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Valuation also gives only modest downside protection we feel.
In a later communique dictated by Ms. Meeker, there was no mention of a "modest downside".
But a message to Morgan Stanley's salespeople yesterday morning summarizing Ms. Meeker's views on Amazon, began this way: "Mary believes there will be no upside to her June and September revenue estimates and there could be some modest downside".
Still, to look for a 27% decline at this bank is a tall order in this environment, which indicate the trader simply sees modest downside risk at WFC. iShares FTSE/Xinhua China 25 Index : Ongoing angst regarding prospects in China have been heightened Wednesday given clear signs of excess capacity.
"The lower magnitude of brand price increases could present modest downside risk to wholesaler earnings," healthcare services analyst Robert Jones wrote in a note to clients.
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The Bank said growth in the UK's trade partners in emerging market economies, such as China, would be only "modest" with downside risks.
As such they confirm the picture in our latest Global Outlook, for a steady improvement in the eurozone economy, albeit at modest rates and with downside risks.
That's essentially a mutual fund to which is attached a modest tax deferral and just enough downside protection to make the economics of the deal murky.
For Japan, the statement said a "modest recovery" was expected, but warned that "downside risks remain".
The benefits of prostate cancer screening, he said, are "modest at best and with a greater downside than any other cancer we screen for".
Downsides: Senior Housing exposure generates modest NOI growth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com