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| Cunningham arrives in his office early on the day of the conference call. He has conducted an extensive analysis of IMed’s financial statements and has reviewed his assessment of Lance’s conclusions in the report that Lance issued before his departure. He regrets having asked Lance about IMed’s earnings at the previous night’s dinner and decides to ask Lance some very pointed questions in public during the conference call, especially regarding Lance’s inclusion of some significant non-recurring gains in operating income. Based on his own knowledge and experience, Cunningham doesn’t believe that Lance’s target price for IMed would be sustained. He decides that, if he doesn’t get clear answers to his questions on the call, he will recommend to client’s in his research report that IMed’s rating drop to “hold”. Cunningham’s research report and recommendation is sent to all of his firm’s clients and is not directed to a specific client.
In conducting his analysis and developing his recommendation, which of the following requirements of Standard V, Investment Analysis, Recommendations and Actions, would Cunningham least likely be concerned with? A. Consider the appropriateness and suitability of investment recommendations for each client. B. Clearly differentiate fact from opinion in making recommendations. C. Exercise diligence and thoroughness in making investment recommendations. |