Investment Recommendation Disclosures

Deutsche Bank may consider investment recommendations in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in an investment recommendation.

Deutsche Bank and/or its affiliates may also be holding securities of the issuers it writes on.

Explanation of the meaning of any recommendation:

  • Buy – Based on a current 12- month view of total shareholder return (TSR = percentage change in share price from current price to projected target price plus projected dividend yield ), we recommend that investors buy the stock.

  • Hold – We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell.

  • Sell – Based on a current 12-month view of total shareholder return, we recommend that investors sell the stock.

  • Not Rated – There is no investment rating and target price for this security.

  • Suspended – The investment rating and price target, if any, for this security, have been suspended. The previous investment rating and price target, if any, are no longer in effect for this security and should not be relied upon.

  • N/A – Deutsche Bank may choose not to set or maintain a target price of certain issuers under coverage with a Hold rating. In particular, this will typically occur for "Hold" rated stocks having a market cap smaller than most other companies in its sector or region.

Investment Recommendations may contain projections, forecasts and/or price targets that constitute the current judgment of the author as of the date of the relevant communication.

Investment Recommendations expressed by Sales & Trading Messages are those of the author or individual sender (“Author”) acting as an agent of Deutsche Bank and may differ from the opinions expressed by other Deutsche Bank departments, including Research. For further information regarding the author of an Investment Recommendation please contact your Deutsche Bank representative.

To the extent that the Investment Recommendation provided is aligned to the views expressed by Deutsche Bank Research, an explanation of the valuation or methodology and the underlying assumptions is available at

For the basis of valuations or methodologies or further information, and the underlying assumptions used to evaluate financial instruments or issuers or to set price targets please contact your Deutsche Bank representative.

Deutsche Bank and/or its affiliate(s) may make a market and/or provide liquidity in the instruments within the Investment Recommendation

Deutsche Bank respects the confidentiality of information it receives about its clients and operates a “Need to Know” approach and complies with all applicable laws with respect to the handling of that information.

Access to confidential information is restricted to those who have a proper requirement for the information consistent with the legitimate interest of a client or the bank.

Deutsche Bank maintains information barriers (“Chinese Walls”) which are designed to restrict information flows between different areas of the Deutsche Bank. Chinese Walls and other measures are put in place to enable Deutsche Bank to carry out business on behalf of clients without being influenced by other information held within Deutsche Bank that may give rise to a potential Conflict of Interest.
Deutsche Bank’s global conflicts of interest policy is available at:

Employees are paid in part based on the profitability of Deutsche Bank and its affiliates, which includes investment banking revenues.