AAPL research report

Generated 2026-07-03 13:02 · status: complete

AAPL Research Report

TL;DR

Apple is an enormous, highly profitable business: FY2025 revenue was $416.161 billion, net income was $112.010 billion, operating cash flow was $111.482 billion, and free cash flow was $98.767 billion.
The business appears to have a strong ecosystem around devices and services, with high profitability metrics including 47.86% gross margin, 32.64% operating margin, and 27.15% net margin.
The main debate is valuation: Apple trades at rich multiples including P/E 37.23, P/S 10.04, P/FCF 35.09, EV/EBITDA 28.57, and P/B 42.63, which are higher than several mega-cap peers on key measures.
The balance sheet is not obviously distressed, but it is less conservative than some beginners may assume: total debt $112.377 billion, net debt $76.443 billion, current assets $147.957 billion vs current liabilities $165.631 billion, and retained earnings -$14.264 billion.
A key tension in the story is that Apple returned $106.132 billion to shareholders through $90.711 billion of buybacks and $15.421 billion of dividends, which was about $7.365 billion more than free cash flow.

The Business

Apple is a Technology company in the Consumer Electronics industry. In plain English, it sells devices and then earns additional money from the software, services, and digital tools connected to those devices.

Its main products include:

iPhone
Mac
iPad
Apple Watch
AirPods
Apple TV
HomePod
Beats products

Its services and digital offerings include:

App Store
AppleCare
Cloud services
Apple Music
Apple TV+
Apple Arcade
Apple Fitness+
Apple News+
Apple Pay
Apple Card
Advertising
Licensing of intellectual property

This matters because Apple is not just a hardware seller. It operates a hardware + software + services ecosystem. A customer may buy a device once, then continue spending on apps, subscriptions, storage, payments, support, and media over time.

Apple is also huge:

Market capitalization: $4.533 trillion
Employees: 166,000
Revenue: $416.161 billion
Net income: $112.010 billion

The business analyst’s main positive point is that Apple seems to have signs of a moat, or durable competitive advantage:

very high margins
very high returns on capital
an ecosystem that can keep users spending within Apple’s platform

Return metrics cited were especially strong:

ROIC: 49.57%
ROCE: 62.33%
ROA: 33.03%
ROE: 146.69%

A beginner caution: ROE can look unusually high when a company has a relatively small equity base. Apple’s total equity is $73.733 billion, while total liabilities are $285.508 billion, so ROE should not be viewed alone.

Financial Health

Apple’s profitability is excellent.

Key FY2025 profit figures:

Gross profit: $195.201 billion
Operating income: $133.050 billion
Net income: $112.010 billion

Profit margins:

Gross margin: 47.86%
Operating margin: 32.64%
Net margin: 27.15%

For beginners, that means Apple kept nearly 48 cents of gross profit, about 33 cents of operating profit, and about 27 cents of final profit for every $1 of revenue.

Cash generation also looks strong:

Operating cash flow: $111.482 billion
Capital expenditures: $12.715 billion
Free cash flow: $98.767 billion
Stock-based compensation: $12.863 billion

The forensic analyst highlighted that operating cash flow was almost equal to net income:

OCF: $111.482 billion
Net income: $112.010 billion
Difference: about $528 million
OCF was about 99.5% of net income

That is generally a good sign for earnings quality, meaning profits appear to be backed by real cash rather than mostly accounting adjustments.

Debt and liquidity are more mixed than the profit numbers:

Cash: $35.934 billion
Total debt: $112.377 billion
Net debt: $76.443 billion
EBITDA: $144.427 billion
Net debt / EBITDA: 0.30
Debt-to-equity: 0.80
Total liabilities: $285.508 billion
Total equity: $73.733 billion

One view is that debt looks manageable relative to earnings power because net debt / EBITDA of 0.30 is low. Another caution is that debt is still large in absolute dollars, and debt is larger than equity in dollar terms.

Short-term liquidity looks adequate, but not roomy:

Current assets: $147.957 billion
Current liabilities: $165.631 billion
Current ratio: 1.07
Quick ratio: 1.02
Cash ratio: 0.27

There is an apparent tension in the data: the forensic analyst noted that current liabilities exceed current assets by the stated balance sheet figures, while the listed current ratio is 1.07. Both figures should be presented as given. For a beginner, the practical takeaway is that liquidity does not look abundant.

Two additional caution points:

Retained earnings: -$14.264 billion
Interest coverage: 0
Interest expense: 0

The negative retained earnings may reflect very aggressive capital returns rather than weak current profitability, but it is still worth understanding. The interest coverage figure is not useful here because interest expense is also shown as 0, so that metric may be a data issue.

Apple also returned a great deal of cash to shareholders:

Dividends paid: $15.421 billion
Buybacks: $90.711 billion
Total shareholder returns: $106.132 billion

That total exceeded free cash flow of $98.767 billion by about $7.365 billion. The dividend alone looked comfortable, at about 15.6% of free cash flow, but the total payout including buybacks was more aggressive.

Valuation

Apple’s current stock price was cited as $308.63.

The valuation analysts’ shared message is that the market is treating Apple as a premium business and paying a premium price for it.

Apple’s main valuation measures:

P/E: 37.23
PEG: 1.287
P/S: 10.04
P/B: 42.63
Price to fair value: 42.63
P/FCF: 35.09
EV/EBITDA: 28.57
EV/Sales: 10.15
Earnings yield: 2.70%
FCF yield: 2.85%
FCF per share: 8.7809

Peer comparisons cited:

P/E

Apple: 37.23
Alphabet: 27.18
Meta: 20.85
Microsoft: 23.17
NVIDIA: 29.70

PEG

Apple: 1.287
Alphabet: 0.589
Meta: 3.346
Microsoft: 0.780
NVIDIA: 0.273

P/S

Apple: 10.04
Alphabet: 10.30
Meta: 6.88
Microsoft: 9.11
NVIDIA: 18.62

P/FCF

Apple: 35.09
Alphabet: 67.56
Meta: 30.66
Microsoft: 39.78
NVIDIA: 39.63

EV/EBITDA

Apple: 28.57
Alphabet: 20.13
Meta: 13.60
Microsoft: 14.56
NVIDIA: 24.48

P/B

Apple: 42.63
Alphabet: 9.10
Meta: 6.06
Microsoft: 7.00
NVIDIA: 24.21

Earnings yield

Apple: 2.70%
Alphabet: 3.68%
Meta: 4.78%
Microsoft: 4.32%
NVIDIA: 3.37%

FCF yield

Apple: 2.85%
Alphabet: 1.48%
Meta: 3.26%
Microsoft: 2.51%
NVIDIA: 2.52%

How to interpret that for a beginner:

On earnings-based measures like P/E and EV/EBITDA, Apple looks expensive relative to the peer group.
On sales, Apple looks expensive but not the most extreme.
On free cash flow, Apple looks somewhat less stretched than it does on earnings, though still not cheap.

There is also a disagreement in tone, not in numbers:

One view says Apple’s valuation reflects premium quality, resilience, and enormous cash generation.
The more skeptical view says the stock already prices in a lot of continued excellence, leaving less room for disappointment.

