Lazard Capital Markets

An analyst is a professional research analyst or an Investor Wand user who issued a recommendation for a given company.

A symbol is a stock exchange ticker for a given company.

Signal is a recommendation issued by an analyst. Investor Wand considers two types of recommendations: BUY and SELL.

A signal date is a date when a BUY or SELL recommendation was issued for given security.

Initial Price is the first closing price for a specified company upon recommendation release. If the recommendation is issued in after-market hours, the Initial Price is the next day’s closing price (for a given symbol). In case of dividend distributions and stock splits, Initial Price is adjusted.

A Price Target is an analyst’s projection of a company’s stock price by the end of the recommendation period. It represents the price at which the analyst would exit his or her existing position.

Closing Date is the expiration date of a recommendation. The validity timeframe of a professional analyst’s recommendation is 12 months. Investor Wand analysts can set their recommendation timeframe to one, three, six, or 12 months.

The return on a single open recommendation is calculated as the maximum of the current return (based on the latest closing price) and the target price return, if the symbol reached the target. The return on a single closed recommendation is calculated as the maximum of the return on the closing date (at the end of recommendation timeframe) and the target price return, if the stock hit the target price. The return is adjusted for one-time events (e.g., stock splits).