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This product is intended solely for the use of qualified professional institutional investors who are clients or prospective clients of GHRA. The securities discussed in this report may not be suitable for some investors. The appropriateness of a particular investment or strategy depends on each investor's circumstances and goals. GHRA encourages investors to independently evaluate investments and strategies, to consider this information as just one factor in their investment decision process, and to seek advice from an independent financial adviser. This report is only offered as general and impersonalized investment information and does not constitute an offer or solicitation to buy or sell.
All opinions constitute the author's judgment as of the date of this report and are subject to change without notice. Information presented is derived from sources believed to be reliable but cannot be guaranteed as to accuracy or completeness. All research reports are made available to clients simultaneously on our website. The Code of Ethics of GHRA restricts personal transactions by this report's authors in subject company shares or derivatives. Such employees and members of their immediate household may not serve as officers or directors of subject companies. GHRA employees, principals or affiliates may transact and have positions in a security mentioned in this report, and such transactions or positions may be inconsistent with the views expressed. GHRA and our affiliated broker-dealer Gordon Haskett Capital Corp (GHCC) do not trade or invest in securities on a principal basis. GHCC may transact as agent for clients in the securities mentioned herein. GHRA and GHCC do not engage in, or seek to engage in, investment banking or other business with the companies mentioned herein.
Certification: The author(s) of this report hereby certify that the views expressed herein accurately reflect their personal views regarding the subject securities and topics discussed. No part of the author's compensation was, is, or will be, directly or indirectly, related to the specific views in this report.
Disclosures in Research Reports Covering Six or More Companies
Rating and price target history for all covered securities are available at https://gordonhaskett.com/research/pc/all.
Ratings Definitions: We assign one of the following ratings to our stocks under coverage. GHRA’s ratings are based on our analyst’s expected total shareholder return (TSR) for the stock over the subsequent 12 to 18 months, relative to the relevant broad market benchmark’s TSR, on a risk-adjusted basis. TSR equals the percentage change in price from current price to projected target price plus projected dividend yield.
Buy: We expect the stock’s TSR to Outperform the relevant broad market benchmarks by greater than 10%.
Accumulate: We expect the stock’s TSR to Outperform the relevant broad market benchmarks by an amount less than or equal to 10%.
Hold: We expect the stock’s TSR to perform in line with the relevant broad market benchmarks.
Reduce: We expect the stock’s TSR to Underperform the relevant broad market benchmarks by an amount less than or equal to 10%.
Underperform: We expect the stock’s TSR to Underperform the relevant broad market benchmarks by greater than 10%.
Monitored: We monitor and may comment on the company. We have no published rating, target, estimates and/or expected return, or the rating, estimates and/or target have been removed.
For the Broadlines and Hardlines Retail sector, the relevant broad market benchmarks return is expected to be 5%, implying an absolute return of greater than 15% for a buy, 5% to 15% for an accumulate, greater than -5% and less than 5% for a Hold, -5% to -15% for a Reduce, and less than -15% for a Underperform.
GHRA’s ratings are intended solely for use by institutional investors. Research reports might at times include a Tactical Call, which refers to the potential near-term effect of an event or catalyst, from which we expect a short-term impact. A Tactical Call is distinct from the analyst’s rating.
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