Viewing Barclays Equity Research online
We provide you with detailed analysis in the form of a Stock Note on each individual company which includes:
- Investment conclusions
- Key points to consider
- Our view on the overall grade of the stock, relative to the sector, the sector relative to the market and the stock relative to the market.
Equity notes will be published on a regular basis and will include any significant news stories.
Understanding our grading structure
We use a sensitive grading system to give you more help in dealing with the complex range of choices you often need to make when structuring your portfolio:
- Buy
- Accumulate (add to holdings within appropriate market weightings)
- Neutral
- Source of Funds (may be retained or could be used to raise cash where required)
- Sell
The analysts may also, if they feel it is appropriate, add a 'Strong' to Buy/Sell recommendations indicating an increased degree of confidence in the call.
The grading process
- The equity analyst will grade the stock relative to its sector using a five grade system
- The strategy analysts will grade the sector performance relative to the market
- Finally, the overall grade for the stock will be defined using these two grades to produce the final grade for the stock relative to the market.
We have recently made improvements to our grading system as per the (new) matrix below. These changes will enhance the connection between the analysts’ opinion of a stock relative to its sector peers and how that opinion is reflected in the stock to market recommendation, while still maintaining the strategic sector view as an integral part of our research process.
| Stock Grade Relative to Sector + | |
Sector Grade Relative to Market = |
|
Stock Grade Relative to Market (this is the grade that will be shown on Research Pages) | ||
|
||||||
| Outperform | Outperform | Buy * | ||||
|
||||||
| Outperform | Neutral | Buy | ||||
|
||||||
| Outperform | Underperform | Accumulate | ||||
|
||||||
| Neutral | Outperform | Neutral | ||||
|
||||||
| Neutral | Neutral | Neutral | ||||
|
||||||
| Neutral | Underperform | Neutral | ||||
|
||||||
| Underperform | Outperform | Source of Funds | ||||
|
||||||
| Underperform | Neutral | Sell | ||||
|
||||||
| Underperform | Underperform | Sell* | ||||
|
||||||
|
||||||
* On Outperform/Outperform and Underperform/Underperform recommendations, the analyst, if they feel it appropriate, may add a “Strong” pre-fix to the stock to market grade, indicating a greater degree of