Price action also suggests high expectations:

52-week high: $317.40
52-week low: $201.50
50-day average: 293.523
200-day average: 270.69144
20-day SMA: 294.8025
50-day EMA: 290.5874

Recent closes cited:

2026-06-08: 301.54
2026-06-09: 290.55
2026-06-25: 275.15
2026-07-02: 308.63

That does not prove overvaluation, but it does suggest sentiment has been strong and expectations may be elevated.

Bull Case

The strongest bullish points from the analysts are:

Exceptional profitability
- Gross margin 47.86%
- Operating margin 32.64%
- Net margin 27.15%
- Operating income $133.050 billion
- Net income $112.010 billion
These numbers suggest strong pricing power, efficient operations, and a business mix that may be better than a typical hardware company.
Huge and high-quality cash generation
- Operating cash flow $111.482 billion
- Free cash flow $98.767 billion
- OCF is about 99.5% of net income
That suggests earnings are converting into real cash at a very high rate.
Potential moat from ecosystem Apple’s mix of devices, software, subscriptions, payments, support, and media may create repeat spending and customer stickiness.
Strong returns on capital
- ROIC 49.57%
- ROCE 62.33%
- ROA 33.03%
- ROE 146.69%
Even allowing for equity-related distortion in ROE, the broader return profile is unusually strong.
Debt appears manageable relative to earnings
- Net debt $76.443 billion
- Net debt / EBITDA 0.30
- EBITDA $144.427 billion
The bullish interpretation is that Apple’s earnings power is so large that leverage is not the central risk.
Massive shareholder return capacity
- Dividends paid $15.421 billion
- Buybacks $90.711 billion
A bull could argue that a business producing nearly $100 billion of free cash flow can sustain large capital returns for a long time, assuming the business remains durable.

Bear Case

The strongest bearish points are mostly about price and expectations rather than business weakness.

Valuation looks rich on nearly every major metric
- P/E 37.23
- P/S 10.04
- P/B 42.63
- P/FCF 35.09
- EV/EBITDA 28.57
- EV/Sales 10.15
- Earnings yield 2.70%
- FCF yield 2.85%
Relative to Alphabet, Meta, Microsoft, and NVIDIA, Apple screens as especially expensive on several key measures.
The premium is not clearly matched by the strongest growth profile The valuation analyst noted that Apple’s PEG of 1.287 is higher than:
- Alphabet: 0.589
- Microsoft: 0.780
- NVIDIA: 0.273
but lower than:
- Meta: 3.346
That can be read as: investors are paying a lot for Apple, but the provided data does not clearly show the strongest growth to justify the highest earnings multiple.
Expectations risk is high Apple’s stock price of $308.63 is near its **52-week high of $317.40

This report was generated by AI from public financial data for educational purposes only. It is not financial advice. Language models make mistakes — verify all figures independently before making any investment decision.

Raw lens outputs

Business Quality

Here’s a plain-English, beginner-friendly view of **Apple Inc. (AAPL)** based only on the data you provided.

## What Apple actually does

Apple is a **Technology** company in the **Consumer Electronics** industry. In simple terms, it makes and sells consumer devices and then earns additional money from services built around those devices.

According to the company description, its main products include:

- **iPhone** smartphones
- **Mac** computers
- **iPad** tablets
- Wearables and accessories like:
- **Apple Watch**
- **AirPods**
- **Apple TV**
- **HomePod**
- **Beats** products

It also sells services and digital products, including:

- **App Store**
- **AppleCare**
- Cloud services
- **Apple Music**
- **Apple TV+**
- **Apple Arcade**
- **Apple Fitness+**
- **Apple News+**
- **Apple Pay**
- **Apple Card**
- Advertising
- Licensing of intellectual property

So Apple is not just a gadget seller. It appears to run a **hardware + software + services ecosystem**, meaning it sells devices and then also makes money from the apps, subscriptions, payments, support, and digital services connected to those devices.

## How Apple makes money

The clearest evidence in the data is that Apple has very large total sales:

- **Revenue:** **$416.161 billion** in fiscal year 2025

That revenue likely comes from a mix of:

1. **Selling hardware**
- iPhones, Macs, iPads, wearables, accessories

2. **Selling services**
- subscriptions, App Store activity, cloud, AppleCare, payments, advertising, licensing

This kind of model can be powerful because one product can lead to more spending later. For example, a customer who buys a device may later spend on apps, subscriptions, storage, support, or payment services.

## How big the company is

Apple is extremely large by several measures:

- **Market capitalization:** **$4.533 trillion**
- Market capitalization means the total stock market value of the company.
- **Employees:** **166,000**
- **Annual revenue:** **$416.161 billion**
- **Net income:** **$112.010 billion**
- Net income means profit after all expenses and taxes.

Those are enormous figures. For context within this dataset, Apple is one of the biggest companies represented, and its peer list includes major firms like **Microsoft, Alphabet, Meta, and NVIDIA**.

## Is Apple profitable?

Yes, very profitable.

Important profit measures from the data:

- **Gross margin:** **47.86%**
- Gross margin means how much money is left after paying the direct cost of making products.
- At nearly 48%, Apple keeps almost 48 cents of gross profit from every $1 of sales before overhead and other costs.

- **Operating margin:** **32.64%**
- Operating margin means profit after running the business, before taxes and some non-operating items.
- Apple keeps about 33 cents per $1 of sales at this stage.

- **Net margin:** **27.15%**
- Net margin means final profit after all expenses.
- Apple keeps about 27 cents of net profit for every $1 of revenue.

From the statements:

- **Gross profit:** **$195.201 billion**
- **Operating income:** **$133.050 billion**
- **Net income:** **$112.010 billion**

Those are very high absolute profits.

## How much cash does it generate?

Apple also produces a lot of cash:

- **Operating cash flow:** **$111.482 billion**
- **Capital expenditures (capex):** **$12.715 billion**
- **Free cash flow:** **$98.767 billion**

**Free cash flow** means cash left after the company pays for the investments needed to run and maintain the business. This is important because it is the cash that can be used for dividends, buybacks, debt reduction, or acquisitions.

Apple used that cash heavily for shareholder returns:

- **Dividends paid:** **$15.421 billion**
- **Buybacks:** **$90.711 billion**

Buybacks mean the company repurchases its own shares, which reduces the share count over time.

## Does the business show signs of a moat?

A **moat** means a durable competitive advantage that helps a company defend its profits from competitors.

Based on the data, there are **some strong signs of a moat**.

### 1. Very high profitability
Apple’s margins are strong:

- **Gross margin:** **47.86%**
- **Operating margin:** **32.64%**
- **Net margin:** **27.15%**

For a hardware-focused consumer electronics company, those are notable figures. High margins can suggest pricing power, brand strength, efficient operations, or valuable services layered onto hardware.

### 2. Strong returns on capital
Returns on capital try to show how efficiently a company turns invested money into profit.

Apple’s figures are very high:

- **ROIC:** **49.57%**
- **ROCE:** **62.33%**
- **ROA:** **33.03%**
- **ROE:** **146.69%**

These are unusually strong numbers. They suggest Apple is highly efficient at generating profits from its assets and capital base.

A caution for beginners: **ROE** can be boosted by a smaller equity base. Apple’s **total equity is $73.733 billion**, which is much smaller than its **market cap** and also much smaller than its **total liabilities of $285.508 billion**, so ROE alone should not be viewed in isolation. Still, the broader return metrics are strong.

### 3. Ecosystem

Forensic Accountant

Here’s a beginner-friendly forensic accounting read of the **financial statement data provided for FY2025**.

## Bottom line first

**What looks healthy**
- The business is **highly profitable**: revenue **$416.161B**, operating income **$133.050B**, net income **$112.010B**.
- It produces **strong real cash**: operating cash flow (cash from the core business) was **$111.482B**, very close to net income of **$112.010B**.
- **Free cash flow** (operating cash flow minus capital spending) was very large at **$98.767B**.
- Debt looks **manageable relative to earnings/cash flow**: total debt **$112.377B**, net debt **$76.443B**, and **net debt / EBITDA = 0.30**.
- Liquidity is **adequate but not excessive**: current ratio **1.07**, quick ratio **1.02**.
- Dividend burden looks **comfortable**: dividends paid **$15.421B**, only about **15.6% of free cash flow**.

**What looks stretched or needs caution**
- The company has **negative retained earnings of -$14.264B**. Retained earnings are cumulative profits kept in the business after dividends and other capital returns; negative retained earnings can be a warning sign if caused by aggressive payouts.
- Shareholder returns were **very aggressive**: buybacks **$90.711B** plus dividends **$15.421B** = **$106.132B**, which is **more than free cash flow of $98.767B** by about **$7.365B**.
- **Current liabilities exceed current assets**: current liabilities **$165.631B** vs current assets **$147.957B**. That is why the current ratio is only **1.07**, not a disaster, but not roomy.
- **Cash ratio is only 0.27**, meaning cash alone covers only about 27% of current liabilities.
- **Interest coverage is shown as 0**, while interest expense on the income statement is also **0**. That makes this coverage figure **not usable** from the provided data.
- Valuation-related ratios look rich: **P/E 37.23**, **P/B 42.63**, **price to fair value 42.63**. That is not an accounting red flag by itself, but it does suggest the market price leaves less room for disappointment.

---

# 1) Debt load and debt coverage

## What the numbers say
From the balance sheet:
- **Total debt:** **$112.377B**
- **Net debt:** **$76.443B**
- **Cash:** **$35.934B**
- **Total equity:** **$73.733B**

From health ratios:
- **Debt-to-equity:** **0.80**
- **Net debt to EBITDA:** **0.30**
- **Interest coverage:** **0**

## Beginner explanation
- **Debt-to-equity** compares debt to shareholders’ equity. Higher means the company relies more on borrowed money.
- **Net debt to EBITDA** compares debt minus cash to a rough earnings measure. Lower is generally safer.
- **Interest coverage** tells you how easily profits can pay interest expense. Higher is better.

## Assessment
### Healthy
- **Net debt / EBITDA of 0.30** is low. That means net debt is only about 30% of one year’s EBITDA (**$144.427B**), which suggests debt is **not heavy relative to earnings power**.
- **Debt-to-equity of 0.80** is meaningful but not extreme based on the provided data.

### Red flags / cautions
- Debt is still large in absolute dollars: **$112.377B**.
- Equity is **$73.733B**, so debt is larger than equity in dollar terms.
- The **interest coverage figure of 0** is a data problem, not a conclusion. Since **interest expense is also listed as 0**, this metric is **not available in a useful way** from the JSON. A beginner investor should not rely on it here.

### Forensic takeaway
Debt itself does **not** look like the main stress point because cash generation is very large and leverage versus EBITDA is low. The bigger issue is how aggressively cash is being used for buybacks.

---

# 2) Cash generation quality: operating cash flow vs. net income

## What the numbers say
From the income statement and cash flow statement:
- **Net income:** **$112.010B**
- **Operating cash flow (OCF):** **$111.482B**
- **Free cash flow (FCF):** **$98.767B**
- **Capex:** **$12.715B**
- **Stock-based compensation:** **$12.863B**

## Beginner explanation
- **Net income** is accounting profit.
- **Operating cash flow** is the actual cash generated from the company’s normal business.
- Good earnings quality usually means **cash flow is close to or above net income** over time.

## Assessment
### Healthy
- OCF of **$111.482B** is almost equal to net income of **$112.010B**. That is a strong sign that profits are being backed by cash, not just accounting entries.
- OCF is about **99.5%** of net income, which is solid.
- Free cash flow remains very strong at **$98.767B** even after **$12.715B** of capital spending.

### Mild caution
- OCF is **slightly below** net income by about **$528M**, but that difference is

Valuation

Here’s a beginner-friendly read of what Apple’s **current stock price of $308.63** appears to imply based only on the data you provided.

## Bottom line

The market is pricing Apple as a **premium-quality, large-cap company** with:

- **high profitability**: net margin **27.15%**, operating margin **32.64%**
- **very strong cash generation**: free cash flow of **$98.767 billion**
- **modest but positive forward earnings growth expectations**
- a valuation that is **richer than some mega-cap peers**, especially on **P/E** and **EV/EBITDA**, but **not the richest on sales multiples**

Put simply: the current price suggests investors are willing to pay **well above-average multiples for Apple’s earnings and cash flow**, and that means a fair amount of continued growth and resilience is already “priced in.”

---

## 1) What the main valuation multiples say

A **valuation multiple** compares the stock price to a business measure like earnings, sales, or cash flow.

### P/E: Price-to-earnings
**P/E** tells you how many dollars investors are paying for $1 of profit.

- Apple P/E: **37.23**

Peer comparison:
- Alphabet: **27.18**
- Meta: **20.85**
- Microsoft: **23.17**
- NVIDIA: **29.70**

### What that means
Apple’s P/E of **37.23** is the **highest** among the peers with full fundamentals provided. That means the market is paying more for each dollar of Apple earnings than for:
- Alphabet by about **10 points**
- Microsoft by about **14 points**
- NVIDIA by about **7.5 points**
- Meta by about **16.4 points**

That is a strong sign the market is assigning Apple a **premium valuation**.

---

### PEG: Price/earnings-to-growth
**PEG** adjusts the P/E for growth. A lower PEG generally means you are paying less for each unit of expected growth.

- Apple PEG: **1.287**

Peers:
- Alphabet: **0.589**
- Meta: **3.346**
- Microsoft: **0.780**
- NVIDIA: **0.273**

### What that means
Apple’s PEG is:
- **higher than Alphabet, Microsoft, and NVIDIA**
- **lower than Meta**

This is important. It suggests Apple’s high P/E is **not fully backed by especially high growth** relative to several peers. In plain English: investors are paying a lot for Apple, but not because the data here shows it has the strongest growth profile.

