tsx/s&p 100 relative strength cylicals vs. defense
TRANSCRIPT
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
During the past twenty-four months, Cormark Securities Inc., either on its own or as a syndicate member, participated in the underwriting of securities and/or
provided financial advice regarding the stock market insight and financial analysis regarding potential transactions for these companies
Our disclosure statements are located at the end of this report
TSX/S&P 100 Relative Strength Cylicals vs. Defense oversold & stabilizing. Cyclical Buys: VET BB VRX HON MMM V.
Unless otherwise denoted, all figures shown in C$ Purpose of report:
Given our expectation for a more trading-oriented market, we are placing more emphasis on short-term daily chart patterns and signals. The risk of looking short-term is the greater potential for whipsawand at times may be the opposite of our long-term quant/technical models. We focus on relative strength as it has leading tendencies for absoluteprice trends. Moreover, in bull markets we want tohighlight stocks going up the most and in bearmarkets stocks going down the least.
We view time as an element of risk. There is no wayof knowing for certain how long an established trendwill last, but the longer it is in place, the higher the riskof a reversal.
Recent Inflections 1) Canada: Bull: VET Bear: MFC PWF POW 2) S&P100 Bull: HON MMM V Bear: BK COF CMCSA MRK EMC GOOGL IBM INTC
Our market call has been lacking of late. Last week Wed. our long-term indicators turned negative intra-day, but quickly revered course. We think this was a head fake given the recent rally. Recently we had 2 80% up days on the NYSE. These typically occur near the lows, not after a rally. Our relative strength model has been defensively positioned for a while. The CDN cyclical vs. defensive chart peaked on July 7 and broke < its 100-day MA on Sep.3, the day the TSX peaked. It is now oversold and starting to stabilize. We are looking for cyclical stocks to migrate one by one back to the bull list. Energy has been hit the hardest – our model went underweight in July. VET is 1/20 E&P stocks that has definitively hooked back up. WCP IMO ARX PEY are close – the high quality names. Other cyclical names on our bear list that are close to flipping include: EFN FTT IAG CIX MG MX CCO. A) Recent Bulls: Canada: VET US: HON MMM V B) Recent Bears: Canada: MFC PWF POW US: BK COF CMCSA EMC GOOGL IBM INTC C) Longer-term bull/bear inflections (based on weekly charts): Canada: Bull: BB VRX. Bears: SNC. US: Bull: AEP BMY PG PM SO SPG. Bear: AIG DOW TXN. D) Sector Rotation: Our cyclical vs. defensive charts remain weak in both Canada and Globally, but are oversold short-term. TCK.b vs. L and BHP vs. JNJ are both making multi-year lows. Over weights: Canada: Health care, Utes, Tech, banks, REITs, Telecom, Staples, Industrials, chemicals US: Utes, Telecom, banks, Staples, Health Care, pharma, Financials, capital markets Sector “5-star” ratings: strong (4-5 stars): Canada: Health Care, Tech, Discretionary, Utes, Telecom, Staples, Industrials, Financials. US: Staples, Utes, Health Care, Brokers, Financials, Tech. E) Performance: Our bulls are +6.9% YTD vs. the bears -1.8%. Since inception (Dec.31/08), Bulls are +147% (CAGR 16%) vs. Bears +5.4% (CAGR 1.2%). 55/69 (80%) months have a positive spread. Our longer-term bull/bear models (based on weekly charts), since Sep. 16, the Bulls are -0.1% and the bears -4.8%.
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 2
Cyclicals vs. Defensives Cyclicals vs. Defensives peaked in July & broke down in early Sept., ahead of the TSX Index. Now starting to stabilize.
.
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
CDN Cyclicals vs. Defensives (shaded) peaked Jul. 7. Broke < 100-day MA. Sep.3
Bar chart = TSX. Peak Sep.3
CDN Cyclicals vs. Defensives (shaded) now stabilizing but downtrend has not reversed
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 3
TSX100 “Sunshine / Rain” Upper right quadrant = strength with tendency to rotate clockwise.
