Research Definitions

Research Definitions

The recommendations used by Beaufort Securities in its publications and their respective meanings are as follows:

Buy:

The stock or other security is expected to outperform the benchmark stock market index of which it is a component by at least 10% over the twelve months following the date of the publication.

Speculative Buy:

The stock or other security is of a speculative nature and may be issued by a smaller company. It may be illiquid, and the spreads between the bid and offer prices may be wider than those for a stock issued by a larger company. It is expected to outperform the benchmark stock market index of which it is a component by at least 12.5% over the twelve months following the date of the publication. The rationale for the recommendation may be linked to factors other than the usual determinants of share price performance, such as the possibility of development of new technology, a discovery of natural resources, or a take-over bid for the company.

Hold:

The stock or other security is expected to perform in line with the benchmark stock market index of which it is a component or to vary by no more than plus or minus 10% over the twelve months following the date of the publication.

Sell:

The stock or other security is expected to underperform the benchmark stock market index of which it is a component by at least 10% over the twelve months following the date of the publication.

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