Global Research
Published by Raymond James & Associates
May 2017
© 2017 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.
International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863
Contents
Consumer
USA ..........................19
Healthcare
USA .......................... 45
Real Estate
USA .......................... 58
CAN ..........................22
CAN .......................... 61
EUR ..........................23
EUR .......................... 62
Energy
Industrial
Technology & Communications
USA ..........................26
USA .......................... 52
USA .......................... 64
CAN ..........................31
CAN ......................... 53
CAN .......................... 72
EUR ..........................33
EUR .......................... 54
EUR .......................... 73
Financial Services
USA ..........................36
Mining & Natural Resources
CAN ......................... 56
CAN ..........................43
Transportation
USA .......................... 74
CAN .......................... 76
EUR .......................... 76
Analyst Index ................................................................................3
Upcoming Events ..........................................................................4
Research Coverage Changes ........................................................4
About This Publication ..................................................................5
Research Analysts and
Sales & Trading Directories
USA .......................... 77
Canada ..................... 80
Europe ..................... 81
Company Index .............................................................................7
Companies Under Coverage .......................................................19
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Raymond James Research Register - May 2017
Analyst Index
J. Marshall Adkins (JMA) ............................... 26 Brian Gesuale (BG) ........................................ 64 Justin Patterson, CFA (JP) .............................. 64
Brian G. Alexander, CFA (BGA) ...................... 64 Steve Hansen, CFA, CPA, CMA (SH) ..... 53,56,76 C. Gregory Peters (CGP) ................................ 36
Joseph Altobello, CFA (JA) ............................. 19 Tara Hassan, P.Eng (TH) ................................ 56 Brian Peterson, CFA (BP) ............................... 64
Ken Avalos (KA) ............................................. 61 Buck Horne, CFA (BH) .................................... 58 Brenna Phelan, CFA, CPA, CA (BP) ............ 43,53
Michael J. Baker (MJB) .................................. 45 Darren Horowitz (DH) ................................... 26 Ric Prentiss (RP)............................................. 64
Frederic Bastien, CFA (FB) ................... 31,53,61 Jonathan Hughes, CFA (JH)............................ 58 Paul D. Puryear (PDP) ............................... 58,64
Jayson Bedford (JB) ....................................... 45 Nicholas Jansen (NJ) ...................................... 45 David Quezada, CFA (DQ) ......................... 31,53
Reni Benjamin, Ph.D. (RB) ............................. 45 Justin Jenkins (JJ) ........................................... 26 John W. Ransom (JWR).................................. 45
Stephane Beyazian (SB) ................................ 73 Wayne Johnson (WJ) ..................................... 64 Christopher Raymond (CR) ............................ 45
Mehdi Boudokhane (MB) .............................. 54 Aaron Kessler, CFA (AK)................................. 64 Emmanuel Retif (ER) ..................................... 33
Andrew Bradford, CFA (AB) .......................... 31 Lawrence Keusch (LK).................................... 45 Julien Richer, CFA (JR) ......................... 23,62,76
Harry Breach (HB) ......................................... 54 Patrick Lambert (PL) ...................................... 54 Johann Rodrigues (JR) ................................... 61
Patrick Tyler Brown, CFA (TB) .................. 52,74 Cedric Lecasble (CL) ...................................... 23 Michael Rose (MR) ........................................ 36
Benjamin Brownlow (BBL) ....................... 19,26 Simon Leopold (SL) ........................................ 64 Daryl Swetlishoff, CFA (DS) ....................... 53,56
Budd Bugatch, CFA (BB) ................................ 19 Steven Li, CFA (SLi) .............................. 31,64,72 Savanthi Syth, CFA (SS) .................................. 74
Daniel E. Cardenas (DC) ................................ 36 David J. Long, CFA (DJL) ................................. 36 Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 56
Ben Cherniavsky (BC) ............................... 53,76 Frank G. Louthan IV (FGL) ............................. 64 Terry Tillman (TT) .......................................... 64
Laura Chico, Ph.D. (LC) .................................. 45 Brian Martin, CFA (BM) ................................. 53 Adam Tindle, CFA (AT) ................................... 64
Chris Cox, CFA (CC)........................................ 31 Tavis C. McCourt, CFA (TMC)......................... 64 Michael Turits, Ph.D. (MT) ............................. 64
William A. Crow (WAC) ................................. 58 Jeremy McCrea, CFA (JM) ............................. 31 Kenric S. Tyghe, MBA (KT) ............................. 22
Sam Darkatsh (SD) ................................... 19,52 Collin Mings, CFA (CM) .................................. 58 Brian M. Vaccaro, CFA (BV) ........................... 19
Hermine de Bentzmann (HB) ........................ 23 Pavel Molchanov (PM) .................................. 26 William J. Wallace IV (WW) ........................... 36
Jean-Pierre Dmirdjian (JPD) ..................... 26,33 Kurt Molnar (KM) .......................................... 31 Dan Wewer, CFA (DW) .................................. 19
Robert Dodd, Ph.D. (RD) ............................... 36 Praveen Narra, CFA (PN) ............................... 26 Elliot Wilbur, CFA (EW) .................................. 45
John Freeman, CFA (JF) ................................. 26 Patrick O'Shaughnessy, CFA (PO) .................. 36 Donald A. Worthington (DAW) ...................... 36
Raymond James Research Register - May 2017
3
Upcoming Events
FinTech Symposium (USA)
May 15, 2017; New York, New York
Credit Officers Symposium (USA)
May 22, 2017; New York, New York
The New Hybrid World: A Physical and Virtual Tour In
Networking and IT Infrastructure (USA)
June 7-9, 2017; San Jose, California
48 Hours in Edmonton Tour (CAN)
October 18-19, 2017; Edmonton, Canada
Boston Spring Investors Conference (USA)
June 6, 2017; Boston, Massachusetts
Research Coverage Changes
Additions
Deletions
USA
USA
Alteryx, Inc. (AYX:N)
Cardinal Financial Corporation (CFNL:Q)
Antares Pharma, Inc. (ATRS:Q)
Clayton Williams Energy, Inc. (CWEI:N)
BioTime, Inc. (BTX:M)
Diodes Incorporated (DIOD:Q)
Blackbaud, Inc. (BLKB:Q)
Fifth Street Finance Corp. (FSC:Q)
Cidara Therapeutics, Inc. (CDTX:Q)
GigPeak, Inc. (GIG:M)
Clipper Realty Inc. (CLPR:N)
Heritage Oaks Bancorp (HEOP:Q)
Cullen/Frost Bankers, Inc. (CFR:N)
Monolithic Power Systems, Inc. (MPWR:Q)
FS Bancorp, Inc. (FSBW:Q)
Nimble Storage (NMBL:N)
MacroGenics, Inc. (MGNX:Q)
NXP Semiconductors N.V. (NXPI:Q)
ProPetro Holding Corp. (PUMP:N)
Semtech Corporation (SMTC:Q)
Snap Inc. (SNAP:N)
CAN
Universal American Corp. (UAM:N)
CAN
Atlantic Gold Corp. (AGB:V)
Savanna Energy Services (SVY:T)
Blackline Safety Corp. (BLN:V)
Changes
Computer Sciences Corp. (CSC:N) changed its name and symbol to DXC Technology Co. (DXC:N)
Dipexium Pharmaceuticals, Inc. (DPRX:Q) changed its name and symbol to PLx Pharma Inc. (PLXP:Q)
German American Bancorp, Inc. (GABC:Q) adjusted for 3:2 split
Hewlett Packard Enterprise Company (HPE:N) adjusted for spinoff of Everett Spinco Inc.
PLxPharma Inc. (PLXP:Q) adjusted for 1:8 reverse split
Roxgold Inc. (ROG:V) has changed tickers and exchanges and now trades as ROXG:T
4
Raymond James Research Register - May 2017
About This Publication
The Equity Research Register is a monthly statistical summary of financial data. It is compiled from information from each of the contributing entities. Following are some general notes about the information
contained in this publication.
Symbol and Exchange = the stock exchange where the largest volume of the equity trades and the
company’s ticker on that exchange. Specific exchange abbreviations are defined on the following page.
Currency = U.S. dollars unless otherwise noted. Currencies are defined on the following page.
Closing Price = last price from indicated date on the indicated stock exchange.
Target Price = Raymond James & Associates (USA) has target prices only for stocks with Strong Buy 1 or
Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Raymond
James Euro Equities/Raymond James Financial International Limited has target prices for stocks with
Strong Buy 1, Outperform 2, and Underperform 4 ratings. Projected 12-month price targets may not
reflect recent stronger price action in a specific stock.
Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price
unless otherwise denoted. In situations where the currency for the closing price differs from the currency
for earnings, a currency adjustment factor has been employed. See Footnotes on the following page.
Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable.
Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this
publication.
International investments involve additional risks such as currency fluctuations, differing financial
accounting standards, and possible political and economic instability. Any foreign securities discussed in
this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange.
Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks.
The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting
requirements of, the U.S. Securities and Exchange Commission. There may be limited information
available on such securities. This report is being provided for informational purposes only and does not
represent a solicitation for the purchase or sale of a security in any state where such a solicitation would
be illegal. Please ask your Financial Advisor for additional details and to determine if a particular security
is eligible for solicitation in your state.
Limited Partnerships may generate Unrelated Business Taxable Income (UBTI), which can create a tax
liability that must be paid from a retirement account. You should receive a Schedule K-1 from the
partnership annually that would include UBTI and other financial information. Please consult with your
tax advisor to determine whether you must file and pay tax from your account.
Raymond James Research Register - May 2017
5
Exchanges
AMS ---- Amsterdam Stock Exchange
BIT ---- Italy – Borsa Italiana
EBR ---- Euronext Brussels
ELI ---- Euronext Lisbon
EPA ---- Euronext Paris
N --- NYSE
OSL --- Oslo Stock Exchange
OTC ---- OTC
PRG --- Prague Stock Exchange
Q --- NASDAQ
ETR ---- Germany – XETRA
STO --- Stockholm Stock Exchange
HEL ---- Helsinki Stock Exchange
SWF --- Switzerland – Swiss Exchange
L ---- London Stock Exchange
M ---- NYSE MKT
MAD --- Madrid Stock Exchange
T --- TSX
V --- TSX Venture
WBAG --- Austria, Wiener Borse
MCE ---- Madrid Stock Exchange C.A.T.S.
Currencies
p ---- British pence
£ ---- British pound
C$ ---- Canadian dollar
CZK ---- Czech koruna
NOK --- Norwegian krone
SEK --- Swedish krona
CHF --- Swiss franc
US$ or $ --- U.S. dollar
€ ---- Euro
Footnotes
NA ---- Not Available.
cu --- EPS is Cash Distribution per Unit.
NM ---- Not Meaningful.
ed --- EPS is Earnings per ADS.
R ---- Research Restricted.
UR ---- Under Review.
$D ---- EPS is shown in U.S. dollars.
fa --- EPS is Adjusted Free Cash Flow/Share.
$E ---- EPS is shown in euros.
fc --- EPS is Free Cash Flow/Share.
$R ---- EPS is shown in South African rand.
is --- Reported figures are in accordance with
International Financial Reporting Standards (IFRS).
ae ---- EPS is Adjusted EBITDA.
af ---- EPS is Adjusted Funds from Operations (AFFO).
ca ---- EPS is Cash Available for Distribution/Share.
cb ---- EPS is EBITDA (mil.).
cf ---- EPS is Cash Flow per Share.
co ---- EPS is Core FFO.
ct ---- EPS is EBITDA (000s).
6
f --- Fiscal years ending before May are treated
as previous year.
ni --- EPS is Net Investment Income per Share.
r --- Figures are based on ADRs/ADSs.
rf --- EPS is Recurring Free Cash Flow per Share.
sa --- EPS is Sales (mil.).
x --- EPS is Funds From Operations (FFO).
y --- EPS is Distributable Cash Flow per Share.
Raymond James Research Register - May 2017
Company Index
1st Constitution Bancorp (FCCY:Q)
8point3 Energy Partners L.P. (CAFD:Q)
AAC Holdings, Inc. (AAC:N)
Aaron's Inc. (AAN:N)
Abaxis, Inc. (ABAX:Q)
Abbott Laboratories (ABT:N)
AbbVie Inc. (ABBV:N)
Abertis (ABE.MC:MAD)
Abiomed Inc. (ABMD:Q)
Acadia Healthcare Company, Inc. (ACHC:Q)
Acadian Timber Corp. (ADN:T)
Accenture plc (ACN:N)
Access National Corporation (ANCX:Q)
AccorHotels (ACCP.PA:EPA)
ACI Worldwide, Inc. (ACIW:Q)
Acorda Therapeutics, Inc. (ACOR:Q)
Acushnet Holdings Corp. (GOLF:N)
Adaptimmune Therapeutics plc (ADAP:Q)
Adidas (ADSGn.DE:ETR)
ADMA Biologics, Inc. (ADMA:Q)
ADP (ADP.PA:EPA)
ADTRAN, Inc. (ADTN:Q)
Advance Auto Parts, Inc. (AAP:N)
Advanced Energy Industries, Inc. (AEIS:Q)
Advantage Oil & Gas Ltd. (AAV:T)
The Advisory Board Company (ABCO:Q)
Aecon Group (ARE:T)
Aerie Pharmaceuticals, Inc. (AERI:Q)
AeroVironment Inc. (AVAV:Q)
Aetna (AET:N)
Aflac, Inc. (AFL:N)
Agree Realty Corporation (ADC:N)
Agrium Inc. (AGU:N)
AGT Food and Ingredients Inc. (AGT:T)
Ahold Delhaize (AD.AS:AMS)
AIMIA (AIM:T)
Air Canada (AC:T)
Air France-KLM (AIRF.PA:EPA)
Air Liquide (AIRP.PA:EPA)
Airbus Group (AIR.PA:EPA)
Akamai Technologies, Inc. (AKAM:Q)
Akorn, Inc. (AKRX:Q)
AkzoNobel (AKZO.AS:AMS)
Alaris Royalty Corp. (AD:T)
Alarm.com Holdings (ALRM:Q)
Alaska Air Group (ALK:N)
Alcentra Capital Corporation (ABDC:Q)
Alere, Inc. (ALR:N)
Alexion Pharmaceuticals, Inc. (ALXN:Q)
Algonquin Power & Utilities (AQN:T)
Alibaba Group Holding Ltd. (BABA:N)
Allegiant Travel Co. (ALGT:Q)
Allergan plc (AGN:N)
Alliance Data Systems Corp. (ADS:N)
Allied Properties REIT (AP.UN:T)
Allscripts Healthcare Solutions Inc. (MDRX:Q)
Allstate Corporation (ALL:N)
Alphabet, Inc. (GOOG:Q)
AltaGas Ltd. (ALA:T)
Alterra Power Corp. (AXY:T)
Alteryx, Inc. (AYX:N)
AMAG Pharmaceuticals, Inc. (AMAG:Q)
Raymond James Research Register - May 2017
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30
45
20
45
49
46
55
49
45
57
69
36
62
67
46
19
46
24
46
55
66
20
30
31
48
53
50
64
45
41
59
56
56
24
22
76
76
55
54
67
50
55
53
69
74
42
47
46
32
68
75
50
67
61
48
41
68
33
32
67
46
Amazon.com Inc. (AMZN:Q)
Amber Road, Inc. (AMBR:N)
Amec Foster Wheeler (AMFW.L:L)
Amedisys (AMED:Q)
America Movil, S.A.B. de C.V. (AMX:N)
American Airlines Group, Inc. (AAL:Q)
American Equity Investment Life Holding Company (AEL:N)
American Financial Group, Inc. (AFG:N)
American Homes 4 Rent (AMH:N)
American National Bankshares, Inc. (AMNB:Q)
American River Bankshares (AMRB:Q)
American Tower (AMT:N)
AmeriGas Partners L.P. (APU:N)
AmerisourceBergen Corp. (ABC:N)
Amgen, Inc. (AMGN:Q)
Amphastar Pharmaceuticals, Inc. (AMPH:Q)
Anadarko Petroleum Corp. (APC:N)
Angie's List, Inc. (ANGI:Q)
AngioDynamics (ANGO:Q)
ANI Pharmaceuticals, Inc. (ANIP:Q)
Antares Pharma, Inc. (ATRS:Q)
Antero Midstream Partners L.P. (AM:N)
Antero Resources Corporation (AR:N)
Anthem (ANTM:N)
Aon plc (AON:N)
Apache Corporation (APA:N)
Apartment Investment and Management Company (AIV:N)
Apollo Investment Corp. (AINV:Q)
Apple Inc. (AAPL:Q)
Applied Optoelectronics, Inc. (AAOI:Q)
AquaVenture Holdings Ltd. (WAAS:N)
ARC Resources Ltd. (ARX:T)
Archrock Partners L.P. (APLP:Q)
Ares Capital Corp. (ARCC:Q)
Argo Group International Holdings, Ltd. (AGII:Q)
Arista Networks (ANET:N)
Arkema (AKE.PA:EPA)
Armada Hoffler Properties (AHH:N)
ARRIS (ARRS:Q)
Arrow Electronics, Inc. (ARW:N)
Arthur J. Gallagher & Co. (AJG:N)
Artis REIT (AX.UN:T)
Asanko Gold Inc. (AKG:T)
Associated Banc-Corp (ASB:M)
Asterias Biotherapeutics (AST:M)
AT&T Inc. (T:N)
Athabasca Oil Corp. (ATH:T)
athenahealth Inc. (ATHN:Q)
Atlantic Capital Bancshares, Inc. (ACBI:Q)
Atlantic Gold Corp. (AGB:V)
Atlassian (TEAM:Q)
ATN International, Inc. (ATNI:Q)
Atwood Oceanics (ATW:N)
Autogrill (AGL.BIT:BIT)
AutoZone, Inc. (AZO:N)
Avigilon Corporation (AVO:T)
Avnet, Inc. (AVT:N)
B2Gold Corp. (BTO:T)
BAE Systems (BAES.L:L)
Baker Hughes, Inc. (BHI:N)
Banc of California, Inc. (BANC:N)
BancFirst Corporation (BANF:Q)
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65
34
45
71
74
41
41
60
36
36
70
28
47
46
50
26
68
49
50
50
28
26
45
41
26
60
42
69
66
30
31
29
42
41
66
55
60
66
69
41
61
57
36
46
71
31
48
36
57
67
71
29
23
20
72
69
57
54
29
36
36
7
Company Index
The Bancorp, Inc. (TBBK:Q)
BancorpSouth, Inc. (BXS:N)
Bank of America Corporation (BAC:N)
Bank of Commerce Holdings (BOCH:Q)
Bank of Marin Bancorp (BMRC:Q)
The Bank of N.T. Butterfield & Son Limited (NTB:N)
Bank of New York Mellon Corp (BK:N)
Bank of the Ozarks Inc. (OZRK:Q)
Banner Corporation (BANR:Q)
BASF (BASFn.DE:ETR)
Baxter International Inc. (BAX:N)
Baylin Technologies Inc. (BYL:T)
Baytex Energy Corporation (BTE:T)
BB&T Corporation (BBT:N)
Beacon Roofing Supply, Inc. (BECN:Q)
Bear Creek Mining Corp. (BCM:V)
Becton, Dickinson and Company (BDX:N)
Bed Bath & Beyond (BBBY:Q)
Beiersdorf (BEIG.DE:ETR)
Bellatrix Exploration Ltd. (BXE:T)
Bellicum Pharmaceuticals, Inc. (BLCM:Q)
Benefitfocus, Inc. (BNFT:Q)
Best Buy Company, Incorporated (BBY:N)
BGC Partners, Inc. (BGCP:Q)
BIC (BICP.PA:EPA)
Big Lots Inc. (BIG:N)
Biogen Inc. (BIIB:Q)
BioMarin Pharmaceutical Inc. (BMRN:Q)
BioTime, Inc. (BTX:M)
Bioverativ (BIVV:Q)
Birchcliff Energy Ltd. (BIR:T)
Bird Construction Inc. (BDT:T)
Black Diamond Group Limited (BDI:T)
Black Stone Minerals L.P. (BSM:N)
Blackbaud, Inc. (BLKB:Q)
BlackBerry (BBRY:Q)
Blackhawk Network Holdings, Inc. (HAWK:Q)
Blackline Safety Corp. (BLN:V)
BlackLine, Inc. (BL:Q)
Bloomin' Brands, Inc. (BLMN:Q)
Blue Capital Reinsurance Holdings Ltd. (BCRH:N)
Blueprint Medicines Corporation (BPMC:Q)
Boardwalk Pipeline Partners L.P. (BWP:N)
Boardwalk REIT (BEI.UN:T)
BofI Holding, Inc. (BOFI:Q)
BOK Financial Corp. (BOKF:Q)
Bombardier Inc. (BBD.B:T)
Bonavista Energy Corporation (BNP:T)
Bonterra Energy Corp. (BNE:T)
Booz Allen Hamilton Holding Corp. (BAH:N)
Boralex, Inc. (BLX:T)
Boston Scientific Corp. (BSX:N)
Bottomline Technologies (EPAY:Q)
Bouygues (BOUY.PA:EPA)
Box, Inc. (BOX:N)
Boyd Group Income Fund (BYD.UN:T)
BP (BP.L:L)
Brandywine Realty Trust (BDN:N)
Briggs & Stratton Corporation (BGG:N)
Brightcove Inc. (BCOV:Q)
Brinker International, Inc. (EAT:N)
Broadridge Financial Solutions, Inc. (BR:N)
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36
36
36
36
36
36
36
36
55
48
72
31
36
52
57
48
20
23
31
46
65
20
40
23
20
46
46
46
46
31
53
32
26
65
72
67
54
65
21
41
46
28
62
36
36
53
31
31
69
32
49
67
73
65
54
33
60
19
65
21
40
BroadSoft, Inc. (BSFT:Q)
Brookfield Canada Office Properties (BOX.UN:T)
Brookfield Infrastructure Partners L.P. (BIP:N)
Brookfield Renewable Partners L.P. (BEP:N)
Brown & Brown, Inc. (BRO:N)
Brunswick Corp. (BC:N)
BT (BT.L:L)
Buffalo Wild Wings, Inc. (BWLD:Q)
C.H. Robinson Worldwide, Inc. (CHRW:Q)
C.R. Bard, Inc. (BCR:N)
CA Technologies (CA:Q)
Cabela’s Inc. (CAB:N)
Cabot Oil & Gas Corporation (COG:N)
CACI International Inc. (CACI:N)
CAE Inc. (CAE:T)
CafePress Inc. (PRSS:Q)
CalAtlantic Group, Inc. (CAA:N)
Calfrac Well Services (CFW:T)
California Resources Corporation (CRC:N)
Calix, Inc. (CALX:N)
Callaway Golf Company (ELY:N)
Calumet Specialty Products Partners, L.P. (CLMT:Q)
Campari (CPR.MI:BIT)
Canadian Apartment Properties REIT (CAR.UN:T)
Canadian Energy Services & Technology Corp. (CEU:T)
Canadian National Railway (CNR:T)
Canadian Natural Resources Ltd (CNQ:T)
Canadian Pacific Railway Limited (CP:T)
Canadian Tire Corporation (CTC.A:T)
Canam Group (CAM:T)
Canfor Corp. (CFP:T)
Canfor Pulp Products Inc. (CFX:T)
Cantel Medical Corp. (CMD:N)
CanWel Building Materials Group Ltd. (CWX:T)
Canyon Services Group Inc. (FRC:T)
Capital Power Corporation (CPX:T)
Capital Product Partners L.P. (CPLP:Q)
CapStar Financial Holdings, Inc. (CSTR:Q)
Cara Operations Limited (CARA:T)
Cardinal Health, Inc. (CAH:N)
CareDx, Inc. (CDNA:Q)
CareTrust REIT, Inc (CTRE:Q)
Carolina Financial Corporation (CARO:Q)
Carrefour (CARR.PA:EPA)
Carrizo Oil & Gas, Inc. (CRZO:Q)
Carrols Restaurant Group, Inc. (TAST:Q)
Cascadian Therapeutics Inc. (CASC:Q)
Casella Waste Systems, Inc. (CWST:Q)
Casey's General Stores, Inc. (CASY:Q)
Casino (CASP.PA:EPA)
Castlight Health, Inc. (CSLT:N)
Catalent, Inc. (CTLT:N)
CatchMark Timber Trust, Inc. (CTT:N)
CBL & Associates Properties, Inc. (CBL:N)
CBOE Holdings, Inc. (CBOE:Q)
CDW Corporation (CDW:Q)
Cedar Realty Trust, Inc. (CDR:N)
Celgene Corporation (CELG:Q)
Cempra, Inc. (CEMP:Q)
Cenovus Energy, Inc. (CVE:T)
Centene Corporation (CNC:N)
CenterState Banks, Inc. (CSFL:Q)
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61
32
32
41
21
73
21
75
48
67
20
26
69
53
68
58
32
26
66
19
28
23
62
32
76
33
76
22
54
57
57
48
76
32
32
28
36
22
47
47
59
36
24
26
21
46
52
20
24
65
49
61
59
40
69
60
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46
33
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Raymond James Research Register - May 2017
Company Index
Central Pacific Financial Corp. (CPF:N)
CenturyLink, Inc. (CTL:N)
Cerner Corporation (CERN:Q)
Cervus Equipment Corp. (CERV:T)
CEZ (CEZsp.PR:PRG)
CGI Group (GIB.A:T)
ChannelAdvisor Corporation (ECOM:N)
Charles River Laboratories International, Inc. (CRL:N)
The Charles Schwab Corporation (SCHW:N)
Chart Industries, Inc. (GTLS:Q)
Charter Communications, Inc. (CHTR:Q)
Check Point Software Technologies (CHKP:Q)
Cheesecake Factory Inc. (CAKE:Q)
Chegg, Inc. (CHGG:N)
Chemical Financial Corp. (CHFC:Q)
Chemtrade Logistics Income Fund (CHE.UN:T)
Cheniere Energy Partners, L.P. (CQP:M)
Cheniere Energy, Inc. (LNG:M)
Chesapeake Energy Corporation (CHK:N)
Chevron Corp. (CVX:N)
Chinook Energy, Inc. (CKE:T)
Chipotle Mexican Grill, Inc. (CMG:N)
Choice Properties REIT (CHP.UN:T)
Christian Dior (DIOR.PA:EPA)
Chubb Limited (CB:N)
Church & Dwight Co., Inc. (CHD:N)
Chuy's Holdings, Inc. (CHUY:Q)
Cidara Therapeutics, Inc. (CDTX:Q)
Ciena Corporation (CIEN:N)
Cigna Corporation (CI:N)
Cimarex Energy Co. (XEC:N)
Cincinnati Bell Inc. (CBB:N)
Cineplex Inc. (CGX:T)
Cisco Systems (CSCO:Q)
Citrix Systems, Inc. (CTXS:Q)
City Office REIT, Inc. (CIO:N)
Civitas Solutions, Inc. (CIVI:N)
Clariant (CLN.VX:SWF)
Clean Energy Fuels Corp. (CLNE:Q)
Clean Harbors, Inc. (CLH:N)
Clipper Realty Inc. (CLPR:N)
The Clorox Company (CLX:N)
CM Finance Inc. (CMFN:Q)
CME Group Inc. (CME:Q)
Cobham (COB.L:L)
Coeur Mining Inc. (CDE:N)
Cogent Communications Holdings, Inc. (CCOI:Q)
Cognex Corporation (CGNX:Q)
Colliers International Group Inc. (CIGI:Q)
Colruyt (COLR.BR:EBR)
Columbia Banking System, Inc. (COLB:Q)
Comcast Corporation (CMCSA:Q)
Comerica Inc. (CMA:N)
Commerce Bancshares, Inc. (CBSH:Q)
CommScope Holding Company, Inc. (COMM:Q)
Community Bank System, Inc. (CBU:N)
Community Health Systems, Inc. (CYH:N)
Community Trust Bancorp, Inc. (CTBI:Q)
CommVault Systems, Inc. (CVLT:Q)
Compass Diversified Holdings (CODI:N)
Compass Group (CPG.L:L)
Computer Programs and Systems, Inc. (CPSI:Q)
Raymond James Research Register - May 2017
36
71
48
53
34
72
65
49
40
30
71
67
21
68
36
53
28
28
26
27
31
21
62
23
41
21
21
46
66
45
26
71
22
66
67
60
45
55
30
52
60
21
42
40
54
57
71
64
61
24
36
71
36
36
66
36
48
37
67
42
23
48
Concho Resources Inc. (CXO:N)
Conifer Holdings, Inc. (CNFR:Q)
Conifex Timber, Inc. (CFF:T)
Connection (CNXN:Q)
ConnectOne Bancorp, Inc. (CNOB:Q)
Connecture, Inc. (CNXR:Q)
ConocoPhillips (COP:N)
CONSOL Energy Inc. (CNX:N)
Consolidated Communications Holdings (CNSL:Q)
Constellation Software Inc. (CSU:T)
Continental Resources Inc. (CLR:N)
Control4 Corporation (CTRL:Q)
The Cooper Companies, Inc. (COO:N)
Copa Holdings, S.A. (CPA:N)
Core-Mark Holding Company, Inc. (CORE:Q)
CoreSite Realty Corporation (COR:N)
Corporate Office Properties Trust (OFC:N)
Costco Wholesale Corporation (COST:Q)
Cotiviti Holdings, Inc. (COTV:N)
Coupa Software Incorporated (COUP:Q)
Covanta Holding Corp. (CVA:N)
Covestro (1COV.DE:ETR)
CPI Card Group Inc. (PMTS:Q)
Crawford & Company (CRD.B:N)
Credit Acceptance Corp. (CACC:Q)
CREIT (REF.UN:T)
Crescent Point Energy (CPG:T)
Crestwood Equity Partners L.P. (CEQP:N)
Crew Energy Inc. (CR:T)
Criteo S.A. (CRTO:Q)
Crombie REIT (CRR.UN:T)
CrossAmerica Partners L.P. (CAPL:N)
Crown Capital Partners Inc. (CRWN:T)
Crown Castle International (CCI:N)
CSI Compressco Partners L.P. (CCLP:Q)
CSRA Inc. (CSRA:N)
CST Brands, Inc. (CST:N)
CSX Corp. (CSX:Q)
CT Real Estate Investment Trust (CRT.UN:T)
Ctrip.com International, Ltd. (CTRP:Q)
CU Bancorp (CUNB:Q)
CubeSmart (CUBE:N)
Cubic Corporation (CUB:N)
Cullen/Frost Bankers, Inc. (CFR:N)
Culp, Inc. (CFI:N)
CVB Financial Corp. (CVBF:Q)
CVS Health (CVS:N)
Cypress Energy Partners L.P. (CELP:N)
CyrusOne Inc. (CONE:Q)
D.R. Horton, Inc. (DHI:N)
Darden Restaurants (DRI:N)
