QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

12. Colin Gifford, CFA is finalizing a monthly newsletter to his clients, who are primarily

individual investors. Many of the clients’ accounts hold the common stock of Capricorn

Technologies. In the newsletter, Gifford writes, “Based upon the next six months

earnings of $1.50 per share and a 10% increase in the dividend, the price of Capricorn's

stock will be $22 per share by the end of the year.” Regarding his stock analysis, the

least appropriate action Gifford should take to avoid violating any CFA Institute

Standards of Professional Conduct would be to:

A. separate fact from opinion.

B. include earnings estimates.

C. identify limitations of the analysis.

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