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U.S. Equities

CIBCWM Stock Rating System

Abbreviation Rating Description
Company Ratings
SO Sector Outperformer Stock is expected to outperform the sector during the next 12-18 months.
SP Sector Performer Stock is expected to perform in line with the sector during the next 12-18 months.
SU Sector Underperformer Stock is expected to underperform the sector during the next 12-18 months.
NR Not Rated CIBC does not maintain an investment recommendation on the stock.
R Restricted CIBCWM is restricted*** from rating the stock.
Company Ratings Prior To August 26th 2002
SB Strong Buy Expected total return over 12 months of at least 25%.
B Buy Expected total return over 12 months of at least 15%.
H Hold Expected total return over 12 months of at least 0%-15%.
UP Underperform Expected negative total return over 12 months.
S Suspended Stock coverage is temporarily halted.
DR Dropped Stock coverage is discontinued.
R Restricted Restricted
UR Under Review Under Review
Sector Weightings**
O Overweight Sector is expected to outperform the broader market averages.
M Market Weight Sector is expected to equal the performance of the broader market averages.
U Underweight Sector is expected to underperform the broader market averages.
NA None Sector rating is not applicable.

**Broader market averages refer to the S&P 500 in the U.S. and S&P/TSX Composite in Canada.

"-S" indicates Speculative. An investment in this security involves a high amount of risk due to volatility and/or liquidity issues.

***Restricted due to a potential conflict of interest

"CC" indicates Commencement of Coverage. The analyst named started covering the security on the date specified.