Investment recommendation rating system

  • Strong Buy: Expected to provide a substantial return over the next 12 months, with a lower level of risk than comparable investments.
  • Buy: Expected to provide a reasonably positive return over the next 12 months.
  • Speculative Buy: Expected to provide a positive return over the next 12 months, but with a high level of risk, or based on a future uncertain event.
  • Hold: Expected to remain in a trading range near the current share price for the next 12 months.
  • Sell: Expected to deliver a negative return over the next 12 months.
  • Under Review: Currently available information is inadequate to provide an investment rating.
  • Tender: Investors should tender their shares to the current offer.

Distribution of ratings, iA Capital Markets, equity research, as of June 30, 2021

Rating Number Percent
Strong Buy 10 8%
Buy 73 61%
Spec Buy 11 9%
Hold 22 18%
Sell 1 1%
Under Review 0 0%
Tender 0 0%
Suspended 0 0%
Restricted* 3 3%
Total 120 100%

*Restricted refers to a Research restriction and applies only to the analyst covering the stock.

Research Dissemination Policy

iA Capital Markets makes its research available in electronic and printed formats and makes every effort to disseminate research simultaneously to all eligible clients. Research is available to our institutional clients via Bloomberg, Capital IQ, FactSet, Thomson Reuters as well as through our sales representatives via email. Electronic versions are distributed in PDF format. Additionally, the research is only intended to be distributed in jurisdictions where iA Capital Markets is licensed.

For Canadian Residents: This report has been approved by iA Capital Markets which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any such issuer discussed should do so through a qualified salesperson of iA Capital Markets in their particular jurisdiction.

For US Residents: iA Private Wealth Inc. is not a US broker-dealer and therefore is not governed by US laws, rules or regulations applicable to US broker-dealers. Consequently, the persons responsible for the content of this publication are not licensed in the US as research analysts in accordance with applicable rules promulgated by the US self-regulatory organizations. Any US institutional investor wishing to effect trades in any security referred to herein should contact Industrial Alliance Securities Inc. (USA) Inc., a US broker-dealer affiliate of iA Private Wealth Inc.