Dave & Buster's Entertainment, Inc. (PLAY:Q)
DaVita HealthCare Partners Inc. (DVA:N)
Dawson Geophysical Company (DWSN:Q)
DCT Industrial Trust, Inc. (DCT:N)
DDR Corp. (DDR:N)
Del Frisco’s Restaurant Group, Inc. (DFRG:Q)
Delek Logistics Partners L.P. (DKL:N)
Delek US Holdings, Inc. (DK:N)
Delphi Energy Corp. (DEE:T)
Delta Air Lines, Inc. (DAL:N)
Dermira, Inc. (DERM:Q)
26
41
57
69
37
48
26
26
71
72
26
69
48
74
20
70
60
20
48
65
52
55
67
41
42
61
31
28
31
68
62
28
43
70
29
69
20
75
62
68
37
60
64
37
19
37
47
30
70
58
21
21
45
30
60
60
21
28
27
31
74
50
9
Company Index
The Descartes Systems Group Inc. (DSGX:Q)
Deutsche Telekom (DTE.DE:ETR)
Devon Energy Corporation (DVN:N)
DexCom Inc. (DXCM:Q)
DH Corporation (DH:T)
Dia (DIDA.MC:MAD)
Diageo (DGE.L:L)
Diamond Offshore (DO:N)
Diamondback Energy, Inc. (FANG:Q)
DiamondRock Hospitality Company (DRH:N)
Dick`s Sporting Goods Inc. (DKS:N)
Digi International Inc. (DGII:Q)
Digital Realty Trust, Inc. (DLR:N)
DineEquity, Inc. (DIN:N)
Diplomat Pharmacy, Inc. (DPLO:N)
DIRTT Environmental Solutions Ltd. (DRT:T)
DISH Network Corp. (DISH:Q)
The Dixie Group (DXYN:Q)
Dollar General Corp. (DG:N)
Dollar Tree, Inc. (DLTR:Q)
Dollarama (DOL:T)
Domtar (UFS:N)
Douglas Emmett (DEI:N)
DragonWave Inc. (DRWI:Q)
DSM (DSMN.AMS:AMS)
Duluth Holdings Inc. (DLTH:Q)
DuPont Fabros Technology Inc. (DFT:N)
DXC Technology Co. (DXC:N)
E*TRADE Financial Corporation (ETFC:Q)
E.On (EONGn.DE:ETR)
East West Bancorp, Inc. (EWBC:Q)
Easterly Government Properties, Inc. (DEA:N)
Eastern Virginia Bankshares, Inc. (EVBS:Q)
EastGroup Properties, Inc. (EGP:N)
easyJet plc (EZJ.L:L)
eBay Inc. (EBAY:Q)
EchoStar Corporation (SATS:Q)
ECN Capital Corp. (ECN:T)
Ecopetrol S.A. (EC:N)
Edenred (EDEN.PA:EPA)
EDF (EDF.PA:EPA)
Eiffage (FOUG.PA:EPA)
Element Fleet Management Corp. (EFN:T)
Elior (ELIOR.PA:EPA)
Emera Inc. (EMA:T)
Empire Company Limited (EMP.A:T)
Encore Capital Group Inc. (ECPG:Q)
Endeavour Mining Corp. (EDV:T)
Endeavour Silver Corp. (EDR:T)
Endo International plc (ENDP:Q)
Enel (ENEI.MI:BIT)
Enerflex Ltd. (EFX:T)
Energen Corp. (EGN:N)
Energy Transfer Equity L.P. (ETE:N)
Energy Transfer Partners L.P. (ETP:N)
EnerNOC, Inc. (ENOC:Q)
Enerplus Corporation (ERF:T)
Engie (GSZ.PA:EPA)
Eni (ENI.MI:BIT)
EnLink Midstream LLC (ENLC:N)
EnLink Midstream Partners L.P. (ENLK:N)
Enphase Energy, Inc. (ENPH:Q)
10
72
73
26
49
67
24
23
29
26
59
20
69
70
21
49
54
71
19
20
20
22
57
60
72
55
19
70
69
40
34
37
60
37
60
76
68
70
43
27
23
34
55
43
23
32
22
42
57
57
50
34
32
26
28
28
30
31
34
33
28
28
30
Ensco plc (ESV:N)
Ensign Energy Services Inc. (ESI:T)
Enterprise Products Partners L.P. (EPD:N)
Envestnet, Inc. (ENV:N)
Envision Healthcare Corporation (EVHC:N)
Enviva Partners L.P. (EVA:N)
EOG Resources, Inc. (EOG:N)
Equinix (EQIX:Q)
Equity Residential (EQR:N)
Ericsson (ERIC:Q)
Essential Energy Services Ltd. (ESN:T)
Essex Property Trust, Inc. (ESS:N)
Essilor (ESSI.PA:EPA)
Estee Lauder Companies (EL:N)
Ethan Allen Interiors (ETH:N)
EverBank Financial Corp (EVER:N)
Everbridge, Inc. (EVBG:Q)
Evertz Technologies Ltd. (ET:T)
Exchange Income Corp (EIF:T)
Expedia, Inc. (EXPE:Q)
Express Scripts (ESRX:Q)
Extra Space Storage (EXR:N)
Extreme Networks, Inc. (EXTR:Q)
Exxon Mobil Corp. (XOM:N)
F5 Networks, Inc. (FFIV:Q)
Facebook, Inc. (FB:Q)
FactSet Research Systems Inc. (FDS:N)
Farmers Capital Bank Corp. (FFKT:Q)
Farmers National Banc Corp. (FMNB:Q)
Fastenal Company (FAST:Q)
Fate Therapeutics, Inc. (FATE:Q)
FBL Financial Group (FFG:N)
FCB Financial Holdings, Inc. (FCB:N)
Federal Realty Investment Trust (FRT:N)
Federated National Holding Company (FNHC:Q)
FedEx Corporation (FDX:N)
Ferrellgas Partners L.P. (FGP:N)
Ferrovial (FER.MC:MAD)
Fidelity National Information Services (FIS:N)
Fidus Investment Corporation (FDUS:Q)
Fiesta Restaurant Group, Inc. (FRGI:Q)
Fifth Third Bancorp (FITB:Q)
Financial Engines, Inc. (FNGN:Q)
Finisar Corporation (FNSR:Q)
Finning International (FTT:T)
FireEye Inc. (FEYE:Q)
First Bancorp (FBNC:Q)
First Busey Corporation (BUSE:Q)
First Business Financial Services, Inc. (FBIZ:Q)
First Capital Realty (FCR:T)
First Commonwealth Financial Corp. (FCF:N)
First Community Corporation (FCCO:Q)
First Defiance Financial Corp. (FDEF:Q)
First Financial Bancorp (FFBC:Q)
First Financial Corporation (THFF:Q)
First Foundation Inc. (FFWM:Q)
First Horizon National Corporation (FHN:N)
First Industrial Realty Trust, Inc. (FR:N)
First Majestic Silver (FR:T)
First Midwest Bancorp, Inc. (FMBI:Q)
The First of Long Island Corporation (FLIC:Q)
First Potomac Realty Trust (FPO:N)
29
32
28
40
45
30
26
70
60
66
32
60
23
21
19
37
65
72
53
68
45
60
66
27
66
68
40
37
37
52
46
41
37
60
41
75
28
55
67
42
21
37
40
66
53
67
37
37
37
62
37
37
37
37
37
37
37
60
57
37
37
60
Raymond James Research Register - May 2017
Company Index
First Republic Bank (FRC:N)
First Solar, Inc. (FSLR:Q)
FirstService Corporation (FSV:Q)
Fitbit, Inc. (FIT:N)
FleetCor Technologies (FLT:N)
Flex (FLEX:Q)
Flexion Therapeutics, Inc. (FLXN:Q)
FLIR Systems, Inc. (FLIR:Q)
Fnac (FNAC.PA:EPA)
Fortinet Inc. (FTNT:Q)
Fortis, Inc. (FTS:T)
Fortive Corporation (FTV:N)
Fortress Paper (FTP:T)
Fortress Transportation & Infrastructure Investors LLC (FTAI:N)
Fortum (FUM1V.HE:HEL)
Fortuna Silver Mines Inc. (FVI:T)
Forward Air Corporation (FWRD:Q)
Foundation Building Materials, Inc. (FBM:N)
Founders Advantage Capital Corp. (FCF:V)
Four Corners Property Trust, Inc. (FCPT:N)
Franklin Financial Network, Inc. (FSB:N)
Fraport (FRAG.DE:ETR)
Freehold Royalties Ltd. (FRU:T)
Frontier Communications Corp. (FTR:Q)
FS Bancorp, Inc. (FSBW:Q)
Fulgent Genetics, Inc. (FLGT:Q)
Fulton Financial (FULT:Q)
GAIN Capital Holdings, Inc. (GCAP:N)
Galena Biopharma Inc. (GALE:Q)
Garmin Ltd. (GRMN:Q)
Genesee & Wyoming Inc. (GWR:N)
Genesis Energy L.P. (GEL:N)
GenMark Diagnostics, Inc. (GNMK:Q)
Genomic Health (GHDX:Q)
German American Bancorp, Inc. (GABC:Q)
Gibson Energy Inc. (GEI:T)
Gigamon Inc. (GIMO:N)
Gildan Activewear (GIL:N)
Givaudan (GIVN.VX:SWF)
GKN (GKN.L:L)
Glacier Bancorp, Inc. (GBCI:Q)
Global Partners L.P. (GLP:N)
Global Payments Inc. (GPN:N)
GMS Inc. (GMS:N)
GoDaddy Inc. (GDDY:N)
goeasy Ltd. (GSY:T)
GOL Linhas Aereas Inteligentes S.A. (GOL:N)
Golar LNG Partners L.P. (GMLP:Q)
Goldman Sachs BDC, Inc. (GSBD:N)
Golub Capital BDC, Inc. (GBDC:Q)
GoPro, Inc. (GPRO:Q)
Granite Oil Corp. (GXO:T)
Great Ajax Corp. (AJX:N)
Great Canadian Gaming (GC:T)
Green Plains Partners L.P. (GPP:Q)
GreenSpace Brands Inc. (JTR:V)
Grenville Strategic Royalty Corp. (GRC:V)
Groupon, Inc. (GRPN:Q)
GrubHub Inc. (GRUB:N)
Guaranty Federal Bancshares Inc. (GFED:Q)
H&M (HMb.ST:STO)
H&R REIT (HR.UN:T)
Raymond James Research Register - May 2017
37
30
61
69
67
66
50
64
23
67
32
64
57
42
34
57
75
52
43
59
37
55
31
71
37
47
37
40
46
69
75
28
47
47
37
33
66
22
55
54
37
28
67
52
68
43
75
28
42
42
69
31
42
22
30
22
53
68
68
37
23
61
The Habit Restaurants, Inc. (HABT:Q)
Haemonetics Corporation (HAE:N)
Halliburton (HAL:N)
Hallmark Financial Services Inc. (HALL:Q)
Halogen Software, Inc. (HGN:T)
Halyard Health Inc. (HYH:N)
Hancock Holding Company (HBHC:Q)
Hanmi Financial Corporation (HAFC:Q)
Harley-Davidson, Inc. (HOG:N)
Harmonic Inc. (HLIT:Q)
Harris Corporation (HRS:N)
Haverty Furniture Companies Inc. (HVT:N)
HCA Holdings, Inc. (HCA:N)
HCP, Inc. (HCP:N)
HD Supply Holdings Inc. (HDS:Q)
Health Insurance Innovations, Inc. (HIIQ:Q)
Healthcare Trust of America, Inc. (HTA:N)
HealthEquity, Inc. (HQY:Q)
HealthSouth Corporation (HLS:N)
HealthStream, Inc. (HSTM:Q)
Heartland Financial USA, Inc. (HTLF:Q)
Helix Energy Solutions Group (HLX:N)
Henkel (HNKG_p.DE:ETR)
Hercules Capital, Inc. (HTGC:N)
Heritage Financial Corporation (HFWA:Q)
Herman Miller (MLHR:Q)
Hermès (RMS.PA:EPA)
Héroux-Devtek Inc. (HRX:T)
Hersha Hospitality Trust (HT:N)
Heska Corporation (HSKA:Q)
Hess Corp. (HES:N)
Hewlett Packard Enterprise Company (HPE:N)
Hibbett Sports, Inc. (HIBB:Q)
Hi-Crush Partners L.P. (HCLP:N)
Hill-Rom Holdings, Inc. (HRC:N)
Hilltop Holdings Inc. (HTH:N)
Hilton (HLT:N)
HMS Holdings Corp. (HMSY:Q)
HNI Corporation (HNI:N)
Holly Energy Partners L.P. (HEP:N)
HollyFrontier Corp. (HFC:N)
Hologic Inc. (HOLX:Q)
Home Bancorp, Inc. (HBCP:Q)
Home BancShares, Inc. (HOMB:Q)
Home Capital Group Inc. (HCG:T)
The Home Depot Inc. (HD:N)
Hope Bancorp, Inc. (HOPE:Q)
HopFed Bancorp, Inc. (HFBC:Q)
Horizon Bancorp (HBNC:Q)
Horizon North Logistics Inc. (HNL:T)
Horizon Technology Finance Corporation (HRZN:Q)
Host Hotels & Resorts Inc. (HST:N)
Houston Wire & Cable Company (HWCC:Q)
Howard Bancorp, Inc. (HBMD:Q)
Hub Group, Inc. (HUBG:Q)
HubSpot, Inc. (HUBS:N)
Humana (HUM:N)
Huntington Bancshares Inc. (HBAN:Q)
Husky Energy Inc. (HSE:T)
Hyatt Hotels Corporation (H:N)
Hydro One Ltd. (H:T)
IAG (IAG.MC:MAD)
21
48
29
41
65
48
37
37
21
66
64
20
48
59
52
41
59
41
45
48
37
29
23
42
38
19
23
53
59
45
26
66
20
30
48
38
59
48
19
28
27
49
38
38
43
20
38
38
38
32
42
59
52
38
75
65
45
38
33
59
32
76
11
Company Index
IBERIABANK Corporation (IBKC:Q)
IBI Group Inc. (IBG:T)
ICON plc (ICLR:Q)
ICU Medical, Inc. (ICUI:Q)
IDEXX Laboratories, Inc. (IDXX:Q)
Iliad (ILD.PA:EPA)
Impax Laboratories, Inc. (IPXL:Q)
Imperial Oil Limited (IMO:T)
INC Research Holdings (INCR:Q)
Incyte Corporation (INCY:Q)
Independent Bank Group, Inc. (IBTX:Q)
Inditex (ITX.MC:MAD)
Infinera Corporation (INFN:Q)
Infinity Property and Casualty Corporation (IPCC:Q)
Innergex Renewable Energy, Inc. (INE:T)
Insight Enterprises, Inc. (NSIT:Q)
Insperity (NSP:N)
Instructure, Inc. (INST:N)
Insulet (PODD:Q)
Intact Financial Corporation (IFC:T)
Integra Gold Corporation (ICG:V)
Integra LifeSciences Corp. (IART:Q)
Intelsat S.A. (I:N)
Inter Parfums, Inc. (IPAR:Q)
Inter Pipeline Ltd. (IPL:T)
Intercontinental Exchange, Inc. (ICE:N)
Intercontinental Hotels (IHG.L:L)
Interface, Inc. (TILE:Q)
Interfor Corp. (IFP:T)
Internap Network Services Corp. (INAP:Q)
InterRent REIT (IIP.UN:T)
Interxion Holding NV (INXN:N)
Intuit Inc. (INTU:Q)
Intuitive Surgical, Inc. (ISRG:Q)
Investar Holding Corporation (ISTR:Q)
Invitation Homes Inc. (INVH:N)
InVivo Therapeutics (NVIV:Q)
IPG Photonics (IPGP:Q)
Iridium Communications Inc. (IRDM:Q)
iRobot Corporation (IRBT:Q)
J.B. Hunt Transport Services, Inc. (JBHT:Q)
Jabil Circuit, Inc. (JBL:N)
Jernigan Capital, Inc. (JCAP:N)
Jeronimo Martins (JMT.LS:ELI)
JetBlue Airways (JBLU:Q)
Johnson & Johnson (JNJ:N)
Juniper Networks, Inc. (JNPR:N)
Juno Therapeutics, Inc. (JUNO:Q)
Kansas City Southern (KSU:N)
Karyopharm Therapeutics Inc. (KPTI:Q)
KB Home (KBH:N)
Kelt Exploration Ltd. (KEL:T)
Kemper Corp. (KMPR:N)
Kering (KER.PA:EPA)
Keryx Biopharmaceuticals, Inc. (KERX:Q)
KeyCorp (KEY:N)
Keyera Corp (KEY:T)
Killam Apartment REIT (KMP.UN:T)
Kimbell Royalty Partners L.P. (KRP:N)
Kimco Realty Corporation (KIM:N)
Kinder Morgan, Inc. (KMI:N)
Kite Pharma, Inc. (KITE:Q)
12
38
53
49
49
45
73
50
33
49
46
38
23
66
41
32
69
45
65
49
43
57
49
70
21
33
40
62
19
57
70
62
70
67
48
38
60
46
64
70
64
75
66
60
24
75
49
66
46
75
46
58
31
41
23
46
38
33
62
26
60
28
46
Kite Realty Group Trust (KRG:N)
Knoll, Inc. (KNL:N)
KNOT Offshore Partners L.P. (KNOP:N)
Kona Grill, Inc. (KONA:Q)
Kosmos Energy Ltd. (KOS:N)
KPN (KPN.AS:AMS)
KVH Industries (KVHI:Q)
La Quinta Holdings, Inc. (LQ:N)
Laboratory Corporation of America Holdings (LH:N)
Lakeland Bancorp, Inc. (LBAI:Q)
Lakeland Financial Corporation (LKFN:Q)
Landmark Infrastructure Partners LP (LMRK:Q)
Landstar System, Inc. (LSTR:Q)
Lannett Company, Inc. (LCI:N)
Lanxess (LXSG.DE:ETR)
Laredo Petroleum Inc. (LPI:N)
LaSalle Hotel Properties (LHO:N)
LATAM Airlines Group S.A. (LFL:N)
Lazard Ltd (LAZ:N)
La-Z-Boy Inc. (LZB:N)
Leap Therapeutics, Inc. (LPTX:Q)
LegacyTexas Financial Group, Inc. (LTXB:Q)
Leggett & Platt (LEG:N)
Lending Club (LC:N)
Lennar Corporation (LEN:N)
Leucrotta Exploration Inc. (LXE:V)
Level 3 Communications Inc. (LVLT:N)
Life Storage Inc. (LSI:N)
LifePoint Health, Inc. (LPNT:Q)
Limelight Networks (LLNW:Q)
LKQ Corporation (LKQ:Q)
Loblaw Companies Ltd. (L:T)
Logitech International SA (LOGI:Q)
L'Oréal (OREP.PA:EPA)
Lowe's Companies, Inc. (LOW:N)
Lufthansa (LHAG.DE:ETR)
Lumber Liquidators Holdings, Inc. (LL:N)
Lumenpulse Inc. (LMP:T)
Lumentum Holdings, Inc. (LITE:Q)
Luxottica (LUX.MI:BIT)
LVMH (LVMH.PA:EPA)
MacDonald Dettwiler & Associates (MDA:T)
MacroGenics, Inc. (MGNX:Q)
MAG Silver (MAG:T)
Magellan Health (MGLN:Q)
Magellan Midstream Partners L.P. (MMP:N)
Main Street Capital Corp. (MAIN:N)
Malibu Boats, Inc. (MBUU:Q)
Mallinckrodt PLC (MNK:N)
Mammoth Energy Services, Inc. (TUSK:Q)
Mandalay Resources Corp. (MND:T)
Manhattan Associates, Inc. (MANH:Q)
Marathon Oil Corp. (MRO:N)
Marathon Petroleum Corp. (MPC:N)
MarineMax (HZO:N)
MarketAxess Holdings Inc. (MKTX:Q)
Marriott International, Inc. (MAR:Q)
Marsh and McLennan Companies, Inc. (MMC:N)
Martin Midstream Partners L.P. (MMLP:Q)
Masco Corporation (MAS:N)
Masimo Corp. (MASI:Q)
Mastercard, Inc. (MA:N)
60
19
28
21
26
73
70
59
47
38
38
71
75
50
55
26
59
74
40
19
46
38
19
67
58
31
71
60
48
67
52
22
69
23
20
76
20
72
66
23
23
72
46
57
45
28
42
21
50
30
57
65
26
27
21
40
59
41
28
19
48
67
Raymond James Research Register - May 2017
Company Index
Matador Resources Company (MTDR:N)
MAXIMUS Inc. (MMS:N)
MB Financial, Inc. (MBFI:Q)
MCBC Holdings, Inc. (MCFT:Q)
McDonald's Corporation (MCD:N)
McKesson Corporation (MCK:N)
MDC Holdings (MDC:N)
MedEquities Realty Trust, Inc. (MRT:N)
MEDNAX, Inc. (MD:N)
MEG Energy Corp. (MEG:T)
Meggitt (MGGT.L:L)
Melia Hotels International (MEL.MC:MAD)
Mercantile Bank Corp. (MBWM:Q)
Mercer International Inc. (MERC:Q)
Mercury General Corporation (MCY:N)
Meridian Bioscience, Inc. (VIVO:Q)
Merit Medical Systems Inc. (MMSI:Q)
Meta Financial Group, Inc. (CASH:Q)
Methanex (MEOH:Q)
Metro (MEOG.DE:ETR)
Metro, Inc. (MRU:T)
The Michaels Companies, Inc. (MIK:Q)
Microsoft (MSFT:Q)
Mid-America Apartment Communities, Inc. (MAA:N)
MidSouth Bancorp, Inc. (MSL:N)
MidWestOne Financial Group, Inc. (MOFG:Q)
Milestone Apartments REIT (MST.UN:T)
MiX Telematics Limited (MIXT:N)
MobileIron, Inc. (MOBL:Q)
Mobileye N.V. (MBLY:N)
Model N, Inc. (MODN:N)
Mohawk Industries (MHK:N)
Molina Healthcare (MOH:N)
Monroe Capital Corp. (MRCC:Q)
Moody's Corporation (MCO:N)
Motorola Solutions, Inc. (MSI:N)
MPLX L.P. (MPLX:N)
MRC Global (MRC:N)
MSC Industrial Direct (MSM:N)
MSCI Inc. (MSCI:N)
MTU Aero Engines (MTXGn.DE:ETR)
Mullen Group Ltd. (MTL:T)
Murphy Oil Corp. (MUR:N)
Murphy USA Inc. (MUSA:N)
Mylan N.V. (MYL:Q)
Nabors Industries Ltd. (NBR:N)
NantKwest, Inc. (NK:Q)
NAPEC Inc. (NPC:T)
Nasdaq Inc. (NDAQ:Q)
National Commerce Corporation (NCOM:Q)
National Fuel Gas Company (NFG:N)
National Oilwell Varco Inc. (NOV:N)
National Retail Properties, Inc. (NNN:N)
Natus Medical Inc. (BABY:Q)
NeoGenomics, Inc. (NEO:Q)
NeoPhotonics Corporation (NPTN:N)
NetApp, Inc. (NTAP:Q)
Netflix Inc. (NFLX:Q)
NETGEAR, Inc. (NTGR:Q)
NeuroDerm Ltd. (NDRM:Q)
New Relic, Inc. (NEWR:N)
New York Community Bancorp, Inc. (NYCB:N)
Raymond James Research Register - May 2017
26
69
38
21
21
47
58
59
45
32
54
62
38
57
41
47
49
38
53
24
22
20
67
60
38
38
62
65
67
68
65
19
45
42
40
69
28
52
52
40
54
32
26
20
50
30
46
53
40
38
26
29
59
49
47
66
66
68
69
46
67
38
Newell Brands Inc. (NWL:N)
Newfield Exploration Company (NFX:N)
Newpark Resources (NR:N)
Newtek Business Services Corp. (NEWT:Q)
Nexity (NEXI.PA:EPA)
NexJ Systems Inc. (NXJ:T)
NextEra Energy Partners, L.P. (NEP:N)
NGL Energy Partners L.P. (NGL:N)
NH Hotel Group (NHH.MC:MAD)
NIC Inc. (EGOV:Q)
Nivalis Therapeutics, Inc. (NVLS:Q)
Noble Corp plc (NE:N)
Noble Energy, Inc. (NBL:N)
Nokia (NOK:N)
Norbord Inc. (OSB:T)
Norfolk Southern Corp. (NSC:N)
North American Energy Partners (NOA:T)
Northern Oil & Gas Inc. (NOG:M)
Northern Trust Corporation (NTRS:Q)
Northland Power, Inc. (NPI:T)
NOW Inc. (DNOW:N)
Nuance Communications, Inc. (NUAN:Q)
NuStar Energy L.P. (NS:N)
NuStar GP Holdings, LLC (NSH:N)
Nutanix, Inc. (NTNX:Q)
NuVista Energy Ltd. (NVA:T)
O`Reilly Automotive, Inc. (ORLY:Q)
Oasis Petroleum Inc. (OAS:N)
Occidental Petroleum Corp. (OXY:N)
OceanaGold Corp. (OGC:T)
Oil States International, Inc. (OIS:N)
Old Dominion Freight Line, Inc. (ODFL:Q)
Old Line Bancshares Inc. (OLBK:Q)
Old National Bancorp (ONB:Q)
Old Republic International Corp. (ORI:N)
OnDeck Capital, Inc. (ONDK:N)
OneMain Holdings, Inc. (OMF:N)
Open Text (OTEX:Q)
Oracle Corp. (ORCL:N)
Orange (ORA.PA:EPA)
Orange Belgium (OBEL.BR:EBR)
OraSure Technologies, Inc. (OSUR:Q)
ORBCOMM, Inc. (ORBC:Q)
Orezone Gold Corp. (ORE:V)
Organovo Holdings, Inc. (ONVO:Q)
Pacific Continental Corporation (PCBK:Q)
Pacific Drilling (PACD:N)
Pacific Premier Bancorp, Inc. (PPBI:Q)
PacWest Bancorp (PACW:Q)
Painted Pony Petroleum Ltd. (PPY:T)
Palo Alto Networks (PANW:N)
Pan American Silver Corp. (PAAS:Q)
Pandora Media, Inc. (P:N)
Panera Bread Co. (PNRA:Q)
Paragon Commercial Corporation (PBNC:Q)
Paramount Resources Ltd. (POU:T)
PAREXEL (PRXL:Q)
Park Hotels & Resorts Inc. (PK:N)
Park Sterling Corporation (PSTB:Q)
Parsley Energy, Inc. (PE:N)
Patheon N.V. (PTHN:N)
Pattern Energy Group Inc. (PEGI:Q)
21
26
30
42
55
72
30
28
62
69
46
29
26
66
57
75
53
26
38
32
52
69
28
28
66
31
20
26
27
57
29
75
38
38
41
67
42
72
67
73
73
47
70
57
46
38
29
38
38
31
67
57
68
21
38
31
49
59
38
27
49
32
13
Company Index
Patterson-UTI Energy, Inc. (PTEN:Q)
Paylocity Holding Corporation (PCTY:Q)
PayPal Holdings, Inc. (PYPL:Q)
PBF Energy, Inc. (PBF:N)
PBF Logistics L.P. (PBFX:N)
Pebblebrook Hotel Trust (PEB:N)
Pembina Pipeline Corp. (PPL:T)
Pengrowth Energy Corporation (PGF:T)
Penn West Petroleum Ltd. (PWT:T)
PennTex Midstream Partners L.P. (PTXP:Q)
Peoples Bancorp Inc. (PEBO:Q)
Pernod Ricard (PERP.PA:EPA)
Perrigo Company PLC (PRGO:N)
Petrofac (PFC.L:L)
Petróleo Brasileiro S.A. (PBR:N)
Peyto Exploration and Development (PEY:T)
PGT Innovations, Inc. (PGTI:N)
Phillips 66 (PSX:N)
Phillips 66 Partners L.P. (PSXP:N)
Physicians Realty Trust (DOC:N)
Pier 1 Imports Incorporated (PIR:N)
Pinnacle Financial Partners, Inc. (PNFP:Q)
Pioneer Energy Services Corp (PES:N)
Pioneer Natural Resources Company (PXD:N)
Plains All American Pipeline L.P. (PAA:N)
Plains GP Holdings L.P. (PAGP:N)
Plantronics, Inc. (PLT:N)
Plaza Retail REIT (PLZ.UN:T)
PLx Pharma Inc. (PLXP:Q)
PNC Financial Services Group, Inc. (PNC:N)
Polaris Industries (PII:N)
Potash Corp. of Saskatchewan Inc. (POT:N)
Potlatch Corporation (PCH:Q)
PRA Group Inc. (PRAA:Q)
PrairieSky Royalty Ltd. (PSK:T)
Praxair, Inc. (PX:N)
Precision Drilling Corporation (PD:T)
Preferred Bank (PFBC:Q)
Premier, Inc. (PINC:Q)
Prestige Brands Holdings Inc. (PBH:N)
priceline.com Incorporated (PCLN:Q)
PrivateBancorp, Inc. (PVTB:Q)
ProAssurance Corp. (PRA:N)
The Procter & Gamble Company (PG:N)
Progressive Corporation (PGR:N)
ProPetro Holding Corp. (PUMP:N)
Prospect Capital Corporation (PSEC:Q)
Prosperity Bancshares, Inc. (PB:N)
Proteon Therapeutics, Inc. (PRTO:Q)
Proximus (PROX.BR:EBR)
Public Storage (PSA:N)
PulteGroup Inc. (PHM:N)
Puma (PUMG.DE:ETR)
Pure Gold Mining Inc. (PGM:V)
Pure Industrial Real Estate Trust (AAR.UN:T)
Pure Storage, Inc. (PSTG:N)
Q2 Holdings Inc. (QTWO:N)
QCR Holdings, Inc. (QCRH:Q)
QEP Resources, Inc. (QEP:N)
QTS Realty Trust (QTS:N)
QUALCOMM, Inc. (QCOM:Q)
Quality Systems Inc. (QSII:Q)
14
30
65
67
27
28
59
33
31
31
28
38
23
50
34
27
31
19
27
28
59
20
38
30
27
28
28
69
62
50
38
21
56
61
42
31
55
32
39
48
21
68
39
41
21
41
30
42
39
46
73
60
58
24
57
61
66
65
39
27
70
69
48
Quest Diagnostics Inc. (DGX:N)
Quidel Corporation (QDEL:Q)
Quintiles IMS Holdings (Q:N)
Raging River Exploration Inc. (RRX:T)
Rallye (GENC.PA:EPA)
Ramco-Gershenson Properties Trust (RPT:N)
Range Resources Corp. (RRC:N)
Rapid7, Inc. (RPD:Q)
Rayonier, Inc. (RYN:N)
RB (RB.L:L)
Realty Income Corporation (O:N)
Red Hat, Inc. (RHT:N)
Red Robin Gourmet Burgers, Inc. (RRGB:Q)
Redknee Solutions Inc. (RKN:T)
Regency Centers Corp. (REG:N)
Regeneron Pharmaceuticals, Inc. (REGN:Q)
Regions Financial Corporation (RF:N)
Remy Cointreau (RCOP.PA:EPA)
Renasant Corporation (RNST:Q)
Rent-A-Center Inc. (RCII:Q)
Repsol (REP.MC:MAD)
Republic Services, Inc. (RSG:N)
Retail Opportunity Investments Corp. (ROIC:Q)
RH (RH:N)
RingCentral, Inc. (RNG:N)
RioCan REIT (REI.UN:T)
Ritchie Bros. Auctioneers (RBA:N)
Rite Aid Corporation (RAD:N)
Riverview Bancorp, Inc. (RVSB:Q)
RLJ Lodging Trust (RLJ:N)
RMP Energy Inc. (RMP:T)
Rocky Mountain Dealerships Inc. (RME:T)
Rolls-Royce (RR.L:L)
Roper Technologies (ROP:N)
Rowan Companies (RDC:N)
Roxgold Inc. (ROXG:T)
Royal Dutch Shell (RDSb.L:AMS)
RPC, Inc. (RES:N)
RSP Permian, Inc. (RSPP:N)
RTI Surgical Inc. (RTIX:Q)
Rubicon Project, Inc. (RUBI:N)
Russel Metals (RUS:T)
Ruth`s Hospitality Group, Inc. (RUTH:Q)
RWE (RWEG.DE:ETR)
Ryanair Holdings plc (RYAAY:Q)
Ryman Hospitality Properties Inc. (RHP:N)
S&P Global Inc. (SPGI:N)
S&T Bancorp, Inc. (STBA:Q)
Sabra Health Care REIT, Inc. (SBRA:Q)
Safran (SAF.PA:EPA)
Sage Therapeutics, Inc. (SAGE:Q)
Saia, Inc. (SAIA:Q)
Saint-Gobain (SGOB.PA:EPA)
Saipem (SPMI.MI:BIT)
salesforce.com, Inc. (CRM:N)
Sally Beauty Holdings Inc. (SBH:N)
Salvatore Ferragamo (SFER.MI:BIT)
Saul Centers, Inc. (BFS:N)
SBA Communications (SBAC:Q)
ScanSource, Inc. (SCSC:Q)
Schlumberger Ltd. (SLB:N)
The Scotts Miracle-Gro Company (SMG:N)
47
47
49
31
24
60
27
67
61
23
59
67
21
72
60
46
39
23
39
20
33
52
60
20
65
62
53
47
39
59
31
53
54
64
29
57
33
30
27
49
68
54
21
34
75
59
40
39
59
54
47
75
55
34
65
21
23
60
70
69
29
21
Raymond James Research Register - May 2017
Company Index
Seacoast Banking Corporation of Florida (SBCF:Q)
Secure Energy Services Inc. (SES:T)
SEI Investments Co. (SEIC:Q)
Select Comfort Corp. (SCSS:Q)
SEMAFO Inc. (SMF:T)
SemGroup Corporation (SEMG:N)
Senior (SNR.L:L)
Senior Housing Properties Trust (SNH:Q)
Senseonics Holdings, Inc. (SENS:M)
Service Corporation International (SCI:N)
ServiceNow, Inc. (NOW:N)
ServisFirst Bancshares, Inc. (SFBS:Q)
Seven Generations Energy Ltd. (VII:T)
SFR Group (SFR.PA:EPA)
Shenandoah Telecommunications Co. (SHEN:Q)
Shopify Inc. (SHOP:N)
Shutterfly, Inc. (SFLY:Q)
Shutterstock, Inc. (SSTK:N)
Sienna Senior Living Inc. (SIA:T)
Sierra Bancorp (BSRR:Q)
Sierra Wireless (SWIR:Q)
Signature Bank (SBNY:Q)
Silver Spring Networks, Inc. (SSNI:N)
Silvercorp Metals Inc. (SVM:T)
Simmons First National Corporation (SFNC:Q)
Simon Property Group, Inc. (SPG:N)
Sky (SKY.L:L)
SkyWest, Inc. (SKYW:Q)
Slate Retail REIT (SRT.U:T)
Sleep Country Canada Holdings Inc. (ZZZ:T)
SM Energy Company (SM:N)
SmartFinancial, Inc. (SMBK:Q)
SmartREIT (SRU.UN:T)
Snap Inc. (SNAP:N)
SNC-Lavalin (SNC:T)
Sodexo (EXHO.PA:EPA)
Solvay (SOLB.BR:EBR)
Southcross Energy Partners L.P. (SXE:N)
Southwest Airlines Co. (LUV:N)
Southwest Bancorp, Inc. (OKSB:Q)
Southwestern Energy Company (SWN:N)
Spectra Energy Partners L.P. (SEP:N)
Spectranetics Corp (SPNC:Q)
Spectrum Brands Holdings, Inc. (SPB:N)
Spirit Airlines, Inc. (SAVE:Q)
Spirit Realty Capital, Inc. (SRC:N)
Splunk Inc. (SPLK:Q)
Sprague Resources L.P. (SRLP:N)
Sprint Corp. (S:N)
Square, Inc. (SQ:N)
SRC Energy Inc. (SRCI:M)
SS&C Technologies Holdings, Inc. (SSNC:Q)
St. Joe Company (JOE:N)
STAG Industrial Inc. (STAG:N)
Stanley Black & Decker (SWK:N)
Stantec Inc (STN:T)
State Street Corporation (STT:N)
Steelcase, Inc. (SCS:N)
Stellus Capital Investment Corporation (SCM:N)
Stericycle Inc. (SRCL:Q)
STERIS plc (STE:N)
Stock Yards Bancorp Inc. (SYBT:Q)
Raymond James Research Register - May 2017
39
32
40
19
57
28
54
59
49
47
67
39
31
73
71
65
68
68
61
39
72
39
30
57
39
59
73
75
62
22
27
39
62
68
53
23
55
29
75
39
27
29
49
21
75
59
67
29
71
67
27
40
58
60
19
53
39
19
42
48
48
39
Stonegate Bank (SGBK:Q)
StoneMor Partners L.P. (STON:N)
StorageVault Canada Inc. (SVI:V)
STORE Capital Corporation (STOR:N)
Storm Resources Ltd. (SRX:V)
Strad Energy Services Ltd. (SDY:T)
Street Capital Group (SCB:T)
Strongco Corp. (SQP:T)
Stuart Olson Inc. (SOX:T)
Student Transportation Inc. (STB:Q)
Suburban Propane Partners L.P. (SPH:N)
Suez Environnement (SEVI.PA:EPA)
Summit Hotel Properties, Inc. (INN:N)
Suncor Energy Inc (SU:T)
Sunoco L.P. (SUN:N)
SunPower Corp. (SPWR:Q)
Sunstone Hotel Investors, Inc. (SHO:N)
SunTrust Banks, Inc. (STI:N)
Superior Energy Services, Inc. (SPN:N)
Superior Plus Corporation (SPB:T)
Surgery Partners, Inc. (SGRY:Q)
SVB Financial Group (SIVB:Q)
Swift Transportation Company (SWFT:N)
Symantec Corp. (SYMC:Q)
Symrise (SY1G.DE:ETR)
Synchronoss Technologies, Inc. (SNCR:Q)
Syngenta (SYNN.VX:SWF)
SYNNEX Corporation (SNX:N)
Synovus Financial Corp. (SNV:N)
Tahoe Resources Inc. (THO:T)
TalkTalk Telecom Group (TALK.L:L)
Tangoe Inc. (TNGO:OTC)
Targa Resources Corp. (TRGP:N)
Tarkett S.A. (TKTT.PA:EPA)
Taubman Centers, Inc. (TCO:N)
TCF Financial Corporation (TCB:N)
TCP Capital Corp. (TCPC:Q)
TD Ameritrade Holding Corporation (AMTD:Q)
Tech Data Corporation (TECD:Q)
TechnipFMC plc (FTI:N)
Teekay Corporation (TK:N)
Teekay LNG Partners L.P. (TGP:N)
Teekay Offshore Partners L.P. (TOO:N)
Telecom Italia (TLIT.MI:BIT)
Teleflex, Inc. (TFX:N)
Telefonica (TEF.MC:MCE)
Telenet Group (TNET.BR:EBR)
Telephone and Data Systems, Inc. (TDS:N)
Telia Company (TELIA.ST:STO)
Teligent, Inc. (TLGT:Q)
Tempur Sealy International, Inc. (TPX:N)
Tenet Healthcare Corporation (THC:N)
Territorial Bancorp Inc. (TBNK:Q)
Tesaro, Inc. (TSRO:Q)
Tesoro Corp. (TSO:N)
Tesoro Logistics L.P. (TLLP:N)
TETRA Technologies Inc. (TTI:N)
Teva Pharmaceutical Industries, Ltd. (TEVA:N)
Texas Capital Bancshares, Inc. (TCBI:Q)
Texas Roadhouse, Inc. (TXRH:Q)
TG Therapeutics, Inc. (TGTX:Q)
