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BMCE Capital uses an absolute recommendation system. Each security's recommendation is determined based on its expected total return, meaning its potential price appreciation, including dividend distributions and share buybacks, over a 12-month period.
BMCE Capital uses five recommendations: Buy, Accumulate, Hold, Reduce, and Sell.
In specific circumstances and for a limited period, an analyst may decide to suspend their opinion. In such cases, the terms "Suspended" or "Not Covered" are used, as defined below.
Buy: The security is expected to generate a total return of more than 20% over a 12-month period.
Accumulate: The security is expected to generate a total return between 10% and 20% over a 12-month period.
Hold: The security is expected to generate a total return between 0% and 10% over a 12-month period.
Reduce: The security is expected to experience a total decline of between 0% and 10% over a 12-month period.
Sell: The security is expected to experience a total decline of more than 10% over a 12-month period.
Suspended / No Recommendation: This designation may be used for ethical reasons, due to a corporate transaction (public takeover bid, public exchange offer, or other transaction), or following a change of analyst.
Not Covered: This designation is used for companies at the time of their initial public offering (IPO) or before the initiation of research coverage.
This recommendation system is provided for informational purposes only. Analysts may deviate from it in cases of erratic or temporary movements in a security's stock market price.
Consequently, a change in recommendation is not automatic and may, in certain cases, occur only after an observation period allowing the security's stock market trend to be confirmed.