TSX100
BNS↑
CM
NA
RY↑↑↑
TD
CTC.a↑↑↑
GIL↑↑↑↑
MG↓↓↓↓↓
ARX↓↓
TOU
BTE
CCO↓↓↓↓↓
CNQ↓↓↓↓↓
COS↓↓↓↓↓
CPG↓
ENB↓
ERF↓↓↓↓↓
HSE↓
IMO↓↓↓↓
IPL
MEG↓↓↓↓↓
GEI
ALA↓
IAG↑↑
PPL↓↓
TLM
TRP↑
VET↑
CIX
FFH↓↓
GWO↑↑↑↑↑
SLF↑↑
MX↓↓
AEM↓↓↓↓↓
ELD↑
G↓↓↓↓
CAE
WFT
K
YRI↓↓
PEY↓↓↓↓↓
CNR↑↑↑
CP↑↑↑↑↑
GIB.a
BB↑↑↑
AGU↓
VSN↑↑
FM↓
PD↓↓↓↓↓
WCP↓↓↓
ACO.x↓↓↓↓↓
SLW
TCK.b
KEY↓
ATD.B
L↑↑
MRU↑↑↑↑↑
SAP
CSU
WN↑↑↑↑
BCERCI.b↑↑↑↑↑
CU↓↓
BMO↑↑↑
SJR.b↑↑↑
HCG
TRI↑↑↑↑↑
CCT↓↓
CVE↓↓
ECA↓↓↓↓↓
PRE↓↓↓↓
HR.un↓
PWT↓↓↓↓
SU↓
OCX↑
BAM.a↑BPY.UN↑
DOL↑↑
IFC↑↑↑↑
IGM↓↓
MFC↑POW↑↑↑
PWF↑↑↑
REI.un↑
ABX↓↓↓↓↓
EMP/A↑↑↑↑↑
VRX↑↑↑↑
BBD.b↑↑
FTT↓↓↓↓
SNC
FNV↓
STN
POT
OTC
EFN↑↑↑↑↑
PGF↓↓
T↑
EMAFTS↑↑↑↑↑
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Long-Term
Sh
ort
-Ter
m
IMPROVING STRONG
WEAKWEAKENING
No
No
No
MATERIALS INDUSTRIALS TECHNOLOGY DISCRETIONARY STAPLESGOLD HEALTH CARE FINANCIALS TELECOMBANKSENERGY UTILITIES
.
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Guide: Investors should be hunting for new long ideas in the upper left improving quadrant and reducing exposure/shorting in the lower right weakening quadrant. One should also generally overweight stocks in the strong upper right quadrant and underweight stocks in the weak lower left quadrant. It is also important to note where stocks have come from. When a stock starts to migrate down the short-term y-axis away from the sunshine or up the y-axis away from the rain cloud an inflection may be at hand. Arrows identify recent shifts - each arrow represents a 10% change in the short-term y-axis over the past month.
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 4
S&P100 “Sunshine / Rain” Upper right quadrant = strength with tendency to rotate clockwise.
S&P100
AMZN↓↓
CMCSA↓
F↓
HD
LOW
TGT
TWX↓
DIS↓
SPG↑
CL↑↑
COST
CVS
PM↑↑↑
PG
WMT↑↑
WAG↑
FOXA
CVX
XOM
NOV↓↓↓↓
OXY
WMB↓
ALL
AXP
BAC
BK↓↓↓
COF
MS
USB
WFC
ABBV
ABT
BMY
GILD
JNJ
MDT
MRK↓↓
PFE
UNH
BA↑
CAT
GD
GE
HON↓
LMT
NSC
UNP
UTX
AAPL
CSCO
ACN
GOOGL↓
HPQ↓↓
INTC↓↓
IBM↓↓
MA
MSFT↓
QCOM↑TXN↓
EBAY
DOW↓↓↓
MON↑
T↑↑
LLY
AEP↑↑↑↑
GM
EXC↑↑↑↑
MCD↑ SBUX
NKE↑↑
MO↑
KO↑
APC↓
MDLZ
PEP↑
APA↓↓↓
COP
DVN
HAL↓
SLB
BRK/B
C↓
GS
JPM
MET↓
AMGN
BAX
MMM
EMR
FDX↑
RTN
UPS↑↑
EMC↓↓
ORCL
V
AIG↓
DD↑↑
FCX
VZ↑
SO↑↑↑↑
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Long-Term
Sh
ort
-Ter
m
IMPROVINGSTRONG
WEAK WEAKENING
No
No
No
MATERIALS INDUSTRIALS TECHNOLOGY DISCRETIONARY STAPLESGOLD HEALTH CARE FINANCIALS TELECOMENERGY UTILITIES
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Guide: Investors should be hunting for new long ideas in the upper left improving quadrant and reducing exposure/shorting in the lower right weakening quadrant. One should also generally overweight stocks in the strong upper right quadrant and underweight stocks in the weak lower left quadrant. It is also important to note where stocks have come from. When a stock starts to migrate down the short-term y-axis away from the sunshine or up the y-axis away from the rain cloud an inflection may be at hand. Arrows identify recent shifts - each arrow represents a 10% change in the short-term y-axis over the past month.
