|% of companies under coverage |
with this rating
|% for which investment banking services have been provided for in the past 12 months |
|Strong Buy ||4 ||17 |
|Buy ||62 ||22 |
|Hold ||32 ||6 |
|Under Perform ||1 ||0 |
|Rating Suspended ||0 ||0 |
|Restricted ||0 ||0 |
|Under Review ||1 ||0 |
Needham & Company, LLC. (the Firm) employs a rating system based on the following (Effective July 1, 2003):
Strong Buy: A security, which at the time the rating is instituted, indicates an expectation of a total return of at least 25% over the next 12 months.
Buy: A security, which at the time the rating is instituted, indicates an expectation of a total return between 10% and 25% over the next 12 months.
Hold: A security, which at the time the rating is instituted, indicates an expectation of a total return of +/- 10% over the next 12 months.
Underperform: A security, which at the time the rating is instituted, indicates an expectation that the price will depreciate by more than 10% over the next 12 months.
Under Review: Stocks may be placed UR by the analyst, indicating that the stock rating and/or price target are subject to possible change in the near term, usually in response to an event that may effect the investment case or valuation.
Rating Suspended: Needham & Company, LLC has suspended the rating and/or price target, if any, for this stock, because there is not a sufficient fundamental basis for determining a rating or price target. The previous rating and price target, if any, are no longer in effect and should not be relied upon.
Restricted: Needham & Company, LLC policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Needham & Company, LLC’s engagement in an investment banking transaction and in certain other circumstances.
For disclosure purposes (in accordance with FINRA requirements), we note that our Strong Buy and Buy ratings most closely correspond to a “Buy” recommendation. When combined, 66% of companies under coverage would have a “Buy” rating and 21% have had investment banking services provided within the past 12 months; Hold mostly correspond to a “Hold/Neutral” recommendation; while our Underperform rating closely corresponds to the Sell recommendation required by the FINRA.
Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price appreciation may not correspond to the stated 12-month price target. For valuation methods used to determine our price targets and risks related to our price targets, please contact your Needham & Company, LLC salesperson for a copy of the most recent research report on the company you are interested in.
Stock price charts and rating histories for companies under coverage and discussed in this report are available at http://www.needhamco.com/.
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The following disclosures (as listed by letter on the cover page) apply to the securities discussed in this research report:
|“A” ||The research analyst and/or research associate (or household member) has a financial interest in the securities of the covered company (i.e., a long position consisting of common stock). |
|“B” ||The research analyst and research associate have received compensation based upon various factors, including quality of research, investor client feedback, and the Firm’s overall revenues, which includes investment banking revenues. |
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|“E” ||The Firm and/or its affiliate expect to receive or intend to seek compensation for investment banking services from the subject company in the next three months. |
|“F” ||The analyst or a member of the analyst's household serves as officer, director or advisory board member of the covered company. |
|“F1” ||A person associated with the Firm (other than the research analyst) serves as officer, director or advisory board member of the covered company. |
|“G” ||The Firm, at the time of publication, makes a market in the subject company. |
|“H” ||The Firm, and/or its affiliates beneficially own 1% or more of any class of common equity securities of the subject company. |
|“I” ||The analyst has received compensation from the subject company in the last 12 months. |
|“J” ||The subject company currently is or during the 12-month period preceding the date of distribution of this research report was a client of the Firm and received investment banking services. |
|“J1” ||The subject company currently is or during the 12-month period preceding the date of distribution of this research report was a client of the Firm and received non-investment banking securities related services. |
|“J2” ||The subject company currently is or during the 12-month period preceding the date of distribution of this research report was a client of the Firm and received non-securities related services. |
|“K” ||Our affiliate has received compensation for products and services other than investment banking services from the subject company in the past 12 months. |
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