The chart below describes how analyst perception of Client Co. has changed over time in terms of Buy, Sell and Hold ratings Overview of analyst perception (% of analysts) Client Co's share price 100% 3,000 Buy 75 2,000 Hold 50 1,000 25 Sell Dec 10 Dec '11 Dec 12 Dec 13 Dec 14 Dec 15 Upside (% 11% -8 % -5% -4% 3% -9% Figure 2 *Upside- (Target-Actual)Actual Q6. What do you infer from the chart (Figure 2) above? a) Share price decline in recent years indicate increase in 'Sell' recommendations from the analysts b) Analysts are positive on company's turnaround plan c) Analysts are skeptical on Orange Co's M&A investments and have lost some confidence in the stock over last few years d) Analysts have considerable negative outlook on the stock and believe Orange company needs a complete turnaround