Tradition research features a simple two-rating system:

• BUY implies at least 25% upside over a 12-month period (from the date of coverage)
• BUY rating for a utility company suggests total return of at least 15% with at least 75% of operations derived from regulated state and federal businesses.
• NEUTRAL denotes a stock is not likely to provide similar gains.

The appearance of our research is standard.  We initiate coverage with an eight-page report that details cash flow, balance sheet and quarterly earnings projections at least six quarters beyond launch date.  We publish notes and special reports as warranted. Our products are exclusive to clients or potential clients and distributed in a timely and efficient manner.

Company Sponsored Research does not have a BUY/NEUTRAL rating system for a stock but does feature a two-tier risk rating system:

• "Moderately Risky" (M) suggests companies, that while still subject to relatively high price volatility, are characterized by more stable and predictable cash flow, a more established operating history, and an operating environment that is somewhat less competitive with a potential for loss of principal.
• "Highly Risky" (H) suggests high-risk equities of companies with a short or unprofitable operating history, limited or less predictable revenue, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal.