Definition of our Stock Terms

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
• Monitored Coverage*

 

 

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.

 

 

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