The analyst, Gordon L. Johnson II, primarily responsible for the preparation of this research report attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers; and (2) that no part of the research analyst’s compensation was, is, or will be directly related to the specific recommendations or views in this research report.
Each of the analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.
The analysts have no financial interest in the debt or equity securities of the subject company of this report. Further, no member of his household has any financial interest in the securities of the subject company. Neither the analysts, nor any member of his household is an officer, director, or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that is the subject of this research report. The analyst has not received compensation from the subject company. At the time of this research report, the analysts do not know or have reason to know of any other material conflict of interest.
GLJ Research (”GLJ”) is a strategic partner of Analyst Hub Securities LLC (“AHS”). AHS is an SEC- registered broker-dealer and member of FINRA and SIPC. AHS has not managed or co-managed a public offering for the subject company and has not received compensation for investment banking activity from the company in the 12 months prior to publication. AHS expects to receive or intends to seek investment banking business from the subject company in the next three months. AHS does not hold a beneficial ownership of more than 1% or more of any class of common equity securities of the subject company. AHS does not make a market in the securities of the subject company of this report at the time of publication. AHS is unaware of any other material conflict of interest of the research analyst or an associated person of the member with the ability to influence the content of a research report.
GLJ Research and AHS recommendations are based on a stock’s total forecasted return over the next 12 months. Total forecasted return is equal to the expected percentage price return plus gross dividend yield. We divide our stocks under coverage into three primary ratings categories, with the following return guidelines:
We expect the stock price to appreciate by 10% or more over the next 12 months
We expect the stock price to change by less than 10% within the next 12 months
Our firm’s opinion is that this stock likely will be down by 10% or more over the next 12 months
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