Upgrading to BUY; Recent Consistency and Compelling Valuation

研报英文原文证据摘录

Upgrading to BUY; Recent Consistency and Compelling Valuation

certain businesses within TD Securities, including for TD Securities Global Research.

THIS RESEARCH REPORT WAS PRODUCED SOLELY BY TD SECURITIES INC. IN ACCORDANCE WITH THE CANADIAN INVESTMENT REGULATORY ORGANIZATION'S

DISCLOSURE REQUIREMENTS RELATING TO RESEARCH REPORTS.

RESEARCH ANALYSTS MARKED WITH ^ ON THE FRONT PAGE ARE NOT ASSOCIATED PERSONS OF TD SECURITIES (USA) LLC AND ARE NOT REGISTERED AS

RESEARCH ANALYSTS UNDER FINRA RULES. SUCH RESEARCH ANALYSTS MAY NOT BE SUBJECT TO RULE 2241 RESTRICTIONS ON COMMUNICATIONS WITH A

SUBJECT COMPANY, PUBLIC APPEARANCES AND TRADING SECURITIES HELD BY A RESEARCH ANALYST ACCOUNT.

TD Cowen research reports are simultaneously available to recipients on our client website. Research reports are for our clients only. Not all research reports are

disseminated, e-mailed or made available to third-party aggregators. TD Securities is not responsible for the redistribution of TD Cowen research by third-party

aggregators. Selected research reports are available in printed form in addition to an electronic form. All published research reports can be obtained on the firm’s

client website, https://portal.tdsecurities.com/alpha.

This material is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation or solicitation to buy or sell a

particular financial instrument. The recipients of this material are to contact the representative in their local jurisdiction with regards to any matters or questions arising

from, or in connection with, this material.

The information, opinions, commentaries, estimates and forecasts are as of the date of this report and subject to change without prior notification. We seek to update