Important Disclosures

The analyst, Steven Fox, CFA, 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.

Analyst Certifications and Independence of Research. 

Each of the Fox Advisors 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.

Fox Advisors (the “Company”) is an independent equity research provider. The Company is not a member of the FINRA or the SIPC and is not a registered broker dealer or investment adviser. Fox Advisors has no other regulated or unregulated business activities which conflict with its provision of independent research.

Current Ratings Definitions

Fox Advisors 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:

Outperform – we expect the stock price to appreciate by 15% or more over the next 12 months

Equal-Weight – we expect the stock price to change by less than 15% within the next 12 months

Underperform – our firm’s opinion is that this stock likely will be down by 15% or more over the next 12 months

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