Thales (TCFP.PA:EPA)
39
47
62
59
31
32
43
53
53
75
29
34
59
33
29
30
59
39
30
53
45
39
75
67
55
69
55
69
39
57
73
65
29
55
59
39
42
40
69
29
29
29
29
73
48
73
73
71
73
50
19
48
39
47
27
29
30
50
39
21
47
54
15
Company Index
THL Credit, Inc. (TCRD:Q)
Timbercreek Financial Corp. (TF:T)
T-Mobile US Inc. (TMUS:Q)
Tod's Group (TOD.MI:BIT)
Toll Brothers, Inc. (TOL:N)
The Toro Company (TTC:N)
Toromont Industries (TIH:T)
Total (TOTF.PA:EPA)
Tourmaline Oil Corp. (TOU:T)
TowneBank (TOWN:Q)
TPG Specialty Lending, Inc. (TSLX:N)
TPI Composites, Inc. (TPIC:Q)
Tractor Supply Co. (TSCO:Q)
The Trade Desk, Inc. (TTD:Q)
TransAlta Renewables Inc. (RNW:T)
TransEnterix, Inc. (TRXC:M)
Transocean (RIG:N)
TravelCenters of America LLC (TA:Q)
The Travelers Companies, Inc. (TRV:N)
Tree Island Steel Ltd. (TSL:T)
Triangle Capital Corporation (TCAP:N)
Trican Well Service (TCW:T)
TriCo Bancshares (TCBK:Q)
Tricon Capital Group Inc. (TCN:T)
Trilogy Energy Corp. (TET:T)
Trimble Inc. (TRMB:Q)
Trinidad Drilling Ltd. (TDG:T)
Trinity Biotech plc (TRIB:Q)
TripAdvisor, Inc. (TRIP:Q)
True North Commercial REIT (TNT.UN:T)
Trustmark Corporation (TRMK:Q)
Twitter, Inc. (TWTR:N)
U.S. Bancorp (USB:N)
U.S. Cellular (USM:N)
U.S. Ecology, Inc. (ECOL:Q)
U.S. Geothermal (HTM:M)
Ubiquiti Networks, Inc. (UBNT:Q)
Ulta Beauty, Inc. (ULTA:Q)
Ultimate Software Group Inc. (ULTI:Q)
Ultragenyx Pharmaceutical Inc. (RARE:Q)
UMB Financial Corporation (UMBF:Q)
Umpqua Holdings Corp. (UMPQ:Q)
Under Armour Inc. (UAA:N)
Union Bankshares Corporation (UBSH:Q)
Union Pacific Corp. (UNP:N)
Uniper (UN01.DE:ETR)
Unit Corporation (UNT:N)
United Bankshares, Inc. (UBSI:Q)
United Community Banks, Inc. (UCBI:Q)
United Continental Holdings, Inc. (UAL:N)
United Insurance Holdings Corp. (UIHC:Q)
United Parcel Service (UPS:N)
UnitedHealth Group (UNH:N)
Uniti Group Inc. (UNIT:Q)
Universal Health Services, Inc. (UHS:N)
Upland Software, Inc. (UPLD:Q)
UrtheCast Corp. (UR:T)
USA Compression Partners L.P. (USAC:N)
Valero Energy Corp. (VLO:N)
Valero Energy Partners L.P. (VLP:N)
Vantiv, Inc. (VNTV:N)
VCA Inc. (WOOF:Q)
16
42
61
71
23
58
19
53
33
31
39
42
30
20
68
32
48
29
20
41
54
42
32
39
62
31
64
32
47
68
61
39
68
39
71
52
32
69
21
65
47
39
39
19
39
75
34
30
39
39
74
41
75
45
71
48
65
72
29
27
29
67
45
Veeva Systems Inc. (VEEV:N)
Ventas, Inc. (VTR:N)
Veolia Environnement (VIE.PA:EPA)
Verastem, Inc. (VSTM:Q)
Verbund (VERB.VI:WBAG)
Veresen Inc. (VSN:T)
Verifone Systems, Inc. (PAY:N)
Verisk Analytics Inc. (VRSK:Q)
Verizon Communications (VZ:N)
Vertex Pharmaceuticals Inc. (VRTX:Q)
ViaSat, Inc. (VSAT:Q)
Victoria Gold Corporation (VIT:V)
Vinci (SGEF.PA:EPA)
Viper Energy Partners L.P. (VNOM:Q)
Visa, Inc. (V:N)
Visteon Corporation (VC:N)
Vivendi (VIV.PA:EPA)
VMware (VMW:N)
Vocera Communications, Inc. (VCRA:N)
Vodafone (VOD.L:L)
W.W. Grainger, Inc. (GWW:N)
Wajax Corp. (WJX:T)
Walgreens Boots Alliance Inc. (WBA:Q)
Wal-Mart Stores Inc. (WMT:N)
Washington Federal, Inc. (WAFD:Q)
Washington REIT (WRE:N)
WashingtonFirst Bankshares, Inc. (WFBI:Q)
Waste Connections, Inc. (WCN:N)
Waste Management, Inc. (WM:N)
Wayfair, Inc. (W:N)
Weatherford (WFT:N)
WebMD Health Corp (WBMD:Q)
Webster Financial Corp. (WBS:N)
WellCare Health Plans (WCG:N)
Wells Fargo & Co. (WFC:N)
Welltower Inc. (HCN:N)
WesBanco, Inc. (WSBC:Q)
WESCO International (WCC:N)
West Fraser Timber (WFT:T)
Western Energy Services Corp. (WRG:T)
Western Forest Products Inc. (WEF:T)
Western Refining Logistics L.P. (WNRL:N)
Western Refining, Inc. (WNR:N)
WesternOne Inc. (WEQ:T)
WestJet Airlines (WJA:T)
Weyerhaeuser Company (WY:N)
Whirlpool Corp. (WHR:N)
Whitbread (WTB.L:L)
Whitecap Resources Inc. (WCP:T)
Whiting Petroleum Corp. (WLL:N)
WildHorse Resource Development Corporation (WRD:N)
The Williams Companies, Inc. (WMB:N)
Williams Partners L.P. (WPZ:N)
Williams-Sonoma (WSM:N)
Willis Towers Watson plc (WLTW:Q)
Windstream Holdings Inc. (WIN:Q)
Winpak Ltd. (WPK:T)
Wintrust Financial Corporation (WTFC:Q)
Wix.com Ltd. (WIX:Q)
Wood Group (WG.L:L)
Workiva Inc. (WK:N)
WPX Energy Inc. (WPX:N)
65
59
34
47
34
33
67
41
71
47
70
57
55
27
67
68
73
67
48
73
52
53
47
20
39
60
40
52
52
68
29
48
40
45
40
59
40
52
57
32
57
29
27
54
76
61
19
62
31
27
27
29
29
20
41
71
22
40
68
34
65
27
Raymond James Research Register - May 2017
Company Index
WSP Global Inc. (WSP:T)
Xenia Hotels & Resorts, Inc. (XHR:N)
Xenith Bankshares, Inc. (XBKS:Q)
XPO Logistics, Inc. (XPO:N)
Yahoo! Inc. (YHOO:Q)
Yangarra Resources Ltd. (YGR:T)
Yara (YAR.OL:OSL)
Yelp, Inc. (YELP:N)
Raymond James Research Register - May 2017
53
59
40
75
68
31
55
68
YPF S.A. (YPF:N)
Zayo Group Holdings, Inc. (ZAYO:N)
ZCL Composites (ZCL:T)
Zillow Group, Inc. (Z:Q)
Zions Bancorporation (ZION:Q)
ZIOPHARM Oncology, Inc. (ZIOP:Q)
Zodiac Aerospace (ZODC.PA:EPA)
27
71
54
68
40
47
54
17
Consumer
USA
Canada
Europe
Building Products ........................................................ 19
Consumer & Retail...................................................... 22
Consumer Goods .........................................................23
Appliances and Other Building Products ................. 19
Beverages .................................................................23
Floor Covering ......................................................... 19
Eyecare & Eyewear ..................................................23
Tools and Outdoor Power Equipment ..................... 19
Home & Personal Care .............................................23
Furniture & Furnishings Suppliers .............................. 19
Luxury Goods ...........................................................23
Office Furniture ....................................................... 19
Foodservices ...............................................................23
Residential Furniture ............................................... 19
Retail ...........................................................................23
Hardline Retail ............................................................ 19
Apparel.....................................................................23
Active Lifestyle Brand .............................................. 19
Consumer Electronics ..............................................23
Automotive Aftermarket Retailers .......................... 20
Food Retail ...............................................................24
Consumer Electronics Retailers ............................... 20
Sporting Goods ........................................................24
Convenience Stores ................................................. 20
Hardline Retail ......................................................... 20
Sporting Goods ........................................................ 20
Value Retailers......................................................... 20
Home & Other Retailers ............................................. 20
Big Box Retailers ...................................................... 20
Furniture & Furnishings ........................................... 20
Household & Personal Care Products ......................... 21
Leisure Products ......................................................... 21
Restaurants................................................................. 21
Raymond James Research Register - May 2017
18
Analyst/s
1.95
0.60
14.75
2.25
0.80
16.85
Dec
Dec
Dec
11,845
553
13,751
1.1
0.0
2.4
SD
SD
SD
DXYN
TILE
MHK
Q
Q
N
2
4
1
H/GRW
NM
H/GRW
3.70
19.65
238.42
5.00
NM
275.00
5.56
19.93
240.20
3.00
14.56
175.52
37.0
17.9
17.9
(0.27)
1.03
12.61
0.10
1.10
13.35
0.20
1.25
15.10
Dec
Dec
Dec
58
1,269
17,786
0.0
1.2
0.0
SD
SD
SD
BGG
SWK
TTC
N
N
N
3
3
3
M/INC
M/INC
H/GRW
25.05
136.87
64.80
NM
NM
NM
25.36
140.06
65.31
17.90
103.86
40.43
17.5
18.9
27.9
1.25
6.51
2.06
1.43
7.25
2.32
1.57
8.15
2.60
Jun
Dec
Oct
1,057
20,736
7,180
2.2
1.7
1.1
SD
SD
SD
MLHR
HNI
KNL
SCS
Q
N
N
N
3
3
3
1
M/GRW
M/GRW
H/GRW
M/GRW
32.75
47.35
23.18
17.00
NM
NM
NM
19.00
36.46
56.96
28.40
18.14
26.99
37.24
20.37
12.67
15.8
16.0
14.5
13.8
2.17
2.62
1.68
1.04
2.07
2.96
1.60
1.08 A
2.20
3.34
1.84
1.23
May
Dec
Dec
Feb
1,962
2,107
1,138
2,054
2.1
2.3
2.6
2.8
BB
BB
BB
BB
CFI
ETH
LZB
LEG
SCSS
TPX
N
N
N
N
Q
N
3
1
3
1
3
1
M/GRW
H/GRW
H/GRW
M/INC
H/GRW
M/GRW
32.80
31.10
28.20
53.54
30.93
45.50
NM
36.00
NM
54.00
NM
53.00
37.80
38.80
32.90
54.63
33.29
82.32
25.57
27.75
22.09
44.02
17.95
39.57
16.8
18.5
16.9
20.2
22.1
14.9
1.86
1.92
1.62
2.48
1.10
4.05
1.95
1.68
1.67
2.65
1.40
3.05
2.07
2.10
1.88
2.82
1.70
3.32
Apr
Jun
Apr
Dec
Dec
Dec
403
861
1,376
7,148
1,290
2,475
1.0
2.4
1.6
2.5
0.0
0.0
BB
BB
BB
BB
BB
BB
GOLF
ELY
DLTH
UAA
N
N
Q
N
2
3
2
4
M/GRW
H/GRW
H/GRW
NM
18.07
11.65
21.51
19.53
22.00
NM
27.00
NM
22.31
12.56
38.19
47.38
16.84
8.96
18.25
18.40
16.4
40.2
30.7
46.5
0.61
0.24
0.66
0.58
1.10
0.29
0.70
0.42
1.22
0.34
0.82
0.53
Dec
Dec
Feb
Dec
1,339
1,107
695
8,472
2.7
0.3
0.0
0.0
DW
DW
DW
DW
FY End
1.51
0.53
14.06
2018E
18.9
18.2
12.3
2017E
29.11
9.38
145.91
2016A
37.38
12.49
194.10
Current
Year P/E
40.00
12.50
NM
Low
36.90
10.90
180.94
High
H/GRW
H/GRW
M/INC
Target
Price
2
1
3
Rating
N
N
N
Exchange
MAS
PGTI
WHR
Symbol
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
52 Week
Consumer - USA
Budd Bugatch, CFA [email protected]
Sam Darkatsh [email protected]
Dan Wewer, CFA [email protected]
Joseph Altobello, CFA [email protected]
Brian M. Vaccaro, CFA [email protected]
Benjamin Brownlow [email protected]
Building Products
Appliances and Other Building Products
Masco Corporation
PGT Innovations, Inc.
Whirlpool Corp.
Floor Covering
The Dixie Group
Interface, Inc.
Mohawk Industries
Tools and Outdoor Power Equipment
Briggs & Stratton Corporation
Stanley Black & Decker
The Toro Company
Furniture & Furnishings Suppliers
Office Furniture
Herman Miller
HNI Corporation
Knoll, Inc.
Steelcase, Inc.
Residential Furniture
Culp, Inc.
Ethan Allen Interiors
La-Z-Boy Inc.
Leggett & Platt
Select Comfort Corp.
Tempur Sealy International, Inc.
Hardline Retail
Active Lifestyle Brand
Acushnet Holdings Corp.
Callaway Golf Company
Duluth Holdings Inc.
Under Armour Inc.
Raymond James Research Register - May 2017
19
Close
Apr-25-17
Target
Price
High
Low
1
1
1
H/GRW
M/GRW
M/GRW
145.67
712.06
263.96
190.00
930.00
330.00
177.83
819.54
292.84
132.98
684.48
248.02
19.3
15.6
20.9
7.15
40.70
10.73
BBY
N
1
M/GRW
51.77
51.00
52.61
28.76
13.8
2.78
CASY
CORE
CST
MUSA
TA
Q
Q
N
N
Q
2
1
3
3
3
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
113.70
34.86
48.33
71.17
5.95
127.00
39.00
NM
NM
NM
136.22
50.00
48.52
80.44
9.23
107.43
30.00
36.02
56.92
5.60
25.4
22.6
26.6
21.6
54.1
MIK
TSCO
Q
Q
3
3
M/GRW
M/GRW
23.69
64.96
NM
NM
31.37
97.00
19.00
61.50
CAB
DKS
HIBB
N
N
Q
3
3
3
H/GRW
H/GRW
H/GRW
56.65
50.23
27.85
NM
NM
NM
63.60
62.88
45.85
BIG
DG
DLTR
N
N
Q
1
1
3
H/GRW
M/GRW
H/GRW
49.57
71.55
80.69
60.00
90.00
NM
COST
HD
LOW
LL
WMT
Q
N
N
N
N
3
3
3
3
1
M/GRW
M/GRW
M/GRW
H/SPEC
M/GRW
172.68
153.03
84.51
22.97
75.05
AAN
BBBY
HVT
PIR
RCII
RH
WSM
N
Q
N
N
Q
N
N
3
3
3
3
1
3
3
M/GRW
M/GRW
H/GRW
H/GRW
H/INC
H/GRW
M/GRW
31.51
39.36
24.25
7.01
10.86
48.41
55.02
DW
DW
DW
3.56 A
3.75
Jan
18,233
2.2
DW
5.73
1.44
1.35
4.20
0.00
4.47
1.54
1.82
3.30
0.11
5.16
1.61
NA
4.53
0.27
Apr
Dec
Dec
Dec
Dec
4,457
1,609
3,661
2,629
235
0.8
1.0
5.1
0.0
0.0
BBL,DW
BBL,DW
BBL,DW
BBL,DW
BBL,DW
11.3
19.3
1.88
3.27
2.10
3.36
2.28
3.82
Jan
Dec
4,580
9,205
0.0
1.5
DW
DW
45.00
37.96
26.80
20.3
13.6
10.2
2.60
3.11
2.72
2.79
3.70
2.74
2.94
4.02
3.00
Dec
Jan
Jan
4,062
6,289
727
0.0
1.4
0.0
DW
DW
DW
56.54
96.88
99.93
41.61
66.50
72.55
11.9
15.9
18.8
3.64
4.47
3.91
4.17
4.49
4.30
4.44
4.96
4.77
Jan
Jan
Jan
2,761
22,202
16,759
2.0
1.5
0.0
DW
DW
DW
NM
NM
NM
NM
80.00
178.71
154.65
85.31
23.76
75.40
138.57
119.20
64.87
11.07
62.72
30.3
21.3
18.2
NM
17.4
5.33
6.45
3.99
(2.51)
4.59
5.69
7.18
4.65
(0.50)
4.32 A
6.32
8.07
5.32
0.22
4.32
Aug
Jan
Jan
Dec
Jan
75,796
184,095
73,186
649
230,629
1.0
2.3
1.7
0.0
2.7
BB
BB
BB
BB
BB
NM
NM
NM
NM
15.00
NM
NM
34.22
50.57
25.50
9.68
15.94
49.24
61.97
20.51
37.28
16.57
3.73
7.76
24.41
45.96
13.8
9.1
20.9
14.3
72.4
24.1
15.6
2.30
4.58
1.18
0.46
0.77
1.27
3.43
2.28
4.32
1.16
0.44 A
0.15
2.01
3.53
2.69
4.52
1.29
0.49
1.23
2.58
3.97
Dec
Feb
Dec
Feb
Dec
Jan
Jan
2,294
5,757
512
583
577
1,977
4,805
0.3
1.5
2.0
4.0
2.9
0.0
2.8
BB
BB
BB
BB
BB
BB
BB
FY End
0.2
0.0
0.0
2018E
10,663
24,139
28,692
2017E
Dec
Aug
Dec
2016A
8.82
50.55
14.46
Current
Year P/E
Analyst/s
Suitability
N
N
Q
Div. %
Rating
AAP
AZO
ORLY
Mkt. Cap.
(Mil)
Exchange
EPS
Symbol
52 Week
Consumer - USA
Automotive Aftermarket Retailers
Advance Auto Parts, Inc.
AutoZone, Inc.
O`Reilly Automotive, Inc.
7.55
45.58
12.64
Consumer Electronics Retailers
Best Buy Company, Incorporated
Convenience Stores
Casey's General Stores, Inc.
Core-Mark Holding Company, Inc.
CST Brands, Inc.
Murphy USA Inc.
TravelCenters of America LLC
Hardline Retail
The Michaels Companies, Inc. (f)
Tractor Supply Co.
Sporting Goods
Cabela’s Inc.
Dick`s Sporting Goods Inc. (f)
Hibbett Sports, Inc. (f)
Value Retailers
Big Lots Inc. (f)
Dollar General Corp. (f)
Dollar Tree, Inc. (f)
Home & Other Retailers
Big Box Retailers
Costco Wholesale Corporation
The Home Depot Inc. (f)
Lowe's Companies, Inc. (f)
Lumber Liquidators Holdings, Inc.
Wal-Mart Stores Inc.
Furniture & Furnishings
Aaron's Inc.
Bed Bath & Beyond (f)
Haverty Furniture Companies Inc.
Pier 1 Imports Incorporated
Rent-A-Center Inc.
RH
Williams-Sonoma (f)
Raymond James Research Register - May 2017
20
Suitability
Close
Apr-25-17
Target
Price
High
Low
2016A
2017E
2018E
Mkt. Cap.
(Mil)
Div. %
Analyst/s
N
N
N
Q
N
N
N
N
N
N
Q
3
3
2
3
1
3
3
4
3
2
3
M/GRW
M/INC
M/GRW
M/GRW
M/GRW
H/GRW
M/GRW
NM
H/GRW
H/GRW
H/GRW
50.30
136.15
87.38
35.70
48.52
56.86
90.00
19.36
97.12
145.07
277.99
NM
NM
89.00
NM
55.00
NM
NM
NM
NM
160.00
NM
53.68
140.47
97.48
38.20
55.45
59.63
92.00
32.26
98.82
146.09
289.27
42.56
111.24
75.30
27.05
43.20
44.64
79.10
19.18
65.80
109.30
202.28
26.6
25.7
26.3
28.6
15.9
24.1
23.5
10.9
22.6
24.6
34.7
1.77
4.92
3.20
1.11
2.89
2.17
3.67
1.72
3.75
5.20
6.52
1.89
5.30
3.32
1.25
3.05
2.36
3.83
1.77
4.30
5.90
8.00
2.03
5.70
3.75
1.38
3.40
2.80
4.10
1.92
4.80
6.50
9.55
Dec
Jun
Jun
Dec
Dec
Mar
Jun
Sep
Sep
Sep
Jan
12,774
17,451
31,993
1,112
23,416
3,010
240,120
2,763
5,924
8,533
17,271
1.5
2.4
1.6
1.9
1.6
0.0
3.1
0.0
2.1
1.2
0.0
JA
JA
JA
JA
JA
JA
JA
JA
JA
JA
JA
BC
HOG
MBUU
HZO
MCFT
PII
N
N
Q
N
Q
N
3
3
1
1
1
3
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
59.62
57.21
23.01
23.10
16.84
83.58
NM
NM
23.00
26.00
18.00
NM
61.74
63.40
23.30
23.65
17.51
102.32
41.19
41.63
11.38
15.10
10.25
70.14
14.9
14.9
16.4
18.5
14.4
23.2
2.98
3.83
1.07
0.92
0.57
3.27
4.00
3.85
1.40
1.25
1.17
3.60
4.45
4.10
1.49
1.50
1.48
4.75
Dec
Dec
Jun
Sep
Jun
Dec
5,437
10,132
444
575
315
5,357
1.1
2.4
0.0
0.0
0.0
2.8
JA
JA
JA
JA
JA
JA
BLMN
EAT
BWLD
TAST
CAKE
CMG
CHUY
DRI
PLAY
DFRG
DIN
FRGI
HABT
KONA
MCD
PNRA
RRGB
RUTH
TXRH
Q
N
Q
Q
Q
N
Q
N
Q
Q
N
Q
Q
Q
N
Q
Q
Q
Q
2
3
3
1
3
4
3
3
2
2
3
3
2
2
3
3
1
3
3
H/GRW
M/GRW
H/GRW
H/GRW
M/GRW
NM
H/GRW
M/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
M/GRW
H/GRW
M/GRW
H/GRW
19.83
44.25
162.80
13.90
64.71
471.76
28.55
85.55
63.34
18.10
56.64
24.55
18.70
5.90
141.70
313.72
59.45
19.85
46.35
22.00
NM
NM
17.50
NM
NM
NM
NM
70.00
20.00
NM
NM
20.00
10.00
NM
NM
70.00
NM
NM
20.38
55.84
175.10
17.55
65.09
483.50
37.78
85.76
64.48
18.80
89.98
35.21
20.01
14.44
141.99
316.21
67.05
20.55
50.51
15.82
40.92
122.25
9.60
46.93
352.96
25.87
59.50
36.83
13.01
49.53
19.40
13.20
5.20
110.33
185.69
40.85
13.74
37.23
14.0
14.1
28.6
42.1
21.6
62.5
25.5
21.5
26.4
21.5
11.3
17.9
71.9
NM
22.2
40.7
22.0
18.4
24.8
1.29
3.55
5.12
0.40
2.83
0.77
1.08
3.53
2.10
0.82
6.00
1.28
0.31
(0.85)
5.72
6.74
2.78
0.95
1.67
1.42
3.13
5.70
0.33
3.00
7.55
1.12
3.98
2.40
0.84
5.03
1.37
0.26
(0.59)
6.38
7.70
2.70
1.08
1.87
1.48
3.35
6.50
0.32
3.23
9.60
1.23
4.55
2.65
0.89
5.81
1.60
0.30
(0.47)
6.80
8.93
3.20
1.13
2.08
Dec
Jun
Dec
Dec
Dec
Dec
Dec
May
Jan
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
2,080
2,235
2,930
627
3,158
13,681
485
10,771
2,749
422
1,020
657
486
62
117,568
7,184
767
617
3,300
1.6
3.1
0.0
0.0
1.5
0.0
0.0
2.6
0.0
0.0
6.9
0.0
0.0
0.0
2.7
0.0
0.0
1.8
1.8
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
BV
FY End
Rating
CHD
CLX
EL
IPAR
NWL
PBH
PG
SBH
SMG
SPB
ULTA
Current
Year P/E
Exchange
EPS
Symbol
52 Week
Consumer - USA
Household & Personal Care Products
Church & Dwight Co., Inc.
The Clorox Company
Estee Lauder Companies
Inter Parfums, Inc.
Newell Brands Inc.
Prestige Brands Holdings Inc.
The Procter & Gamble Company
Sally Beauty Holdings Inc.
The Scotts Miracle-Gro Company
Spectrum Brands Holdings, Inc.
Ulta Beauty, Inc. (f)
Leisure Products
Brunswick Corp.
Harley-Davidson, Inc.
Malibu Boats, Inc.
MarineMax
MCBC Holdings, Inc.
Polaris Industries
Restaurants
Bloomin' Brands, Inc.
Brinker International, Inc.
Buffalo Wild Wings, Inc.
Carrols Restaurant Group, Inc.
Cheesecake Factory Inc.
Chipotle Mexican Grill, Inc.
Chuy's Holdings, Inc.
Darden Restaurants
Dave & Buster's Entertainment, Inc.
Del Frisco’s Restaurant Group, Inc.
DineEquity, Inc.
Fiesta Restaurant Group, Inc.
The Habit Restaurants, Inc.
Kona Grill, Inc.
McDonald's Corporation
Panera Bread Co.
Red Robin Gourmet Burgers, Inc.
Ruth`s Hospitality Group, Inc.
Texas Roadhouse, Inc.
Raymond James Research Register - May 2017
21
Mkt. Cap.
(Mil)
Div. %
Analyst/s
FY End
2018E
6.91
128.12
23.66
48.26
87.40
14.74
23.55
16.55
0.71
62.33
38.00
18.54
42.40
2017E
Low
9.49
168.00
32.91
53.54
119.97
22.72
32.20
26.20
1.80
75.21
48.19
36.52
54.72
2016A
High
12.50
175.00
30.00
58.00
120.00
18.00
36.00
25.00
2.00
80.00
52.00
34.00
56.00
EPS
Current
Year P/E
Target
Price
Rating
2
2
3
2
2
3
1
3
1
2
2
2
2
Close
Apr-25-17
Exchange
T
T
T
T
T
T
N
T
V
T
T
T
T
Suitability
Symbol
AIM
CTC.A
CARA
CGX
DOL
EMP.A
GIL
GC
JTR
L
MRU
ZZZ
WPK
52 Week
1,370
11,868
1,421
3,409
14,075
5,592
6,489
1,545
82
30,423
10,423
1,353
3,537
8.9
1.6
1.6
3.0
0.3
2.0
1.1
0.0
0.0
1.4
1.4
1.6
0.2
KT
KT
KT
KT
KT
KT
KT
KT
KT
KT
KT
KT
KT
Consumer - CAN
Kenric S. Tyghe, MBA [email protected]
Consumer & Retail
AIMIA (ae)
Canadian Tire Corporation
Cara Operations Limited
Cineplex Inc.
Dollarama
Empire Company Limited
Gildan Activewear
Great Canadian Gaming
GreenSpace Brands Inc. (ct)
Loblaw Companies Ltd.
Metro, Inc.
Sleep Country Canada Holdings Inc.
Winpak Ltd.
Raymond James Research Register - May 2017
M/GRW
C$9.01
M/GRW C$167.16
H/GRW C$25.83
M/INC C$53.52
M/GRW C$119.28
M/GRW C$20.58
M/GRW US$27.85
H/GRW C$24.53
H/GRW
C$1.55
M/GRW C$74.75
M/GRW C$45.18
H/INC
C$35.61
H/GRW C$54.42
NM
232
16.6
9.23
16.1
1.24
26.1
1.25
27.5
3.00
29.8
1.50
16.2
1.51
17.5
1.25
NM (1,729)
17.1
4.08
16.9
2.39
22.3
1.36
31.3
1.61
248
276
10.08
11.07
1.60
NA
2.05
2.35
3.71 A 4.34
0.69
0.91
1.72
1.99
1.40
NA
1,816
4,482
4.38
4.82
2.67
2.77
1.60
1.88
1.74
1.81
Dec
Dec
Dec
Dec
Jan
Apr
Dec
Dec
Mar
Dec
Sep
Dec
Dec
22
Analyst/s
0.50
114.90
6.25
3.02
Dec
Jun
Jun
Mar
6,408
£56,859
30,523
4,552
0.5
2.6
1.7
2.0
HB
HB
HB
HB
ESSI.PA
LUX.MI
EPA
BIT
2
2
€118.80
€53.30
132.00
60.00
124.55
56.90
93.41
39.92
29.0
27.2
3.71
1.84
4.10
1.96
4.50
2.10
Dec
Dec
25,494
25,541
1.4
1.8
CL
CL
BEIG.DE
BICP.PA
HNKG_p.DE
OREP.PA
RB.L
ETR
EPA
ETR
EPA
L
3
3
1
2
3
€90.41
€120.90
€123.60
€184.65
7,305p
NM
NM
130.00
204.00
NM
92.31
141.70
124.20
186.20
7,786
75.00
112.55
96.25
155.20
6,496
27.2
3.13
18.5
6.24
20.6
5.36
26.3
6.46
22.3 302.00
3.33
6.52
6.01
7.03
327.00
3.61
7.00
6.41
7.57
345.00
Dec
Dec
Dec
Dec
Dec
22,783
5,743
49,868
103,747
£51,179
0.8
3.0
1.5
1.9
2.3
HB
HB
HB
HB
HB
DIOR.PA
RMS.PA
KER.PA
LVMH.PA
SFER.MI
TOD.MI
EPA
EPA
EPA
EPA
BIT
BIT
2
2
1
2
3
4
€252.00
€440.75
€259.15
€223.15
€28.19
€68.75
245.00
465.00
300.00
239.00
NM
60.00
256.00
468.30
260.60
225.20
28.78
73.80
133.75
304.00
136.55
130.55
17.26
45.62
21.3
38.7
20.0
22.8
23.1
23.4
9.80
10.48
10.17
8.13
1.20
2.61
11.84
11.38
12.94
9.77
1.22
2.94
13.15
12.61
15.10
10.83
1.35
3.12
Dec
Dec
Dec
Dec
Dec
Dec
45,488
46,054
32,723
113,155
4,758
2,275
1.7
1.1
2.0
1.9
1.7
2.6
HB
HB
HB
HB
HB
HB
AGL.BIT
CPG.L
EDEN.PA
ELIOR.PA
EXHO.PA
BIT
L
EPA
EPA
EPA
2
3
2
2
2
€10.35
1,532p
€24.00
€22.44
€114.75
10.00
NM
24.60
24.50
114.00
10.60
1,559
24.13
22.51
116.15
6.83
1,204
15.70
17.90
87.73
25.9
22.2
21.6
18.2
22.5
0.39
60.40
0.78
1.05
4.77
0.40
69.09
1.11
1.23
5.11
0.47
74.25
1.33
1.39
5.62
Dec
Sep
Dec
Sep
Aug
2,629
£25,186
5,609
3,859
17,637
1.7
2.3
3.7
2.2
2.4
JR
JR
JR
JR
JR
HMb.ST
ITX.MC
STO
MAD
3
2
SEK220.70
€35.15
NM
38.00
299.10
35.24
215.40
27.18
18.7
30.0
11.26
1.01
11.83
1.17
12.95
1.32
Nov
Jan
365,281
109,552
4.4
2.2
CL
CL
FNAC.PA
EPA
1
€66.40
83.00
70.80
46.04
16.3
1.00
4.07
6.34
Dec
1,746
0.0
CL
FY End
0.43
105.20
5.81
2.56
2018E
0.34
89.40
5.20
2.27
2017E
25.7
21.5
19.8
35.8
2016A
8.10
1,737
90.00
69.27
Current
Year P/E
11.04
2,348
117.65
94.80
Low
11.10
NM
NM
NM
High
€11.03
2,259p
€115.00
€91.61
Target
Price
2
3
3
3
Rating
BIT
L
EPA
EPA
Exchange
CPR.MI
DGE.L
PERP.PA
RCOP.PA
Symbol
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
52 Week
Consumer - EUR
Hermine de Bentzmann, RJEE [email protected]
Julien Richer, CFA, RJEE [email protected]
Cedric Lecasble, RJEE [email protected]
Consumer Goods
Beverages
Campari
Diageo
Pernod Ricard
Remy Cointreau
Eyecare & Eyewear
Essilor
Luxottica
Home & Personal Care
Beiersdorf
BIC
Henkel
L'Oréal
RB
Luxury Goods
Christian Dior
Hermès
Kering
LVMH
Salvatore Ferragamo
Tod's Group
Foodservices
Autogrill
Compass Group
Edenred
Elior
Sodexo
Retail
Apparel
H&M
Inditex
Consumer Electronics
Fnac
Raymond James Research Register - May 2017
23
Mkt. Cap.
(Mil)
Div. %
Analyst/s
22.20
26.29
55.98
54.98
5.80
16.88
32.27
22.69
17.89
20.08
41.25
44.04
4.15
12.85
25.71
13.41
13.7
13.5
18.6
18.1
12.2
24.5
14.6
13.3
1.17
1.39
2.62
2.57 E
0.42
0.62
1.88
0.34
1.37
1.60
3.00
2.62
0.45
0.68
2.07
1.50
1.60
1.75
3.54
2.69
0.48
0.73
2.32
2.54
Dec
Dec
Dec
Mar
Dec
Dec
Sep
Dec
23,868
16,289
6,184
6,963
3,410
10,487
9,902
976
3.0
3.4
5.6
2.5
4.0
3.9
3.4
7.0
CL
CL
CL
CL
CL
CL
CL
CL
ADSGn.DE
PUMG.DE
ETR
ETR
4
3
€185.70
€365.00
149.00
NM
187.00
369.00
106.90
185.80
31.1
49.2
4.66
4.17
5.97
7.42
6.97
11.13
Dec
Dec
38,852
5,504
1.3
0.2
CL
CL
FY End
2018E
24.50
26.00
53.00
40.00
6.40
NM
36.00
NM
2016A
€18.76
€21.54
€55.71
€46.54
€5.48
€16.67
€30.30
€20.00
Current
Year P/E
1
2
2
4
1
3
1
3
Low
AMS
EPA
EPA
EBR
MAD
ELI
ETR
EPA
High
AD.AS
CARR.PA
CASP.PA
COLR.BR
DIDA.MC
JMT.LS
MEOG.DE
GENC.PA
Target
Price
2017E
Close
Apr-25-17
Rating
Suitability
Exchange
EPS
Symbol
52 Week
Consumer - EUR
Food Retail
Ahold Delhaize
Carrefour
Casino
Colruyt
Dia
Jeronimo Martins
Metro
Rallye
Sporting Goods
Adidas
Puma
Raymond James Research Register - May 2017
24
Energy
USA
Canada
Europe
Exploration and Production ........................................ 26
Intermediate Oil & Gas Producers .............................. 31
Integrated Oil and Gas ................................................33
Independent Refiners ................................................. 27
Junior Oil & Gas Producers ......................................... 31
Oilfield Services ...........................................................34
Integrated Oil and Gas ................................................ 27
Oil & Gas Energy Services ........................................... 32
Diversified Oilfield Services ......................................34
Midstream Suppliers................................................... 28
Ancillary Wellsite Services ....................................... 32
Utilities ........................................................................34
Oilfield Services .......................................................... 29
Blended Production/Midstream/Wellsite ............... 32
Electricity & Gas .......................................................34
Diversified Oilfield Services ..................................... 29
Contract Drillers ...................................................... 32
Environmental Services ............................................34
Gas Compression ..................................................... 29
Pressure Pumpers ................................................... 32
Manufacturing & Fabrication .................................. 29
Workforce Accommodations .................................. 32
Offshore Construction ............................................. 29
Oil Sands ..................................................................... 32
Offshore Drillers ...................................................... 29
Power & Energy Infrastructure ................................... 32
Onshore Drillers....................................................... 30
Diversified & Utilities............................................... 32
Production/Workover/Miscellaneous ..................... 30
Independent Power Producers ............................... 32
Renewable Energy and Clean Technology .................. 30
Pipelines & Midstream ............................................ 33
Fuels and Chemicals ................................................ 30
Senior Oil & Gas Producers ........................................ 33
Power ...................................................................... 30
Water....................................................................... 30
Raymond James Research Register - May 2017
25
Mkt. Cap.
(Mil)
Div. %
Analyst/s
FY End
2018E
2017E
2016A
EPS
Current
Year P/E
Low
High
Target
Price
Close
Apr-25-17
Suitability
Rating
Exchange
Symbol
52 Week
33,116
6,157
19,067
3,119
11,354
523
1,725
4,932
11,496
19,131
60,807
3,650
16,549
21,229
9,372
5,165
54,942
15,239
304
2,259
3,210
13,222
2,262
4,710
4,724
7,139
14,823
139
2,916
0.3
0.0
2.0
7.5
0.3
0.0
0.0
0.0
0.3
0.0
2.2
0.0
0.0
0.6
0.0
0.0
0.7
2.1
0.0
0.0
0.0
1.3
0.0
3.7
2.9
0.0
1.2
0.0
0.0
JF
JF
JF
JF
JF
PM
JF
JF
JF
JF
PM
JF
JF
JF
JF
JF
JF
PM
JF
PM
JF
PM
JF
PM
JF
JF
JF
JF
JF
Energy - USA
J. Marshall Adkins [email protected]
Darren Horowitz [email protected]
Benjamin Brownlow [email protected]
Praveen Narra, CFA [email protected]
John Freeman, CFA [email protected]
Pavel Molchanov [email protected]
Justin Jenkins [email protected]
Jean-Pierre Dmirdjian* [email protected]
Exploration and Production
Anadarko Petroleum Corp.
Antero Resources Corporation
Apache Corporation
Black Stone Minerals L.P. (cu)
Cabot Oil & Gas Corporation
California Resources Corporation
Carrizo Oil & Gas, Inc.
Chesapeake Energy Corporation
Cimarex Energy Co.
Concho Resources Inc.
ConocoPhillips
CONSOL Energy Inc.
Continental Resources Inc.
Devon Energy Corporation
Diamondback Energy, Inc.
Energen Corp.
EOG Resources, Inc.
Hess Corp.
Kimbell Royalty Partners L.P. (cu)
Kosmos Energy Ltd.
Laredo Petroleum Inc.
Marathon Oil Corp.
Matador Resources Company
Murphy Oil Corp.
National Fuel Gas Company
Newfield Exploration Company
Noble Energy, Inc.
Northern Oil & Gas Inc.
Oasis Petroleum Inc.
APC
AR
APA
BSM
COG
CRC
CRZO
CHK
XEC
CXO
COP
CNX
CLR
DVN
FANG
EGN
EOG
HES
KRP
KOS
LPI
MRO
MTDR
MUR
NFG
NFX
NBL
NOG
OAS
N
N
N
N
N
N
Q
N
N
N
N
N
N
N
Q
N
N
N
N
N
N
N
N
N
N
N
N
M
N
3
1
2
2
2
3
1
4
3
1
3
3
1
3
2
2
3
2
1
1
2
1
2
3
3
1
3
3
1
H/GRW
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
NM
H/GRW
H/GRW
M/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
M/GRW
H/GRW
M/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
60.08
21.85
50.25
16.34
24.41
12.52
26.49
5.51
120.85
130.98
48.79
15.91
44.19
40.59
103.97
53.24
95.27
48.64
18.62
5.85
13.27
15.61
22.73
27.35
55.39
35.88
34.43
2.20
12.34
NM
30.00
60.00
20.00
27.00
NM
38.00
NM
NM
163.00
NM
NM
57.00
NM
120.00
62.00
NM
75.00
23.00
8.00
17.00
23.00
31.00
NM
NM
44.00
NM
NM
19.00
73.33
30.66
69.00
19.86
26.74
25.30
43.96
8.20
146.96
147.55
53.17
22.34
60.30
50.69
114.00
64.44
109.37
65.56
20.89
7.39
16.47
19.28
28.51
37.48
61.25
50.00
42.03
5.85
17.08
44.81
21.11
48.05
14.24
20.02
8.79
25.06
3.56
102.91
110.50
38.80
12.29
34.43
29.60
82.19
38.11
77.04
45.12
18.06
4.39
9.20
11.28
18.56
24.39
50.61
33.00
32.33
1.55
6.56
NM
42.8
19.8
13.3
34.9
NM
18.7
7.3
25.3
73.2
31.5
93.6
43.8
18.5
21.8
45.9
42.9
NM
13.3
NM
21.1
NM
18.9
38.5
17.3
19.8
NM
18.3
NM
(3.07)
0.72
(0.66)
1.13
(0.21)
(7.84)
1.13
(0.06)
0.69
0.74
(2.66)
(0.37)
(0.88)
(0.07)
1.79
(1.44)
(1.63)
(4.93)
NA
(0.26)
0.49
(0.85)
(0.03)
(1.36)
3.10
1.21
(0.58)
0.19
(0.51)
(0.07)
0.51
2.54
1.23
0.70
(1.81)
1.42
0.76
4.78
1.79
1.55
0.17
1.01
2.19
4.77
1.16
2.22
(1.96)
1.40
(0.09)
0.63
(0.10)
1.20
0.71
3.20
1.81
0.13
0.12
0.05
0.43
1.43
3.27
1.33
0.49
(0.14)
2.52
1.04
5.80
2.04
2.07
1.46
1.62
1.84
7.46
1.98
3.88
(1.26)
1.64
(0.14)
1.06
0.23
2.42
0.88
2.65
2.17
0.59
0.44
0.64
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
Dec
*Jean-Pierre Dmirdjian is a Raymond James Euro Equities SAS employee.
Raymond James Research Register - May 2017
26
Target
Price
High
Low
2017E
2018E
Div. %
Analyst/s
M/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
62.50
30.46
178.35
11.79
27.56
38.69
23.05
7.72
8.11
17.20
8.29
10.93
12.39
80.00
39.00
250.00
20.00
36.00
55.00
27.00
NM
10.00
23.00
14.00
20.00
16.00
78.48
39.82
199.83
21.12
46.96
46.92
43.09
15.59
10.38
20.25
14.44
16.48
16.17
61.01
21.73
146.08
10.92
26.24
29.15
20.01
7.20
5.34
13.53
6.38
10.36
8.03
39.3
33.5
55.0
NM
NM
26.9
NM
8.2
16.6
13.3
NM
15.0
NM
(1.01)
0.12
(0.20)
(1.08)
0.03
(0.07)
(1.98)
(0.03)
(0.02)
0.80
(2.18)
(0.06)
(0.74)
1.59
0.91
3.24
(0.71)
0.21
1.44
(0.68)
0.94
0.49
1.29
(0.66)
0.73
(0.51)
2.10
1.56
8.33
(0.53)
(0.01)
1.67
0.69
0.64
0.81
1.60
(0.40)
1.75
0.44
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
47,756
8,358
30,270
2,825
6,811
5,491
2,564
3,823
1,633
1,510
3,001
1,002
4,271
4.9
0.0
0.0
0.0
0.3
0.0
0.4
0.0
0.0
6.0
0.0
0.0
25.2
PM
JF
JF
JF
JF
JF
JF
JF
JF
JF
JF
JF
JF
DK
HFC
MPC
PBF
PSX
TSO
VLO
WNR
N
N
N
N
N
N
N
N
2
3
1
3
2
3
2
3
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
23.98
28.76
50.03
22.56
78.08
80.66
65.83
34.82
30.00
NM
65.00
NM
93.00
NM
75.00
NM
26.06
37.98
54.59
35.68
89.31
93.06
71.40
40.09
11.41
22.07
32.02
19.47
73.67
69.49
46.88
18.14
NM
19.2
17.0
22.6
18.6
15.7
12.4
17.4
(1.35)
0.51
2.13
(1.28)
2.83
4.29
3.72
1.20
0.20
1.50
2.95
1.00
4.20
5.15
5.30
2.00
1.30
2.75
3.70
2.75
7.00
7.50
6.50
3.00
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,484
5,065
26,466
2,364
41,094
9,534
29,689
3,462
2.5
4.6
2.9
5.3
3.2
2.7
4.3
4.4
JJ
JJ
JJ
JJ
JJ
JJ
JJ
JJ
CVX
EC
XOM
PBR
YPF
N
N
N
N
N
3
3
4
3
2
M/INC
H/GRW
NM
H/GRW
H/GRW
106.73
9.42
81.73
9.27
25.55
NM
NM
NM
NM
28.00
119.00
10.29
95.55
12.56
26.48
97.53
7.65
80.30
5.45
15.00
19.7
10.1
17.8
11.0
NM
0.97
0.33
2.36
(0.12)
0.00
5.41
0.93
4.59
0.84
(0.29)
5.07
1.42
5.10
1.50
(0.42)
Dec
Dec
Dec
Dec
Dec
201,720
19,366
341,304
60,461
10,043
4.0
0.1
3.7
0.0
1.2
PM
PM
PM
PM
PM
Mkt. Cap.
(Mil)
Close
Apr-25-17
2
1
1
1
2
1
2
3
1
1
1
1
2
FY End
Suitability
N
N
N
N
N
N
N
N
M
Q
N
N
N
2016A
Rating
OXY
PE
PXD
QEP
RRC
RSPP
SM
SWN
SRCI
VNOM
WLL
WRD
WPX
Current
Year P/E
Exchange
EPS
Symbol
52 Week
Energy - USA
Exploration and Production
Occidental Petroleum Corp.
Parsley Energy, Inc.
Pioneer Natural Resources Company
QEP Resources, Inc.
Range Resources Corp.
RSP Permian, Inc.
SM Energy Company
Southwestern Energy Company
SRC Energy Inc.
Viper Energy Partners L.P. (cu)
Whiting Petroleum Corp.
WildHorse Resource Development Corporation
WPX Energy Inc.
Independent Refiners
Delek US Holdings, Inc.
HollyFrontier Corp.
Marathon Petroleum Corp.
PBF Energy, Inc.
Phillips 66
Tesoro Corp.
Valero Energy Corp.
Western Refining, Inc.
Integrated Oil and Gas
Chevron Corp.
Ecopetrol S.A. (ed, r)
Exxon Mobil Corp.
Petróleo Brasileiro S.A. (ed, r)
YPF S.A. (ed, r)
Raymond James Research Register - May 2017
27
Div. %
Analyst/s
2.76
2.16
1.57
(1.24)
0.18
1.61
1.25
0.48
0.46
2.83
2.23
0.73
(0.02)
(0.38)
1.53
0.13
1.23
0.38
2.39
2.16
0.89
2.13
4.28
0.37
2.47
(0.22)
2.60
1.80
2.74
0.98
4.04
1.89
1.89
2.31
Mkt. Cap.
(Mil)
2018E
2.45
1.65
1.32
(1.74)
0.21
0.65
(2.08)
0.36
0.42
2.51
2.01
0.73
(0.03)
(0.32)
1.37
(0.37)
1.09
0.39
2.30
1.91
0.76
1.79
3.99
0.35
1.30
0.55
2.22
1.66
2.60
0.66
3.17
1.59
1.59
1.64
FY End
2017E
2016A
Current
Year P/E
EPS
Low
Suitability
H/INC
H/GRW
H/INC
NM
H/INC
H/INC
H/GRW
H/INC
H/INC
H/INC
H/GRW
H/INC
H/GRW
H/INC
H/INC
NM
H/INC
H/INC
H/INC
H/INC
M/INC
H/INC
H/INC
H/INC
H/GRW
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
High
Rating
3
1
3
4
3
3
3
2
2
2
2
2
2
2
1
4
2
3
3
3
1
2
2
2
1
2
3
3
2
2
2
3
3
3
Target
Price
Exchange
N
N
N
Q
Q
M
M
N
N
N
N
N
N
N
N
N
N
N
Q
N
N
N
N
Q
N
N
N
N
N
Q
N
N
N
N
Close
Apr-25-17
Symbol
APU
AM
BWP
CLMT
CPLP
CQP
LNG
CEQP
CAPL
DKL
ETE
ETP
ENLC
ENLK
EPD
FGP
GEL
GLP
GMLP
HEP
KMI
KNOP
MMP
MMLP
MPLX
NGL
NS
NSH
PBFX
PTXP
PSXP
PAA
PAGP
SEMG
52 Week
8.2
3.2
2.2
0.0
9.3
5.2
0.0
9.3
9.6
8.5
6.1
11.6
5.2
8.3
5.9
6.9
8.8
10.1
10.2
6.6
2.4
8.7
4.6
10.2
5.7
9.5
8.9
7.9
8.6
7.0
4.2
7.2
7.1
5.2
BBL,DH
DH
DH
JJ,DH
BBL,DH
DH,PM
PM,DH
DH
BBL,DH
JJ,DH
DH
DH
DH
DH
DH
BBL,DH
DH,JJ
BBL,DH
BBL,DH
JJ,DH
DH
BBL,DH
DH,JJ
DH
JJ,DH
DH
DH,JJ
DH,JJ
JJ,DH
DH
JJ,DH
DH,JJ
DH,JJ
DH,JJ
Energy - USA
Midstream Suppliers
AmeriGas Partners L.P.
Antero Midstream Partners L.P.
Boardwalk Pipeline Partners L.P.
Calumet Specialty Products Partners, L.P.
Capital Product Partners L.P.
Cheniere Energy Partners, L.P.
Cheniere Energy, Inc.
Crestwood Equity Partners L.P.
CrossAmerica Partners L.P.
Delek Logistics Partners L.P.
Energy Transfer Equity L.P.
Energy Transfer Partners L.P.
EnLink Midstream LLC
EnLink Midstream Partners L.P.
Enterprise Products Partners L.P.
Ferrellgas Partners L.P.
Genesis Energy L.P.
Global Partners L.P.
Golar LNG Partners L.P.
Holly Energy Partners L.P.
Kinder Morgan, Inc.
KNOT Offshore Partners L.P.
Magellan Midstream Partners L.P.
Martin Midstream Partners L.P.
MPLX L.P.
NGL Energy Partners L.P.
NuStar Energy L.P.
NuStar GP Holdings, LLC
PBF Logistics L.P.
PennTex Midstream Partners L.P.
Phillips 66 Partners L.P.
Plains All American Pipeline L.P.
Plains GP Holdings L.P.
SemGroup Corporation
Raymond James Research Register - May 2017
45.65
33.09
18.58
3.70
3.44
32.56
46.34
25.75
25.52
32.10
18.55
36.42
19.75
18.89
27.95
5.78
32.77
18.25
22.69
36.71
20.90
23.95
76.10
19.70
36.65
16.50
49.15
27.45
20.85
16.81
53.73
30.55
30.78
34.35
NM
39.00
NM
NM
NM
NM
NM
28.00
28.00
37.00
23.00
42.00
22.00
20.00
33.00
NM
37.00
NM
NM
NM
27.00
25.00
85.00
21.00
44.00
20.00
NM
NM
23.00
18.00
62.00
NM
NM
NM
50.11
35.74
18.95
6.42
4.05
33.47
50.53
28.30
27.94
36.05
20.05
43.50
20.45
19.89
30.25
20.85
40.90
21.95
25.82
38.09
23.36
24.68
81.77
25.38
39.43
25.80
55.64
31.50
23.49
18.00
62.66
33.95
36.59
43.20
40.81
22.86
15.56
2.79
2.41
25.87
31.02
16.15
22.50
21.30
10.56
31.64
12.51
12.75
24.01
5.04
30.01
12.28
15.55
29.53
16.63
16.56
64.25
15.58
29.33
11.57
43.41
22.30
17.45
10.71
42.47
20.53
22.17
26.58
18.6
20.1
14.1
NM
16.4
50.1
NM
71.5
60.8
12.8
9.2
49.9
NM
NM
20.4
NM
30.1
46.8
9.9
19.2
27.5
13.4
19.1
56.3
28.2
30.0
22.1
16.5
8.0
25.5
16.9
19.2
19.4
20.9
1.79
1.24
1.18
(4.19)
0.34
(0.28)
(1.94)
(3.55)
0.32
2.07
0.93
(2.00)
(2.57)
(1.99)
1.20
(6.74)
1.00
(5.91)
2.74
1.69
0.25
2.07
3.52
0.65
0.00
(2.35)
1.27
1.28
2.04
0.00
2.21
0.93
0.94
(0.13)
Sep
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jul
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
4,242
5,919
4,651
283
420
10,999
10,607
4,800
855
783
19,421
25,874
3,239
4,345
52,378
567
3,866
616
1,387
2,305
46,609
699
17,334
698
13,231
1,800
3,864
1,179
870
672
5,876
20,444
3,109
2,271
28
Div. %
Analyst/s
NM
14.4
8.1
19.1
20.1
NM
NM
8.9
6.4
20.1
12.8
13.2
17.0
25.5
(1.48)
2.84
0.38
0.23
(4.93)
(1.69)
(1.70)
1.87
0.18
1.91
2.82
1.20
(0.56)
(0.08)
(4.10)
3.12
3.33
1.40
1.54
(0.47)
(1.07)
1.90
0.88
2.76
3.77
1.90
1.81
1.63
(3.90)
3.35
3.79
1.59
2.02
0.16
1.26
2.46
1.35
3.56
4.68
2.52
2.69
1.69
Dec
Dec
Dec
Sep
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
338
13,903
575
1,634
3,040
10,525
761
1,349
827
5,715
3,146
1,531
23,107
25,929
0.0
6.1
8.6
13.3
10.7
6.4
2.5
3.3
7.8
6.8
3.4
7.0
3.9
8.2
DH
DH
JJ,DH
BBL,DH
BBL,DH
DH
BBL,DH
BBL,DH
BBL,DH
JJ,DH
JJ,DH
JJ,DH
DH
DH
BHI
HAL
SLB
WFT
N
N
N
N
2
1
3
2
H/GRW
H/GRW
H/GRW
H/GRW
59.29
47.02
74.09
5.61
64.00
59.00
NM
7.00
68.59
58.78
87.84
8.49
41.74
38.24
72.00
3.73
NM
42.7
51.1
NM
(1.47)
(0.02)
1.16
(1.29)
0.00
1.10
1.45
(0.75)
1.85
3.00
2.90
0.00
Dec
Dec
Dec
Dec
25,139
40,719
103,059
5,515
1.1
1.5
2.7
0.0
PN,JMA
PN,JMA
PN,JMA
PN,JMA
APLP
CCLP
USAC
Q
Q
N
2
2
2
H/INC
H/INC
H/INC
16.16
8.56
17.49
19.00
10.00
20.00
18.55
13.54
19.78
10.07
6.91
12.03
23.8
NM
58.3
0.71
(0.84)
0.34
0.68
(0.85)
0.30
1.45
0.00
0.60
Dec
Dec
Dec
965
285
509
7.1
17.6
12.0
JMA,PN
JMA,PN
JMA,PN
NOV
OIS
FTI
N
N
N
2
2
3
H/GRW
H/GRW
H/GRW
35.82
32.40
32.12
45.00
41.00
NM
43.63
41.75
36.14
29.21
27.07
30.61
NM
NM
32.1
(0.85)
(0.20)
(0.88)
(0.65)
1.00 E 0.95
1.50
0.70
1.50
Dec
Dec
Dec
13,563
1,665
7,249
0.6
0.0
3.7
JMA,PN
JMA,PN
PN,JPD
HLX
N
3
H/GRW
6.24
NM
11.87
5.95
NM
(0.32)
(0.20)
0.25
Dec
753
0.0
JMA,PN
ATW
DO
ESV
NE
PACD
RDC
RIG
N
N
N
N
N
N
N
4
3
3
3
4
3
4
NM
H/GRW
H/GRW
H/GRW
NM
H/GRW
NM
8.09
14.96
8.35
4.95
1.72
14.52
11.46
NM
NM
NM
NM
NM
NM
NM
15.37
26.72
12.36
12.19
11.56
21.68
16.66
6.12
14.48
6.50
4.45
1.58
12.00
8.68
NM
18.7
NM
NM
NM
NM
NM
4.84
1.24
1.57
(0.06)
(3.01)
2.00
0.84
(0.50)
0.80
(0.15)
(1.65)
(18.45)
(1.70)
(0.75)
(2.60)
0.35
(0.75)
(1.95)
(13.95)
(2.40)
(1.20)
Sep
Dec
Dec
Dec
Dec
Dec
Dec
525
2,081
1,932
1,204
36
1,803
4,462
0.0
0.0
0.5
0.0
0.0
0.0
0.0
PN,JMA
PN,JMA
PN,JMA
PN,JMA
PN,JMA
PN,JMA
PN,JMA
Mkt. Cap.
(Mil)
1.10
40.19
21.27
24.00
21.01
35.35
5.45
9.47
4.06
42.92
38.90
18.85
18.35
26.12
FY End
4.74
50.43
30.35
37.10
37.25
61.83
11.85
19.90
6.94
60.14
51.00
26.58
32.69
42.32
2018E
NM
47.00
32.00
NM
33.00
64.00
NM
NM
8.00
65.00
55.00
28.00
31.00
44.00
2017E
4.34
45.08
27.00
26.76
30.96
56.98
8.83
16.95
5.61
55.50
48.17
25.15
30.81
41.57
2016A
NM
H/INC
H/INC
H/INC
H/INC
H/GRW
H/GRW
H/INC
H/INC
H/INC
H/GRW
H/GRW
H/GRW
H/INC
Current
Year P/E
4
2
2
3
2
2
3
3
2
1
2
1
2
1
Low
N
N
N
N
N
N
N
N
N
N
N
N
N
N
High
Suitability
SXE
SEP
SRLP
SPH
SUN
TRGP
TK
TGP
TOO
TLLP
VLP
WNRL
WMB
WPZ
Target
Price
Rating
Close
Apr-25-17
Exchange
EPS
Symbol
52 Week
Energy - USA
Midstream Suppliers
Southcross Energy Partners L.P.
Spectra Energy Partners L.P.
Sprague Resources L.P.
Suburban Propane Partners L.P.
Sunoco L.P.
Targa Resources Corp.
Teekay Corporation
Teekay LNG Partners L.P.
Teekay Offshore Partners L.P.
Tesoro Logistics L.P.
Valero Energy Partners L.P.
Western Refining Logistics L.P.
The Williams Companies, Inc.
Williams Partners L.P.
Oilfield Services
Diversified Oilfield Services
Baker Hughes, Inc.
Halliburton
Schlumberger Ltd.
Weatherford
Gas Compression
Archrock Partners L.P.
CSI Compressco Partners L.P.
USA Compression Partners L.P.
Manufacturing & Fabrication
National Oilwell Varco Inc.
Oil States International, Inc.
TechnipFMC plc
Offshore Construction
Helix Energy Solutions Group
Offshore Drillers
Atwood Oceanics
Diamond Offshore
Ensco plc
Noble Corp plc
Pacific Drilling
Rowan Companies
Transocean
Raymond James Research Register - May 2017
29
Div. %
Analyst/s
18.40
29.76
7.20
30.63
7.61
16.72
2.64
9.95
NM
NM
NM
12.9
(1.25)
(2.25)
(1.26)
(0.29)
(0.95)
(1.15)
(0.60)
1.75
0.45
0.45
0.00
1.60
Dec
Dec
Dec
Dec
3,342
3,349
219
1,162
2.0
0.4
0.0
0.0
JMA,PN
JMA,PN
JMA,PN
JMA,PN
CELP
DWSN
HCLP
TUSK
NR
PUMP
RES
SPN
TTI
N
Q
N
Q
N
N
N
N
N
3
1
1
2
1
1
1
1
2
H/INC
H/SPEC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
8.88
5.21
15.10
19.16
7.85
13.53
17.90
13.47
3.58
NM
9.00
21.00
24.00
10.00
18.00
25.00
19.00
5.00
14.27
9.00
23.30
24.54
8.75
15.30
23.36
19.83
7.75
7.80
4.58
5.50
11.91
4.26
12.26
13.12
12.48
3.32
19.7
NM
14.4
NM
NM
NM
59.7
NM
NM
0.67
(1.84)
(0.79)
(0.80)
(0.40)
(1.72)
(0.72)
(2.49)
(0.59)
0.45
(1.10)
1.05
0.15
0.00
0.10
0.30
(1.65)
(0.35)
0.80
(0.25)
2.85
1.60
0.45
1.20
1.30
0.00
(0.15)
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
106
110
961
718
665
1,088
3,893
2,046
412
18.4
0.0
0.0
0.0
0.0
0.0
1.1
0.0
0.0
JMA,PN
JMA,PN
JMA,PN
PN,JMA
JMA,PN
PN,JMA
JMA,PN
JMA,PN
JMA,PN
GTLS
CLNE
GPP
Q
Q
Q
3
3
1
H/GRW
H/GRW
M/INC
35.97
2.46
20.00
NM
NM
23.00
40.87
4.80
21.75
21.80
2.38
13.40
45.5
NM
9.7
1.18
(0.32)
1.75
0.79
(0.46)
2.07
1.33
(0.44)
2.13
Dec
Dec
Dec
1,119
342
636
0.0
0.0
8.6
PM
PM
PM
CAFD
AEIS
ENOC
ENPH
EVA
FSLR
NEP
SSNI
SPWR
TPIC
Q
Q
Q
Q
N
Q
N
N
Q
Q
1
3
1
3
2
3
2
1
2
2
M/INC
H/GRW
H/GRW
H/GRW
M/INC
H/GRW
M/INC
H/GRW
H/GRW
H/GRW
12.23
72.24
5.75
1.29
29.50
27.54
33.19
11.40
6.87
20.13
17.00
NM
10.00
NM
30.00
NM
35.00
16.00
15.00
24.00
17.34
72.43
7.83
2.78
29.98
62.14
34.20
15.40
22.35
23.30
11.51
31.98
4.80
0.95
19.31
25.56
23.90
10.18
5.84
11.31
15.7
18.6
NM
NM
18.4
72.5
27.2
45.6
31.2
61.0
1.27
3.12
(2.00)
(1.04)
1.57
5.17
2.05
0.22
(0.46)
0.50
0.78
3.89
(2.25)
(0.28)
1.60
0.38
1.22
0.25
0.22
0.33
1.03
4.02
(1.86)
(0.01)
1.78
0.79
0.71
0.31
0.56
0.43
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
868
2,890
170
95
752
2,864
4,733
620
951
678
8.7
0.0
0.0
0.0
7.3
0.0
4.4
0.0
0.0
0.0
PM
PM
PM
PM
PM
PM
PM
PM
PM
PM
WAAS
N
1
H/GRW
18.38
27.00
26.33
14.30
NM
(0.83)
(0.48)
(0.38)
Dec
474
0.0
PM
Mkt. Cap.
(Mil)
2018E
19.00
34.00
NM
29.00
FY End
2017E
11.77
22.61
3.50
22.57
2016A
H/GRW
H/GRW
H/SPEC
H/GRW
Current
Year P/E
1
1
3
1
Low
N
Q
N
N
High
Suitability
NBR
PTEN
PES
UNT
Target
Price
Rating
Close
Apr-25-17
Exchange
EPS
Symbol
52 Week
Energy - USA
Onshore Drillers
Nabors Industries Ltd.
Patterson-UTI Energy, Inc.
Pioneer Energy Services Corp
Unit Corporation
Production/Workover/Miscellaneous
Cypress Energy Partners L.P.
Dawson Geophysical Company
Hi-Crush Partners L.P.
Mammoth Energy Services, Inc.
Newpark Resources
ProPetro Holding Corp.
RPC, Inc.
Superior Energy Services, Inc.
TETRA Technologies Inc.
Renewable Energy and Clean Technology
Fuels and Chemicals
Chart Industries, Inc.
Clean Energy Fuels Corp.
Green Plains Partners L.P.
Power
8point3 Energy Partners L.P.
Advanced Energy Industries, Inc.
EnerNOC, Inc.
Enphase Energy, Inc.
Enviva Partners L.P.
First Solar, Inc.
NextEra Energy Partners, L.P.
Silver Spring Networks, Inc.
SunPower Corp.
TPI Composites, Inc.
Water
AquaVenture Holdings Ltd.
Raymond James Research Register - May 2017
30
Analyst/s
0.92
1.80
(149)
345
0.20
0.73
1.10
2.91
1,657
0.55
1.32
0.85
0.33
0.87
0.56
0.34
566
(0.06)
3.17
0.88
0.83
2.30
3.12
0.44
1.12
0.97
2.14
131
427
0.34
1.25
1.21
4.04
1,800
0.80
1.75
1.01
0.63
0.89
1.04
1.41
241
0.35
3.66
1.13
1.22
3.28
4.75
0.94
1.46
1.14
2.42
217
434
0.33
1.45
1.20
4.98
1,958
0.92
2.17
0.96
0.95
1.12
1.70
2.87
262
0.50
4.06
1.13
1.40
4.02
5.61
1.08
1.72
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,598
6,601
699
938
192
1,885
759
676
7,237
630
2,482
1,651
1,357
1,125
782
1,952
756
1,046
4,181
7,041
1,972
8,786
7,416
591
3,620
0.0
3.3
0.0
0.0
0.0
1.4
1.4
5.9
2.7
0.0
1.2
4.3
0.0
0.0
0.0
0.0
0.0
0.0
5.2
2.5
0.0
0.0
0.0
0.0
2.9
KM
JM
CC
CC
JM
KM
JM
JM
CC
KM
KM
JM
JM
KM
JM
KM
CC
JM
KM
JM
JM
KM
KM
KM
JM
CKE
DEE
GXO
LXE
RMP
SRX
YGR
T
T
T
V
T
V
T
4
1
1
R
3
2
2
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
H/GRW
C$0.34
C$1.40
C$5.16
C$2.15
C$0.82
C$3.85
C$2.61
0.35
2.60
10.00
R
0.70
5.25
3.50
0.59
1.79
8.22
2.55
1.97
5.66
2.94
0.32
0.72
4.31
1.38
0.62
3.24
0.85
8.5
4.7
6.4
R
6.3
6.6
4.3
0.00
0.19
0.75
R
0.20
0.29
0.21
0.04
0.30
0.81
R
0.13
0.58
0.60
0.06
0.45
0.82
R
0.17
0.77
0.98
Dec
Dec
Dec
Dec
Dec
Dec
Dec
74
218
174
R
124
460
207
0.0
0.0
8.1
R
0.0
0.0
0.0
KM
KM
KM
KM
KM
KM
JM
FY End
8.9
8.5
NM
NM
2.9
5.7
2.4
5.1
NM
5.4
5.9
13.9
11.2
7.3
4.7
13.1
NM
5.9
6.9
26.1
6.7
7.6
5.8
5.0
6.7
2018E
6.59
18.03
1.04
3.93
0.96
4.88
2.52
19.90
13.23
4.26
6.05
10.61
3.92
5.33
4.70
6.90
1.29
0.78
25.34
22.91
8.07
21.07
26.88
4.23
8.60
2017E
10.33
24.94
2.14
9.04
1.68
10.50
5.58
29.76
24.01
8.10
13.55
15.16
7.70
7.80
10.50
19.03
2.70
2.72
39.41
34.32
11.87
32.90
39.77
8.33
12.90
2016A
11.75
26.50
2.75
6.00
1.25
11.50
3.75
31.00
21.00
9.00
14.50
15.50
9.50
9.00
9.00
25.00
1.50
2.50
35.00
34.00
10.00
36.00
39.00
10.00
14.00
Current
Year P/E
C$8.65
C$18.28
C$1.38
C$4.02
C$1.00
C$7.14
C$2.93
C$20.41
C$13.36
C$4.29
C$10.32
C$14.00
C$7.07
C$6.51
C$4.91
C$18.45
C$1.38
C$2.08
C$25.40
C$29.52
C$8.20
C$25.08
C$27.61
C$4.69
C$9.72
Low
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
M/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/INC
H/GRW
M/GRW
M/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/INC
High
2
2
2
3
3
2
3
2
2
1
2
2
1
2
2
1
3
3
2
2
3
1
2
2
2
Target
Price
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
T
Rating
AAV
ARX
ATH
BTE
BXE
BIR
BNP
BNE
CPG
CR
ERF
FRU
KEL
NVA
PPY
POU
PGF
PWT
PEY
PSK
RRX
VII
TOU
TET
WCP
Symbol
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
Exchange
52 Week
Energy - CAN
Andrew Bradford, CFA [email protected]
Kurt Molnar [email protected]
Jeremy McCrea, CFA [email protected]
David Quezada, CFA [email protected]
Steven Li, CFA [email protected]
Chris Cox, CFA [email protected]
Frederic Bastien, CFA [email protected]
Intermediate Oil & Gas Producers
Advantage Oil & Gas Ltd. (cf)
ARC Resources Ltd. (cf)
Athabasca Oil Corp. (cb)
Baytex Energy Corporation (cf)
Bellatrix Exploration Ltd. (cf)
Birchcliff Energy Ltd. (cf)
Bonavista Energy Corporation (cf)
Bonterra Energy Corp. (cf)
Crescent Point Energy (cf)
Crew Energy Inc. (cf)
Enerplus Corporation (cf)
Freehold Royalties Ltd. (cf)
Kelt Exploration Ltd. (cf)
NuVista Energy Ltd. (cf)
Painted Pony Petroleum Ltd. (cf)
Paramount Resources Ltd. (cf)
Pengrowth Energy Corporation (cf)
Penn West Petroleum Ltd. (cf)
Peyto Exploration and Development (cf)
PrairieSky Royalty Ltd. (cf)
Raging River Exploration Inc. (cf)
Seven Generations Energy Ltd. (cf)
Tourmaline Oil Corp. (cf)
Trilogy Energy Corp. (cf)
Whitecap Resources Inc. (cf)
Junior Oil & Gas Producers
Chinook Energy, Inc. (cf)
Delphi Energy Corp. (cf)
Granite Oil Corp. (cf)
Leucrotta Exploration Inc. (cf)
RMP Energy Inc. (cf)
Storm Resources Ltd. (cf)
Yangarra Resources Ltd. (cf)
Raymond James Research Register - May 2017
31
Div. %
Analyst/s
0.90
1.95
0.52
1.25
NM
NM
(2) E
3 E
26
29
52
41
Dec
Dec
96
83
0.0
0.0
AB
AB
CEU
EFX
MTL
SES
T
T
T
T
1
2
3
1
H/GRW
H/INC
M/INC
H/INC
C$6.68
C$20.29
C$15.58
C$9.27
7.50
17.50
16.25
13.15
8.65
20.57
20.32
12.04
2.96
8.59
13.54
7.61
NM
NM
NM
NM
47 E
177 E
186
93
133
230
182
154
189
260
215
187
Dec
Dec
Dec
Dec
1,884
1,828
1,653
1,570
0.4
1.7
2.3
2.6
AB
AB
AB
AB
ESI
PD
TDG
WRG
T
T
T
T
2
2
2
3
H/INC
H/GRW
H/GRW
H/GRW
C$7.94
C$5.54
C$2.16
C$1.95
9.15
7.20
3.45
2.50
10.41
8.21
3.77
3.71
6.51
4.66
1.96
1.90
NM
NM
NM
NM
190
256
135
6
249
332
134
38
308
547
201
61
Dec
Dec
Dec
Dec
1,337
1,681
588
153
6.0
0.0
0.0
0.0
AB
AB
AB
AB
CFW
FRC
TCW
T
T
T
3
2
2
H/GRW
H/GRW
H/GRW
C$3.45
C$6.58
C$4.01
4.95
9.45
6.15
5.34
7.58
5.59
1.58
4.27
1.50
NM
NM
NM
(41) E
(21) E
(62) E
72
49
59
214
105
139
Dec
Dec
Dec
489
597
842
0.0
0.0
0.0
AB
AB
AB
BDI
HNL
T
T
2
2
H/INC
H/INC
C$3.78
C$1.73
5.50
2.00
6.79
2.35
2.97
1.31
NM
NM
42
29
43
40
56
56
Dec
Dec
223
268
7.9
4.6
AB
AB
MEG
T
2
H/GRW
C$6.31
8.50
9.83
4.72
NM
157
582
750
Dec
1,641
0.0
CC
AQN
BIP
EMA
FTS
H
T
N
T
T
T
1
2
3
3
2
M/INC C$12.81
M/INC US$39.62
M/INC C$47.57
M/INC C$44.18
M/INC C$23.99
15.00
43.00
51.50
50.00
25.00
13.05
40.31
50.19
45.13
26.80
10.47
27.17
43.76
38.65
22.06
17.8
12.6
17.5
17.5
20.0
0.57
2.72
2.77
2.31
1.21
0.72
3.15
2.72
2.52
1.20
0.75
3.50
3.01
2.63
1.30
Dec
Dec
Dec
Dec
Dec
4,888
14,640
9,704
18,357
14,324
4.8
4.4
4.4
3.6
3.5
DQ
FB
DQ
DQ
FB
AXY
BLX
BEP
CPX
INE
NPI
PEGI
RNW
HTM
T
T
N
T
T
T
Q
T
M
2
2
2
2
2
2
2
3
2
H/SPEC
C$4.79
M/INC C$20.85
M/INC US$30.68
M/GRW C$24.82
M/GRW C$13.95
M/GRW C$24.04
H/GRW US$22.16
M/GRW C$15.77
H/SPEC US$4.13
8.00
24.50
33.00
28.00
17.50
28.00
26.00
17.00
5.00
7.50
21.85
31.85
26.43
15.80
25.14
25.13
16.25
5.40
4.20
16.06
26.61
17.46
12.43
20.65
18.68
12.25
3.66
79.8
45.3
15.3
17.5
26.3
29.0
12.3
16.4
12.5
(0.24)
(0.03)
1.45
1.22
0.28
0.64
1.70
(0.01)
0.33 E
0.06
0.46
2.00
1.42
0.53
0.83
1.80
0.96
0.40
0.07
0.61
2.35
1.55
0.63
1.67
2.05
1.04
NA
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
280
1,599
9,176
2,452
1,512
4,169
1,939
3,534
78
1.0
2.9
6.1
6.3
4.6
4.5
7.5
5.6
0.0
DQ
DQ
FB
DQ
DQ
DQ
FB
DQ
SLi
Mkt. Cap.
