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Disclosures

Boenning and 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

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.

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 (9/30/16)

Boenning research ratings 10 31 16
(a) Total may not add up to 100% due to rounding.
(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. This report is not a complete analysis of every material fact representing company, industry or security mentioned herein. This firm or its officers, stockholders, employees and clients, in the normal course of business, may have or acquire a position including options, if any, in the securities mentioned. This 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 only. They do not have regard to the specific investment objectives, financial situation or the particular needs of any specific person who may receive this report. It is recommended that Investors seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed in any report and should understand that statements regarding future prospects may not be realized. The information is not to be relied upon in substitution for the exercise of independent judgment. Opinions are subject to change without notice and reflect the opinion at its original date of publication. Securities and financial instruments mentioned herein may not be qualified for sale in all states. Boenning & Scattergood may trade for their own accounts as market maker, may have a long or short position in any securities of this issuer or related investments, and/or may be the opposite side of public orders. Boenning & Scattergood may have issued a trading opinion that may have identified a short term trading opportunity that may differ 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 may also act as underwriter, placement agent, advisor, or lender to an issuer mentioned herein.