Investment Recommendation Rating System

Top Pick: Represents the analyst’s best idea in the sector, with the most favourable risk-return ratio over the next 12 months.

Strong Buy: Expected to provide a substantial return over the next 12 months, with a lower level of risk than comparable investments.  

Buy: Expected to provide a reasonably positive return over the next 12 months.  

Speculative Buy: Expected to provide a positive return over the next 12 months, but with a high level of risk, or based on a future uncertain event.

Hold: Expected to remain in a trading range near the current share price for the next 12 months.

Sell: Expected to deliver a negative return over the next 12 months.

Under Review: Currently available information is inadequate to provide an investment rating.

Tender: Investors should tender their shares to the current offer.



The research for Industrial Alliance Securities Inc. simultaneously becomes available to all eligible clients in electronic and printed formats. Our research is available to institutional clients by Bloomberg and First Call, as well as our sales representatives by email, fax or regular mail. Electronic versions are distributed in PDF format.Research Dissemination Policy

Industrial Alliance is a Registered Trader on the Toronto Stock Exchange for the company that is the subject of this Report.