---

### P/S: Price-to-sales
**P/S** compares stock price to revenue, or sales.

- Apple P/S: **10.04**

Peers:
- Alphabet: **10.30**
- Meta: **6.88**
- Microsoft: **9.11**
- NVIDIA: **18.62**

### What that means
Apple’s P/S is:
- close to Alphabet
- above Microsoft and Meta
- well below NVIDIA

So on revenue, Apple looks **expensive but not extreme**. The biggest premium is showing up more in **earnings-based multiples** than in sales-based multiples.

---

### P/FCF: Price-to-free-cash-flow
**Free cash flow (FCF)** is cash left after capital spending. It matters because it is money a company can use for dividends, buybacks, debt reduction, or reinvestment.

- Apple P/FCF: **35.09**

Peers:
- Alphabet: **67.56**
- Meta: **30.66**
- Microsoft: **39.78**
- NVIDIA: **39.63**

### What that means
Apple’s P/FCF is:
- cheaper than Alphabet, Microsoft, and NVIDIA
- slightly more expensive than Meta

This makes Apple look **less stretched on cash flow than on earnings**. That fits with Apple’s very large free cash flow of **$98.767 billion** and FCF per share of **8.7809**.

---

### EV/EBITDA
**Enterprise value (EV)** includes market value plus debt minus cash, so it reflects the value of the whole business.  
**EBITDA** is a rough operating profit measure before interest, taxes, depreciation, and amortization.

- Apple EV/EBITDA: **28.57**

Peers:
- Alphabet: **20.13**
- Meta: **13.60**
- Microsoft: **14.56**
- NVIDIA: **24.48**

### What that means
Apple has the **highest EV/EBITDA** among these peers too. That says the market is valuing Apple’s operating business at a particularly rich level.

---

### Earnings yield and FCF yield
A **yield** here is just the inverse of a multiple. Higher yield usually means cheaper valuation.

- Apple earnings yield: **2.70%**
- Apple FCF yield: **2.85%**

Peers:

**Earnings yield**
- Alphabet: **3.68%**
- Meta: **4.78%**
- Microsoft: **4.32%**
- NVIDIA: **3.37%**

**FCF yield**
- Alphabet: **1.48%**
- Meta: **3.26%**
- Microsoft: **2.51%**
- NVIDIA: **2.52%**

### What that means
Apple’s **earnings yield is the lowest** of the group, which confirms it is the **most expensive on earnings**.

Its **FCF yield of 2.85%** is:
- better than Alphabet, Microsoft, and NVIDIA
- slightly below Meta

So again, Apple looks **especially expensive on earnings**, but somewhat more

Short Seller

Here is the **strongest honest bear case** against owning Apple based **only on the JSON provided**.

## Bottom line

The main bearish argument is **not that Apple is a bad business**. The data shows it is highly profitable.  
The bear case is that **investors may already be paying an extremely high price for that quality**, while the balance sheet is less pristine than many beginners might assume, analyst optimism is crowded, and even small disappointments could matter because the stock is priced for continued excellence.

---

## 1) Valuation risk: the stock is expensive on almost every major metric

**Valuation** means how expensive a stock is relative to its profits, sales, cash flow, or assets.

Apple’s current valuation looks rich:

- **P/E (price-to-earnings)**: **37.23**
  - This means investors are paying about **37 times earnings**.
- **Price-to-sales**: **10.04**
  - Investors are paying about **10 times annual revenue**.
- **Price-to-book**: **42.63**
  - Investors are paying over **42 times accounting equity**.
- **Price-to-free-cash-flow**: **35.09**
- **EV/EBITDA**: **28.57**
- **EV/Sales**: **10.15**
- **Earnings yield**: **2.70%**
- **Free-cash-flow yield**: **2.85%**

For a beginner:  
- **Earnings yield** is the inverse of P/E. A **2.70% earnings yield** means the company generates annual earnings equal to only 2.70% of the stock price. Lower yield = more expensive stock.
- **Free-cash-flow yield** tells you how much free cash flow you’re getting for the price you pay. At **2.85%**, the cash return implied by the current valuation is modest.

### Compared with peers in the JSON, Apple screens as the expensive outlier
Against the peer fundamentals provided:

- **Apple P/E: 37.23**
  - GOOGL: **27.18**
  - META: **20.85**
  - MSFT: **23.17**
  - NVDA: **29.70**

- **Apple P/B: 42.63**
  - GOOGL: **9.10**
  - META: **6.06**
  - MSFT: **7.00**
  - NVDA: **24.21**

- **Apple EV/EBITDA: 28.57**
  - GOOGL: **20.13**
  - META: **13.60**
  - MSFT: **14.56**
  - NVDA: **24.48**

- **Apple earnings yield: 2.70%**
  - GOOGL: **3.68%**
  - META: **4.78%**
  - MSFT: **4.32%**
  - NVDA: **3.37%**

This is one of the cleanest bear points in the entire data set: **Apple is priced more aggressively than all four major peers shown**, even though the JSON does not show clearly superior growth to justify that premium.

### Market cap creates a high hurdle
Apple’s **market cap is $4.53 trillion**. At that size, maintaining a high multiple becomes harder because future growth must come off an enormous base.  
The company’s FY2025 **revenue was $416.161 billion** and **net income was $112.010 billion**. Those are huge numbers, but when a company is already this large, even strong operating performance may not be enough if investors were expecting more.

---

## 2) The stock price has run up fast, which raises expectations risk

The stock is at **$308.63**, near its **52-week high of $317.40** and well above its **52-week low of $201.50**.

It is also above:
- **50-day average**: **293.523**
- **200-day average**: **270.69144**
- **20-day SMA**: **294.8025**
- **50-day EMA**: **290.5874**

That alone is not bad, but it means sentiment is already strong. A bear would say this creates **expectations risk**: when a stock is already near highs and above moving averages, even decent results can disappoint if they are not exceptional.

The recent price history also shows meaningful volatility:

- **2026-06-08 close:** **301.54**
- **2026-06-09 close:** **290.55**
- **2026-06-25 close:** **275.15**
- **2026-07-02 close:** **308.63**

That is a sharp drop and rebound in a short period. For beginners, this matters because a richly valued stock can swing a lot when sentiment changes.

---

## 3) Balance sheet is okay, but not as fortress-like as the brand might suggest

A **balance sheet** shows what a company owns, owes, and what is left for shareholders.