(Mil)
2018E
1.50
2.65
FY End
2017E
C$0.63
C$1.34
2016A
H/GRW
H/GRW
Current
Year P/E
Close
Apr-25-17
1
1
Low
Suitability
T
T
High
Rating
ESN
SDY
Target
Price
Exchange
EPS
Symbol
52 Week
Energy - CAN
Oil & Gas Energy Services
Ancillary Wellsite Services
Essential Energy Services Ltd. (cb)
Strad Energy Services Ltd. (cb)
Blended Production/Midstream/Wellsite
Canadian Energy Services & Technology Corp. (cb)
Enerflex Ltd. (cb)
Mullen Group Ltd. (cb)
Secure Energy Services Inc. (cb)
Contract Drillers
Ensign Energy Services Inc. (cb)
Precision Drilling Corporation (cb)
Trinidad Drilling Ltd. (cb)
Western Energy Services Corp. (cb)
Pressure Pumpers
Calfrac Well Services (cb)
Canyon Services Group Inc. (cb)
Trican Well Service (cb)
Workforce Accommodations
Black Diamond Group Limited (cb)
Horizon North Logistics Inc. (cb)
Oil Sands
MEG Energy Corp. (cb)
Power & Energy Infrastructure
Diversified & Utilities
Algonquin Power & Utilities
Brookfield Infrastructure Partners L.P. (x)
Emera Inc.
Fortis, Inc.
Hydro One Ltd.
Independent Power Producers
Alterra Power Corp.
Boralex, Inc.
Brookfield Renewable Partners L.P. (x)
Capital Power Corporation
Innergex Renewable Energy, Inc.
Northland Power, Inc.
Pattern Energy Group Inc. (ca)
TransAlta Renewables Inc.
U.S. Geothermal
Raymond James Research Register - May 2017
32
2017E
2018E
Mkt. Cap.
(Mil)
Div. %
Analyst/s
C$30.78
C$18.97
C$28.39
C$38.44
C$44.50
C$15.90
32.00
22.00
30.00
45.00
50.00
16.00
35.55
20.31
30.07
43.21
44.62
16.16
28.86
13.95
24.92
36.03
36.01
8.71
16.3
17.7
11.2
11.6
14.2
14.6
2.81
0.40
2.28
2.49
2.71
0.96
1.89
1.07
2.53
3.30
3.13
1.09
2.42
1.58
2.55
3.33
3.69
1.23
Dec
Dec
Dec
Dec
Dec
Dec
5,156
2,743
10,496
7,231
17,764
4,986
6.8
7.0
5.7
4.1
4.3
6.3
CC
CC
CC
CC
CC
CC
CNQ
CVE
HSE
IMO
SU
T
T
T
T
T
2
3
3
2
2
M/GRW
M/GRW
M/GRW
M/GRW
M/GRW
C$45.33
C$14.26
C$16.08
C$41.41
C$42.22
53.00
16.00
17.00
49.00
49.00
46.74
22.06
17.56
48.72
44.90
34.63
13.77
13.92
38.41
32.69
NM
NM
NM
NM
NM
4,432
1,389
848
4,137
6,648
8,298
3,887
3,186
4,726
10,472
10,766
4,286
3,416
4,624
11,024
Dec
Dec
Dec
Dec
Dec
53,267
14,725
16,168
35,227
70,339
2.4
1.4
0.0
1.4
3.0
CC
CC
CC
CC
CC
FY End
2016A
M/INC
H/INC
M/INC
M/INC
M/INC
H/INC
Current
Year P/E
Close
Apr-25-17
3
2
3
2
2
3
Low
Suitability
T
T
T
T
T
T
High
Rating
ALA
GEI
IPL
KEY
PPL
VSN
Target
Price
Exchange
EPS
Symbol
52 Week
Energy - CAN
Pipelines & Midstream
AltaGas Ltd. (af)
Gibson Energy Inc. (af)
Inter Pipeline Ltd. (af)
Keyera Corp (af)
Pembina Pipeline Corp. (af)
Veresen Inc. (af)
Mkt. Cap.
(Mil)
Div. %
Analyst/s
FY End
2018E
2017E
2016A
Current
Year P/E
EPS
Low
High
52 Week
Target
Price
Close
Apr-25-17
Suitability
Rating
Symbol
Canadian Natural Resources Ltd (cb)
Cenovus Energy, Inc. (cb)
Husky Energy Inc. (cb)
Imperial Oil Limited (cb)
Suncor Energy Inc (cb)
Exchange
Senior Oil & Gas Producers
£88,394
52,623
22,103
200,208
118,290
7.4
5.5
4.1
7.8
5.2
JPD
JPD
JPD
JPD
JPD
Energy - EUR
Emmanuel Retif, RJEE [email protected]
Jean-Pierre Dmirdjian, RJEE [email protected]
Integrated Oil and Gas
BP
Eni
Repsol
Royal Dutch Shell ($D)
Total ($D)
BP.L
ENI.MI
REP.MC
RDSb.L
TOTF.PA
Raymond James Research Register - May 2017
L
BIT
MAD
AMS
EPA
3
2
3
3
2
449p
€14.48
€14.78
€24.10
€47.83
NM
17.00
NM
NM
53.00
521
15.92
15.07
26.87
49.50
349
12.18
9.35
20.81
39.03
NM
18.6
7.7
26.5
9.8
0.14
(0.09)
1.30
0.91
3.38
0.31
0.78
1.92
1.97
4.86
0.39
1.02
1.89
2.26
5.40
Dec
Dec
Dec
Dec
Dec
33
PRG
ETR
EPA
BIT
EPA
HEL
ETR
ETR
WBAG
S
4
2
1
1
4
2
2
S
CZK432.60
€7.23
€7.69
€4.43
€13.23
€13.00
€15.32
€14.96
€15.34
NM
5.40
11.60
4.85
15.30
11.20
17.00
12.00
NM
477.20
8.53
11.88
4.45
15.21
15.74
16.49
16.22
16.65
387.00
5.99
7.33
3.54
10.77
12.50
11.02
9.80
11.27
NM
16.8
11.6
12.7
13.5
18.6
16.3
11.2
NM
UR
0.43
1.70
0.32
0.99
0.70
0.94
1.34
UR
SEVI.PA
VIE.PA
EPA
EPA
1
2
€15.15
€17.50
18.50
19.10
16.27
21.67
12.73
15.01
19.2
16.5
0.79 E
1.03
52.40
1.05
0.02
0.67
Dec
Dec
Dec
Dec
£2,188
£2,926
4,186
£3,004
1.3
5.9
0.0
3.8
JPD
JPD
JPD
JPD
NA
0.47
0.66
0.35
0.98
0.61
0.51
0.94
UR
NA
NA
0.93
0.41
1.00
NA
NA
1.29
NA
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
231,008
13,793
16,213
45,038
32,219
11,549
9,408
5,474
5,323
UR
2.8
5.2
5.2
5.3
5.4
0.0
3.7
UR
ER
ER
ER
ER
ER
ER
ER
ER
ER
0.90
1.06
0.98
1.26
Dec
Dec
8,182
9,559
4.3
4.7
ER
ER
2017E
Analyst/s
CEZsp.PR
EONGn.DE
EDF.PA
ENEI.MI
GSZ.PA
FUM1V.HE
RWEG.DE
UN01.DE
VERB.VI
Div. %
11.0
NM
20.7
NM
Mkt. Cap.
(Mil)
353
635
0.34
597
FY End
631
979
0.58
909
2016A
590
1,150
0.35
810
Current
Year P/E
561p
846p
€0.41
789p
Low
2
1
4
2
High
L
L
BIT
L
Target
Price
AMFW.L
PFC.L
SPMI.MI
WG.L
2018E
Close
Apr-25-17
Rating
Suitability
Exchange
EPS
Symbol
52 Week
Energy - EUR
Oilfield Services
Diversified Oilfield Services
Amec Foster Wheeler
Petrofac
Saipem
Wood Group
50.80 E 44.00
0.93
1.08
0.03
0.02
0.64
0.61
Utilities
Electricity & Gas
CEZ
E.On
EDF
Enel
Engie
Fortum
RWE
Uniper
Verbund
E
E
E
E
Environmental Services
Suez Environnement
Veolia Environnement
Raymond James Research Register - May 2017
34
Financial Services
USA
Canada
Banking ....................................................................... 36
Diversified Financials .................................................. 43
Capital Markets .......................................................... 40
Brokerages & Exchanges ......................................... 40
Capital Markets Technology .................................... 40
Insurance .................................................................... 41
Brokerage & Technology ......................................... 41
Commercial Lines .................................................... 41
Life/Health ............................................................... 41
Personal Lines .......................................................... 41
Specialty Finance ........................................................ 42
Investment Companies ............................................ 42
Specialty Consumer Finance .................................... 42
Raymond James Research Register - May 2017
35
Mkt. Cap.
(Mil)
Div. %
Analyst/s
FY End
2018E
2017E
2016A
Current
Year P/E
EPS
Low
High
Target
Price
Close
Apr-25-17
Suitability
Rating
Exchange
Symbol
52 Week
145
308
335
97
3,889
488
1,128
1,574
277
2,875
242,771
152
414
1,716
49,114
5,996
1,884
35,418
1,671
5,243
205
383
1,255
965
3,555
2,335
12,533
5,688
2,650
0.3
2.1
2.5
1.3
1.9
0.0
2.3
1.5
0.0
1.6
1.3
1.1
1.6
4.0
1.6
1.4
1.8
2.7
0.0
2.1
0.0
0.5
0.9
2.0
2.1
2.2
1.3
1.6
2.2
WW
WW
WW
DAW
DJL
WW
DAW
DC
WW
MR
MR
DAW
DAW
DAW
DJL
MR
DAW
MR
DAW
MR
DC
WW
MR
DAW
DJL
DAW
MR
DJL
WW
Financial Services - USA
Daniel E. Cardenas [email protected]
David J. Long, CFA [email protected]
C. Gregory Peters [email protected]
William J. Wallace IV [email protected]
Robert Dodd, Ph.D. [email protected]
Patrick O'Shaughnessy, CFA [email protected]
Michael Rose [email protected]
Donald A. Worthington [email protected]
Banking
1st Constitution Bancorp
Access National Corporation
American National Bankshares, Inc.
American River Bankshares
Associated Banc-Corp
Atlantic Capital Bancshares, Inc.
Banc of California, Inc.
BancFirst Corporation
The Bancorp, Inc.
BancorpSouth, Inc.
Bank of America Corporation
Bank of Commerce Holdings
Bank of Marin Bancorp
The Bank of N.T. Butterfield & Son Limited
Bank of New York Mellon Corp
Bank of the Ozarks Inc.
Banner Corporation
BB&T Corporation
BofI Holding, Inc.
BOK Financial Corp.
CapStar Financial Holdings, Inc.
Carolina Financial Corporation
CenterState Banks, Inc.
Central Pacific Financial Corp.
Chemical Financial Corp.
Columbia Banking System, Inc.
Comerica Inc.
Commerce Bancshares, Inc.
Community Bank System, Inc.
FCCY
ANCX
AMNB
AMRB
ASB
ACBI
BANC
BANF
TBBK
BXS
BAC
BOCH
BMRC
NTB
BK
OZRK
BANR
BBT
BOFI
BOKF
CSTR
CARO
CSFL
CPF
CHFC
COLB
CMA
CBSH
CBU
Raymond James Research Register - May 2017
Q
Q
Q
Q
M
Q
N
Q
Q
N
N
Q
Q
N
N
Q
Q
N
Q
Q
Q
Q
Q
N
Q
Q
N
Q
N
3
3
2
3
3
3
2
3
3
3
2
2
3
2
1
1
2
3
1
3
3
2
2
3
1
3
2
3
3
H/GRW
H/INC
M/INC
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/SPEC
M/GRW
M/GRW
H/GRW
M/GRW
H/GRW
M/GRW
M/GRW
M/GRW
M/INC
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
M/GRW
H/GRW
M/INC
18.15
28.53
38.95
14.87
25.30
19.45
22.60
99.00
5.00
31.15
23.98
11.35
67.85
32.19
47.23
49.31
56.74
43.65
26.35
80.29
18.27
30.49
26.09
31.35
50.36
40.26
70.65
55.93
57.60
NM
NM
39.00
NM
NM
NM
22.00
NM
NM
NM
28.00
11.00
NM
36.00
57.00
64.00
62.00
NM
35.00
NM
NM
33.00
28.00
NM
64.00
NM
79.00
NM
NM
20.85
33.18
42.50
15.99
26.70
20.20
23.25
103.65
8.20
32.40
25.80
11.35
75.05
34.92
49.54
56.86
60.97
49.88
32.57
85.25
22.35
31.50
26.94
33.12
55.55
45.68
75.00
60.61
63.04
11.70
18.11
24.36
10.01
15.72
13.26
10.93
56.30
4.41
20.50
12.05
6.05
47.16
23.75
35.72
33.51
38.77
32.85
15.29
56.08
15.50
16.50
14.50
21.88
34.82
26.17
36.82
42.44
38.12
16.5
19.7
19.0
18.4
18.2
28.6
12.9
20.4
16.7
19.1
12.8
14.0
19.8
11.6
13.5
16.3
18.2
15.5
12.5
17.8
19.9
16.5
19.5
19.5
16.0
19.1
15.5
19.5
24.0
1.13
1.60
1.84
0.94
1.23
0.52
1.94
4.44
(0.06)
1.50
1.50
0.39
3.78
1.18
3.17
2.62
2.52
2.77
1.85
3.70
0.82
1.62
1.28
1.50
2.90
1.81
3.02
2.60
2.31
1.10
1.45
2.05
0.81
1.39
0.68
1.75
4.86
0.30
1.63
1.88
0.81
3.42
2.78
3.50
3.02
3.11
2.82
2.11
4.50
0.92
1.85
1.34
1.61
3.14
2.11
4.55
2.87
2.40
1.15
1.65
2.40
0.92
1.54
0.85
2.20
4.90
0.55
1.88
2.08
0.92
3.68
3.22
3.92
3.64
3.35
3.38
2.42
5.15
1.08
2.05
1.62
1.77
3.45
2.31
5.00
3.03
2.50
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jun
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
36
Div. %
Analyst/s
2.86
1.95
2.02
5.55
1.11
3.67
NA
NA
2.26
1.03
3.25
1.93
2.05
2.07
2.15
0.86
1.30
3.59
1.68
2.82
1.07
1.28
1.64
1.70
5.40
3.10
4.12
1.15
1.86
1.97
1.51
3.15
2.15
3.63
Mkt. Cap.
(Mil)
2018E
2.78
1.70
1.77
5.10
1.05
3.32
0.54
1.45
2.16
0.90
2.80
1.74
1.75
1.73
1.75
0.77
1.06
3.42
1.57
2.77
0.91
1.08
1.51
1.50
4.58
2.48
3.80
1.05
1.75
1.79
1.43
2.70
1.87
3.07
FY End
2017E
2016A
Current
Year P/E
EPS
Low
Suitability
M/INC
H/GRW
H/GRW
M/GRW
M/GRW
NM
H/GRW
M/GRW
H/GRW
H/GRW
M/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/INC
H/GRW
H/GRW
H/GRW
M/GRW
M/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
High
Rating
3
1
3
3
3
4
3
3
3
3
3
3
2
3
3
3
3
3
3
3
2
3
3
3
2
2
2
3
3
3
2
1
2
1
Target
Price
Exchange
Q
Q
Q
N
Q
Q
Q
N
Q
Q
N
Q
Q
Q
Q
N
Q
Q
Q
Q
Q
N
Q
Q
N
N
Q
Q
Q
Q
Q
Q
Q
Q
Close
Apr-25-17
Symbol
CTBI
CNOB
CUNB
CFR
CVBF
EWBC
EVBS
EVER
FFKT
FMNB
FCB
FITB
FBNC
BUSE
FBIZ
FCF
FCCO
FDEF
FFBC
THFF
FFWM
FHN
FMBI
FLIC
FRC
FSB
FSBW
FULT
GABC
GBCI
GFED
HBHC
HAFC
HTLF
52 Week
795
770
675
5,878
2,361
8,163
147
2,361
312
387
1,988
18,760
660
1,168
237
1,184
139
555
1,764
610
523
4,386
2,479
662
14,375
507
126
3,303
798
2,671
88
4,018
965
1,328
2.9
1.2
0.0
2.3
2.2
1.4
1.1
1.2
1.0
1.4
0.0
2.2
1.0
2.4
1.9
2.4
1.7
1.8
2.4
2.0
0.0
1.9
1.5
2.0
0.7
0.0
1.0
2.3
2.2
2.3
2.0
2.0
2.6
0.9
DC
WW
DAW
MR
DAW
DJL
WW
MR
DC
DC
MR
DJL
WW
DC
DC
DC
WW
DC
DC
DC
DAW
MR
DC
WW
DJL
DC
DAW
DAW
DC
DC
DC
MR
DAW
DC
Financial Services - USA
Banking
Community Trust Bancorp, Inc.
ConnectOne Bancorp, Inc.
CU Bancorp
Cullen/Frost Bankers, Inc.
CVB Financial Corp.
East West Bancorp, Inc.
Eastern Virginia Bankshares, Inc.
EverBank Financial Corp
Farmers Capital Bank Corp.
Farmers National Banc Corp.
FCB Financial Holdings, Inc.
Fifth Third Bancorp
First Bancorp
First Busey Corporation
First Business Financial Services, Inc.
First Commonwealth Financial Corp.
First Community Corporation
First Defiance Financial Corp.
First Financial Bancorp
First Financial Corporation
First Foundation Inc.
First Horizon National Corporation
First Midwest Bancorp, Inc.
The First of Long Island Corporation
First Republic Bank
Franklin Financial Network, Inc.
FS Bancorp, Inc.
Fulton Financial
German American Bancorp, Inc.
Glacier Bancorp, Inc.
Guaranty Federal Bancshares Inc.
Hancock Holding Company
Hanmi Financial Corporation
Heartland Financial USA, Inc.
Raymond James Research Register - May 2017
44.90
24.10
37.90
92.60
21.80
56.49
11.23
19.51
41.60
14.30
48.30
25.01
31.74
30.58
27.21
13.30
20.70
54.99
28.40
50.00
16.00
18.75
24.11
27.95
93.17
38.90
41.21
18.95
34.85
34.87
20.00
47.55
29.80
49.75
NM
31.00
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
33.00
NM
NM
NM
NM
NM
NM
NM
18.00
NM
NM
NM
104.00
46.00
43.00
NM
NM
NM
23.00
54.00
33.00
60.00
51.35
26.65
40.30
96.62
24.63
56.97
11.35
19.52
44.65
15.50
50.33
28.97
32.00
31.91
27.42
14.61
23.55
55.36
29.80
53.49
17.26
20.84
25.83
29.67
97.43
42.80
41.61
19.75
36.31
38.17
21.95
49.50
35.85
52.65
32.99
15.09
21.72
57.94
15.25
31.34
6.70
13.37
24.71
8.54
31.98
16.14
17.15
19.75
18.76
8.46
13.67
35.90
18.00
34.17
10.01
12.46
15.86
18.60
63.97
27.80
24.32
12.66
20.23
24.55
15.55
23.78
21.73
32.41
16.2
14.2
21.4
18.2
20.8
17.0
20.8
14.5
19.3
15.9
17.2
14.4
18.1
17.7
15.5
17.3
19.5
16.1
18.1
18.1
17.6
17.4
16.0
18.6
20.3
15.7
10.8
18.0
19.9
19.5
14.0
17.6
15.9
16.2
2.68
0.87
1.50
4.59
0.94
2.92
0.43
1.35 E
1.79
0.77
2.30
1.69
1.52
1.62
1.77
0.69
0.96
3.20
1.41
2.66
0.70
0.94
1.21
1.35
3.92
2.27
3.51
0.93
1.64
1.63
1.24
1.87
1.75
2.97
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
37
1.36
1.75
2.55
1.36
1.34
0.59
1.80
0.90
0.93
4.52
3.60
1.15
1.41
1.05
2.23
2.12
2.61
1.79
6.47
0.88
2.54
2.05
0.85
4.80
1.60
1.06
1.31
1.93
2.91
2.90
0.58
1.88
3.46
8.20
1.52
1.92
2.60
1.60
1.47
0.66
1.96
1.05
1.06
5.70
4.25
1.55
1.50
1.20
2.38
2.60
2.87
2.07
7.90
1.35
2.69
2.35
0.85
5.45
1.85
1.08
1.47
2.33
3.43
3.30
0.66
2.01
4.17
8.95
Analyst/s
1.30
1.69
2.24
1.28
1.10
0.39
1.54
0.73
0.87
4.42
3.08
0.98
1.15
1.01
2.05
2.08
2.36
1.81
4.26
0.59
1.96
1.59
1.03
4.34
1.21
1.01
0.95
1.46
2.90
2.64
0.53
1.77
3.07
7.26
Div. %
26.98
30.60
39.75
29.69
22.99
15.45
28.63
19.00
14.74
91.10
66.85
22.60
19.53
20.88
48.88
44.94
48.47
38.68
106.90
15.75
39.20
40.00
17.68
91.78
29.26
18.95
26.85
41.90
57.53
54.20
12.37
34.61
71.85
131.83
Mkt. Cap.
(Mil)
High
NM
NM
39.00
NM
23.00
NM
30.00
22.00
14.00
90.00
73.00
25.00
NM
NM
NM
42.00
NM
NM
119.00
16.00
38.00
NM
NM
106.00
31.00
NM
NM
44.00
57.00
48.00
NM
NM
NM
NM
FY End
Target
Price
26.10
28.34
33.91
25.73
19.41
14.39
27.24
18.80
13.04
79.40
64.30
22.40
18.62
20.30
47.97
37.45
43.00
34.88
90.50
14.40
35.13
39.40
13.74
90.58
28.28
17.15
25.45
36.90
50.66
51.14
12.29
34.33
65.75
121.11
2018E
Close
Apr-25-17
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
M/GRW
M/GRW
M/GRW
M/GRW
M/GRW
M/GRW
M/GRW
M/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/INC
M/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
M/GRW
2017E
Suitability
3
3
2
3
2
3
2
1
2
2
2
2
3
3
3
2
3
3
1
2
2
3
3
1
2
3
3
2
1
2
3
3
3
3
2016A
Rating
Q
N
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
N
Q
Q
Q
Q
Q
Q
N
Q
Q
N
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
N
Current
Year P/E
Exchange
HFWA
HTH
HBCP
HOMB
HOPE
HFBC
HBNC
HBMD
HBAN
IBKC
IBTX
ISTR
KEY
LBAI
LKFN
LTXB
MBFI
MBWM
CASH
MSL
MOFG
NCOM
NYCB
NTRS
OLBK
ONB
PCBK
PPBI
PACW
PBNC
PSTB
PEBO
PNFP
PNC
EPS
Low
Symbol
52 Week
783
2,791
251
3,690
2,624
89
602
184
14,158
3,557
1,215
159
20,097
958
1,209
1,795
3,599
576
769
164
400
431
6,693
20,797
309
2,322
575
1,022
6,151
279
653
628
3,274
58,738
1.8
0.8
1.5
1.4
2.5
1.1
1.5
0.0
2.5
1.8
0.6
0.4
1.8
1.9
1.6
1.6
1.8
2.1
0.6
2.5
1.9
0.0
4.9
1.7
1.1
3.0
1.7
0.0
3.9
0.0
1.3
2.3
0.9
1.8
DAW
MR
WW
MR
DAW
DC
DC
WW
DJL
MR
MR
WW
DJL
WW
DC
MR
DJL
DC
DC
WW
DC
WW
WW
DJL
WW
DJL
DAW
DAW
DJL
WW
WW
DC
MR
MR
Financial Services - USA
Banking
Heritage Financial Corporation
Hilltop Holdings Inc.
Home Bancorp, Inc.
Home BancShares, Inc.
Hope Bancorp, Inc.
HopFed Bancorp, Inc.
Horizon Bancorp
Howard Bancorp, Inc.
Huntington Bancshares Inc.
IBERIABANK Corporation
Independent Bank Group, Inc.
Investar Holding Corporation
KeyCorp
Lakeland Bancorp, Inc.
Lakeland Financial Corporation
LegacyTexas Financial Group, Inc.
MB Financial, Inc.
Mercantile Bank Corp.
Meta Financial Group, Inc.
MidSouth Bancorp, Inc.
MidWestOne Financial Group, Inc.
National Commerce Corporation
New York Community Bancorp, Inc.
Northern Trust Corporation
Old Line Bancshares Inc.
Old National Bancorp
Pacific Continental Corporation
Pacific Premier Bancorp, Inc.
PacWest Bancorp
Paragon Commercial Corporation
Park Sterling Corporation
Peoples Bancorp Inc.
Pinnacle Financial Partners, Inc.
PNC Financial Services Group, Inc.
Raymond James Research Register - May 2017
16.40
18.67
24.76
18.32
13.99
10.82
15.83
12.16
8.05
55.15
31.84
14.96
10.21
10.62
29.64
23.48
32.72
22.52
45.65
9.01
26.50
21.37
13.39
61.32
17.11
11.58
14.35
22.00
35.56
27.06
6.64
19.55
44.61
77.40
19.2
16.2
13.3
18.9
14.5
24.4
15.1
20.9
14.0
17.6
17.9
19.5
13.2
19.3
21.5
17.7
16.5
19.5
14.0
16.4
13.8
19.2
16.2
18.9
17.7
16.2
19.4
19.1
17.4
17.6
21.2
18.3
19.0
14.8
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
38
27.07
34.00
44.87
24.85
7.80
30.21
4.25
23.06
15.21
22.56
15.61
113.53
42.54
14.21
14.96
50.60
26.20
29.54
37.71
82.90
26.90
11.72
25.39
41.47
20.10
23.90
22.95
38.48
48.87
14.61
23.28
34.50
17.07
22.74
2.56
2.64
3.94
2.29
0.87
2.47
0.28
1.99
1.00
1.39
1.29
7.38
3.28
0.78
0.97
5.14
1.80
2.19
3.60
7.31
1.90
1.16
1.76
3.11
1.38
1.94
1.69
3.22
3.20
1.13
1.77
2.03
1.48
1.78
3.00
3.05
4.08
2.71
0.97
2.40
0.33
2.24
1.24
1.67
1.49
9.35
3.23
0.88
1.20
5.70
1.94
2.53
3.90
8.80
2.40
1.21
1.92
3.95
1.67
2.05
1.82
3.47
3.62
1.07
2.00
2.10
1.65
1.87
3.45
3.44
4.42
2.90
1.05
2.76
0.52
2.42
1.45
1.90
1.59
10.72
4.05
1.02
1.30
6.40
2.04
3.00
4.35
10.72
2.65
1.33
2.05
4.75
1.90
2.26
1.98
3.77
4.02
1.23
2.35
2.20
1.86
2.01
Analyst/s
Low
58.12
60.43
77.87
47.30
16.03
44.65
8.16
39.84
25.88
42.66
29.50
164.23
67.00
23.20
29.70
83.49
48.05
48.53
61.69
198.83
44.09
20.03
34.00
93.35
34.55
37.45
36.79
56.61
81.55
19.50
39.37
49.35
30.47
35.95
Div. %
High
58.00
NM
NM
48.00
15.00
45.00
8.50
NM
27.00
NM
NM
161.00
NM
23.00
NM
NM
NM
NM
64.00
224.00
NM
NM
NM
NM
NM
40.00
NM
NM
NM
20.00
38.00
NM
32.00
NM
Mkt. Cap.
(Mil)
Target
Price
54.60
58.71
70.30
46.55
13.86
43.10
7.45
36.66
25.23
38.35
26.58
141.47
54.10
22.31
25.75
80.62
42.30
46.13
57.19
190.19
42.61
17.03
32.38
77.30
33.55
36.33
32.97
52.13
77.08
17.83
35.74
41.60
27.84
34.35
FY End
Close
Apr-25-17
H/GRW
H/GRW
M/GRW
H/GRW
M/GRW
M/GRW
H/GRW
H/GRW
M/GRW
M/GRW
H/GRW
H/GRW
NM
H/GRW
NM
M/GRW
M/GRW
M/GRW
M/GRW
H/GRW
M/GRW
H/GRW
M/GRW
M/GRW
M/GRW
H/GRW
M/INC
M/GRW
H/GRW
H/GRW
H/INC
M/INC
H/GRW
H/GRW
2018E
Suitability
2
3
3
2
2
2
2
3
2
3
3
2
4
2
4
3
3
3
2
1
3
3
3
3
3
2
3
3
3
2
2
3
2
3
2017E
Rating
Q
Q
N
Q
N
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
N
Q
Q
N
Q
N
N
Q
Q
Q
Q
Q
N
Q
Q
Q
Q
Q
Q
2016A
Exchange
PFBC
PVTB
PB
QCRH
RF
RNST
RVSB
STBA
SBCF
SFBS
BSRR
SBNY
SFNC
SMBK
OKSB
STT
SYBT
SGBK
STI
SIVB
SNV
TCB
TBNK
TCBI
TOWN
TCBK
TRMK
USB
UMBF
UMPQ
UBSH
UBSI
UCBI
WAFD
EPS
Current
Year P/E
Symbol
52 Week
792
4,697
4,886
614
16,701
1,909
168
1,282
961
2,025
367
7,781
1,699
132
482
30,789
952
658
27,777
9,947
5,211
2,910
317
3,834
2,097
832
2,229
88,204
3,838
3,928
1,561
3,370
1,974
3,081
1.3
0.1
1.9
0.4
1.9
1.7
1.1
2.2
0.0
0.5
2.1
0.0
1.8
0.0
1.2
1.9
1.8
0.7
1.7
0.0
1.4
1.8
2.5
0.0
1.5
1.7
2.8
2.1
1.3
3.6
2.2
3.2
1.3
1.7
DAW
DJL
MR
DC
MR
MR
DAW
DC
MR
WW
DAW
DJL
MR
DC
DC
DJL
DC
MR
MR
DJL
MR
DJL
DAW
MR
WW
DAW
MR
DJL
DJL
DJL
WW
WW
MR
DAW
Financial Services - USA
Banking
Preferred Bank
PrivateBancorp, Inc.
Prosperity Bancshares, Inc.
QCR Holdings, Inc.
Regions Financial Corporation
Renasant Corporation
Riverview Bancorp, Inc.
S&T Bancorp, Inc.
Seacoast Banking Corporation of Florida
ServisFirst Bancshares, Inc.
Sierra Bancorp
Signature Bank
Simmons First National Corporation
SmartFinancial, Inc.
Southwest Bancorp, Inc.
State Street Corporation
Stock Yards Bancorp Inc.
Stonegate Bank
SunTrust Banks, Inc.
SVB Financial Group
Synovus Financial Corp.
TCF Financial Corporation
Territorial Bancorp Inc.
Texas Capital Bancshares, Inc.
TowneBank
TriCo Bancshares
Trustmark Corporation
U.S. Bancorp
UMB Financial Corporation
Umpqua Holdings Corp.
Union Bankshares Corporation
United Bankshares, Inc.
United Community Banks, Inc.
Washington Federal, Inc.
Raymond James Research Register - May 2017
18.2
19.2
17.2
17.2
14.3
18.0
22.6
16.4
20.3
23.0
17.8
15.1
16.7
25.4
21.5
14.1
21.8
18.2
14.7
21.6
17.8
14.1
16.9
19.6
20.1
17.7
18.1
15.0
21.3
16.7
17.9
19.8
16.9
18.4
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sep
39
2017E
2018E
Mkt. Cap.
