Barclays European Morning Research Summary

Research evidence excerpt

Barclays European Morning Research Summary

month investment horizon.

Underweight - The stock is expected to underperform the unweighted expected total return of the industry coverage universe over a 12-month

investment horizon.

Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage impracticable or to

comply with applicable regulations and/or firm policies in certain circumstances including where the Investment Bank of Barclays Bank PLC is acting

in an advisory capacity in a merger or strategic transaction involving the company.

Industry View

Positive - industry coverage universe fundamentals/valuations are improving.

Neutral - industry coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.

Negative - industry coverage universe fundamentals/valuations are deteriorating.

Distribution of Ratings:

Barclays Equity Research has 1805 companies under coverage.

51% have been assigned an Overweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Buy rating; 46% of

companies with this rating are investment banking clients of the Firm; 64% of the issuers with this rating have received financial services from the

Firm.

34% have been assigned an Equal Weight rating which, for purposes of mandatory regulatory disclosures, is classified as a Hold rating; 37% of

companies with this rating are investment banking clients of the Firm; 57% of the issuers with this rating have received financial services from the

14% have been assigned an Underweight rating which, for purposes of mandatory regulatory disclosures, is classified as a Sell rating; 30% of

Guide to the Barclays Research Price Target: