Hoodless Brennan’s analysts are required to ensure that the ratings used in their research conform to the definitions set out below in order to ensure consistency, clarity and fair treatment of customers when publishing research notes.
Whilst we endeavour to ensure that all our research is clear fair and not misleading, and reflects our opinions at the date of publication, our research should not be viewed as wholly objective since Hoodless Brennan Plc may be acting as market makers or have taken positions as a principal in the stocks featured in the research notes.
These procedures are to be read alongside Hoodless Brennan’s policy on Conflicts Management and Investment Research and other internal policies and procedures.
Definitions
Buy:
A buy recommendation is applied to companies that have an established business that are profitable and growing. It may also be applied to a company that is trading and has revenues, but may not be profitable and the outlook is thought to be positive, either by recovery or growth.
Speculative Buy:
This is applied to companies where the prospects for capital appreciation exists, but currently has very little or no revenues. The management will be trying to develop the company’s assets e.g. mineral assets, biotechnology, or oil and gas exploration projects. Such companies are almost certain to require further capital and future fund raising should be expected.
Hold:
The value of the company reflects its immediate prospects and stock holders should await developments.
Sell:
We believe that the shares are overvalued or the company is at risk. Other factors might be the missing of key objectives such that performance might be impaired.
Risk Warnings
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