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 5
Recent Bulls / Bears In Canada / US
Canada Bulls: VET (large cap CDN energy screen) Bears: MFC PWF POR
VET
MFC
PWF
POW
Large Cap CDN Energy
POW bear vs. TSX
VET bull vs. TSX
PWF bear vs. TSX
MFC bear vs. TSX
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 6
TSX 100 Cyclical stocks ex-Energy that are on the cusp of breaking out.
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 7
Recent Bulls / Bears In US
US Bulls: HON MMM V Bears: BK COF CMCSA
HON
MMM
V
BK
COF
CMCSA
HON bull vs. S&P
V bull vs. S&P
MMM bull vs. S&P
COF bear vs. S&P CMCSA bear vs. S&P
BK bear vs. S&P
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 8
Recent Bulls / Bears In US
US Bears: EMC GOOGL IBM INTC
EMC
GOOGL
IBM
INTC
INTC bear vs. S&P
EMC bear vs. S&P
IBM bear vs. TSX
GOOGL bear vs. S&P
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 9
Recent Bulls / Bears Longer-term inflections in Canada / US: Bulls: BB VRX AEP BMY. Bears: SNC AEP
BB
SNC
VRX
AEP
AEP
BMY
BB bull vs. TSX SNC bear vs. TSX
VRX bear vs. TSX AEP bull vs. S&P
AIG bear vs. S&P BMY bull vs. S&P
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 10
Recent Bulls / Bears Longer-term inflections in Canada / US: Bulls: PG PM SO SPG. Bears: DOW TXN
DOW
PG
PM
SO
SPG
TXN
DOW bear vs. S&P PG bull vs. S&P
PM bull vs. S&P SO bull vs. S&P
SPG bull vs. S&P TXN bear vs. S&P
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 11
Cyclicals vs. Defensives Weekly charts: Canada and Global charts are both weak.
• CDN Cyclicals vs. Defensives
• US Cyclicals vs. Defensives
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Weekly Momentum < zero and falling
Weekly Momentum < and falling
< 4, 20, & 40-week MA
< 4 and 20 & 40-week MA
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 12
Cyclicals vs. Defensives Daily Charts
Short-term: Canada & Global both have 10 < 100-day but now deeply oversold.
• CDN Cyclicals vs. Defensives
• Global Cyclicals vs. Defensives
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
10 < 100-day
Daily Momentum < zero and falling
Daily Momentum ><zero and falling
10-day < 100
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 13
TCK.b vs. L BHP vs. JNJ
Cyclical/defensive proxies still weak long-term. Multi-year lows for both TCK.b vs. L and BHP vs. JNJ.
• TCK.b vs. L
• BHP vs. JNJ
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
< 20 / 40 / 80 WMA and making new lows
Momentum < 0 & falling
Momentum < 0 and falling
New lows
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 14
TCK.b vs. L BHP vs. JNJ
Proxies TCK vs. L & BHP vs. JNJ are both near the lows.