(Mil)
Div. %
Analyst/s
28.24
51.98
54.56
40.89
72.35
26.48
40.49
NM
NM
NM
NM
83.00
31.00
NM
30.58
57.50
59.99
44.19
76.71
30.13
48.33
18.57
31.29
43.55
29.44
46.62
16.70
23.02
18.2
21.2
13.5
16.2
17.5
24.1
15.9
1.36
2.08
3.99
2.34
3.58
0.41
2.04
1.55
2.45
4.05
2.52
4.14
1.10
2.55
1.70
2.90
4.40
2.73
4.55
1.50
2.82
Dec
Dec
Dec
Dec
Dec
Dec
Dec
364
4,793
272,620
1,799
3,798
612
8,203
0.8
1.9
2.8
2.5
0.8
0.0
0.8
WW
WW
DJL
DC
DJL
WW
DJL
BGCP
CBOE
SCHW
CME
ETFC
GCAP
ICE
LAZ
MKTX
NDAQ
AMTD
Q
Q
N
Q
Q
N
N
N
Q
Q
Q
1
3
3
3
2
3
2
2
2
2
2
H/INC
M/GRW
M/GRW
M/GRW
H/GRW
H/GRW
M/GRW
H/GRW
M/GRW
M/GRW
M/GRW
11.43
84.16
39.62
119.94
35.50
7.23
60.97
44.54
184.67
70.53
39.04
14.00
NM
NM
NM
43.00
NM
63.00
53.00
196.00
75.00
45.00
11.85
84.63
43.65
127.60
38.61
8.75
61.98
47.09
200.90
72.52
47.41
8.18
61.22
23.83
90.69
21.52
4.54
47.62
26.21
117.60
61.19
26.37
11.4
26.9
24.9
24.0
18.1
13.1
20.0
13.1
46.4
17.0
24.0
0.83
2.42
1.31
4.55
1.87
0.92
2.78
3.09
3.34
3.68
1.58
1.00
3.13
1.59
5.00
1.96
0.55
3.05
3.39
3.98
4.15
1.63
1.15
3.50
1.80
5.40
2.35
0.95
3.50
3.75
4.75
4.55
1.95
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sep
4,954
6,842
53,527
40,696
9,809
353
36,582
5,440
6,962
11,694
20,691
5.6
1.2
0.7
2.0
0.0
3.3
1.3
3.4
0.7
1.8
1.8
PO
PO
PO
PO
PO
PO
PO
PO
PO
PO
PO
BR
ENV
FDS
FNGN
MCO
MSCI
SPGI
SEIC
SSNC
N
N
N
Q
N
N
N
Q
Q
3
1
4
3
3
3
2
3
2
M/GRW
H/GRW
NM
M/GRW
M/GRW
M/GRW
M/GRW
M/GRW
H/GRW
69.72
35.05
163.12
42.40
118.07
99.45
135.61
50.80
37.44
NM
42.00
NM
NM
NM
NM
145.00
NM
39.00
71.74
41.47
183.64
45.75
118.88
109.29
136.75
52.60
37.61
57.92
27.59
147.37
23.56
87.30
71.51
97.65
42.12
26.15
22.5
27.0
22.1
30.9
21.9
27.0
21.9
22.8
19.5
2.73
0.98
6.40
1.13
4.81
3.03
5.35
2.03
1.64
3.10
1.30
7.37
1.37
5.38
3.69
6.19
2.23
1.92
3.55
1.60
8.05
1.55
5.60
4.35
6.75
2.55
2.15
Jun
Dec
Aug
Dec
Dec
Dec
Dec
Dec
Dec
8,241
1,516
6,430
2,654
22,515
9,078
35,123
8,061
7,758
1.9
0.0
1.2
0.7
1.3
1.1
1.2
1.1
0.7
PO
PO
PO
PO
PO
PO
PO
PO
PO
FY End
2016A
M/GRW
H/GRW
NM
M/GRW
H/GRW
H/GRW
H/GRW
Current
Year P/E
3
3
4
3
1
2
3
Low
Q
N
N
Q
Q
Q
Q
High
Suitability
WFBI
WBS
WFC
WSBC
WTFC
XBKS
ZION
Target
Price
Rating
Close
Apr-25-17
Exchange
EPS
Symbol
52 Week
Financial Services - USA
Banking
WashingtonFirst Bankshares, Inc.
Webster Financial Corp.
Wells Fargo & Co.
WesBanco, Inc.
Wintrust Financial Corporation
Xenith Bankshares, Inc.
Zions Bancorporation
Capital Markets
Brokerages & Exchanges
BGC Partners, Inc.
CBOE Holdings, Inc.
The Charles Schwab Corporation
CME Group Inc.
E*TRADE Financial Corporation
GAIN Capital Holdings, Inc.
Intercontinental Exchange, Inc.
Lazard Ltd
MarketAxess Holdings Inc.
Nasdaq Inc.
TD Ameritrade Holding Corporation
Capital Markets Technology
Broadridge Financial Solutions, Inc.
Envestnet, Inc.
FactSet Research Systems Inc.
Financial Engines, Inc.
Moody's Corporation
MSCI Inc.
S&P Global Inc.
SEI Investments Co.
SS&C Technologies Holdings, Inc.
Raymond James Research Register - May 2017
40
Target
Price
High
Low
NM
M/INC
H/GRW
H/GRW
H/SPEC
H/GRW
M/GRW
H/GRW
H/GRW
120.07
56.44
43.08
10.87
15.90
44.38
73.06
82.97
131.79
NM
58.00
47.00
13.00
NM
48.00
75.00
NM
145.00
121.05
57.82
45.77
14.37
21.00
49.25
75.52
87.40
133.40
100.55
43.90
34.27
6.14
3.72
22.26
60.04
75.72
112.76
19.8
19.1
23.3
14.5
11.8
87.0
19.7
25.5
15.7
6.59
2.74
1.86
0.71
1.13
0.28
3.42
3.11
7.99
AFG
AGII
BCRH
CB
CNFR
HALL
ORI
PRA
TRV
N
Q
N
N
Q
Q
N
N
N
2
1
3
2
2
3
2
3
3
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
M/INC
H/GRW
M/INC
98.17
66.65
19.50
137.12
7.90
10.85
20.07
61.35
121.32
98.00
77.00
NM
145.00
9.00
NM
23.00
NM
NM
98.49
69.03
20.83
140.56
9.02
12.09
21.19
63.53
125.49
68.25
49.10
17.01
116.65
6.02
9.50
16.51
47.19
103.45
15.7
17.8
12.2
13.5
31.6
10.9
13.8
27.3
13.1
6.03
4.03
1.63
10.10
(1.21)
0.35
1.47
2.43
10.12
AFL
AEL
FFG
N
N
N
2
2
4
M/GRW
H/GRW
NM
75.01
24.63
68.50
80.00
30.00
NM
75.22
28.00
82.60
66.50
13.03
56.41
11.6
10.3
16.7
ALL
FNHC
IPCC
KMPR
MCY
PGR
UIHC
N
Q
Q
N
N
N
Q
1
2
3
3
3
2
1
M/GRW
H/GRW
H/GRW
M/INC
H/INC
H/GRW
H/GRW
81.22
16.03
99.45
40.50
61.30
39.92
15.27
94.00
24.00
NM
NM
NM
42.00
20.00
83.09
22.93
100.40
45.95
64.52
40.74
18.29
64.36
14.03
73.80
29.62
49.69
30.54
9.52
13.9
8.9
21.9
31.2
29.9
18.1
8.7
1.2
2.8
1.3
1.8
0.0
0.0
1.9
0.0
1.6
CGP
CGP
CGP
CGP
CGP
CGP
CGP
CGP
CGP
6.25
3.75
1.60
10.15
0.25
1.00
1.45
2.25
9.25
6.30
4.30
1.70
10.45
0.80
1.15
1.60
2.15
9.65
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
8,531
2,000
172
63,894
60
202
5,212
3,270
33,897
1.3
1.3
11.0
2.0
0.0
0.0
3.8
2.0
2.2
CGP
CGP
CGP
CGP
CGP
CGP
CGP
CGP
CGP
6.79
1.43
4.25
6.45
2.40
4.10
6.75
2.50
4.10
Dec
Dec
Dec
30,439
2,167
1,706
2.3
1.0
2.6
CGP
CGP
CGP
4.89
(0.21)
3.68
0.24
1.73
1.71
0.25
5.85
1.80
4.55
1.30
2.05
2.20
1.75
6.80
2.50
5.30
2.35
2.45
2.40
1.95
Dec
Dec
Dec
Dec
Dec
Dec
Dec
29,653
216
1,104
2,078
3,390
23,190
330
1.8
2.0
2.1
2.4
4.1
1.7
1.6
CGP
CGP
CGP
CGP
CGP
CGP
CGP
FY End
31,530
10,063
6,044
609
231
2,641
37,553
13,848
18,187
2018E
Dec
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Dec
2017E
7.60
3.20
2.05
0.90
1.60
0.51
4.05
3.60
9.90
2016A
Analyst/s
Close
Apr-25-17
4
2
2
2
3
2
2
3
1
Div. %
Suitability
N
N
N
N
Q
Q
N
Q
Q
Mkt. Cap.
(Mil)
Rating
AON
AJG
BRO
CRD.B
HIIQ
HQY
MMC
VRSK
WLTW
Current
Year P/E
Exchange
EPS
Symbol
52 Week
Financial Services - USA
Insurance
Brokerage & Technology
Aon plc
Arthur J. Gallagher & Co.
Brown & Brown, Inc.
Crawford & Company
Health Insurance Innovations, Inc.
HealthEquity, Inc.
Marsh and McLennan Companies, Inc.
Verisk Analytics Inc.
Willis Towers Watson plc
6.05
2.95
1.85
0.75
1.35
0.44 A
3.70
3.25
8.40
Commercial Lines
American Financial Group, Inc.
Argo Group International Holdings, Ltd.
Blue Capital Reinsurance Holdings Ltd.
Chubb Limited
Conifer Holdings, Inc.
Hallmark Financial Services Inc.
Old Republic International Corp.
ProAssurance Corp.
The Travelers Companies, Inc.
Life/Health
Aflac, Inc.
American Equity Investment Life Holding Company
FBL Financial Group
Personal Lines
Allstate Corporation
Federated National Holding Company
Infinity Property and Casualty Corporation
Kemper Corp.
Mercury General Corporation
Progressive Corporation
United Insurance Holdings Corp.
Raymond James Research Register - May 2017
41
2018E
Div. %
Analyst/s
14.73
6.74
17.87
10.80
19.50
18.21
15.91
25.60
20.33
14.48
15.64
13.95
39.98
16.37
17.58
9.58
14.82
17.47
11.84
20.92
21.35
11.00
5.03
13.85
7.75
15.41
14.33
8.92
19.30
16.70
12.61
11.55
9.64
30.57
13.29
11.83
7.07
9.62
14.11
8.75
15.91
16.00
9.3
10.2
10.6
8.5
10.1
10.6
30.9
13.1
15.9
8.1
12.2
9.2
17.5
10.4
9.3
10.2
10.5
11.0
9.0
11.0
10.5
1.66
0.83
1.57
1.45
1.40
1.46
(0.15)
2.10
1.25
1.66
1.36
1.48
2.23
1.55
1.60
1.04
1.39
1.51
1.35
1.83
1.62
1.53
0.66
1.64
1.19
1.67
1.70
0.49
1.90
1.27
1.69
1.27
1.24
2.27
1.54
1.79
0.92
1.36
1.54
1.12
1.89
1.80
1.69
0.64
1.81
1.26
1.78
1.81
1.01
2.09
1.33
1.66
1.39
1.29
2.30
1.52
1.87
0.97
1.47
1.64
1.25
1.90
1.99
Dec
Mar
Dec
Jun
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
Dec
Dec
Dec
Jun
Dec
Dec
Dec
Dec
Dec
192
1,472
5,479
139
1,006
395
1,148
902
1,116
248
1,232
132
2,093
266
244
3,335
178
893
331
1,239
764
9.5
9.0
8.7
13.9
8.6
8.7
8.7
7.2
6.3
7.3
8.0
10.6
5.6
8.7
9.2
10.6
9.5
8.5
10.8
7.5
9.5
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
RD
Q
Q
N
Q
4
3
3
3
NM
H/GRW
H/GRW
H/GRW
203.15
33.25
24.75
33.20
NM
NM
NM
NM
221.10
35.93
33.31
42.70
160.63
17.66
16.03
21.93
10.9
8.8
6.6
15.0
16.34
3.46
3.60
1.98
18.57
3.78
3.75
2.22
18.39
3.83
4.43
2.89
Dec
Dec
Dec
Dec
4,038
851
3,338
1,539
0.0
0.0
0.0
0.0
RD
RD
RD
RD
Mkt. Cap.
(Mil)
2017E
16.00
NM
19.00
11.00
18.00
20.00
17.00
NM
19.50
16.00
NM
NM
NM
18.00
18.50
NM
15.00
19.00
11.00
21.00
NM
FY End
2016A
14.25
6.70
17.45
10.15
16.80
17.94
15.15
24.85
20.21
13.68
15.49
11.36
39.80
16.05
16.69
9.39
14.28
16.94
10.04
20.74
18.90
Current
Year P/E
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/INC
H/SPEC
NM
H/INC
H/INC
H/INC
H/INC
H/INC
Low
1
3
2
2
2
1
2
3
2
2
3
3
3
2
2
4
2
2
2
2
3
High
Q
Q
Q
Q
N
Q
N
N
Q
N
N
Q
N
Q
Q
Q
N
Q
Q
N
N
Target
Price
Suitability
Close
Apr-25-17
Rating
EPS
Exchange
Symbol
52 Week
Financial Services - USA
Specialty Finance
Investment Companies
Alcentra Capital Corporation (ni)
ABDC
Apollo Investment Corp. (ni)
AINV
Ares Capital Corp. (ni)
ARCC
CM Finance Inc. (ni)
CMFN
Compass Diversified Holdings (y)
CODI
Fidus Investment Corporation (ni)
FDUS
Fortress Transportation & Infrastructure Investors LLC FTAI
Goldman Sachs BDC, Inc. (ni)
GSBD
Golub Capital BDC, Inc. (ni)
GBDC
Great Ajax Corp.
AJX
Hercules Capital, Inc. (ni)
HTGC
Horizon Technology Finance Corporation (ni)
HRZN
Main Street Capital Corp. (ni)
MAIN
Monroe Capital Corp. (ni)
MRCC
Newtek Business Services Corp. (ni)
NEWT
Prospect Capital Corporation (ni)
PSEC
Stellus Capital Investment Corporation (ni)
SCM
TCP Capital Corp. (ni)
TCPC
THL Credit, Inc. (ni)
TCRD
TPG Specialty Lending, Inc. (ni)
TSLX
Triangle Capital Corporation (ni)
TCAP
Specialty Consumer Finance
Credit Acceptance Corp.
Encore Capital Group Inc.
OneMain Holdings, Inc.
PRA Group Inc.
CACC
ECPG
OMF
PRAA
Raymond James Research Register - May 2017
42
Div. %
Analyst/s
1.27
0.34
1.15
62
3.80
3.84
7.23
0.23
Mkt. Cap.
(Mil)
2018E
0.76
0.60
1.04
32
2.95
3.64
6.43
0.14
FY End
2017E
2016A
Current
Year P/E
Close
Apr-25-17
C$10.00
C$3.72
C$11.65
C$3.20
C$34.99
C$17.09
C$94.92
C$1.33
EPS
Low
Suitability
H/INC
H/GRW
M/GRW
H/INC
H/INC
H/INC
M/INC
H/GRW
High
Rating
2
2
1
2
2
3
3
2
Target
Price
Exchange
Symbol
T
T
T
V
T
T
T
T
52 Week
97
1,455
4,510
121
479
1,102
12,444
162
4.8
1.1
2.6
1.6
2.1
6.1
2.7
0.0
BP
BP
BP
BP
BP
BP
BP
BP
Financial Services - CAN
Brenna Phelan, CFA, CPA, CA [email protected]
Diversified Financials
Crown Capital Partners Inc.
ECN Capital Corp.
Element Fleet Management Corp.
Founders Advantage Capital Corp. (ae)
goeasy Ltd.
Home Capital Group Inc.
Intact Financial Corporation
Street Capital Group
CRWN
ECN
EFN
FCF
GSY
HCG
IFC
SCB
Raymond James Research Register - May 2017
11.00
4.40
17.00
4.50
36.00
23.00
98.00
1.85
11.90
3.84
14.42
6.70
36.78
38.47
97.56
2.44
8.55
2.60
10.42
2.25
16.25
16.76
84.88
1.18
13.2
6.2
11.2
NM
11.9
4.7
14.8
9.5
0.52
0.31
1.15
7 E
2.43
3.95
4.53
0.13
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
43
Healthcare
USA
Alternate Site Healthcare Providers ........................... 45
Animal Health ............................................................. 45
Benefits Management ................................................ 45
Health Benefits Management ................................. 45
Pharmacy Benefits Management ............................ 45
Biotechnology ............................................................. 46
Clinical Laboratories ................................................... 47
Death Care .................................................................. 47
Diagnostics.................................................................. 47
Drug Distributors ........................................................ 47
Drug Stores ................................................................. 47
Healthcare Information Technology ........................... 48
Hospital Supplies & Equipment .................................. 48
Hospitals ..................................................................... 48
Medical Devices .......................................................... 49
Pharma Services ......................................................... 49
Specialty Pharmaceuticals .......................................... 50
Raymond James Research Register - May 2017
44
Analyst/s
0.53
2.46
2.03
0.77
3.67
4.22
2.71
3.94
0.71
0.70
2.99
2.36
0.88
4.28
4.94
2.85
4.60
0.96
Dec
Dec
Dec
Sep
Dec
Dec
Dec
Dec
Dec
163
3,787
1,808
671
13,474
6,819
3,969
5,767
863
0.0
0.0
0.0
0.0
0.0
0.0
2.2
0.0
0.0
JWR
JWR,NJ
JWR,NJ
JWR
JWR,NJ
JWR,NJ
JWR,NJ
JWR,NJ
JWR
ABAX
HSKA
IDXX
WOOF
Q
Q
Q
Q
4
2
3
3
NM
H/GRW
H/GRW
H/GRW
48.94
107.58
162.43
91.56
NM
100.00
NM
NM
55.95
109.17
163.29
91.96
41.89
26.26
80.57
59.51
37.9
72.2
55.1
28.6
1.36
1.43
2.44
2.89
1.29
1.49
2.95
3.20
1.42
1.82
3.40
3.55
Mar
Dec
Dec
Dec
1,116
756
14,716
7,490
1.1
0.0
0.0
0.0
NJ
NJ
NJ
NJ
AET
ANTM
CNC
CI
HUM
NSP
MGLN
MOH
UNH
WCG
N
N
N
N
N
N
Q
N
N
N
3
3
3
3
3
3
3
3
1
3
M/GRW
M/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
133.83
172.46
73.45
157.18
217.97
90.80
71.70
49.18
174.04
153.52
NM
NM
NM
NM
NM
NM
NM
NM
194.00
NM
136.50
173.28
75.57
159.08
220.49
91.80
84.71
67.87
174.74
155.20
104.59
114.85
50.00
115.03
150.00
51.39
49.50
42.56
128.53
86.75
14.9
15.0
15.7
16.5
19.9
21.1
17.7
23.9
17.8
24.4
8.23
11.00
4.43
8.10
9.57
3.59
3.38
1.28
8.05
5.96
8.97
11.50
4.68
9.50
10.93
4.30
4.05
2.06
9.80
6.30
9.80
12.80
5.35
10.90
11.64
4.95
4.50
3.05
10.70
7.35
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
47,068
65,414
12,627
43,617
32,544
2,324
1,986
2,803
188,485
6,601
1.5
1.5
0.0
0.0
0.7
1.1
0.0
0.0
1.4
0.0
MJB
MJB
MJB
MJB
MJB
MJB
MJB
MJB
MJB
MJB
ESRX
Q
3
H/GRW
60.01
NM
80.02
57.80
8.6
6.39
6.97
7.55
Dec
36,336
0.0
MJB
FY End
0.71
2.44
1.55
0.59
3.85
4.23
2.67
3.99
0.66
2018E
13.3
17.7
26.3
23.4
18.7
13.0
16.2
15.6
25.2
2017E
6.01
32.54
34.58
15.90
54.50
53.12
36.97
59.36
12.25
2016A
24.38
65.00
55.16
23.20
78.77
83.27
44.37
76.96
22.85
Current
Year P/E
NM
60.00
NM
NM
75.00
90.00
50.00
NM
25.00
Low
7.06
43.58
53.32
18.00
68.50
54.99
43.81
61.54
17.90
High
H/SPEC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
Target
Price
3
1
3
3
2
1
2
3
1
Rating
N
Q
Q
N
N
N
N
N
Q
Exchange
AAC
ACHC
AMED
CIVI
DVA
EVHC
HLS
MD
SGRY
Symbol
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
52 Week
Healthcare - USA
John W. Ransom [email protected]
Jayson Bedford [email protected]
Nicholas Jansen [email protected]
Christopher Raymond [email protected]
Laura Chico, Ph.D. [email protected]
Michael J. Baker [email protected]
Reni Benjamin, Ph.D. [email protected]
Lawrence Keusch [email protected]
Elliot Wilbur, CFA [email protected]
Alternate Site Healthcare Providers
AAC Holdings, Inc.
Acadia Healthcare Company, Inc.
Amedisys
Civitas Solutions, Inc.
DaVita HealthCare Partners Inc.
Envision Healthcare Corporation
HealthSouth Corporation
MEDNAX, Inc.
Surgery Partners, Inc.
Animal Health
Abaxis, Inc.
Heska Corporation
IDEXX Laboratories, Inc.
VCA Inc.
Benefits Management
Health Benefits Management
Aetna
Anthem
Centene Corporation
Cigna Corporation
Humana
Insperity
Magellan Health
Molina Healthcare
UnitedHealth Group
WellCare Health Plans
Pharmacy Benefits Management
Express Scripts
Raymond James Research Register - May 2017
45
55.06
15.60
3.76
4.29
109.12
17.92
133.64
2.30
8.61
205.43
73.45
2.26
40.00
13.27
3.49
94.42
2.55
6.10
1.47
0.53
68.03
3.30
17.52
6.27
4.03
39.82
6.01
16.28
2.83
15.10
2.00
2.41
1.40
325.35
Analyst/s
Low
68.12
33.00
11.59
8.00
158.08
36.83
184.21
5.80
23.11
307.33
102.49
4.01
58.75
47.40
10.98
127.64
26.95
14.43
5.68
49.80
153.15
7.94
49.72
14.63
7.80
88.58
10.10
33.30
9.63
30.45
9.35
4.99
11.63
452.96
Div. %
High
84.00
NM
16.00
NM
176.00
NM
NM
5.00
29.00
333.00
102.00
6.00
59.00
50.00
13.00
152.00
NM
14.00
7.00
NM
NM
10.00
NM
20.00
7.00
82.00
13.00
26.00
NM
37.00
NM
5.00
NM
420.00
Mkt. Cap.
(Mil)
Target
Price
65.10
16.50
5.48
4.53
120.55
24.10
164.70
3.75
13.86
286.89
94.19
3.43
57.78
46.40
4.21
125.52
3.80
7.45
4.71
0.61
124.39
4.00
24.95
10.41
5.90
80.57
7.35
21.50
3.42
28.35
2.15
2.78
1.50
372.32
FY End
Close
Apr-25-17
H/GRW
H/GRW
H/SPEC
H/SPEC
H/GRW
NM
M/GRW
H/SPEC
H/SPEC
H/GRW
H/GRW
H/SPEC
H/GRW
H/SPEC
H/SPEC
H/GRW
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/GRW
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/GRW
2018E
Suitability
2
3
2
3
1
4
3
2
2
1
2
2
1
2
2
1
3
1
2
3
3
1
3
2
2
2
2
2
3
2
3
2
3
2
2017E
Rating
N
Q
Q
Q
Q
Q
Q
M
Q
Q
Q
M
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
2016A
Exchange
ABBV
ACOR
ADAP
ADMA
ALXN
AMAG
AMGN
AST
BLCM
BIIB
BMRN
BTX
BIVV
BPMC
CASC
CELG
CEMP
CDTX
FATE
GALE
INCY
NVIV
JUNO
KPTI
KERX
KITE
LPTX
MGNX
NK
NDRM
NVLS
ONVO
PRTO
REGN
EPS
Current
Year P/E
Symbol
52 Week
103,673
754
388
58
27,003
827
121,582
178
456
61,940
16,262
353
6,237
1,537
207
97,730
199
125
195
9
23,491
128
2,580
436
624
4,011
69
750
280
613
33
289
25
39,469
3.9
0.0
0.0
0.0
0.0
0.0
2.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
CR,LC
CR,LC
RB
RB
CR,LC
CR,LC
CR,LC
RB
RB
CR,LC
CR,LC
RB
CR,LC
CR,LC
RB
CR,LC
LC,CR
LC,CR
RB
RB
RB
RB
RB
CR,LC
RB
RB
RB
RB
RB
CR,LC
LC,CR
RB
CR,LC
CR,LC
Healthcare - USA
Biotechnology
AbbVie Inc.
Acorda Therapeutics, Inc.
Adaptimmune Therapeutics plc
ADMA Biologics, Inc.
Alexion Pharmaceuticals, Inc.
AMAG Pharmaceuticals, Inc.
Amgen, Inc.
Asterias Biotherapeutics
Bellicum Pharmaceuticals, Inc.
Biogen Inc.
BioMarin Pharmaceutical Inc.
BioTime, Inc.
Bioverativ
Blueprint Medicines Corporation
Cascadian Therapeutics Inc.
Celgene Corporation
Cempra, Inc.
Cidara Therapeutics, Inc.
Fate Therapeutics, Inc.
Galena Biopharma Inc.
Incyte Corporation
InVivo Therapeutics
Juno Therapeutics, Inc.
Karyopharm Therapeutics Inc.
Keryx Biopharmaceuticals, Inc.
Kite Pharma, Inc.
Leap Therapeutics, Inc.
MacroGenics, Inc.
NantKwest, Inc.
NeuroDerm Ltd.
Nivalis Therapeutics, Inc.
Organovo Holdings, Inc.
Proteon Therapeutics, Inc.
Regeneron Pharmaceuticals, Inc.
Raymond James Research Register - May 2017
11.8
13.2
NM
NM
22.9
3.5
13.2
NM
NM
14.0
NM
NM
22.2
NM
NM
17.3
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
25.7
4.82
0.16
(1.01)
(1.61)
4.62
5.97
11.65
(0.83)
(2.57)
20.22
(0.21)
0.34
NA
(2.64)
(3.13)
5.94
(2.34)
(3.32)
(1.05)
(2.36)
0.54
(0.76)
(2.42)
(2.92)
(1.52)
(5.46)
(2.70)
(1.69)
(1.47)
(1.48)
(2.03)
(0.43)
(1.72)
11.32
5.53
1.25
(1.06)
(0.87)
5.26
6.84
12.45
(0.63)
(2.96)
20.46
0.27
(0.35)
2.60
(2.92)
(1.21)
7.24
(1.34)
(3.18)
(0.81)
(0.58)
(0.35)
(0.80)
(2.77)
(2.95)
(0.69)
(8.87)
(2.49)
(4.55)
(1.42)
(1.95)
(1.86)
(0.40)
(1.32)
14.50
6.37
1.85
(1.18)
(0.73)
7.05
6.23
12.85
(0.63)
(3.18)
22.95
0.68
(0.44)
3.05
(3.72)
(1.35)
8.72
(0.61)
(3.02)
(0.76)
(0.73)
0.36
(0.88)
(3.48)
(3.01)
(0.28)
(9.52)
(2.69)
(4.30)
(1.90)
(2.11)
NA
(0.41)
(1.18)
18.25
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Dec
Dec
46
2018E
Mkt. Cap.
(Mil)
Div. %
Analyst/s
84.00
NM
15.00
91.00
3.00
NM
NM
75.49
192.94
15.05
91.35
2.25
118.79
8.72
26.55
36.68
4.10
46.52
1.05
71.46
4.45
NM
NM
NM
NM
NM
83.8
NM
(4.75)
(8.13)
(1.60)
(6.21)
(0.99)
0.85
(1.32)
(6.95)
(7.72)
(1.69)
(6.84)
(1.05)
1.40
(0.78)
(6.38)
(3.38)
(1.64)
(5.95)
(0.94)
2.94
(0.96)
Dec
Dec
Dec
Dec
Dec
Dec
Dec
2,731
7,423
681
2,681
66
28,895
939
0.0
0.0
0.0
0.0
0.0
0.0
0.0
LC,CR
CR,LC
RB
CR,LC
RB
LC,CR
RB
LH
NEO
DGX
N
Q
N
2
2
2
H/GRW
H/GRW
M/GRW
138.89
8.51
105.87
155.00
10.50
116.00
146.63
9.88
105.99
119.51
6.90
74.04
14.9
47.3
19.1
8.83
0.15
5.15
9.35
0.18
5.55
10.10
0.26
5.80
Dec
Dec
Dec
14,264
669
14,504
0.0
0.0
1.7
NJ
NJ
NJ
SCI
STON
N
N
1
2
H/GRW
H/SPEC
31.67
9.14
37.00
13.00
32.21
26.90
24.90
7.65
19.8
NM
1.66
UR
1.60
UR
1.85
UR
Dec
Dec
6,112
345
1.6
14.4
JWR,NJ
JWR,NJ
ALR
CDNA
FLGT
GNMK
GHDX
VIVO
OSUR
QDEL
TRIB
N
Q
Q
Q
Q
Q
Q
Q
Q
3
3
2
2
2
4
2
2
2
H/GRW
H/SPEC
H/SPEC
H/GRW
H/GRW
NM
H/GRW
H/GRW
H/GRW
49.12
0.99
10.59
12.86
32.78
14.00
12.86
24.50
5.87
NM
NM
13.50
13.50
34.00
NM
13.00
26.00
7.00
49.42
6.08
13.90
13.62
33.96
21.49
13.03
26.98
13.68
31.47
0.95
7.59
5.13
23.57
10.75
5.57
15.15
5.20
28.1
NM
31.1
NM
NM
21.5
34.8
54.4
97.8
1.75 E 1.55
(0.86) E (1.08)
0.01
0.34
(1.15)
(0.90)
(0.42)
(0.04)
0.80
0.65
0.35
0.37
(0.42)
0.45
0.22
0.06
1.90
(0.83)
0.60
(0.45)
0.30
0.70
0.20
0.44
0.12
Dec
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
4,318
21
189
598
1,134
595
736
833
137
0.0
0.0
0.0
0.0
0.0
3.6
0.0
0.0
0.0
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
ABC
CAH
MCK
N
N
N
3
3
3
M/GRW
M/GRW
M/GRW
81.49
72.36
135.00
NM
NM
NM
94.50
87.16
199.43
68.38
62.70
114.53
13.9
13.5
10.8
5.62
5.24
12.08
5.86
5.37
12.45
6.55
5.25
11.72
Sep
Jun
Mar
18,091
23,083
29,970
1.8
2.5
0.8
JWR,NJ
JWR,NJ
JWR,NJ
CVS
RAD
WBA
N
N
Q
2
3
2
M/GRW
H/GRW
M/GRW
82.17
3.97
85.92
85.00
NM
95.00
106.67
8.77
88.00
69.30
3.70
75.74
14.1
79.4
17.3
5.84
0.16
4.59
5.81
0.05
4.97
6.35
UR
5.67
Dec
Feb
Aug
87,182
4,214
93,266
2.4 JWR,MJB
0.0
JWR,NJ
1.7
JWR,NJ
FY End
2017E
73.37
138.44
12.00
65.02
1.79
117.27
7.09
2016A
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/SPEC
H/GRW
H/SPEC
Current
Year P/E
Close
Apr-25-17
1
3
1
2
2
3
3
Low
Suitability
Q
Q
Q
Q
Q
Q
Q
High
Rating
SAGE
TSRO
TGTX
RARE
VSTM
VRTX
ZIOP
Target
Price
Exchange
EPS
Symbol
52 Week
Healthcare - USA
Biotechnology
Sage Therapeutics, Inc.
Tesaro, Inc.
TG Therapeutics, Inc.
Ultragenyx Pharmaceutical Inc.
Verastem, Inc.
Vertex Pharmaceuticals Inc.
ZIOPHARM Oncology, Inc.
Clinical Laboratories
Laboratory Corporation of America Holdings
NeoGenomics, Inc.
Quest Diagnostics Inc.
Death Care
Service Corporation International (rf)
StoneMor Partners L.P. (y)
Diagnostics
Alere, Inc.
CareDx, Inc.
Fulgent Genetics, Inc.
GenMark Diagnostics, Inc.
Genomic Health
Meridian Bioscience, Inc.
OraSure Technologies, Inc.
Quidel Corporation
Trinity Biotech plc
Drug Distributors
AmerisourceBergen Corp.
Cardinal Health, Inc.
McKesson Corporation
Drug Stores
CVS Health
Rite Aid Corporation
Walgreens Boots Alliance Inc.
Raymond James Research Register - May 2017
47
Target
Price
High
2017E
2018E
Mkt. Cap.
(Mil)
Div. %
Analyst/s
H/GRW
H/GRW
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
47.00
11.99
119.63
59.45
26.95
0.82
41.71
27.81
20.35
33.45
14.07
24.80
54.96
NM
NM
140.00
NM
NM
NM
NM
NM
23.00
36.00
NM
24.00
60.00
51.23
15.17
143.85
67.50
53.99
3.24
43.00
28.84
24.00
34.94
15.90
25.16
67.55
24.85
9.80
90.11
47.01
18.25
0.80
17.00
19.95
14.26
28.27
10.61
10.46
48.10
23.7
19.7
49.4
23.8
15.9
NM
27.3
NM
26.1
18.0
17.6
NM
27.2
2.24
0.55
1.90
2.30
1.71
(1.31)
1.40
0.12
0.75
1.61
0.72
0.07
1.97
1.98
0.61
2.42
2.50
1.70
(0.67)
1.53
0.17
0.78
1.86
0.80
0.20
2.02
2.17
0.70
2.88
2.75
2.00
(0.49)
1.68
0.31
0.91
2.06
0.82
0.60
2.00
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jun
Mar
Dec
Dec
1,889
2,227
4,725
19,597
365
36
3,785
883
1,700
4,726
878
684
2,099
0.0
0.0
0.0
0.0
3.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
NJ
BAX
BDX
BCR
CMD
COO
HAE
HYH
HRC
ISRG
MASI
SRCL
STE
TFX
TRXC
N
N
N
N
N
N
N
N
Q
Q
Q
N
N
M
3
2
3
3
2
4
3
3
2
3
3
2
1
3
M/GRW
M/GRW
M/GRW
H/GRW
H/GRW
NM
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
M/GRW
H/SPEC
53.21
179.07
303.51
74.08
201.32
42.08
38.99
72.73
827.24
99.90
86.79
72.29
201.80
1.11
NM
195.00
NM
NM
220.00
NM
NM
NM
850.00
NM
NM
78.00
215.00
NM
53.71
186.40
305.66
88.81
203.48
42.48
41.84
73.14
833.05
101.00
124.32
74.63
203.27
2.33
42.22
157.60
203.63
64.52
152.09
25.98
26.05
46.79
610.71
41.83
71.52
63.26
136.53
1.03
24.6
18.9
25.7
36.3
21.9
27.0
20.9
19.1
35.9
43.4
18.7
19.4
24.9
NM
1.96
8.59
10.29
1.68
8.44
1.64
1.97
3.34
22.36
2.22
4.52
3.39
7.34
(1.07)
2.16
9.45
11.81
2.04
9.20
1.56
1.87
3.80
23.04
2.30
4.65
3.72
8.09
(0.41)
2.36
10.40
12.95
2.32
10.12
1.61
2.08
4.12
26.81
2.45
4.79
4.05
9.30
(0.20)
Dec
Sep
Dec
Jul
Oct
Mar
Dec
Sep
Dec
Dec
Dec
Mar
Dec
Dec
28,712
38,111
24,281
3,091
9,845
2,181
1,820
4,752
30,442
5,014
7,390
6,139
8,894
70
1.0
1.6
0.3
0.2
0.0
0.0
0.0
1.0
0.0
0.0
0.0
1.7
0.7
0.0
LK
LK
LK
LK
LK
LK
LK
LK
LK
LK
LK
LK
LK
LK
CYH
HCA
LPNT
THC
UHS
N
N
Q
N
N
4
1
2
3
3
NM
H/GRW
H/GRW
H/GRW
M/GRW
8.60
84.61
61.50
15.60
121.42
NM
95.00
70.00
NM
NM
17.60
91.03
75.70
34.08
139.77
4.15
67.00
50.60
14.06
99.72
19.1
11.6
15.0
15.4
15.0
0.46
6.87
3.61
1.05
7.32
0.45
7.28
4.11
1.01
8.09
0.96
8.08
4.75
1.82
9.58
Dec
Dec
Dec
Dec
Dec
955
32,152
2,528
1,576
11,887
0.0
0.0
0.0
0.0
0.3
JWR,NJ
JWR,NJ
JWR,NJ
JWR,NJ
JWR,NJ
FY End
Close
Apr-25-17
3
3
2
3
3
3
3
3
2
2
3
2
2
2016A
Suitability
Q
Q
Q
Q
Q
Q
N
Q
Q
Q
Q
N
Q
Current
Year P/E
Rating
ABCO
MDRX
ATHN
CERN
CPSI
CNXR
COTV
HSTM
HMSY
PINC
QSII
VCRA
WBMD
Low
Exchange
EPS
Symbol
52 Week
Healthcare - USA
Healthcare Information Technology
The Advisory Board Company
Allscripts Healthcare Solutions Inc.
athenahealth Inc.
