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Wolfe Research, LLC Fundamental Valuation Methodology & Recommendation, Rating and Target Price Risks:
For valuation methodology and risks associated with covered companies or ratings or price targets for covered companies, please refer to the most recent company specific research report at https://research.wolferesearch.com/library, email us at compliance@wolferesearch.com, or write to us at Wolfe Research, LLC, 757 Third Avenue, Sixth Floor, New York, New York 10017 Attn: Compliance Department.
Other Disclosures:
Wolfe Research, LLC Fundamental Stock Ratings Key:

Outperform (OP):

The security is projected to outperform analyst's industry coverage universe over the next 12 months.

Peer Perform (PP):

The security is projected to perform approximately in line with analyst's industry coverage universe over the next 12 months.

Underperform (UP):

The security is projected to underperform analyst's industry coverage universe over the next 12 months.

Wolfe Research, LLC does not assign target prices for Peer Perform rated companies.

Wolfe Research, LLC uses a relative rating system using the terms Outperform, Peer Perform, and Underperform as per the definitions above. Please carefully read these definitions used in Wolfe Research, LLC research. In addition, since Wolfe Research, LLC research contains more complete information concerning the analyst’s views, please carefully read Wolfe Research, LLC research in its entirety and do not infer the contents from the ratings alone. In all cases, ratings (or research) should not be used or relied upon as investment advice and any investment decisions should be based upon individual circumstances and other considerations.
Wolfe Research, LLC Industry Weighting System:

Market Overweight (MO):

Expect the industry to outperform the primary market index for the region (S&P 500 in the U.S.) by at least 10% over the next 12 months.

Market Weight (MW):

Expect the industry to perform approximately in line with the primary market index for the region (S&P 500 in the U.S.) over the next 12 months.

Market Underweight (MU):

Expect the industry to underperform the primary market index for the region (S&P 500 in the U.S.) by at least 10% over the next 12 months.

Other Disclosures:

Wolfe Research, LLC does not assign ratings of Buy, Hold, or Sell to the stocks it covers. Outperform, Peer Perform, and Underperform are not the respective equivalents of Buy, Hold, and Sell but represent relative weightings as defined above. To satisfy regulatory requirements, Outperform has been designated to correspond with Buy, Peer Perform has been designated to correspond with Hold, and Underperform has been designated to correspond with Sell.

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