Disclosure

OVERVIEW

Boenning & Scattergood, Inc. has received compensation for investment banking and non-investment banking services and continues to seek to do business with companies covered in its reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report and investors should consider this report as only a single factor in making their investment decision.

Analysts Certification

The research analysts whose names appear on the respective research reports certify that: (1) all of the views expressed in this research report accurately reflect his personal views about the subject security or issuer, and (2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report.

Analyst compensation is based on, in part, Boenning & Scattergood, Inc.’s profitability, which includes revenues from investment banking.

Boenning & Scattergood’s Ratings System

Three-Tier Investment Ratings Our three-tier investment ratings are based on a stock’s return potential relative to a broad market index:

  • Outperform (Buy): The security’s total return over the year or longer is expected to exceed the total return of the S&P 500™ over the identical period.
  • Neutral (Hold): The security’s total return over the next year or longer is expected to be roughly equivalent to the total return of the S&P 500™ over the identical period.
  • Underperform (Sell): The security’s total return over the next year or longer is expected to be less than the total return of the S&P 500™ over the identical period

Four-Tier Risk Ratings Our four-tier risk ratings are based on a mix of price volatility and fundamental factors relative to the market and peer group.

  • Low: The security has higher-than-average fundamental predictability and/or lower-than-average price volatility.
  • Moderate: The security has average fundamental predictability and/or average price volatility.
  • High: The security has lower-than-average fundamental predictability and/or higher-than-average price volatility.
  • Speculative: The security has very inconsistent fundamental predictability and/or very high relative price volatility.
Ratings Distribution (10.13.21)

Coverage Universe (a)                           % of Universe

Outperform (Buy) 50%
Neutral (Hold) 50%
Underperform (Sell) 0%
Rating Total 100%

(a) Total may not add up to 100% due to rounding.

Investment Banking Clients (b)          % of Rating Group

Outperform (Buy) 6%
Neutral (Hold) 5%
Underperform (Sell) 0%
Rating Total 11%

(b) Related to services provided within the past 12 months.

Additional information on companies in a research report, including financial models, is available on request. The report is not a complete analysis of every material fact representing companies, industries, or securities mentioned herein. The firm or its officers, stockholders, employees and clients, in the normal course of business, may have acquired a position including options, if any, in the securities mentioned. The communication shall not be deemed to constitute an offer or solicitation on our part with respect to the sale or purchase of any securities. The information has been obtained from sources believed reliable, but is not necessarily complete and is not guaranteed. The reports are prepared for general information purposes only. They do not consider specific investment objectives, financial situations, or the particular needs of any individual who may view this report. It is recommended that investors seek financial advice regarding the appropriateness of investing in securities or investment strategies discussed in any report, and should understand that statements regarding future prospects may not be realized. The information should not be relied on as a substitute for the exercise of independent judgment. Opinions may be subject to change without notice and are reflected as of the original date of publication. Securities and financial instruments mentioned herein may not be qualified for sale in all states. Boenning & Scattergood may trade for its own accounts as market maker, may have a long or short position in any securities of the issuer or related investments, and may be the opposite side of public orders. Boenning & Scattergood might issue a trading opinion that identifies a short term trading opportunity that differs from the analyst’s stock rating which is based on the expected return over a 12-month period. Boenning & Scattergood or one of its officers, directors, affiliates, or employees may have positions or effect transactions in securities or financial instruments mentioned herein (or options with respect thereto) and could also act as underwriter, placement agent, advisor, or lender to an issuer mentioned herein.