Apple’s FY2025 balance sheet includes:

- **Cash**: **$35.934 billion**
- **Total debt**: **$112.377 billion**
- **Net debt**: **$76.443 billion**
- **Total liabilities**: **$285.508 billion**
- **Total equity**: **$73.733 billion**
- **Current assets**: **$147.957 billion**
- **Current liabilities**: **$165.631 billion**
- **Retained earnings**: **-$14.264 billion**

### Short-term liquidity is thin
**Liquidity** means

Data snapshot (figures as of generation)

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      "company": "Evercore ISI Group",
      "toGrade": "Outperform",
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      "company": "Tigress Financial",
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      "action": "maintain",
      "company": "UBS",
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      "fromGrade": "Neutral"
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      "action": "maintain",
      "company": "Rosenblatt",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
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      "action": "maintain",
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      "fromGrade": "Outperform"
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      "company": "BNP Paribas",
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    {
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      "action": "maintain",
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    {
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      "action": "maintain",
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    {
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      "company": "B of A Securities",
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    {
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      "action": "downgrade",
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
      "date": "2014-04-23",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2014-04-23",
      "action": "maintain",
      "company": "Barclays",
      "toGrade": "Equal Weight",
      "fromGrade": "Equal Weight"
    },
    {
      "date": "2014-04-23",
      "action": "maintain",
      "company": "Citigroup",
      "toGrade": "Hold",
      "fromGrade": "Hold"
    },
    {
      "date": "2014-04-10",
      "action": "maintain",
      "company": "Deutsche Bank",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-03-21",
      "action": "maintain",
      "company": "Macquarie",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2014-03-11",
      "action": "upgrade",
      "company": "Pacific Crest",
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      "fromGrade": "Sector Perform"
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    {
      "date": "2014-03-10",
      "action": "upgrade",
      "company": "Pacific Crest",
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      "fromGrade": "Sector Perform"
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    {
      "date": "2014-03-03",
      "action": "maintain",
      "company": "Canaccord Genuity",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-03-02",
      "action": "maintain",
      "company": "Canaccord Genuity",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-02-20",
      "action": "downgrade",
      "company": "Barclays",
      "toGrade": "Equal Weight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2014-02-19",
      "action": "downgrade",
      "company": "Barclays",
      "toGrade": "Equal Weight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2014-02-14",
      "action": "maintain",
      "company": "Bank of America",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2014-02-14",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
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    {
      "date": "2014-02-13",
      "action": "maintain",
      "company": "B of A Securities",
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      "fromGrade": "Neutral"
    },
    {
      "date": "2014-01-28",
      "action": "maintain",
      "company": "Nomura",
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      "fromGrade": "Neutral"
    },
    {
      "date": "2014-01-28",
      "action": "downgrade",
      "company": "Oppenheimer",
      "toGrade": "Perform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2014-01-28",
      "action": "maintain",
      "company": "Hilliard Lyons",
      "toGrade": "Long Term Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-01-28",
      "action": "maintain",
      "company": "Barclays",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2014-01-27",
      "action": "downgrade",
      "company": "Oppenheimer",
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      "fromGrade": "Outperform"
    },
    {
      "date": "2014-01-27",
      "action": "downgrade",
      "company": "BGC FInancial",
      "toGrade": "Hold",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-01-27",
      "action": "maintain",
      "company": "JP Morgan",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2014-01-27",
      "action": "downgrade",
      "company": "BGC Financial",
      "toGrade": "Hold",
      "fromGrade": "Buy"
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    {
      "date": "2014-01-27",
      "action": "maintain",
      "company": "UBS",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-01-27",
      "action": "maintain",
      "company": "Nomura",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2014-01-27",
      "action": "maintain",
      "company": "Citigroup",
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      "fromGrade": "Hold"
    },
    {
      "date": "2014-01-27",
      "action": "maintain",
      "company": "Barclays",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
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    {
      "date": "2014-01-27",
      "action": "maintain",
      "company": "Hilliard Lyons",
      "toGrade": "Long Term Buy",
      "fromGrade": "Buy"
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    {
      "date": "2014-01-27",
      "action": "downgrade",
      "company": "Raymond James",
      "toGrade": "Outperform",
      "fromGrade": "Strong Buy"
    },
    {
      "date": "2014-01-26",
      "action": "downgrade",
      "company": "BGC FInancial",
      "toGrade": "Hold",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-01-21",
      "action": "downgrade",
      "company": "Societe Generale",
      "toGrade": "Hold",
      "fromGrade": "Buy"
    },
    {
      "date": "2014-01-20",
      "action": "downgrade",
      "company": "Societe Generale",
      "toGrade": "Hold",
      "fromGrade": "Buy"
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    {
      "date": "2014-01-13",
      "action": "maintain",
      "company": "Oracle Investment Research",
      "toGrade": "Strong Buy",
      "fromGrade": "Strong Buy"
    },
    {
      "date": "2014-01-12",
      "action": "maintain",
      "company": "Oracle Investment Research",
      "toGrade": "Strong Buy",
      "fromGrade": "Strong Buy"
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    {
      "date": "2014-01-06",
      "action": "downgrade",
      "company": "Standpoint",
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      "fromGrade": "Hold"
    },
    {
      "date": "2014-01-06",
      "action": "downgrade",
      "company": "Standpoint Research",
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      "fromGrade": "Hold"
    },
    {
      "date": "2014-01-05",
      "action": "downgrade",
      "company": "Standpoint Research",
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      "fromGrade": "Hold"
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    {
      "date": "2014-01-02",
      "action": "downgrade",
      "company": "Wells Fargo",
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      "fromGrade": "Outperform"
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    {
      "date": "2014-01-01",
      "action": "downgrade",
      "company": "Wells Fargo",
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      "fromGrade": "Outperform"
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    {
      "date": "2013-12-23",
      "action": "maintain",
      "company": "FBN Securities",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-12-22",
      "action": "maintain",
      "company": "Raymond James",
      "toGrade": "Strong Buy",
      "fromGrade": "Strong Buy"
    },
    {
      "date": "2013-12-22",
      "action": "maintain",
      "company": "FBN Securities",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-12-22",
      "action": "maintain",
      "company": "Stifel",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-12-19",
      "action": "maintain",
      "company": "JP Morgan",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-12-19",
      "action": "maintain",
      "company": "Monness Crespi Hardt",
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      "fromGrade": "Buy"
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    {
      "date": "2013-12-19",
      "action": "maintain",
      "company": "Monness, Crespi, Hardt",
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      "fromGrade": "Buy"
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    {
      "date": "2013-12-18",
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    {
      "date": "2013-12-18",
      "action": "maintain",
      "company": "JP Morgan",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-12-18",
      "action": "maintain",
      "company": "Susquehanna",
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      "fromGrade": "Positive"
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    {
      "date": "2013-12-16",
      "action": "maintain",
      "company": "Morgan Stanley",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-12-15",
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    {
      "date": "2013-12-12",
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    {
      "date": "2013-12-11",
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      "company": "Canaccord Genuity",
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    {
      "date": "2013-12-10",
      "action": "maintain",
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    {
      "date": "2013-12-10",
      "action": "maintain",
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      "fromGrade": "Neutral"
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    {
      "date": "2013-12-09",
      "action": "maintain",
      "company": "B of A Securities",
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      "fromGrade": "Neutral"
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    {
      "date": "2013-12-06",
      "action": "maintain",
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      "fromGrade": "Neutral"
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    {
      "date": "2013-12-05",
      "action": "maintain",
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    {
      "date": "2013-12-03",
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    {
      "date": "2013-12-02",
      "action": "upgrade",
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    {
      "date": "2013-12-01",
      "action": "upgrade",
