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The following disclosures relate to relationships between Zacks & Co, Zacks Investment Research ("ZIR") and Zacks Small-Cap Research ("Zacks SCR") and the companies covered by the Zacks SCR analysts in the Small-Cap Universe.
ZIR or Zacks SCR Analysts do not hold shares in the companies in which they cover. Each analyst has full discretion on the rating and price target based on their own due diligence. Analysts are paid in part based on the profitability of Zacks SCR, which includes payments received for non-investment banking revenues and services.
Zacks & Co., ZIR and Zacks SCR do not make a market in any stock. Zacks SCR has never received compensation for investment banking services on the small-cap universe. Zacks SCR does not expect received compensation for investment banking services on the small-cap universe. Zacks SCR has received compensation for non-investment banking services on the small-cap universe. Zacks SCR expects to receive additional compensation for non-investment banking services on the small-cap universe. Non-investment banking services include investor relations services and software, financial database analysis, advertising services, brokerage services, advisory services, investment research, and investment management.
Additional information is available upon request. Zacks SCR reports are based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed by Zacks SCR Analysts are subject to change. Reports are not to be construed as an offer or the solicitation of an offer to buy or sell the securities herein mentioned. Zacks SCR uses the following rating system for the securities it covers. Buy/Outperform: The analyst expects that the subject company will outperform the broader U.S. equity market over the next one to two quarters. Hold/Neutral: The analyst expects that the company will perform in line with the broader U.S. equity market over the next one to two quarters. Sell/Underperform: The analyst expects the company will underperform the broader U.S. Equity market over the next one to two quarters.