Cerner Corporation
Computer Programs and Systems, Inc.
Connecture, Inc.
Cotiviti Holdings, Inc.
HealthStream, Inc.
HMS Holdings Corp.
Premier, Inc.
Quality Systems Inc.
Vocera Communications, Inc.
WebMD Health Corp
Hospital Supplies & Equipment
Baxter International Inc.
Becton, Dickinson and Company
C.R. Bard, Inc.
Cantel Medical Corp.
The Cooper Companies, Inc.
Haemonetics Corporation
Halyard Health Inc.
Hill-Rom Holdings, Inc.
Intuitive Surgical, Inc.
Masimo Corp.
Stericycle Inc.
STERIS plc
Teleflex, Inc.
TransEnterix, Inc.
Hospitals
Community Health Systems, Inc.
HCA Holdings, Inc.
LifePoint Health, Inc.
Tenet Healthcare Corporation
Universal Health Services, Inc.
Raymond James Research Register - May 2017
48
Close
Apr-25-17
Target
Price
High
Low
2017E
2018E
Mkt. Cap.
(Mil)
Div. %
Analyst/s
2
2
3
1
2
3
1
3
2
2
1
3
3
2
2
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/INC
H/GRW
H/GRW
H/GRW
H/SPEC
H/GRW
43.76
129.16
15.76
25.74
74.94
44.43
150.75
43.03
43.74
123.43
30.68
40.40
4.10
1.70
28.65
48.00
118.00
NM
29.00
92.00
NM
177.00
NM
47.00
129.00
34.00
NM
NM
4.00
31.00
45.84
132.95
18.18
25.91
96.38
44.58
159.95
48.23
45.87
129.00
31.70
44.39
4.65
4.24
29.70
36.76
92.03
11.52
19.59
57.68
32.64
98.10
26.50
32.77
109.32
18.22
31.19
2.50
1.56
15.69
17.8
NM
22.8
20.8
NM
23.1
41.5
NM
23.0
17.5
27.4
22.3
58.6
NM
NM
2.20
0.85
0.58
1.11
(0.78)
1.96
4.93
(0.33)
1.76
6.73
1.01
1.62
0.04
(0.49)
(1.02)
2.46
1.16
0.69
1.24
(0.81)
1.92
3.63
(0.49)
1.90
7.07
1.12
1.81
0.07
(0.52)
(1.12)
2.75
1.38
0.66
1.42
0.13
2.02
6.04
(0.12)
2.22
7.80
1.30
2.16
0.11
(0.51)
(0.49)
Dec
Mar
May
Dec
Dec
Sep
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
75,924
5,619
585
35,061
6,332
12,627
3,090
2,472
3,407
339,988
1,549
1,333
239
159
1,241
2.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.6
0.0
0.0
0.0
0.0
0.0
JB
JB
JB
JB
JB
JB
JB
JB
JB
JB
JB
JB
JB
JB
JB
CTLT
CRL
DPLO
ICLR
INCR
PRXL
PTHN
Q
N
N
N
Q
Q
Q
N
N
3
3
3
3
2
4
2
3
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
NM
H/GRW
M/GRW
29.00
88.37
15.49
77.37
44.30
62.35
25.50
82.65
NM
NM
NM
NM
51.00
NM
31.00
NM
30.28
91.57
38.94
88.90
56.88
72.32
32.95
83.97
20.94
67.20
12.25
62.31
36.70
51.16
23.72
61.21
NM
17.4
22.8
15.2
16.8
19.4
NM
18.5
401
4.56
0.75
4.77
2.50
3.43
395
4.00
443
5.07
0.68
5.08
2.64
3.22
432
4.46
481
5.65
0.76
5.69
3.05
3.80
533
5.17
Jun
Dec
Dec
Dec
Dec
Jun
Oct
Dec
3,618
4,185
1,033
4,219
2,382
3,174
3,701
19,456
FY End
Suitability
N
Q
Q
N
Q
Q
Q
Q
Q
N
Q
Q
Q
M
Q
2016A
Rating
ABT
ABMD
ANGO
BSX
DXCM
HOLX
ICUI
PODD
IART
JNJ
MMSI
BABY
RTIX
SENS
SPNC
Current
Year P/E
Exchange
EPS
Symbol
52 Week
Healthcare - USA
Medical Devices
Abbott Laboratories
Abiomed Inc.
AngioDynamics
Boston Scientific Corp.
DexCom Inc.
Hologic Inc.
ICU Medical, Inc.
Insulet
Integra LifeSciences Corp.
Johnson & Johnson
Merit Medical Systems Inc.
Natus Medical Inc.
RTI Surgical Inc.
Senseonics Holdings, Inc.
Spectranetics Corp
Pharma Services
Catalent, Inc. (ae)
Charles River Laboratories International, Inc.
Diplomat Pharmacy, Inc.
ICON plc
INC Research Holdings
PAREXEL
Patheon N.V. (ae)
Quintiles IMS Holdings
Raymond James Research Register - May 2017
0.0 MJB,JWR
0.0
MJB
0.0
JWR
0.0
MJB
0.0
MJB
0.0
MJB
0.0 MJB,JWR
0.0
MJB
49
12.56
17.61
184.50
11.41
42.37
0.79
23.33
9.70
8.16
7.75
16.75
41.57
33.60
65.47
6.60
5.01
30.22
Analyst/s
Low
51.85
35.40
261.27
21.75
70.92
3.13
38.75
30.72
29.41
35.68
39.99
85.83
50.40
111.00
142.01
8.66
56.91
Div. %
High
NM
NM
265.00
18.00
69.00
4.30
NM
NM
35.00
NM
29.00
68.00
57.00
NM
NM
11.00
NM
Mkt. Cap.
(Mil)
Target
Price
42.30
33.09
238.22
15.00
51.91
3.06
33.29
11.00
25.96
13.55
25.20
45.91
36.85
67.81
7.55
8.15
30.76
FY End
Close
Apr-25-17
H/SPEC
H/GRW
M/GRW
H/GRW
H/GRW
H/SPEC
NM
H/GRW
H/SPEC
H/GRW
H/GRW
M/GRW
H/GRW
M/GRW
H/SPEC
H/GRW
M/GRW
2018E
Suitability
3
3
2
2
1
1
4
3
1
3
2
2
1
3
3
1
3
2017E
Rating
Q
Q
N
Q
Q
Q
Q
Q
Q
Q
N
N
Q
N
Q
Q
N
2016A
Exchange
AERI
AKRX
AGN
AMPH
ANIP
ATRS
DERM
ENDP
FLXN
IPXL
LCI
MNK
MYL
PRGO
PLXP
TLGT
TEVA
EPS
Current
Year P/E
Symbol
52 Week
1,415
4,116
79,780
694
602
475
1,402
2,452
820
999
928
4,805
19,727
9,724
84
433
31,221
0.0
0.0
1.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.9
0.0
0.0
4.4
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
EW
Healthcare - USA
Specialty Pharmaceuticals
Aerie Pharmaceuticals, Inc.
Akorn, Inc.
Allergan plc
Amphastar Pharmaceuticals, Inc.
ANI Pharmaceuticals, Inc.
Antares Pharma, Inc.
Dermira, Inc.
Endo International plc
Flexion Therapeutics, Inc.
Impax Laboratories, Inc.
Lannett Company, Inc.
Mallinckrodt PLC
Mylan N.V.
Perrigo Company PLC
PLx Pharma Inc.
Teligent, Inc.
Teva Pharmaceutical Industries, Ltd. (r)
Raymond James Research Register - May 2017
NM (2.82)
(2.50)
20.3
2.25
1.63
14.9 13.51
16.03
44.1
0.48
0.34
13.2
2.96
3.94
NM (0.16)
(0.11)
NM (2.70)
(3.73)
2.3
4.73 E 3.62
NM (2.84)
(2.98)
15.4
1.17
0.88
7.4
3.42
3.42
6.1
7.79
7.48
6.9
4.89
5.32
9.5
7.11 E 4.35
NM (14.48) E (3.60)
22.0
0.08
0.37
6.1
5.14
5.02
(2.45)
1.93
18.48
0.93
4.81
(0.11)
(3.75)
3.63
(2.64)
1.32
3.62
8.44
5.72
5.12
(3.60)
0.68
5.43
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jun
Dec
Dec
Dec
Dec
Dec
Dec
50
Industrial
USA
Canada
Europe
Specialty/Industrial Distribution ................................. 52
Aerospace & Aviation ................................................. 53
Aerospace & Defence ..................................................54
Waste and Industrial Services..................................... 52
Chemicals ................................................................... 53
Commercial Aerospace ............................................54
Industrial Services.................................................... 52
Diversified Income Corps. ........................................... 53
Defence ....................................................................54
Waste Services ........................................................ 52
Infrastructure & Construction .................................... 53
Chemicals ....................................................................55
Construction ............................................................ 53
Agrochemicals ..........................................................55
Engineering ............................................................. 53
Consumer Chemicals ................................................55
Machinery ............................................................... 53
Diversified Chemicals ...............................................55
Related Products & Services.................................... 54
Industrial Chemicals .................................................55
Special Situations ....................................................... 54
Industrial Gases ........................................................55
Infrastructure & Construction .....................................55
Building Products .....................................................55
Construction Groups ................................................55
House Builders .........................................................55
Infrastructure Operators ..........................................55
Raymond James Research Register - May 2017
51
Analyst/s
2.35
1.89
0.38
1.72
3.32
0.00
1.86
0.20
4.05
(0.26)
10.15
3.80
2.80
2.10
0.71
2.15
3.96
0.12
2.10
0.82
4.40
0.56
10.50
4.40
Sep
Dec
Dec
Apr
Jan
Dec
Dec
Dec
Aug
Dec
Dec
Dec
3,145
13,236
701
1,506
8,112
101
9,229
1,768
5,260
1,829
11,447
3,282
0.0
2.8
0.0
0.0
0.0
1.9
0.0
0.0
2.0
0.0
2.5
0.0
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
SD
CLH
N
4
NM
59.12
NM
59.45
43.03
71.2
0.03
0.83
1.01
Dec
3,393
0.0
TB
CWST
CVA
RSG
ECOL
WCN
WM
Q
N
N
Q
N
N
1
1
1
3
1
3
H/SPEC
H/INC
M/GRW
H/GRW
H/GRW
M/INC
14.66
15.10
63.89
48.60
90.25
74.23
15.00
17.50
67.00
NM
100.00
NM
14.91
17.22
64.11
54.00
90.95
74.58
6.64
13.45
45.89
38.00
63.70
56.07
38.6
NM
27.1
26.7
30.3
23.3
0.14
(0.12)
2.22
1.53
2.57
2.91
0.38
0.04
2.36
1.82
2.98
3.18
0.48
0.16
2.62
1.96
3.46
3.38
Dec
Dec
Dec
Dec
Dec
Dec
609
1,978
21,850
1,059
15,875
32,610
0.0
6.6
2.0
1.5
0.8
2.3
TB
TB
TB
TB
TB
TB
FY End
2.10
1.73
NA
1.43
2.63
(0.21)
1.69
(1.10)
3.77
(1.39)
11.58
3.80
2018E
21.9
24.2
42.7
21.0
12.2
NM
16.0
93.0
22.7
NM
19.1
17.7
2017E
39.50
37.70
15.05
19.28
30.05
5.10
27.85
11.50
67.74
15.47
190.38
49.67
2016A
51.90
52.74
17.91
36.71
44.73
8.05
36.35
22.52
105.70
23.53
262.72
76.15
Current
Year P/E
54.00
50.00
20.00
35.00
44.00
8.00
36.00
21.00
103.00
NM
NM
70.00
Low
51.56
45.72
16.22
36.20
40.40
6.25
29.77
18.59
91.96
17.09
193.36
67.40
High
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
Target
Price
1
2
2
2
2
2
2
2
1
3
3
2
Rating
Q
Q
N
N
Q
Q
Q
N
N
N
N
N
Exchange
BECN
FAST
FBM
GMS
HDS
HWCC
LKQ
MRC
MSM
DNOW
GWW
WCC
Symbol
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
52 Week
Industrial - USA
Patrick Tyler Brown, CFA [email protected]
Sam Darkatsh [email protected]
Specialty/Industrial Distribution
Beacon Roofing Supply, Inc.
Fastenal Company
Foundation Building Materials, Inc.
GMS Inc.
HD Supply Holdings Inc.
Houston Wire & Cable Company
LKQ Corporation
MRC Global
MSC Industrial Direct
NOW Inc.
W.W. Grainger, Inc.
WESCO International
Waste and Industrial Services
Industrial Services
Clean Harbors, Inc.
Waste Services
Casella Waste Systems, Inc.
Covanta Holding Corp.
Republic Services, Inc.
U.S. Ecology, Inc.
Waste Connections, Inc.
Waste Management, Inc.
Raymond James Research Register - May 2017
52
Analyst/s
5,008
5,643
437
0.0
1.5
0.0
SH,BC
BC
BC
R
2
2
M/INC C$18.95
H/INC US$45.95
H/INC
C$13.14
R
60.00
15.00
19.38
53.35
13.25
16.10
26.83
10.10
R
9.6
23.9
R
(0.35)
0.79
R
4.80
0.55
R
4.10
0.59
Dec
Dec
Dec
R
4,131
1,876
R
2.4
5.5
SH
SH
SH
T
T
V
3
1
3
H/INC
M/INC
H/SPEC
C$22.20
C$37.46
C$0.14
23.00
48.00
0.25
31.20
45.28
0.80
17.80
28.05
0.10
24.9
16.1
4.7
1.81
1.88
(0.10)
0.89
2.32
0.03
1.86
2.63
0.03
Dec
Dec
Dec
815
1,487
15
7.3
5.6
0.0
BP
SH
DQ
ARE
BDT
NPC
NOA
SOX
T
T
T
T
T
2
2
2
2
3
H/INC
H/INC
H/GRW
H/INC
H/INC
C$16.21
C$9.71
C$1.13
C$6.58
C$5.41
19.00
11.00
1.40
9.00
6.00
19.19
14.19
1.27
7.48
7.13
13.07
7.26
0.86
2.58
5.06
19.1
21.6
NM
36.6
21.6
0.76
0.65
25
(0.01)
(0.18)
0.85
0.45
38
0.18
0.25
0.95
0.65
44
0.28
0.35
Dec
Dec
Dec
Dec
Dec
1,136
413
117
193
146
3.1
4.0
0.0
1.2
8.9
FB
FB
FB,BM
BC
FB
IBG
SNC
STN
WSP
T
T
T
T
3
R
2
1
H/GRW
M/GRW
M/GRW
M/INC
C$7.22
C$54.54
C$34.74
C$50.25
6.50
R
39.00
55.00
7.29
59.63
36.85
50.37
3.60
44.84
28.74
37.00
18.0
R
23.2
19.7
0.11
R
1.22
2.15
0.40
R
1.50
2.55
0.50
R
2.00
2.95
Dec
Dec
Dec
Dec
271
R
3,960
5,090
NM
R
1.4
3.0
FB
FB
BC,FB
FB
CERV
FTT
RBA
RME
SQP
TIH
WJX
T
T
N
T
T
T
T
3
3
3
2
3
3
3
M/GRW C$12.52
M/GRW C$25.70
M/GRW US$32.09
H/GRW
C$9.76
H/GRW
C$1.30
M/GRW C$47.41
H/GRW C$24.61
13.25
25.50
37.50
11.50
1.40
43.00
24.00
16.52
28.02
39.96
11.25
1.80
48.86
25.76
10.85
20.21
27.13
6.24
1.30
34.47
13.34
11.4
21.4
25.7
10.3
NM
22.1
18.2
0.69
0.88
1.24
0.83
(2.70)
1.98
1.01
1.10
1.20
1.25
0.95
(0.35)
2.15
1.35
1.38
1.55
1.50
1.05
(0.05)
2.35
1.60
Dec
Dec
Dec
Dec
Dec
Dec
Dec
209
4,320
3,472
189
17
3,726
500
2.2
2.8
2.1
4.7
0.0
1.6
4.1
BC
BC
BC
BC
BC
BC
BC
FY End
Dec
Mar
Mar
2018E
0.08
1.15
0.73
2017E
(0.01)
1.04
0.70
2016A
(0.16)
0.86
0.77
Current
Year P/E
NM
20.1
17.3
Low
1.56
14.56
11.06
High
2.76
20.99
16.05
Target
Price
2.50
20.75
13.00
Rating
C$2.26
C$20.90
C$12.14
Symbol
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
Exchange
52 Week
Industrial - CAN
Ben Cherniavsky [email protected]
Steve Hansen, CFA, CPA, CMA [email protected]
David Quezada, CFA [email protected]
Brenna Phelan, CFA, CPA, CA [email protected]
Frederic Bastien, CFA [email protected]
Daryl Swetlishoff, CFA [email protected]
Brian Martin, CFA (Associate Analyst) [email protected]
Aerospace & Aviation
Bombardier Inc.
CAE Inc. (f)
Héroux-Devtek Inc. (f)
BBD.B
CAE
HRX
T
T
T
3
3
3
CHE.UN
MEOH
SPB
T
Q
T
AD
EIF
GRC
H/GRW
M/GRW
M/GRW
Chemicals
Chemtrade Logistics Income Fund
Methanex
Superior Plus Corporation
Diversified Income Corps.
Alaris Royalty Corp.
Exchange Income Corp
Grenville Strategic Royalty Corp.
Infrastructure & Construction
Construction
Aecon Group
Bird Construction Inc.
NAPEC Inc. (cb)
North American Energy Partners
Stuart Olson Inc.
Engineering
IBI Group Inc.
SNC-Lavalin
Stantec Inc
WSP Global Inc.
Machinery
Cervus Equipment Corp.
Finning International
Ritchie Bros. Auctioneers
Rocky Mountain Dealerships Inc.
Strongco Corp.
Toromont Industries
Wajax Corp.
Raymond James Research Register - May 2017
53
2018E
Div. %
Analyst/s
7.50
30.00
R
14.50
13.54
29.78
18.55
15.11
5.57
19.81
1.20
7.60
15.8
17.1
R
17.5
(0.28)
1.01
R
0.68
0.40
1.55
R
0.85
0.80
2.00
R
0.98
Dec
Dec
Dec
Dec
288
1,650
R
462
2.5
5.7
R
3.2
FB
FB
FB
BC
BLN
BYD.UN
DRT
TSL
V
T
T
T
1
2
1
2
H/SPEC
M/GRW
H/GRW
H/GRW
C$3.60
C$88.67
C$6.84
C$4.40
4.50
90.00
9.00
5.75
3.65
92.75
7.51
6.55
1.80
71.60
4.58
3.06
NM
NM
22.1
9.8
(0.26)
(0.23)
124
146
0.09
0.31
0.45 E 0.47
(0.13)
170
0.40
0.54
Oct
Dec
Dec
Dec
124
1,596
627
137
NA
0.1
0.0
1.8
BC
SH
DQ,DS
DQ
Mkt. Cap.
(Mil)
2017E
C$6.31
C$26.52
C$1.49
C$14.91
FY End
2016A
H/INC
H/INC
H/GRW
H/GRW
Current
Year P/E
Close
Apr-25-17
3
2
R
2
Low
Suitability
T
T
T
T
High
Rating
CAM
RUS
WEQ
ZCL
Target
Price
Exchange
EPS
Symbol
52 Week
Industrial - CAN
Related Products & Services
Canam Group
Russel Metals
WesternOne Inc.
ZCL Composites
Analyst/s
3.60
4.80
35.50
38.00
38.00
40.50
7.00 A 7.30
34.00
24.00
3.75
4.00
13.50
15.50
0.45
0.95
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
57,259
£6,277
£3,613
6,532
1,494,023
31,506
£898
6,236
2.2
2.5
3.4
1.5
1.6
2.1
3.3
1.4
HB
HB
HB
HB
HB
HB
HB
HB
BAES.L
COB.L
TCFP.PA
L
L
EPA
4
4
3
631p
131p
€94.37
540
80
NM
657
155
96.55
465
89
67.65
14.7
21.8
19.7
40.30
8.00
4.25
43.00
6.00
4.80
Dec
Dec
Dec
£20,022
256,473
19,954
3.5
0.0
1.4
HB
HB
HB
FY End
3.31
31.00
34.80
6.74
30.10
4.34
14.40 E
0.59 E
2018E
20.6
10.3
12.3
17.4
23.9
20.2
14.9
38.1
2017E
48.07
249
362
78.74
584
53.00
161
18.87
2016A
74.20
379
485
128.10
870
77.12
245
28.85
Current
Year P/E
85.00
480
625
85.00
NM
NM
NM
NM
Low
€74.10
366p
466p
€127.20
813p
€75.77
214p
€22.49
High
1
1
1
4
3
3
3
3
Target
Price
EPA
L
L
ETR
L
EPA
L
EPA
Rating
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
52 Week
AIR.PA
GKN.L
MGGT.L
MTXGn.DE
RR.L
SAF.PA
SNR.L
ZODC.PA
Symbol
Blackline Safety Corp.
Boyd Group Income Fund (cb)
DIRTT Environmental Solutions Ltd.
Tree Island Steel Ltd.
Exchange
Special Situations
Industrial - EUR
Harry Breach, RJFI [email protected]
Patrick Lambert, RJFI [email protected]
Mehdi Boudokhane, RJEE [email protected]
Aerospace & Defence
Commercial Aerospace
Airbus Group
GKN
Meggitt
MTU Aero Engines
Rolls-Royce
Safran
Senior
Zodiac Aerospace
Defence
BAE Systems
Cobham
Thales
Raymond James Research Register - May 2017
44.50
6.20
5.45
54
Analyst/s
20,874
17,668
8,360
2.0
3.1
1.3
PL
PL
PL
63.00
48.16
NM 57,550
NM 7,920
63,883
8,419
66,665
8,579
Dec
Dec
84,647
11,585
3.3
2.6
PL
PL
97.57
19.43
76.46
68.84
116.95
63.40
15.59
33.47
37.28
79.10
NM 7,535
8,259
NM 5,847
6,240
NM 11,904
14,161
NM 7,717 E 9,067
NM 11,767 E 12,315
8,642
6,421
14,714
10,177
13,004
Dec
Dec
Dec
Dec
Dec
7,323
6,241
14,661
6,028
11,959
3.2
2.3
1.9
1.1
2.8
PL
PL
PL
PL
PL
130.00
135.00
111.95
125.00
85.96
106.31
NM 18,135
21.2
5.48
20,952
5.87
22,133
6.58
Dec
Dec
43,146
35,527
3.5
2.4
PL
PL
€49.57
€40.73
NM
43.00
49.75
42.13
32.15
26.50
NM
19.8
NA
1.87
NA
2.06
NA
2.18
Dec
Dec
27,776
2,595
2.6
1.6
MB
MB
3
2
€77.99
€77.72
NM
82.00
77.99
78.68
58.58
49.93
18.6
16.9
4.20 E
4.52
4.87
4.61
5.59
4.86
Dec
Dec
7,443
45,801
1.9
2.9
MB
MB
EPA
2
€49.70
54.00
50.15
42.03
16.3
2.54
3.05
3.46
Dec
2,724
4.8
MB
MAD
EPA
MAD
ETR
2
3
1
4
€16.00
€121.20
€19.32
€71.70
16.50
NM
22.40
60.00
16.61
122.40
19.62
72.19
12.12
83.50
14.83
44.96
15.8
29.3
32.2
20.9
0.88
4.13 E
0.51
4.06
1.01
4.60
0.60
3.43
1.13
5.12
0.66
3.71
Dec
Dec
Dec
Dec
14,539
11,994
14,150
6,611
4.6
2.0
3.9
2.1
MB
MB
MB
MB
465.30
362.00
360.50
256.10
AKZO.AS
GIVN.VX
SY1G.DE
AMS
SWF
ETR
2
2
3
€82.64
CHF1920.00
€64.40
87.00
2275.00
NM
83.09
2116.00
69.32
52.58
1710.00
53.00
BASFn.DE
DSMN.AMS
ETR
AMS
3
1
€92.16
€66.20
NM
80.00
94.32
66.70
AKE.PA
CLN.VX
1COV.DE
LXSG.DE
SOLB.BR
EPA
SWF
ETR
ETR
EBR
1
2
2
2
1
€96.80
CHF19.26
€72.40
€65.86
€115.85
109.00
24.00
91.00
75.00
125.00
AIRP.PA
PX
EPA
N
2
1
€110.95
$124.70
SGOB.PA
TKTT.PA
EPA
EPA
S
2
FOUG.PA
SGEF.PA
EPA
EPA
NEXI.PA
ABE.MC
ADP.PA
FER.MC
FRAG.DE
Target
Price
NM
NM
FY End
Dec
Dec
Dec
CHF456.80
NOK335.60
2018E
15,445
5,188
3,138
3
3
2017E
NM 14,197
15,015
NM 4,663
4,982
NM 2,893 E 3,005
SWF
OSL
2016A
PL
PL
SYNN.VX
YAR.OL
Current
Year P/E
0.0
3.0
Low
42,126
91,692
High
Dec
Dec
Rating
13,783
108,746
Exchange
13,130
104,682
Symbol
Div. %
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
52 Week
Industrial - EUR
Chemicals
Agrochemicals
Syngenta (sa)
Yara (sa)
NM 12,790
NM 97,170
Consumer Chemicals
AkzoNobel (sa)
Givaudan (sa)
Symrise (sa)
Diversified Chemicals
BASF (sa)
DSM (sa)
Industrial Chemicals
Arkema (sa)
Clariant (sa)
Covestro (sa)
Lanxess (sa)
Solvay (sa)
Industrial Gases
Air Liquide (sa)
Praxair, Inc.
Infrastructure & Construction
Building Products
Saint-Gobain
Tarkett S.A.
Construction Groups
Eiffage
Vinci
House Builders
Nexity
Infrastructure Operators
Abertis
ADP
Ferrovial
Fraport
Raymond James Research Register - May 2017
55
Mining & Natural Resources
Canada
Agribusiness ............................................................... 56
Fertilizers .................................................................... 56
Forest Products .......................................................... 57
Building Materials ................................................... 57
Pulp & Paper ........................................................... 57
Mining ........................................................................ 57
Precious Metals - Gold ............................................ 57
3.15
Dec
719
0.5
SH
M/GRW US$92.49
M/GRW US$16.61
110.00
17.00
111.88
20.27
83.15
15.21
18.5
36.9
4.88
0.41
5.00
0.45
6.15
0.60
Dec
Dec
12,764
13,942
3.8
2.4
SH
SH
FY End
2.59
2018E
1.96
2017E
11.5
2016A
28.81
Current
Year P/E
42.16
Low
42.00
High
C$29.85
Target
Price
Analyst/s
EPS
Div. %
52 Week
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
Rating
Exchange
Symbol
Precious Metals - Silver ........................................... 57
Mining & Natural Resources - CAN
Daryl Swetlishoff, CFA [email protected]
Chris Thompson, M.Sc. (Eng), P.Geo [email protected]
Steve Hansen, CFA, CPA, CMA [email protected]
Tara Hassan, P.Eng [email protected]
Agribusiness
AGT Food and Ingredients Inc.
AGT
T
2
AGU
POT
N
N
3
3
H/INC
Fertilizers
Agrium Inc.
Potash Corp. of Saskatchewan Inc.
Raymond James Research Register - May 2017
56
2018E
Div. %
Analyst/s
15.70
11.96
2.51
10.21
23.11
35.35
1.79
19.8
12.8
9.8
12.3
14.5
13.1
7.5
0.96
1.10
3.09
0.94
2.13
4.11
0.24
0.91
1.53
0.32
1.63
2.87
4.69
0.28
1.45
1.72
1.00
1.88
3.32
5.44
0.33
Dec
Dec
Dec
Dec
Dec
Dec
Dec
301
2,604
67
1,405
3,615
4,843
858
6.1
0.0
0.0
0.0
1.0
0.5
3.8
DS
DS
DS
DS
DS
DS
DS
CFX
UFS
FTP
MERC
T
N
T
Q
2
2
2
2
H/GRW C$11.74
M/INC US$39.32
H/GRW
C$7.85
H/INC US$12.35
14.50
52.00
9.00
13.50
12.65
44.58
8.70
12.98
9.45
32.74
2.84
7.03
8.7
14.8
15.1
7.9
0.86
2.04
0.45
0.54
1.35
2.66
0.52
1.56
1.02
3.24
0.76
1.86
Dec
Dec
Dec
Dec
780
2,465
112
805
2.1
4.1
0.0
3.7
DS
DS
DS
DS
AKG
AGB
BTO
CDE
EDV
ICG
MND
OGC
ORE
PGM
ROXG
SMF
THO
VIT
T
V
T
N
T
V
T
T
V
V
T
T
T
V
1
2
2
2
2
2
2
2
2
2
2
2
1
2
H/GRW
H/SPEC
H/GRW
H/GRW
H/GRW
H/SPEC
H/INC
H/GRW
H/SPEC
H/SPEC
H/GRW
H/GRW
H/INC
H/SPEC
C$3.19
C$1.43
C$3.42
US$9.08
C$22.46
C$0.82
C$0.59
C$4.13
C$0.57
C$0.55
C$1.21
C$3.12
C$10.77
C$0.69
4.60
1.60
5.00
10.80
29.75
1.35
0.70
5.75
0.95
1.00
1.95
4.80
16.00
0.95
6.09
1.45
4.74
16.41
28.81
0.96
1.35
5.56
1.28
0.77
1.76
7.46
22.13
0.80
3.01
0.55
2.28
6.70
15.12
0.52
0.56
3.24
0.42
0.40
1.06
3.05
9.58
0.32
10.3
NM
21.4
6.7
10.1
NM
4.5
7.0
NM
NM
5.8
12.0
10.5
NM
0.37
0.31
(0.02) E (0.07)
0.31
0.16
0.98
1.35
2.39
2.22
(0.01) E (0.01)
0.12
0.13
0.45
0.59
(0.03)
(0.02)
(0.04)
(0.14)
0.04
0.21
0.45
0.26
1.09
1.03
(0.01) E (0.01)
0.42
0.08
0.41
1.42
3.58
NA
NA
0.57
(0.02)
(0.02)
0.20
0.52
1.09
NA
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Dec
Dec
Dec
Feb
708
248
3,504
1,643
2,107
397,283
266
2,523
88
112
449
1,014
US$3,383
347
0.0
0.0
0.0
0.0
0.0
0.0
3.4
0.5
0.0
0.0
0.0
0.0
2.2
0.0
CT
TH
CT
CT
CT
TH
CT
CT
CT
TH
CT
CT
CT
CT
BCM
EDR
FR
FVI
MAG
PAAS
SVM
V
T
T
T
T
Q
T
2
2
3
1
1
2
2
H/SPEC
C$2.19
H/GRW
C$3.92
H/GRW C$10.99
H/GRW
C$6.19
H/SPEC C$15.83
H/INC US$16.76
H/GRW
C$4.27
4.25
6.00
10.30
10.00
25.00
22.50
5.80
3.77
7.75
24.96
12.73
23.32
21.59
5.90
1.72
3.75
8.89
6.01
12.75
13.40
2.03
NM
18.7
17.7
15.9
NM
12.2
10.2
(0.10)
(0.17)
0.20
0.21
0.65
0.62
0.39 E 0.60
(0.05)
(0.10)
1.59
1.37
0.19
0.42
(0.15)
0.27
0.73
NA
(0.10)
1.73
0.32
Dec
Dec
Dec
Dec
Dec
Dec
Mar
242
515
1,873
992
US$1,279
2,581
745
0.0
0.0
0.0
0.0
0.0
0.3
0.5
CT
CT
CT
CT
CT
CT
CT
Mkt. Cap.
(Mil)
2017E
19.00
20.03
3.74
20.16
41.83
62.28
2.35
FY End
2016A
23.00
24.00
6.00
24.00
47.00
67.00
2.75
Current
Year P/E
C$18.05
C$19.61
C$3.15
C$20.07
C$41.65
C$61.30
C$2.11
Low
M/INC
H/GRW
H/SPEC
H/GRW
H/GRW
H/GRW
H/GRW
High
1
1
2
1
1
2
2
Target
Price
Close
Apr-25-17
T
T
T
T
T
T
T
Exchange
ADN
CFP
CFF
IFP
OSB
WFT
WEF
Symbol
Suitability
EPS
Rating
52 Week
Mining & Natural Resources - CAN
Forest Products
Building Materials
Acadian Timber Corp.
Canfor Corp.
Conifex Timber, Inc.
Interfor Corp.
Norbord Inc.
West Fraser Timber
Western Forest Products Inc.
Pulp & Paper
Canfor Pulp Products Inc.
Domtar
Fortress Paper
Mercer International Inc.
Mining
Precious Metals - Gold
Asanko Gold Inc.
Atlantic Gold Corp. (cf)
B2Gold Corp. (cf)
Coeur Mining Inc. (cf)
Endeavour Mining Corp. (cf)
Integra Gold Corporation (cf)
Mandalay Resources Corp. (cf)
OceanaGold Corp. (cf)
Orezone Gold Corp.
Pure Gold Mining Inc. (cf)
Roxgold Inc.
SEMAFO Inc.
Tahoe Resources Inc. (cf)
Victoria Gold Corporation (cf)
Precious Metals - Silver
Bear Creek Mining Corp. (cf)
Endeavour Silver Corp.
First Majestic Silver (cf)
Fortuna Silver Mines Inc. (cf)
MAG Silver (cf)
Pan American Silver Corp. (cf)
Silvercorp Metals Inc. (cf)
Raymond James Research Register - May 2017
57
Real Estate
USA
Canada
Europe
Housing ....................................................................... 58
Real Estate .................................................................. 61
Hotels ..........................................................................62
Lodging ....................................................................... 59
Healthcare ............................................................... 61
REITs ........................................................................... 59
Industrial ................................................................. 61
Healthcare ............................................................... 59
Mortgage Investment Corporations ........................ 61
Hotels ...................................................................... 59
Office/Diversified .................................................... 61
Malls ........................................................................ 59
Real Estate Services ................................................. 61
Net Lease ................................................................. 59
Residential ............................................................... 62
Office/Industrial ...................................................... 60
Retail ....................................................................... 62
Residential ............................................................... 60
Self-Storage ............................................................. 62
Self Storage ............................................................. 60
Shopping Centers .................................................... 60
Mkt. Cap.
(Mil)
Div. %
Analyst/s
FY End
2018E
2017E
2016A
Current
Year P/E
EPS
Low
High
52 Week
Target
Price
Close
Apr-25-17
Suitability
Rating
Exchange
Symbol
Timber ..................................................................... 61
4,935
12,371
1,968
11,889
1,591
7,106
1,334
6,071
0.4
1.2
0.5
0.3
3.2
1.6
0.0
0.9
BH,PDP
BH,PDP
BH,PDP
BH,PDP
BH,PDP
BH,PDP
BH,PDP
BH,PDP
Real Estate - USA
Paul D. Puryear [email protected]
Buck Horne, CFA [email protected]
Jonathan Hughes, CFA [email protected]
William A. Crow [email protected]
Collin Mings, CFA [email protected]
Housing
CalAtlantic Group, Inc.
