Rating System

Buy
The growth prospects, degree of investment risk, and valuation make the stock attractive relative to the general market or comparable stocks. Describes stocks that we expect to provide a total return (price appreciation plus yield) of 12% or more within a 12-month period.

Speculative Buy
Long term prospects of the company are promising but investment risk is significantly higher than it is in our BUY-rated stocks. This is a risk rating assigned to early-stage companies with minimal to no revenues, lack of earnings, balance sheet concerns, and/or a short operating history. Accordingly, fundamental risk is expected to be significantly above the industry. Because of the inherent fundamental criteria of the companies falling within this risk category, the price volatility is expected to be significant with the possibility that the investment could eventually be worthless. Speculative stocks may not be suitable for a significant class of individual investors.

Hold
Based on our outlook the stock is adequately valued.

Sell
Describes stocks that we expect to provide a total negative return (price appreciation plus yield) of 10% or more within a 12-month period. Based on our outlook the stock is significantly overvalued. A weak company or industry outlook and a high degree of investment risk make it likely that the stock will underperform relative to the general market.

Discontinuing Coverage
Research coverage discontinued due to the acquisition of the company, termination of research services, non-payment for such services, diminished investor interest, or departure of the analyst.