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Company and Sector

Symbol (Report)

See explanation of ratings sytem below

Analyst(s)
Short-Term Rating

Target Price 

(6 Months)

Long-Term Rating 




























































































































































 Long-Term Rating System
Our Long-Term rating system is based on the next-12-months performance that we expect the stock will have relative to the ISDEX Internet stocks index. As shown below, if we estimate that the stock will have an average performance relative to the Internet industry and thus produce the same annual (next-12-months) return as the ISDEX, we give it a 5 rating. If we expect it to outperform the industry, we give it a rating higher than 5. Conversely, if we expect the stock to under-perform the Internet industry, we give it a rating lower than 5. The ratings above (below) 5 depend on the degree by which we expect the stock to outperform (under-perform) the Internet index, as follows:

Expected difference between the (percent) annual returns of the stock and Internet Index

Long-Term Rating

Long-Term Rating (interpretation assuming a normal fairly bullish market)

 25% or more

 10
Strong Buy

 20%

 9

 15%

 8

 10%

 7
 Buy

 5%

 6
Outperform

 0%

 5
 ISDEX-perform

 -5%

 4
 Under-perform

 -10%

 3
 Sell

 -15%

 2
 Strong Sell

 -20%

 1

 -25% or less

 0

 where

 Expected Return = 100%X(Expected Price- Current Price)/Current Price

 For example, if we expect the annual (next-12-months) returns of the stock and Internet index to be 45% and 40%, respectively, then the difference between the percent annual returns of the stock and index would be (45%-40%=) 5% and this would correspond to a 6 rating (outperform rating).

Short-Term Rating System
The Short-Term rating system is based on the expected short-term (2 months) return of the stock (and NOT on the difference with that of an index)

 

Expected Shor-Term (2-months) Return of the stock

Short-Term Rating

Short-Term Rating
(interpretation)

 20% or more

 A
 Strong Buy

 15%

 B
 Buy

 5%

 C
 Accumulate

 0%

 D
 Hold

 -5%

 E
 Sell

 -10% or less

 F
 Strong Sell
 

 For example, if the stock is trading at $50 and we expect it to go to $60 in two months and thus have a short-term return of 20%, we give it an A rating (Strong Buy Short-Term rating).

Target price is the price we expect the stock to trade at a particular time in the future.

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