 |
2% |
|
|
|
44 |
100% |
|