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      "date": "2013-11-29",
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    {
      "date": "2013-11-28",
      "action": "maintain",
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      "date": "2013-11-25",
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    {
      "date": "2013-11-24",
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    {
      "date": "2013-11-18",
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      "company": "Susquehanna",
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    {
      "date": "2013-11-17",
      "action": "maintain",
      "company": "Susquehanna",
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      "fromGrade": "Positive"
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    {
      "date": "2013-11-14",
      "action": "maintain",
      "company": "Canaccord Genuity",
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      "fromGrade": "Buy"
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    {
      "date": "2013-11-13",
      "action": "maintain",
      "company": "Canaccord Genuity",
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    {
      "date": "2013-10-29",
      "action": "maintain",
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    {
      "date": "2013-10-29",
      "action": "maintain",
      "company": "Monness Crespi Hardt",
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      "fromGrade": "Buy"
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    {
      "date": "2013-10-29",
      "action": "maintain",
      "company": "PiperJaffray",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-10-29",
      "action": "maintain",
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      "fromGrade": "Buy"
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    {
      "date": "2013-10-29",
      "action": "maintain",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-10-29",
      "action": "maintain",
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      "fromGrade": "Buy"
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    {
      "date": "2013-10-29",
      "action": "maintain",
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    {
      "date": "2013-10-28",
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    {
      "date": "2013-10-28",
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    {
      "date": "2013-10-28",
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    {
      "date": "2013-10-28",
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      "fromGrade": "Buy"
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    {
      "date": "2013-10-28",
      "action": "maintain",
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      "date": "2013-10-28",
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    {
      "date": "2013-10-28",
      "action": "maintain",
      "company": "Janney Montgomery Scott",
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      "fromGrade": "Buy"
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    {
      "date": "2013-10-28",
      "action": "maintain",
      "company": "Nomura",
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      "fromGrade": "Neutral"
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    {
      "date": "2013-10-28",
      "action": "maintain",
      "company": "Goldman Sachs",
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      "fromGrade": "Buy"
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    {
      "date": "2013-10-28",
      "action": "maintain",
      "company": "Canaccord Genuity",
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      "fromGrade": "Buy"
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    {
      "date": "2013-10-28",
      "action": "maintain",
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    {
      "date": "2013-10-28",
      "action": "maintain",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-10-28",
      "action": "maintain",
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    {
      "date": "2013-10-22",
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    {
      "date": "2013-10-22",
      "action": "maintain",
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    {
      "date": "2013-10-20",
      "action": "upgrade",
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    {
      "date": "2013-10-13",
      "action": "maintain",
      "company": "Mizuho",
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    {
      "date": "2013-10-06",
      "action": "upgrade",
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    {
      "date": "2013-10-03",
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    {
      "date": "2013-09-29",
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      "company": "Global Equities Research",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-09-27",
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      "fromGrade": "Buy"
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    {
      "date": "2013-09-26",
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      "date": "2013-09-23",
      "action": "upgrade",
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    {
      "date": "2013-09-23",
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    {
      "date": "2013-09-22",
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    {
      "date": "2013-09-12",
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    {
      "date": "2013-09-11",
      "action": "downgrade",
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    {
      "date": "2013-09-11",
      "action": "maintain",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-09-10",
      "action": "downgrade",
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    {
      "date": "2013-09-10",
      "action": "maintain",
      "company": "Oppenheimer",
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      "fromGrade": "Outperform"
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    {
      "date": "2013-09-10",
      "action": "maintain",
      "company": "Canaccord Genuity",
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      "fromGrade": "Buy"
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    {
      "date": "2013-09-10",
      "action": "maintain",
      "company": "Nomura",
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      "fromGrade": "Neutral"
    },
    {
      "date": "2013-09-10",
      "action": "maintain",
      "company": "Piper Sandler",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-09-10",
      "action": "downgrade",
      "company": "B of A Securities",
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      "fromGrade": "Buy"
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    {
      "date": "2013-09-10",
      "action": "downgrade",
      "company": "Credit Suisse",
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      "fromGrade": "Outperform"
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    {
      "date": "2013-09-08",
      "action": "maintain",
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      "fromGrade": "Outperform"
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    {
      "date": "2013-09-06",
      "action": "maintain",
      "company": "Evercore Partners",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-09-05",
      "action": "maintain",
      "company": "Evercore ISI Group",
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      "fromGrade": "Overweight"
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    {
      "date": "2013-09-04",
      "action": "maintain",
      "company": "Cantor Fitzgerald",
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      "fromGrade": "Buy"
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    {
      "date": "2013-09-02",
      "action": "downgrade",
      "company": "ABG Sundal Collier",
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      "fromGrade": "Hold"
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    {
      "date": "2013-08-20",
      "action": "maintain",
      "company": "UBS",
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      "fromGrade": "Buy"
    },
    {
      "date": "2013-08-14",
      "action": "maintain",
      "company": "RBC Capital",
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      "fromGrade": "Outperform"
    },
    {
      "date": "2013-08-11",
      "action": "maintain",
      "company": "Needham",
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      "fromGrade": "Buy"
    },
    {
      "date": "2013-08-01",
      "action": "downgrade",
      "company": "Standpoint Research",
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      "fromGrade": "Buy"
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    {
      "date": "2013-07-31",
      "action": "maintain",
      "company": "Jefferies",
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      "fromGrade": "Hold"
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    {
      "date": "2013-07-24",
      "action": "maintain",
      "company": "Bank of America",
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      "fromGrade": "Buy"
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    {
      "date": "2013-07-24",
      "action": "maintain",
      "company": "Stifel Nicolaus",
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      "fromGrade": "Buy"
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    {
      "date": "2013-07-23",
      "action": "maintain",
      "company": "B of A Securities",
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      "fromGrade": "Buy"
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    {
      "date": "2013-07-23",
      "action": "upgrade",
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    {
      "date": "2013-07-23",
      "action": "maintain",
      "company": "Stifel",
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      "fromGrade": "Buy"
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    {
      "date": "2013-07-23",
      "action": "maintain",
      "company": "Goldman Sachs",
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      "fromGrade": "Buy"
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    {
      "date": "2013-07-21",
      "action": "maintain",
      "company": "BMO Capital",
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      "fromGrade": "Market Perform"
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    {
      "date": "2013-06-30",
      "action": "upgrade",
      "company": "Raymond James",
      "toGrade": "Strong Buy",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-06-23",
      "action": "maintain",
      "company": "BMO Capital",
      "toGrade": "Market Perform",
      "fromGrade": "Market Perform"
    },
    {
      "date": "2013-06-23",
      "action": "maintain",
      "company": "Jefferies",
      "toGrade": "Hold",
      "fromGrade": "Hold"
    },
    {
      "date": "2013-05-15",
      "action": "maintain",
      "company": "Susquehanna",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-05-05",
      "action": "maintain",
      "company": "Barclays",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-04-24",
