This research is for the clients of Fundstrat Global Advisors only. For additional information, please
contact your sales representative or Fundstrat Global Advisors at
150 East 52nd Street, New York, NY, 10022 USA.
Conflicts of Interest
This research contains the views, opinions and recommendations of Fundstrat. At the time of publication
of this report, Fundstrat does not know of, or have reason
to know of any material conflicts of interest.
General Disclosures
Fundstrat Global Advisors is an independent research company and is not a registered investment advisor
and
is not acting as a broker-dealer under any federal or
state securities laws.
Fundstrat Global Advisors is a member of IRC Securities’ Research Prime Services Platform. IRC Securities is
a FINRA registered broker-dealer that is focused on
supporting the independent research industry. Certain personnel of Fundstrat (i.e., Research Analysts) are
registered representatives of IRC Securities, a FINRA
member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state
securities regulators. As registered representatives and
independent contractors of IRC Securities, such personnel may receive commissions paid to or shared with IRC
Securities for transactions placed by Fundstrat clients
directly with IRC Securities or with securities firms that may share commissions with IRC Securities in
accordance with applicable SEC and FINRA requirements. IRC
Securities does not distribute the research of Fundstrat, which is available to select institutional clients
that have engaged Fundstrat.
As registered representatives of IRC Securities, our analysts must follow IRC Securities' Written
Supervisory Procedures. Notable compliance policies include (1)
prohibition of insider trading or the facilitation thereof, (2) maintaining client confidentiality, (3)
archival of electronic communications, and (4) appropriate use of
electronic communications, amongst other compliance related policies.
Fundstrat does not have the same conflicts that traditional sell-side research organizations have because
Fundstrat (1) does not conduct any investment banking
activities, (2) does not manage any investment funds, and (3) our clients are only institutional investors.
This research is for the clients of Fundstrat Global Advisors only. Additional information is available upon
request. Information has been obtained from sources
believed to be reliable, but Fundstrat Global Advisors does not warrant its completeness or accuracy except
with respect to any disclosures relative to Fundstrat and
the analyst's involvement (if any) with any of the subject companies of the research. All pricing is as of
the market close for the securities discussed, unless otherwise
stated. Opinions and estimates constitute our judgment as of the date of this material and are subject to
change without notice. Past performance is not indicative of
future results. This material is not intended as an offer or solicitation for the purchase or sale of any
financial instrument. The opinions and recommendations herein
do not take into account individual client circumstances, risk tolerance, objectives, or needs and are not
intended as recommendations of particular securities, financial
instruments or strategies.
The recipient of this report must make its own independent decision regarding any securities or financial
instruments mentioned herein.
Except in circumstances where Fundstrat expressly agrees otherwise in writing, Fundstrat is not acting as a
municipal advisor and the opinions or views contained
herein are not intended to be, and do not constitute, advice, including within the meaning of Section 15B of
the Securities Exchange Act of 1934. All research reports
are disseminated and available to all clients simultaneously through electronic publication to our internal
client website, fundstrat.com. Not all research content is
redistributed to our clients or made available to third-party aggregators or the media. Please contact your
sales representative if you would like to receive any of our
research publications.
Copyright 2024 Fundstrat Global Advisors LLC. All rights reserved. No part of this material
may be
reprinted, sold or redistributed without the prior written consent
of Fundstrat Global Advisors LLC.