Citi Research's stock recommendations include an investment rating and an optional risk rating to highlight high risk stocks. The risk rating takes into account both price volatility and fundamental criteria. Stocks will either have no risk rating or a High risk rating assigned.

Citi Research's investment ratings are Buy (1), Neutral (2) and Sell (3). Our ratings are a function of analyst expectations of expected total return (price appreciation (or depreciation) plus the dividend yield) within the next 12 months and risk.

Citi Research may also include a Catalyst Watch or STV Upside or Downside call to indicate the analyst expects the share price to rise (fall)in absolute terms over a specified period of 30 or 90 days in reaction to one or more specific near-term catalysts or events impacting the company or the market. A Catalyst Watch will be published when Analyst confidence is high that an impact to share price will occur; it will be a STV when confidence level is moderate.

Our Guide to Investment Ratings explains the rating system in detail.

All investment ratings represent the opinion of the analyst and should not be construed as guarantees of quality and/or performance. Your decision to buy or sell a security should be based upon your personal investment objectives and should be made only after evaluating the stock's expected performance and risk.

Your Sales Coverage Representative or Financial Consultant can provide further information regarding investment ratings.