      "action": "maintain",
      "company": "Ameriprise Financial",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-24",
      "action": "upgrade",
      "company": "ABG Sundal Collier",
      "toGrade": "Hold",
      "fromGrade": "Sell"
    },
    {
      "date": "2013-04-24",
      "action": "downgrade",
      "company": "Hamburger Sparkasse",
      "toGrade": "Hold",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-23",
      "action": "downgrade",
      "company": "BMO Capital",
      "toGrade": "Market Perform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-04-23",
      "action": "maintain",
      "company": "Credit Suisse",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-04-23",
      "action": "maintain",
      "company": "FBN Securities",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-04-23",
      "action": "maintain",
      "company": "Citigroup",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-04-23",
      "action": "maintain",
      "company": "Nomura",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-04-23",
      "action": "maintain",
      "company": "Hilliard Lyons",
      "toGrade": "Buy",
      "fromGrade": "Long Term Buy"
    },
    {
      "date": "2013-04-23",
      "action": "maintain",
      "company": "Societe Generale",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-22",
      "action": "upgrade",
      "company": "BGC Financial",
      "toGrade": "Buy",
      "fromGrade": "Hold"
    },
    {
      "date": "2013-04-22",
      "action": "maintain",
      "company": "FBR Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-04-22",
      "action": "maintain",
      "company": "Monness Crespi Hardt",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-21",
      "action": "maintain",
      "company": "BMO Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-04-21",
      "action": "maintain",
      "company": "Monness, Crespi, Hardt",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-21",
      "action": "upgrade",
      "company": "BGC FInancial",
      "toGrade": "Buy",
      "fromGrade": "Hold"
    },
    {
      "date": "2013-04-21",
      "action": "maintain",
      "company": "Sterne Agee",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-21",
      "action": "upgrade",
      "company": "Avondale Partners",
      "toGrade": "Market Outperform",
      "fromGrade": "Market Perform"
    },
    {
      "date": "2013-04-19",
      "action": "maintain",
      "company": "Standpoint",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-18",
      "action": "maintain",
      "company": "Janney Capital",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-18",
      "action": "maintain",
      "company": "Barclays",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-04-17",
      "action": "maintain",
      "company": "Janney Montgomery Scott",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-17",
      "action": "maintain",
      "company": "BMO Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-04-16",
      "action": "maintain",
      "company": "PiperJaffray",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-04-16",
      "action": "maintain",
      "company": "Stifel Nicolaus",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-15",
      "action": "maintain",
      "company": "Piper Sandler",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-04-15",
      "action": "maintain",
      "company": "Stifel",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-11",
      "action": "maintain",
      "company": "RBC Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-04-04",
      "action": "maintain",
      "company": "Lazard",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-04-01",
      "action": "maintain",
      "company": "Goldman Sachs",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-03-25",
      "action": "maintain",
      "company": "Oppenheimer",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-03-19",
      "action": "maintain",
      "company": "Canaccord Genuity",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-03-14",
      "action": "maintain",
      "company": "Sterne Agee",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-03-14",
      "action": "upgrade",
      "company": "BTIG Research",
      "toGrade": "Buy",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-03-13",
      "action": "upgrade",
      "company": "BTIG",
      "toGrade": "Buy",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-03-11",
      "action": "maintain",
      "company": "Jefferies",
      "toGrade": "Hold",
      "fromGrade": "Hold"
    },
    {
      "date": "2013-03-10",
      "action": "maintain",
      "company": "Credit Agricole",
      "toGrade": "Outperform",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-03-05",
      "action": "maintain",
      "company": "Citigroup",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-03-05",
      "action": "downgrade",
      "company": "Berenberg",
      "toGrade": "Sell",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-03-04",
      "action": "downgrade",
      "company": "Cleveland Research",
      "toGrade": "Neutral",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-02-24",
      "action": "maintain",
      "company": "Needham",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-27",
      "action": "downgrade",
      "company": "Baird",
      "toGrade": "Market Perform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-24",
      "action": "maintain",
      "company": "Janney Capital",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-24",
      "action": "maintain",
      "company": "Stifel Nicolaus",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-24",
      "action": "downgrade",
      "company": "Scotiabank",
      "toGrade": "Perform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-24",
      "action": "maintain",
      "company": "BGC Financial",
      "toGrade": "Hold",
      "fromGrade": "Hold"
    },
    {
      "date": "2013-01-24",
      "action": "maintain",
      "company": "Topeka",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-24",
      "action": "maintain",
      "company": "PiperJaffray",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Barclays",
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      "fromGrade": "Overweight"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Credit Agricole",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "downgrade",
      "company": "Jefferies",
      "toGrade": "Hold",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Canaccord Genuity",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Societe Generale",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "downgrade",
      "company": "Scotiabank",
      "toGrade": "Sector Perform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Janney Montgomery Scott",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "FBN Securities",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Piper Sandler",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Stifel",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Credit Suisse",
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      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "BMO Capital",
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      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Hilliard Lyons",
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      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "BGC FInancial",
      "toGrade": "Hold",
      "fromGrade": "Hold"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Sterne Agee",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Goldman Sachs",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Nomura",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Topeka Capital",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Deutsche Bank",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "RBC Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "Oracle Investment Research",
      "toGrade": "Strong Buy",
      "fromGrade": "Strong Buy"
    },
    {
      "date": "2013-01-23",
      "action": "maintain",
      "company": "UBS",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-21",
      "action": "maintain",
      "company": "Monness, Crespi, Hardt",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-21",
      "action": "maintain",
      "company": "UBS",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-21",
      "action": "maintain",
      "company": "Scotiabank",
      "toGrade": "Sector Outperform",
      "fromGrade": "Sector Outperform"
    },
    {
      "date": "2013-01-16",
      "action": "maintain",
      "company": "BGC Financial",
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      "fromGrade": "Hold"
    },
    {
      "date": "2013-01-16",
      "action": "maintain",
      "company": "BMO Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-16",
      "action": "maintain",
      "company": "Bank of America",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-16",
      "action": "maintain",
      "company": "JP Morgan",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-01-15",
      "action": "downgrade",
      "company": "Pacific Crest",
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      "fromGrade": "Outperform"
    },
    {
      "date": "2013-01-15",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-15",
      "action": "maintain",
      "company": "BGC FInancial",
      "toGrade": "Hold",
      "fromGrade": "Hold"
    },
    {
      "date": "2013-01-15",
      "action": "maintain",
      "company": "Stifel",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-14",
      "action": "maintain",
      "company": "Nomura",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2013-01-10",
      "action": "maintain",
      "company": "PiperJaffray",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-01-10",
      "action": "maintain",
      "company": "Credit Agricole",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2013-01-09",
      "action": "maintain",
      "company": "Piper Sandler",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2013-01-06",
      "action": "maintain",
      "company": "Barclays",
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      "fromGrade": "Overweight"
    },
    {
      "date": "2012-12-16",
      "action": "maintain",
      "company": "Mizuho",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-12-16",
      "action": "maintain",
      "company": "BMO Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-12-16",
      "action": "downgrade",
      "company": "Citigroup",
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      "fromGrade": "Buy"
    },
    {
      "date": "2012-12-16",
      "action": "maintain",
      "company": "Pacific Crest",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-12-13",
      "action": "maintain",
      "company": "UBS",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-12-09",
      "action": "maintain",
      "company": "Jefferies",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-12-04",
      "action": "upgrade",
      "company": "Oracle Investment Research",
      "toGrade": "Strong Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-11-26",
      "action": "maintain",
