New issued research recommendations and target prices always supersede previously published research.

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as Catalyst Calls) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. If applicable, the historical information for these ideas can be found in the Catalyst Call section on this page.

Long Term Recommendation Key

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 The previous investment rating and price target, if any, are no longer in effect for this security and should not be relied upon.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

Catalyst Call (Short Term) Recommendation Key

Buy	Represents a high-conviction belief by an analyst that a stock will outperform the market and/or a specified sector over a time frame of no less than two weeks and no more than three months.
Sell	Represents a high-conviction belief by an analyst that a stock will underperform the market and/or a specified sector over a time frame of no less than two weeks and no more than three months.

Legacy Americas Catalyst Call Recommendation Key

Long 1	Analyst believes the stock will out perform the market and/or sector delineated over a time frame of no less than 2 weeks with a high to moderate return to risk profile.
Long 2	Analyst believes the stock will out perform the market and/or sector delineated over a time frame of no less than 2 weeks with a moderate to low return to risk profile.
Short 1	Analyst believes the stock will under perform the market and/or sector delineated over a time frame of no less than 2 weeks with a high to moderate return to risk profile.
Short 2	Analyst believes the stock will under perform the market and/or sector delineated over a time frame of no less than 2 weeks with a moderate to low return to risk profile.