📄 Extracted Text (1,183 words)
The attached note should be read in conjunction with the following text
which forms an integral part thereof:
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus,
investors should be aware that the firm may have a conflict of interest that could affect the objectivity of
this report. Investors should consider this report as only a single factor in making their investment
decision.
This report covers more than one security and was prepared by more than one analyst. The views
expressed in this report accurately reflect the personal views of each contributor to this compendium
report. In addition, each contributor has not and will not receive any compensation for providing a
specific recommendation or view in this compendium report.
The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates
(collectively "Deutsche Bank"). The information herein is believed to be reliable and has been obtained
from public sources believed to be reliable. Deutsche Bank makes no representation as to the accuracy
or completeness of such information.
Deutsche Bank may engage in securities transactions, on a proprietary basis or otherwise, in a manner
inconsistent with the view taken in this research report. In addition, others within Deutsche Bank,
including strategists and sales staff, may take a view that is inconsistent with that taken in this research
report.
Opinions, estimates and projections in this report constitute the current judgement of the author as of the
date of this report. They do not necessarily reflect the opinions of Deutsche Bank and are subject to
change without notice. Deutsche Bank has no obligation to update, modify or amend this report or to
otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein,
changes or subsequently becomes inaccurate. Prices and availability of financial instruments are subject
to change without notice. This report is provided for informational purposes only. It is not an offer or a
solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading
strategy. Target prices are inherently imprecise and a product of the analyst judgement.
As a result of Deutsche Bank's March 2010 acquisition of BHF-Bank AG, a security may be covered by
more than one analyst within the Deutsche Bank group. Each of these analysts may use differing
methodologies to value the security; as a result, the recommendations may differ and the price targets
and estimates of each may vary widely.
In August 2009, Deutsche Bank instituted a new policy whereby analysts may choose not to set or
maintain a target price of certain issuers under coverage with a Hold rating. In particular, this will typically
occur for "Hold" rated stocks having a market cap smaller than most other companies in its sector or
region. We believe that such policy will allow us to make best use of our resources. Please visit our
website at http://gm.db.com to determine the target price of any stock.
The financial instruments discussed in this report may not be suitable for all investors and investors must
make their own informed investment decisions. Stock transactions can lead to losses as a result of price
fluctuations and other factors. If a financial instrument is denominated in a currency other than an
investor's currency, a change in exchange rates may adversely affect the investment. Past performance
is not necessarily indicative of future results. Deutsche Bank may with respect to securities covered by
this report, sell to or buy from customers on a principal basis, and consider this report in deciding to trade
on a proprietary basis.
Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank
entity in the investor's home jurisdiction. In the U.S. this report is approved and/or distributed by
Deutsche Bank Securities Inc., a member of the NYSE, the NASD, NFA and SIPC. In Germany this
EFTA_R1_01975246
EFTA02678178
report is approved and/or communicated by Deutsche Bank AG Frankfurt authorized by the BaFin. In the
United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member
of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of
investment business in the UK and authorized by the BaFin. This report is distributed in Hong Kong by
Deutsche Bank AG, Hong Kong Branch, in Korea by Deutsche Securities Korea Co. This report is
distributed in Singapore by Deutsche Bank AG, Singapore Branch, and recipients in Singapore of this
report are to contact Deutsche Bank AG, Singapore Branch in respect of any matters arising from, or in
connection with, this report. Where this report is issued or promulgated in Singapore to a person who is
not an accredited investor, expert investor or institutional investor (as defined in the applicable
Singapore laws and regulations), Deutsche Bank AG, Singapore Branch accepts legal responsibility to
such person for the contents of this report. In Japan this report is approved and/or distributed by
Deutsche Securities Inc. The information contained in this report does not constitute the provision of
investment advice. In Australia, retail clients should obtain a copy of a Product Disclosure Statement
(PDS) relating to any financial product referred to in this report and consider the PDS before making any
decision about whether to acquire the product. Deutsche Bank AG Johannesburg is incorporated in the
Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Additional
information relative to securities, other financial products or issuers discussed in this report is available
upon request. This report may not be reproduced, distributed or published by any person for any purpose
without Deutsche Bank's prior written consent. Please cite source when quoting.
Copyright(c) 2013 Deutsche Bank AG
Additional information available upon request.
DEUTSCHE BANK RESEARCH KEY RATINGS:
Buy: Based on a current 12- month view of total shareholder
return (TSR = percentage change in share pricefrom current price to projected target price plus projected
dividend yield ) , we recommend that investors
buy the stock.
Sell: Based on a current 12-month view of total shareholder
return, we recommend that investors sell the
stock
Hold: We take a neutral view on the stock 12-months
out and, based on this time horizon, do not recommend
either a Buy or Sell.
The target prices of shares mentioned in the accompanying text are based
on an assumed investment horizon of 12 months. If company notes are
published on these shares in the future, the target prices mentioned in
the new notes will have priority.
For disclosures pertaining to recommendations or estimates made on a
security mentioned in this report, please see the most recently
published company report or visit our global disclosure look-up page on
our website at http://equities.research.db.com.
The company(ies) mentioned in this document may be members of a
Deutsche Bank Absolute Return Ideas Portfolio, details of which can
be found at http://equities.research.db.com
EFTA_R1_01975247
EFTA02678179
The information found at these links is intended only for the original recipient of this email from Deutsche
Bank.
It is not intended for, and should not be viewed by, anyone else.
EFTA_R1_01975248
EFTA02678180
ℹ️ Document Details
SHA-256
c8ece9c7ab6ef8b8d99de7fb69ff8f8ac9f82372800704fb1606739fff9af626
Bates Number
EFTA02678178
Dataset
DataSet-11
Document Type
document
Pages
3
Comments 0