• TCK.b vs. L
• BHP vs. JNJ
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Trying to stabilize
Momentum < 0 but rising
Momentum < 0 & falling
10 < 100-day
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 15
TSX / S&P100 Sector Weights
CDN Overweight: Health care, Utes, Tech, banks, REITs, Telecom, Staples, Industrials, chemicals
S&P: Utes, Telecom, banks, Staples, Health Care, pharma, Financials, capital markets
TSX Index
Sector ## Bull % Bull Index Bulls vs Index rank
Consumer Discretionary 6 5 83% 4.5 4.7 1.03 11 Consumer Staples 6 6 100% 3.2 4.9 1.52 6 Energy 30 4 13% 24.7 2.9 0.12 16 E&P 20 1 5% 15.6 0.7 0.04 17 pipes/mid-stream 8 3 38% 8.4 2.2 0.26 15 Financials 23 16 70% 37.9 50.2 1.32 10 Insurance 8 4 50% 7.3 5.2 0.71 13 Commercial Banks 6 6 100% 26.0 39.5 1.52 1 reits/real estate 4 4 100% 3.1 4.8 1.52 1 Health Care 2 2 100% 3.6 5.4 1.52 1 Industrials 8 6 75% 8.2 11.2 1.37 8 Information Technology 4 4 100% 1.8 2.8 1.52 1 Materials 14 6 43% 9.6 8.1 0.84 12 gold 8 3 38% 4.9 3.4 0.70 14 base metals 2 - 0% 1.3 - - 18 Chemicals 3 2 67% 3.2 4.3 1.34 9 Telecommunication Services 3 3 100% 5.1 7.8 1.52 6 Utilities 4 4 100% 1.4 2.1 1.52 1
TSX100 bulls sector weights vs. benchmark
(1.0) (0.8) (0.6) (0.4) (0.2) - 0.2 0.4 0.6
Health Care
Utilities
Information Technology
Commercial Banks
reits/real estate
Telecommunication Services
Consumer Staples
Industrials
Chemicals
Financials
Consumer Discretionary
Materials
Insurance
gold
pipes/mid-stream
Energy
E&P
base metals
S&P100
Sector ## Bull % Bull Index Bulls vs Index rank
Consumer Discretionary 13 6 46% 10.1 7.8 0.78 10 Consumer Staples 11 9 82% 12.1 18.7 1.54 4 Energy 11 - 0% 10.1 - - 14 Oil, Gas & Consumable Fuels 8 - 0% 8.2 - - 14 Energy Equipment & Services 3 - 0% 1.8 - - 14 Financials 15 9 60% 15.8 20.9 1.32 7 Insurance 3 1 33% 1.4 0.4 0.29 13 Banks 5 4 80% 7.9 12.3 1.55 3 Capital Markets 3 2 67% 1.7 2.2 1.32 8 Health Care 12 10 83% 12.6 18.2 1.45 5 Pharmaceuticals 6 5 83% 7.9 10.9 1.37 6 Industrials 14 9 64% 9.9 8.6 0.86 9 Information Technology 15 4 27% 23.2 17.8 0.76 11 Materials 4 1 25% 1.9 0.9 0.50 12 Telecommunication Services 2 2 100% 3.3 5.6 1.68 2 Utilities 3 3 100% 0.9 1.5 1.68 1
S&P100 bulls sector weights vs. benchmark
(1.0) (0.8) (0.6) (0.4) (0.2) - 0.2 0.4 0.6 0.8 1.0
Utilities
Telecommunication Services
Banks
Consumer Staples
Health Care
Pharmaceuticals
Financials
Capital Markets
Industrials
Consumer Discretionary
Information Technology
Materials
Insurance
Oil, Gas & Consumable Fuels
Energy
Energy Equipment & Services
Canada Tactical Star Rating: US Tactical Star Rating:
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 16
TSX100 Bulls & Bears, Sorted by sector
Recent bulls: VET
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 17
TSX100 Bulls & Bears, Sorted by sector
Recent bears: MFC PWF POW
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 18
S&P100 Bulls Sorted by sector
Recent bulls: HON MMM V
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 19
S&P100 Bears Sorted by sector
Recent bears: BK COF CMCSA MRK EMC GOOGL IBM INTC
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 20
TSX100 & S&P100 Strongest / Weakest
Strength begets strength, weakness begets weakness.
Strongest: Top Decile
Weakest: Bottom Decile
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 21
TSX/S&P 100 Bottoms / Tops
Bottoms & Tops
Bottoms
Tops
Mark Der ie t , CFA, CMT (416) 943-6738 [email protected]
MORNING MEETING NOTES OCTOBER 24, 2014
Our disclosure statements are located at the end of this report 22
Performance Equal-weighted relative strength bulls vs. bears.
