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Our Ratings
Strong Buy
The current price of the company reflects a substantial discount from the market and from the valuation compared to its peer group. The analyst believes that financial risk is minimal. The stock at current levels represents a compelling opportunity for capital gains over the time period to its target price.
Buy
The current price reflects a discount from the market and from its peers, and the company posses few financial risks. The analyst believes the stock at current levels will provide an opportunity for capital gains over the period of its target price.
Speculative Buy
The current price reflects a discount from the market, and from its peers, but the company does posses some financial risk. The analyst believes the stock at current levels will provide an opportunity for capital gains over the period of its target price. "Speculative" means that the company does have significant financial or other risks compared to a “Strong buy” or “Buy” rating.
Neutral
The analyst believes that the stock is fairly valued relative to its peers and the market. The company must take positive action before being considered for raising the investment rating.
Sell
We believe that the Company is overvalued based on its current price, and that an investment in the company may produce a lower than average return.

Results


For the all companies we initiated coverage for in 2003, we looked at their subsequent price performance versus the initial report price, and the change in the four-week trading volume ending 30 days, 60 days, and 90 days following issuance of the initial report. We broke these recommendations into five ratings groups, as determined by the analyst on the report. We also looked at the volume increase for the same companies we initiated coverage for in 2003. The results are shows in the table below:

Price
Rating 30 days 60 days 90 days
Strong Buy 7.04% 8.12% 44.62%
Buy 7.94% 14.21% 14.85%
Speculative Buy 15.79% 9.01% 18.53%
Neutral 7.2% 18.67% 8.52%
Speculative Sell N/A N/A N/A
Sell N/A N/A N/A


Volume (trailing 30 days average)
Rating 30 days 60 days 90 days
Strong Buy 14.49% 113.98% 214.41%
Buy 173.9% 101.01% 148.33%
Speculative Buy 263.34% 168.46% 49.63%
Neutral 20.61% 32.22% 35.41%
Speculative Sell N/A N/A N/A
Sell N/A N/A N/A