Seymour Pierce research ratings
Our research ratings are defined with reference to the amount by which we expect the absolute return to change over the next 12 months:
| Rating | Definition |
| Buy | Absolute return expected to increase by more than 10% |
| Outperform | Absolute return expected to increase between 5% and 10% |
| Hold | Absolute return expected to chage between -5% and +5% |
| Underperform | Absolute return expected to decrease between 5% and 10% |
| Sell | Absolute return expected to decrease by more than 10% |
As at 31 March 2010, the distribution of all our published recommendations is as follows:
| Rating | Proportion of Recommendations | Proportion of these provided with investment banking services |
| Buy | 56.8% | 46% |
| Outperform | 9.7% | 41.2% |
| Hold | 19.3% | 32% |
| Underperform | 1.7% | 33.3% |
| Sell | 10.2% | 0% |
| None | 0% | 0% |