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 The previous rating and price target, if any, are no longer in effect and should not be relied upon.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 19% 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.
To review our Rating system prior to July 1, 2003, click here.
Stock price charts and rating histories for companies under coverage and discussed in this report are available at http://www.needhamco.com/.
You may also request this information by writing to:
Needham & Company, LLC
445 Park Avenue, 3rd Floor (Attn: Compliance/Research)
New York, NY 10022