Potential Conflicts: Altice NV, BT Group, Charter, Comcast, Deutsche Telekom, eBay, Liberty Global, Microsoft, Netflix, Oracle, Orange, Orange Belgium, Salesforce, ServiceNow, SFR Group, Tableau, Technicolor, T-Mobile US, Vivendi, VMware, Vodafone. – The analyst or a member of the analyst's household owns equity securities in these companies.
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Rating System: Long (L), Positive (+ve), Neutral (N), Negative (-ve), and Short (S) - Analysts recommend stocks as Long or Short for inclusion in Arete Best Ideas, a monthly publication consisting of the firm's highest conviction recommendations. Being assigned a Long or Short rating is determined by a stock's absolute return potential, related investment risks and other factors which may include share liquidity, debt refinancing, estimate risk, economic outlook of principal countries of operation, or other company or industry considerations. Any stock not assigned a Long or Short rating for inclusion in Arete Best Ideas may be rated Positive or Negative indicating a directional preference relative to the absolute return potential of the analyst's coverage group. Any stock not assigned a Long, Short, Positive or Negative rating is deemed to be Neutral. A stock's absolute return potential represents the difference between the current stock price and the target price over a period as defined by the analyst.
Distribution of Ratings - As of 30 September 2018, 12.3% of stocks covered were rated Long, 31.1% Positive, 8.5% Short, 26.4% Negative and 21.7% deemed Neutral.
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