      "company": "Citigroup",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-11-19",
      "action": "maintain",
      "company": "Bank of America",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-11-18",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-11-09",
      "action": "maintain",
      "company": "Avondale Partners",
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      "fromGrade": "Market Perform"
    },
    {
      "date": "2012-10-31",
      "action": "upgrade",
      "company": "Oracle Investment Research",
      "toGrade": "Buy",
      "fromGrade": "Hold"
    },
    {
      "date": "2012-10-25",
      "action": "maintain",
      "company": "Telsey Advisory Group",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-10-25",
      "action": "maintain",
      "company": "Nomura",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2012-10-25",
      "action": "maintain",
      "company": "Deutsche Bank",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-10-25",
      "action": "maintain",
      "company": "FBN Securities",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-10-23",
      "action": "maintain",
      "company": "Barclays",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2012-10-23",
      "action": "maintain",
      "company": "Canaccord Genuity",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-10-09",
      "action": "maintain",
      "company": "Nomura",
      "toGrade": "Neutral",
      "fromGrade": "Neutral"
    },
    {
      "date": "2012-09-20",
      "action": "maintain",
      "company": "Crowell, Weedon & Co.",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-20",
      "action": "maintain",
      "company": "Deutsche Bank",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-18",
      "action": "maintain",
      "company": "Bank of America",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-17",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-17",
      "action": "maintain",
      "company": "Sterne Agee",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-16",
      "action": "maintain",
      "company": "BMO Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-09-13",
      "action": "maintain",
      "company": "Hilliard Lyons",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-12",
      "action": "maintain",
      "company": "Goldman Sachs",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-12",
      "action": "maintain",
      "company": "Barclays",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2012-09-12",
      "action": "maintain",
      "company": "Deutsche Bank",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-12",
      "action": "maintain",
      "company": "Sterne Agee",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-12",
      "action": "maintain",
      "company": "Hudson Square",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-12",
      "action": "maintain",
      "company": "UBS",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-10",
      "action": "maintain",
      "company": "Monness Crespi Hardt",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-05",
      "action": "maintain",
      "company": "Societe Generale",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-09-04",
      "action": "maintain",
      "company": "JP Morgan",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2012-09-03",
      "action": "maintain",
      "company": "Wedbush",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-08-27",
      "action": "maintain",
      "company": "Bank of America",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-08-26",
      "action": "maintain",
      "company": "Oppenheimer",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-08-26",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-08-21",
      "action": "maintain",
      "company": "Needham",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-08-20",
      "action": "downgrade",
      "company": "Oracle Investment Research",
      "toGrade": "Hold",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-08-16",
      "action": "maintain",
      "company": "Jefferies",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-08-09",
      "action": "maintain",
      "company": "Stifel Nicolaus",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-07-25",
      "action": "downgrade",
      "company": "Phillip Securities",
      "toGrade": "Neutral",
      "fromGrade": "Accumulate"
    },
    {
      "date": "2012-07-25",
      "action": "maintain",
      "company": "Bank of America",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-07-24",
      "action": "maintain",
      "company": "BMO Capital",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-07-24",
      "action": "maintain",
      "company": "Goldman Sachs",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-07-24",
      "action": "downgrade",
      "company": "Raymond James",
      "toGrade": "Outperform",
      "fromGrade": "Strong Buy"
    },
    {
      "date": "2012-07-24",
      "action": "maintain",
      "company": "Canaccord Genuity",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-07-24",
      "action": "maintain",
      "company": "JP Morgan",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2012-07-24",
      "action": "maintain",
      "company": "Morgan Stanley",
      "toGrade": "Overweight",
      "fromGrade": "Overweight"
    },
    {
      "date": "2012-07-24",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-07-11",
      "action": "maintain",
      "company": "UBS",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-06-03",
      "action": "maintain",
      "company": "Crowell, Weedon & Co.",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-26",
      "action": "maintain",
      "company": "Scotiabank",
      "toGrade": "Outperform",
      "fromGrade": "Sector Outperform"
    },
    {
      "date": "2012-04-25",
      "action": "upgrade",
      "company": "Scotiabank",
      "toGrade": "Sector Outperform",
      "fromGrade": "Sector Perform"
    },
    {
      "date": "2012-04-25",
      "action": "maintain",
      "company": "Bank oferica",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-25",
      "action": "maintain",
      "company": "Hilliard Lyons",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-24",
      "action": "upgrade",
      "company": "Societe Generale",
      "toGrade": "Buy",
      "fromGrade": "Hold"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "B of A Securities",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "Sterne Agee",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "Deutsche Bank",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "ISI Group",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "Goldman Sachs",
      "toGrade": "Buy",
      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "FBN Securities",
      "toGrade": "Outperform",
      "fromGrade": "Outperform"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "Citigroup",
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      "fromGrade": "Buy"
    },
    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "Canaccord Genuity",
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      "fromGrade": "Buy"
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    {
      "date": "2012-04-24",
      "action": "maintain",
      "company": "Wedbush",
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      "fromGrade": "Outperform"
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    {
      "date": "2012-04-18",
      "action": "maintain",
      "company": "Canaccord Genuity",
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      "fromGrade": "Buy"
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    {
      "date": "2012-04-17",
      "action": "maintain",
      "company": "Goldman Sachs",
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      "fromGrade": "Buy"
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    {
      "date": "2012-04-13",
      "action": "maintain",
      "company": "Bank oferica",
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      "fromGrade": "Buy"
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    {
      "date": "2012-04-12",
      "action": "maintain",
      "company": "B of A Securities",
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    {
      "date": "2012-04-11",
      "action": "maintain",
      "company": "Credit Suisse",
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    {
      "date": "2012-04-10",
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      "company": "Sterne Agee",
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      "fromGrade": "Buy"
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    {
      "date": "2012-04-09",
      "action": "maintain",
      "company": "BTIG Research",
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      "fromGrade": "Neutral"
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    {
      "date": "2012-04-08",
      "action": "downgrade",
      "company": "BTIG",
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    {
      "date": "2012-04-04",
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    {
      "date": "2012-04-03",
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    {
      "date": "2012-04-02",
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    {
      "date": "2012-04-02",
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      "company": "JP Morgan",
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      "date": "2012-03-29",
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    {
      "date": "2012-03-20",
      "action": "maintain",
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    {
      "date": "2012-03-20",
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    {
      "date": "2012-03-20",
      "action": "maintain",
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    {
      "date": "2012-03-19",
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    {
      "date": "2012-03-19",
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    {
      "date": "2012-03-18",
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      "date": "2012-03-18",
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      "company": "Goldman Sachs",
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      "date": "2012-03-18",
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      "date": "2012-03-18",
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      "date": "2012-03-15",
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      "date": "2012-03-15",
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      "date": "2012-03-15",
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      "date": "2012-03-14",
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      "date": "2012-03-14",
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    {
      "date": "2012-03-13",
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      "date": "2012-03-13",
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      "date": "2012-03-12",
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      "date": "2012-03-07",
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      "date": "2012-02-08",
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