1-week 1-Mon 3-Mon 6-Mon YTD
Incep (12/08) 2013 2012 2011 2010 2009 CAGR
Bulls 0.9% -1.2% 1.1% 3.0% 6.9% 147.0% 12.8% 6.7% 1.2% 53.0% 57.2 16.0%Bears 1.0% -3.7% -6.0% -4.0% -1.8% 5.4% -2.7% -2.3% -9.3% -14.9% 25.4 1.2%Spread -0.1% 2.6% 7.1% 7.0% 8.7% 141.5% 15.6% 9.0% 10.5% 67.9% 31.8% 14.8%Success Rate: 55/69 months
TSX 100 Relative Strength - equal weighted
70
90
110
130
150
170
190
210
230
250
Jan/
09
Mar
/09
May
/09
Jul/0
9
Sep
/09
Nov
/09
Jan/
10
Mar
/10
May
/10
Jul/1
0
Sep
/10
Nov
/10
Jan/
11
Mar
/11
May
/11
Jul/1
1
Sep
/11
Nov
/11
Jan/
12
Mar
/12
May
/12
Jul/1
2
Sep
/12
Nov
/12
Jan/
13
Mar
/13
May
/13
Jul/1
3
Sep
/13
Nov
/13
Jan/
14
Mar
/14
May
/14
Jul/1
4
Sep
/14
Bulls Bears
TSX100 Relative Strength Bulls less Bears
95
115
135
155
175
195
215
Jan/
09
Ma
r/0
9
May
/09
Jul/0
9
Sep
/09
Nov
/09
Jan/
10
Ma
r/1
0
May
/10
Jul/1
0
Sep
/10
Nov
/10
Jan/
11
Ma
r/1
1
May
/11
Jul/1
1
Sep
/11
Nov
/11
Jan/
12
Ma
r/1
2
May
/12
Jul/1
2
Sep
/12
Nov
/12
Jan/
13
Ma
r/1
3
May
/13
Jul/1
3
Sep
/13
Nov
/13
Jan/
14
Ma
r/1
4
May
/14
Jul/1
4
Sep
/14
Bulls less Bears
Long-term Model
Since Incep (Sep.26/14)
Bulls -0.1%
Bears -4.8%
Spread 4.7%
Bulls vs. Bears:
Equal-weighted portfolio of Bulls / Bears. Changes are made only after we publish and the models are also rebalanced when we publish the weekly report. Transaction costs are not considered.
Decile Rankings: 1= best, 10 = worst; Source: CPMS and Bloomberg
MORNING MEETING NOTES OCTOBER 24, 2014
I, Mark Deriet, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject company(ies) and its (their) securities. I also certify that I have not been, and will not be receiving direct or indirect compensation in exchange for expressing the specific recommendation(s) in this report. Due to the nature of quantitative/technical analysis, the securities recommended or discussed in this report are not continuously covered and my opinions may change without notice. Investors should regard this report as providing stand-alone analysis and should not expect continuing analysis relating to the referenced issuers and/or securities. The observations of this quantitative/technical analysis may not be consonant with the views of Cormark Securities Inc.’s fundamental analysts.
A full list of our disclosure statements as well as our research dissemination policies and procedures can be found on
our web-site at: www.cormark.com
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Additionally, our target prices are set based on a 12-month investment horizon.
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The information and any statistical data contained herein have been obtained from sources believed to be reliable as of the date of publication, but the accuracy or completeness of the information is not guaranteed, nor in providing it does CSI or CUSA assume any responsibility or liability. All opinions expressed and data provided herein are subject to change without notice. The inventories of CSI or CUSA, its affiliated companies and the holdings of their respective directors, officers and companies with which they are associated may have a long or short position or deal as principal in the securities discussed herein. A CSI or CUSA company may have acted as underwriter or initial purchaser or placement agent for a private placement of any of the securities of any company mentioned in this report, may from time to time solicit from or perform financial advisory, or other services for such company. The securities mentioned in this report may not be suitable for all types of investors; their prices, value and/or the income they produce may fluctuate and/or be adversely affected by exchange rates.
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