如下

问题如下：

Downside and upside risk factors are most likely included in:

选项：

A.an initial company research report only.

B.a subsequent company research report only.

C.both initial and subsequent research reports.

解释：

1. Incorrect because downside and upside risk factors are part of the company research report element "Risks" which is not only part of the initial company research report elements but also listed amongst the five elements for the subsequent company research report: 1. Front Matter, 2. Recommendation, 3. Analysis of New Information, 4. Valuation and 5. Risks.

2. Incorrect because downside and upside risk factors are part of the company research report element "Risks" which is in fact part of the initial company research report elements as well as listed amongst the five elements for the subsequent company research report: 1. Front Matter, 2. Recommendation, 3. Analysis of New Information, 4. Valuation and 5. Risks.

3. Correct because downside and upside risk factors are part of the company research report element "Risks" which is not only part of the initial company research report elements but also listed amongst the five elements for the subsequent company research report: 1. Front Matter, 2. Recommendation, 3. Analysis of New Information, 4. Valuation and 5. Risks.

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