D.R. Horton, Inc.
KB Home
Lennar Corporation
MDC Holdings
PulteGroup Inc.
St. Joe Company
Toll Brothers, Inc.
CAA
DHI
KBH
LEN
MDC
PHM
JOE
TOL
Raymond James Research Register - May 2017
N
N
N
N
N
N
N
N
2
3
3
1
3
3
3
1
M/GRW
M/GRW
M/GRW
M/GRW
H/INC
M/GRW
M/GRW
M/GRW
37.08
32.65
20.44
50.70
30.95
22.20
17.95
35.63
42.00
NM
NM
60.00
NM
NM
NM
43.00
40.94
34.56
20.91
53.79
31.93
24.43
21.90
37.37
30.18
26.69
12.38
39.68
20.52
17.58
16.30
25.29
9.9
11.9
12.9
12.4
12.6
10.3
NM
11.0
3.60
2.36
1.12
3.93
2.01
1.75
0.15 E
2.18
3.75
2.75
1.58
4.10
2.45
2.15
0.03
3.25
4.30
3.00
1.95
4.90
2.70
2.45
NA
3.70
Dec
Sep
Nov
Nov
Dec
Dec
Dec
Oct
58
2017E
2018E
Mkt. Cap.
(Mil)
Div. %
Analyst/s
58.54
55.97
14.07
94.57
65.00
NM
NM
NM
60.49
58.05
15.05
95.42
42.81
44.30
9.73
60.87
33.8
46.3
32.7
24.4
2.68
1.65
0.49
3.63
1.73
1.21
0.43
3.87
2.05
1.39
0.43
4.26
Dec
Dec
Dec
Dec
19,280
7,321
1,643
36,551
1.4
0.0
0.0
1.3
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
CTRE
HCP
HTA
MRT
DOC
SBRA
SNH
VTR
HCN
Q
N
N
N
N
Q
Q
N
N
2
4
2
2
1
3
4
3
3
M/INC
NM
M/INC
M/INC
M/INC
M/INC
NM
M/INC
M/INC
17.77
32.04
32.26
12.00
20.11
28.45
21.79
64.68
72.67
17.00
NM
33.00
13.00
23.00
NM
NM
NM
NM
17.99
36.54
34.64
12.07
22.03
29.10
23.85
76.80
80.19
12.53
27.61
26.34
10.28
17.12
18.80
17.14
56.20
59.39
14.4
16.8
18.9
10.5
17.5
12.3
11.8
15.4
17.1
1.10
2.74
1.61
1.22
0.99
2.39
1.88
4.13
4.55
1.23
1.91
1.71
1.14
1.15
2.32
1.85
4.19
4.25
1.33
1.95
1.82
1.29
1.25
2.43
1.88
4.33
4.40
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,176
15,245
4,710
382
3,155
1,875
5,175
23,084
26,350
4.2
4.6
3.7
7.0
4.5
5.9
7.2
4.8
4.8
JH,PDP
JH,PDP
JH,PDP
JH,PDP
JH,PDP
JH,PDP
JH,PDP
JH,PDP
JH,PDP
DRH
HT
HST
LHO
PK
PEB
RLJ
RHP
INN
SHO
XHR
N
N
N
N
N
N
N
N
N
N
N
3
3
3
2
2
2
3
2
2
2
3
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/GRW
M/INC
11.51
18.79
19.05
30.05
26.61
31.01
22.79
64.29
17.08
15.79
17.70
NM
NM
NM
32.00
29.00
31.00
NM
71.00
17.00
16.00
NM
12.00
22.14
20.21
31.87
33.40
31.85
25.10
67.97
17.16
16.05
19.87
8.22
15.36
14.30
21.56
25.40
23.46
18.86
47.16
11.27
11.26
14.83
11.7
8.4
11.5
11.7
9.7
13.2
9.6
11.9
12.6
13.6
9.5
1.02
2.41
1.69
2.90
2.97
2.78
2.67
5.49
1.41
1.21
2.21
0.98
2.23
1.65
2.57
2.75
2.35
2.38
5.39
1.36
1.16
1.87
0.99
2.18
1.65
2.50
2.77
2.32
2.39
5.66
1.37
1.18
1.85
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
2,315
838
14,221
3,414
5,721
2,242
2,846
3,298
1,604
3,475
1,890
4.3
6.0
4.2
6.0
6.5
4.9
5.8
5.0
3.8
4.3
6.2
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
CBL
SPG
TCO
N
N
N
3
2
3
M/INC
M/INC
M/INC
9.68
168.04
65.53
NM
220.00
NM
14.30
229.10
81.68
8.72
163.55
62.67
4.3
14.3
17.4
2.41
10.49
3.92
2.24
11.75
3.77
2.27
12.40
4.26
Dec
Dec
Dec
1,653
52,609
3,960
11.0
4.2
3.8
CM,PDP
CM,PDP
CM,PDP
ADC
FCPT
NNN
O
SRC
STOR
N
N
N
N
N
N
2
3
3
4
3
2
M/INC
M/INC
M/INC
NM
M/INC
M/INC
50.39
23.54
44.04
59.83
10.08
24.81
54.00
NM
NM
NM
NM
26.00
51.50
23.96
53.60
72.30
13.97
31.44
38.59
16.71
39.86
52.72
9.83
22.27
18.3
17.2
18.6
19.6
11.3
14.5
2.54
1.35
2.28
2.88
0.84
1.55
2.75
1.37
2.37
3.05
0.89
1.71
2.99
1.42
2.62
3.15
0.91
1.80
Dec
Dec
Dec
Dec
Dec
Dec
1,318
1,411
6,480
15,454
4,875
3,953
3.9
4.1
4.1
4.2
7.1
4.7
CM,PDP
CM,PDP
CM,PDP
CM,PDP
CM,PDP
CM,PDP
FY End
2016A
M/GRW
H/GRW
H/GRW
M/GRW
Current
Year P/E
2
3
3
3
Low
N
N
N
Q
High
Suitability
HLT
H
LQ
MAR
Target
Price
Rating
Close
Apr-25-17
Exchange
EPS
Symbol
52 Week
Real Estate - USA
Lodging
Hilton
Hyatt Hotels Corporation
La Quinta Holdings, Inc.
Marriott International, Inc.
REITs
Healthcare
CareTrust REIT, Inc (x)
HCP, Inc. (x)
Healthcare Trust of America, Inc. (x)
MedEquities Realty Trust, Inc. (x)
Physicians Realty Trust (x)
Sabra Health Care REIT, Inc. (x)
Senior Housing Properties Trust (x)
Ventas, Inc. (x)
Welltower Inc. (x)
Hotels
DiamondRock Hospitality Company (x)
Hersha Hospitality Trust (x)
Host Hotels & Resorts Inc. (x)
LaSalle Hotel Properties (x)
Park Hotels & Resorts Inc. (x)
Pebblebrook Hotel Trust (x)
RLJ Lodging Trust (x)
Ryman Hospitality Properties Inc. (x)
Summit Hotel Properties, Inc. (x)
Sunstone Hotel Investors, Inc. (x)
Xenia Hotels & Resorts, Inc. (x)
Malls
CBL & Associates Properties, Inc. (x)
Simon Property Group, Inc. (x)
Taubman Centers, Inc. (x)
Net Lease
Agree Realty Corporation (x)
Four Corners Property Trust, Inc. (x)
National Retail Properties, Inc. (x)
Realty Income Corporation (x)
Spirit Realty Capital, Inc. (x)
STORE Capital Corporation (x)
Raymond James Research Register - May 2017
59
2018E
Div. %
Analyst/s
15.00
18.00
NM
NM
49.00
42.00
NM
NM
29.00
NM
26.50
35.50
15.50
17.40
13.93
34.56
51.70
40.79
21.38
79.99
29.75
11.17
26.78
34.61
11.58
14.04
11.07
24.92
39.93
31.95
17.58
59.23
22.66
8.01
19.79
27.65
14.4
12.4
12.0
16.5
21.1
20.2
16.0
18.7
18.4
13.5
15.7
17.9
0.96
0.94
1.01
2.01
2.26
1.82
1.21
4.02
1.45
0.97
1.58
1.74
1.01
1.38
1.04
2.03
2.40
1.92
1.28
4.22
1.52
0.82
1.69
1.81
1.05
1.52
1.12
2.21
2.53
2.04
1.38
4.46
1.61
0.80
1.78
1.92
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
804
3,047
381
3,412
4,639
7,001
1,039
2,678
3,390
675
2,238
2,422
5.2
3.5
7.5
3.3
2.4
2.3
4.7
3.1
3.0
3.6
5.3
3.7
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
WAC,PDP
AMH
AIV
CLPR
EQR
ESS
INVH
MAA
N
N
N
N
N
N
N
1
1
2
4
2
1
2
M/GRW
M/INC
M/GRW
NM
M/INC
M/GRW
M/INC
23.48
44.65
10.99
64.93
238.40
21.72
101.47
26.00
50.00
15.00
NM
236.00
25.00
105.00
23.98
47.91
15.00
73.05
238.57
22.15
110.01
15.64
39.14
10.50
58.28
200.01
19.80
85.04
26.7
19.3
39.2
21.1
21.6
19.1
17.3
0.88
2.31
0.28
3.08
11.04
1.14
5.85
E 1.09
E 2.50
E 0.46
E 3.10
E 11.90
E 0.99
E 5.90
NA
NA
0.52
NA
NA
1.13
NA
Dec
Dec
Dec
Dec
Dec
Dec
Dec
6,903
7,367
486
24,829
16,187
6,741
8,087
0.9
3.2
3.6
3.1
2.9
0.0
3.4
BH,PDP
BH,PDP
BH,PDP
BH,PDP
BH,PDP
BH,PDP
BH,PDP
CUBE
EXR
JCAP
LSI
PSA
N
N
N
N
N
2
2
2
3
3
M/INC
M/INC
H/GRW
M/INC
M/INC
27.10
78.58
23.35
82.89
225.54
29.00
85.00
25.00
NM
NM
32.78
94.81
24.71
116.22
267.34
23.65
68.09
10.10
77.00
200.65
17.5
18.7
11.3
15.1
21.7
1.44
3.85
3.11
5.19
9.79
1.55
4.20
2.06
5.50
10.40
1.65
4.45
4.70
5.85
10.75
Dec
Dec
Dec
Dec
Dec
4,935
10,600
210
3,871
39,221
4.0
4.0
6.0
4.8
3.5
JH,PDP
JH,PDP
JH,PDP
JH,PDP
JH,PDP
CDR
DDR
FRT
KIM
KRG
RPT
REG
ROIC
BFS
N
N
N
N
N
N
N
Q
N
3
2
3
2
1
2
3
1
3
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
5.33
12.39
134.61
21.71
21.35
14.23
65.16
21.52
63.64
NM
17.00
NM
27.00
29.00
17.50
NM
26.00
NM
8.08
19.92
171.08
32.24
30.45
20.24
85.35
23.05
68.75
4.86
12.01
126.02
21.43
19.91
13.26
61.90
18.45
52.42
10.2
10.8
22.9
13.9
10.5
10.5
18.8
18.9
19.4
0.48
1.28
5.65
1.50
2.00
1.35
3.29
1.08
3.03
0.52
1.15
5.88
1.56
2.04
1.36
3.47
1.14
3.28
0.52
1.09
6.27
1.67
2.16
1.37
3.75
1.20
3.43
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
437
4,527
9,691
9,227
1,784
1,128
6,786
2,352
1,381
3.8
6.1
2.9
5.0
5.7
6.2
3.1
3.3
3.2
CM,PDP
CM,PDP
CM,PDP
CM,PDP
CM,PDP
CM,PDP
CM,PDP
CM,PDP
CM,PDP
Mkt. Cap.
(Mil)
2017E
14.53
17.14
12.53
33.42
50.69
38.81
20.42
79.00
27.99
11.09
26.55
32.33
FY End
2016A
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
M/GRW
M/INC
M/INC
M/INC
M/INC
M/INC
Current
Year P/E
2
2
3
3
2
2
3
3
2
3
2
2
Low
N
N
N
N
N
N
N
N
N
N
N
N
High
Suitability
AHH
BDN
CIO
OFC
DCT
DEI
DEA
EGP
FR
FPO
STAG
WRE
Target
Price
Rating
Close
Apr-25-17
Exchange
EPS
Symbol
52 Week
Real Estate - USA
Office/Industrial
Armada Hoffler Properties (x)
Brandywine Realty Trust (x)
City Office REIT, Inc. (co)
Corporate Office Properties Trust (x)
DCT Industrial Trust, Inc. (x)
Douglas Emmett (x)
Easterly Government Properties, Inc. (x)
EastGroup Properties, Inc. (x)
First Industrial Realty Trust, Inc. (x)
First Potomac Realty Trust (x)
STAG Industrial Inc. (co)
Washington REIT (x)
Residential
American Homes 4 Rent (x)
Apartment Investment and Management Company (x)
Clipper Realty Inc. (co)
Equity Residential (x)
Essex Property Trust, Inc. (x)
Invitation Homes Inc. (x)
Mid-America Apartment Communities, Inc. (x)
Self Storage
CubeSmart (x)
Extra Space Storage (x)
Jernigan Capital, Inc.
Life Storage Inc. (x)
Public Storage (x)
Shopping Centers
Cedar Realty Trust, Inc. (x)
DDR Corp. (x)
Federal Realty Investment Trust (x)
Kimco Realty Corporation (x)
Kite Realty Group Trust (x)
Ramco-Gershenson Properties Trust (x)
Regency Centers Corp. (x)
Retail Opportunity Investments Corp. (x)
Saul Centers, Inc. (x)
Raymond James Research Register - May 2017
60
Analyst/s
0.73
1.85
0.46
1.35
Div. %
2018E
0.71
1.55
0.35
1.02
Mkt. Cap.
(Mil)
2017E
0.71
0.27
1.73
1.39
FY End
2016A
Current
Year P/E
EPS
Low
Suitability
M/INC
M/INC
M/INC
M/INC
High
Rating
2
2
2
1
Target
Price
Exchange
N
Q
N
N
Close
Apr-25-17
Symbol
CTT
PCH
RYN
WY
52 Week
457
1,860
3,514
25,595
4.6
3.3
3.5
3.6
CM,PDP
CM,PDP
CM,PDP
CM,PDP
Real Estate - USA
13.00
46.00
30.00
36.00
12.58
48.85
29.86
35.18
10.05
31.29
24.37
26.55
16.6
29.2
81.7
33.3
1.26 E
1.30
1.37
Dec
795
5.2
KA
AAR.UN
T
3
M/INC
C$6.56
NM
6.61
4.81
15.3
0.40
0.43
0.46
Dec
1,614
4.7
KA
TF
T
2
M/INC
C$9.17
10.00
9.54
7.86
12.6
0.70
0.73
0.75
Dec
678
7.4
JR,KA
AP.UN
AX.UN
BOX.UN
REF.UN
HR.UN
TNT.UN
T
T
T
T
T
T
2
3
3
3
2
2
M/INC
M/INC
M/INC
M/INC
M/INC
M/INC
C$37.29
C$13.63
C$32.61
C$49.49
C$23.25
C$6.25
38.00
NM
NM
NM
24.00
6.75
39.70
13.82
32.69
51.49
23.83
6.73
32.37
11.37
24.97
43.78
20.96
5.60
16.6
9.3
19.4
15.3
12.1
9.8
2.15
1.50
1.66
3.17
1.93
0.62
2.24
1.47
1.68
3.23
1.92
0.64
2.39
1.51
1.77
3.30
2.00
0.66
Dec
Dec
Dec
Dec
Dec
Dec
3,158
2,053
3,043
3,623
7,256
209
3.9
7.9
4.0
3.7
5.9
9.4
KA
KA
KA
JR,KA
KA
JR,KA
CIGI
FSV
Q
Q
2
3
H/GRW US$48.65
M/GRW US$60.52
57.00
61.00
52.70
61.93
32.93
39.05
17.7
31.0
2.44
1.62
2.75
1.95
3.05
2.30
Dec
Dec
1,892
2,197
0.2
0.8
FB
FB
FY End
13.7
2018E
15.23
2017E
18.14
2016A
NM
Current
Year P/E
C$17.29
Low
H/INC
High
3
Target
Price
T
Rating
SIA
Symbol
Analyst/s
EPS
Div. %
52 Week
Dec
Dec
Dec
Dec
Mkt. Cap.
(Mil)
11.78
45.25
28.59
34.00
Close
Apr-25-17
Suitability
CatchMark Timber Trust, Inc. (ca)
Potlatch Corporation
Rayonier, Inc.
Weyerhaeuser Company
Exchange
Timber
Real Estate - CAN
Ken Avalos* [email protected]
Johann Rodrigues, (Associate Analyst) [email protected]
Frederic Bastien, CFA [email protected]
Real Estate
Healthcare
Sienna Senior Living Inc. (x)
Industrial
Pure Industrial Real Estate Trust (x)
Mortgage Investment Corporations
Timbercreek Financial Corp.
Office/Diversified
Allied Properties REIT (x)
Artis REIT (x)
Brookfield Canada Office Properties (x)
CREIT (x)
H&R REIT (x)
True North Commercial REIT (x)
Real Estate Services
Colliers International Group Inc.
FirstService Corporation
*Ken Avalos is a Raymond James & Associates employee.
Raymond James Research Register - May 2017
61
2018E
Div. %
Analyst/s
2.56
1.89
0.48
0.92
1.30
0.65
Dec
Dec
Dec
Dec
Dec
Dec
2,355
4,724
569
1,018
2,019
1,358
4.8
3.7
3.0
4.8
2.5
2.4
KA
KA
KA
KA
KA,JR
KA
3
3
3
1
3
2
2
3
M/INC C$13.97
M/INC C$14.60
M/INC C$14.78
M/INC C$19.94
M/INC
C$4.92
M/INC C$26.37
M/INC US$11.03
M/INC C$32.73
NM
NM
NM
23.00
NM
29.00
11.50
NM
14.69
15.79
15.76
23.31
5.28
30.35
11.37
38.91
12.55
13.02
14.33
19.19
4.65
25.10
9.94
29.22
13.3
12.0
13.2
17.3
14.1
15.6
8.4
14.7
1.00
1.17
1.07
1.10
0.33
1.68
1.32
2.17
1.05
1.22
1.12
1.15
0.35
1.69
1.31
2.23
1.08
1.27
1.16
1.20
0.37
1.74
1.35
2.29
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
5,742
2,170
3,057
4,855
497
8,612
452
5,096
5.3
6.1
4.7
4.3
5.5
5.3
7.3
5.2
KA
KA
KA
KA,JR
JR,KA
KA
JR,KA
KA
1
H/GRW
2.75
2.66
0.68
30.5
0.02
0.08
0.10
Dec
763
0.4
JR,KA
Mkt. Cap.
(Mil)
Div. %
Analyst/s
11,836
$10,359
3,095
1,649
£7,335
2.2
2.0
0.6
0.0
2.4
JR
JR
JR
JR
JR
CHP.UN
CRR.UN
CRT.UN
FCR
PLZ.UN
REI.UN
SRT.U
SRU.UN
T
T
T
T
T
T
T
T
SVI
V
Mkt. Cap.
(Mil)
2017E
2.43
1.83
0.44
0.89
1.20
0.59
FY End
2016A
2.84
1.75
0.38
0.86
1.12
0.56
Current
Year P/E
19.1
18.9
18.0
14.7
18.4
18.6
2
2
2
2
3
1
Low
41.00
28.14
6.97
11.53
16.80
8.10
T
T
T
T
T
T
High
59.76
34.79
8.65
13.30
22.16
11.27
BEI.UN
CAR.UN
IIP.UN
KMP.UN
MST.UN
TCN
Target
Price
48.50
35.00
8.25
13.25
NM
13.00
Rating
C$46.45
C$34.56
C$7.90
C$13.04
C$22.04
C$10.95
Exchange
M/INC
M/INC
M/INC
M/INC
M/INC
M/GRW
Symbol
Close
Apr-25-17
EPS
Suitability
52 Week
Real Estate - CAN
Residential
Boardwalk REIT (x)
Canadian Apartment Properties REIT (x)
InterRent REIT (x)
Killam Apartment REIT (x)
Milestone Apartments REIT (x)
Tricon Capital Group Inc.
Retail
Choice Properties REIT (x)
Crombie REIT (x)
CT Real Estate Investment Trust (x)
First Capital Realty (x)
Plaza Retail REIT (x)
RioCan REIT (x)
Slate Retail REIT (x)
SmartREIT (x)
FY End
2018E
2017E
2016A
Current
Year P/E
EPS
Low
High
52 Week
Target
Price
1
2
1
2
3
C$2.44
Close
Apr-25-17
EPA
L
MAD
MAD
L
Suitability
Rating
Symbol
StorageVault Canada Inc.
Exchange
Self-Storage
Real Estate - EUR
Julien Richer, CFA, RJEE [email protected]
Hotels
AccorHotels
Intercontinental Hotels ($D)
Melia Hotels International
NH Hotel Group
Whitbread
ACCP.PA
IHG.L
MEL.MC
NHH.MC
WTB.L
Raymond James Research Register - May 2017
€41.53
3,985p
€13.46
€4.71
4,000p
43.00
3,300
14.50
4.80
NM
42.13
4,029
13.47
4.84
4,402
32.12
2,504
7.16
3.41
3,283
22.3
0.88
NM
2.22
35.4
0.38
52.3
0.09
16.7 240.00
1.86
E 2.38
E 0.47
E 0.16
E 264.00
2.01
2.60
0.57
0.25
275.00
Dec
Dec
Dec
Dec
Feb
62
Technology & Communications
USA
Canada
Europe
Advanced Industrial Technology................................. 64
IT Hardware ................................................................ 72
Telecoms .....................................................................73
Application Software .................................................. 65
Software/IT Services ................................................... 72
Communications Equipment ...................................... 66
Electronic Manufacturing Services ............................. 66
FinTech & Transaction Processing .............................. 67
Infrastructure Software .............................................. 67
Internet ....................................................................... 68
eCommerce ............................................................. 68
Internet & Advertising Technology.......................... 68
Online Advertising ................................................... 68
Online Travel ........................................................... 68
Internet of Things ....................................................... 68
Auto Technology...................................................... 68
Connected Devices .................................................. 69
IoT Software ............................................................ 69
IT Hardware and Distribution ..................................... 69
IT Services ................................................................... 69
Satellite & Space ......................................................... 70
Telecommunications Services .................................... 70
Data Centers ............................................................ 70
Towers ..................................................................... 70
Wireless ................................................................... 71
Wireline ................................................................... 71
Raymond James Research Register - May 2017
63
Mkt. Cap.
(Mil)
Div. %
Analyst/s
FY End
2018E
2017E
2016A
EPS
Current
Year P/E
Low
High
Target
Price
Close
Apr-25-17
Suitability
Rating
Exchange
Symbol
52 Week
683
7,350
1,420
5,206
21,560
13,821
6,696
2,040
21,998
8,228
0.0
0.4
0.5
1.3
0.4
1.9
0.0
0.0
0.6
0.0
BG
BG
BG
BG
BG
BG
BG
BG
BG
BG
Technology & Communications - USA
Brian G. Alexander, CFA [email protected]
Brian Gesuale [email protected]
Aaron Kessler, CFA [email protected]
Steven Li, CFA* [email protected]
Tavis C. McCourt, CFA [email protected]
Michael Turits, Ph.D. [email protected]
Brian Peterson, CFA [email protected]
Paul D. Puryear [email protected]
Ric Prentiss [email protected]
Wayne Johnson [email protected]
Simon Leopold [email protected]
Frank G. Louthan IV [email protected]
Terry Tillman [email protected]
Justin Patterson, CFA [email protected]
Adam Tindle, CFA [email protected]
Advanced Industrial Technology
AeroVironment Inc.
Cognex Corporation
Cubic Corporation
FLIR Systems, Inc.
Fortive Corporation
Harris Corporation
IPG Photonics
iRobot Corporation
Roper Technologies
Trimble Inc.
AVAV
CGNX
CUB
FLIR
FTV
HRS
IPGP
IRBT
ROP
TRMB
Q
Q
N
Q
N
N
Q
Q
N
Q
3
3
2
3
2
2
3
3
1
2
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
29.58
85.53
52.40
37.51
62.33
111.21
125.75
69.14
216.36
32.74
NM
NM
53.00
NM
60.00
119.00
NM
NM
240.00
33.00
32.44
86.88
55.65
37.74
62.54
113.00
126.72
70.34
217.14
32.92
22.16
35.15
37.24
28.26
43.00
73.32
76.22
33.90
159.28
22.69
NM
43.4
30.5
20.6
23.1
20.2
23.2
42.4
23.9
23.7
0.39
1.72
1.36
1.69
2.52
5.12
4.85
1.49
7.84
1.19
0.19
1.97
1.72
1.82
2.70
5.51
5.43
1.63
9.04
1.38
0.39
2.18
2.76
2.05
2.89
6.12
6.36
2.32
9.99
1.54
Apr
Dec
Sep
Dec
Dec
Jun
Dec
Dec
Dec
Dec
*Steven Li is a Raymond James Ltd. employee.
Raymond James Research Register - May 2017
64
Div. %
Analyst/s
4.50
24.55
55.88
21.66
9.86
5.83
3.05
10.20
22.50
11.76
7.75
41.63
16.55
45.47
4.00
6.98
29.69
21.81
17.92
66.43
24.96
4.50
180.29
6.79
26.53
11.14
Mkt. Cap.
(Mil)
Low
12.30
44.98
79.97
33.34
18.36
13.80
5.50
15.91
41.61
23.54
13.09
66.35
26.92
68.53
8.14
13.98
49.65
38.60
31.20
86.42
78.19
10.39
224.07
20.39
53.37
19.04
FY End
High
12.00
34.00
90.00
33.00
NM
NM
NM
NM
33.00
24.00
NM
73.00
29.00
NM
9.50
NM
45.00
41.00
32.00
105.00
66.00
NM
260.00
22.00
NM
16.00
2018E
Target
Price
7.78
29.20
78.83
32.65
17.00
8.65
4.10
11.70
28.50
23.24
C$12.47
65.80
23.00
46.51
6.35
10.70
39.86
38.55
30.50
84.75
76.65
5.45
210.91
19.88
52.20
16.80
2017E
Close
Apr-25-17
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
NM
H/GRW
H/GRW
H/GRW
H/GRW
2016A
Suitability
2
2
2
2
3
3
3
3
2
2
3
2
1
3
2
3
2
2
1
1
2
S
2
2
3
2
EPS
Current
Year P/E
Rating
Exchange
Symbol
52 Week
218
940
3,745
1,789
2,511
308
472
323
1,721
631
272
2,645
725
3,265
194
310
2,148
1,719
2,367
60,257
7,535
224
6,433
348
7,715
722
0.0
0.0
0.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TT,BP
BP,TT
BP,TT
TT,BP
TT,BP
TT,BP
BP,TT
TT,BP
TT,BP
TT,BP
TT,SLi
TT,BP
TT,BP
TT,BP
BP,TT
BP,TT
TT,BP
TT,BP
TT,BP
TT,BP
TT,BP
BP,TT
TT,BP
TT,BP
BP,TT
TT,BP
Technology & Communications - USA
Application Software
Amber Road, Inc.
Benefitfocus, Inc.
Blackbaud, Inc.
BlackLine, Inc.
Box, Inc.
Brightcove Inc.
Castlight Health, Inc.
ChannelAdvisor Corporation
Coupa Software Incorporated
Everbridge, Inc.
Halogen Software, Inc. (is)
HubSpot, Inc.
Instructure, Inc.
Manhattan Associates, Inc.
MiX Telematics Limited ($R)
Model N, Inc.
Paylocity Holding Corporation
Q2 Holdings Inc.
RingCentral, Inc.
salesforce.com, Inc.
Shopify Inc.
Tangoe Inc.
Ultimate Software Group Inc.
Upland Software, Inc.
Veeva Systems Inc.
Workiva Inc.
AMBR
BNFT
BLKB
BL
BOX
BCOV
CSLT
ECOM
COUP
EVBG
HGN
HUBS
INST
MANH
MIXT
MODN
PCTY
QTWO
RNG
CRM
SHOP
TNGO
ULTI
UPLD
VEEV
WK
Raymond James Research Register - May 2017
N
Q
Q
Q
N
Q
N
N
Q
Q
T
N
N
Q
N
N
Q
N
N
N
N
OTC
Q
Q
N
N
NM
NM
37.0
NM
NM
86.5
NM
NM
NM
NM
NM
NM
NM
24.4
NM
NM
94.9
NM
NM
65.7
NM
NM
53.4
27.2
66.1
NM
(0.44)
(0.34)
(0.19)
(0.73)
(0.33)
0.10
1.93
2.13
2.43
(0.39)
(0.31)
(0.16)
(1.12)
(0.56) A (0.47)
0.00
0.10
0.23
(0.30)
(0.25)
(0.12)
0.20
0.00
0.18
(7.08)
(1.39) A (0.55)
(0.33)
(0.31)
(0.27)
0.08 E 0.18
NA
(0.36)
(0.27)
0.08
(1.55)
(1.33)
(0.85)
1.87
1.91
2.14
0.23
0.14
0.20
(0.64)
(0.69)
(0.37)
0.30
0.42
0.55
(0.32)
(0.20)
0.04
0.09
0.16
0.32
0.75
1.01 A 1.29
(0.12)
(0.19)
0.05
UR
UR
NA
3.19
3.95
5.00
0.30
0.73
0.91
0.51
0.73 A 0.79
(0.73)
(0.75)
(0.44)
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Dec
Jan
Dec
Dec
Dec
Dec
Dec
Mar
Sep
Jun
Dec
Dec
Jan
Dec
Dec
Dec
Dec
Jan
Dec
65
1
3
H/GRW
H/GRW
16.26
29.44
19.00
NM
16.99
29.75
11.39
16.78
13.8
14.2
1.14
1.86
Analyst/s
Q
N
Div. %
FLEX
JBL
Mkt. Cap.
(Mil)
0.72
1.39
3.29
2.87
(0.14)
1.37
2.36
2.64
0.31
0.28
7.32
1.03
1.26
(0.03)
1.92
0.34
2.10
1.30
0.50
2.15
0.24
(1.25)
(0.89)
Dec
Dec
Dec
Dec
Dec
Oct
Jul
Dec
Dec
Jun
Sep
Apr
Dec
Dec
Oct
Dec
Dec
Jun
Dec
Apr
Dec
Jul
Jan
975
914
10,373
4,987
337
4,027
168,437
8,067
20,450
772
8,927
2,674
1,325
450
31,484
1,470
10,712
2,969
379
11,232
31,376
3,064
2,021
1.8
0.0
0.0
0.0
0.0
0.0
3.5
0.0
1.8
0.0
0.0
0.0
0.0
0.0
1.4
0.0
1.4
0.0
0.0
1.9
3.3
0.0
0.0
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
SL
Mar
Aug
8,862
5,532
0.0
1.1
AT,BGA
AT,BGA
FY End
34.1
12.3
36.3
10.4
NM
12.8
13.9
14.4
NM
17.4
16.6
11.5
31.6
30.3
12.5
NM
12.9
22.8
NM
14.8
22.6
NM
NM
2018E
17.06
8.08
60.51
20.05
6.15
15.62
25.81
26.21
4.83
3.07
99.29
15.21
28.43
2.51
11.52
7.23
21.18
20.80
6.90
22.50
4.04
15.82
9.12
2017E
23.75
60.19
140.32
31.52
8.20
26.84
34.53
42.34
8.31
8.11
149.50
36.85
61.25
6.18
18.64
15.71
29.21
55.93
18.51
43.14
5.99
46.78
15.20
2016A
NM
74.00
NM
36.00
NM
29.00
36.00
NM
NM
NM
NM
39.00
NM
NM
22.00
NM
NM
55.00
10.00
NM
NM
NM
15.00
Current
Year P/E
20.10
49.40
139.42
25.92
6.80
23.08
33.42
41.82
6.25
7.66
138.19
23.27
36.30
5.75
18.52
10.14
27.78
47.35
8.05
39.97
5.43
16.30
10.49
Low
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
NM
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/SPEC
H/GRW
High
3
1
3
1
3
2
2
3
3
3
3
1
3
4
2
3
3
1
1
3
3
3
2
Target
Price
Close
Apr-25-17
Q
Q
N
Q
N
N
Q
Q
Q
Q
Q
Q
N
Q
N
Q
N
Q
N
Q
N
Q
N
Exchange
ADTN
AAOI
ANET
ARRS
CALX
CIEN
CSCO
COMM
ERIC
EXTR
FFIV
FNSR
GIMO
HLIT
HPE
INFN
JNPR
LITE
NPTN
NTAP
NOK
NTNX
PSTG
Symbol
Suitability
EPS
Rating
52 Week
Technology & Communications - USA
Communications Equipment
ADTRAN, Inc.
Applied Optoelectronics, Inc.
Arista Networks
ARRIS
Calix, Inc.
Ciena Corporation
Cisco Systems
CommScope Holding Company, Inc.
Ericsson
Extreme Networks, Inc.
F5 Networks, Inc.
Finisar Corporation
Gigamon Inc.
Harmonic Inc.
Hewlett Packard Enterprise Company
Infinera Corporation
Juniper Networks, Inc.
Lumentum Holdings, Inc.
NeoPhotonics Corporation
NetApp, Inc.
Nokia (r)
Nutanix, Inc.
Pure Storage, Inc.
0.59
0.75
4.03
4.65
3.84
4.40
2.49
2.73
(0.13)
0.21
1.81
2.22
2.41
2.55
2.91
3.18
0.00
0.32
0.44
0.46
8.34
8.94
2.02
2.41
1.15
1.51
0.19
0.36
1.48
1.32
(0.18)
0.08
2.16
2.25
2.08
3.11
(0.18)
0.66
2.70
3.16
0.24
0.27
(1.45)
(0.97)
(0.50) A (0.36)
Electronic Manufacturing Services
Flex
Jabil Circuit, Inc.
Raymond James Research Register - May 2017
1.18
2.08
1.35
2.40
66
Mkt. Cap.
(Mil)
Div. %
Analyst/s
22.96
266.25
42.00
31.10
8.51
37.80
84.04
176.42
82.37
128.45
8.41
116.48
8.94
45.01
18.30
66.24
29.53
92.80
15.11
185.02
28.88
18.48
3.25
14.06
64.84
133.64
64.63
99.20
3.44
86.65
3.64
34.00
8.42
50.52
14.94
73.25
54.0
14.2
25.2
24.0
8.9
11.3
19.8
18.2
21.6
27.4
NM
27.1
NM
25.7
NM
20.7
13.2
27.4
0.41
16.93
1.42
1.52
0.28
2.01
3.83
6.90
3.19
3.78
(0.10)
3.77
(0.94)
1.50
0.04
2.73
1.66
2.84
0.40
18.57
1.63
0.94
0.41
2.25
4.23
8.20
3.80
4.35
0.03
4.28
(0.11)
1.74
0.15
3.17
1.39
3.36
0.59
21.31
2.00
1.11
0.53
2.46
4.72
9.32
4.29
5.02
0.22
4.93
0.20
2.06
0.30
3.57
1.65
3.90
Dec
Dec
Dec
Jun
Dec
Dec
Dec
Dec
Dec
Jul
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Sep
2,536
15,097
2,346
855
202
2,708
27,506
14,171
12,699
30,485
2,348
125,537
338
53,965
6,642
12,964
2,046
212,482
0.0
0.8
0.0
0.0
4.9
1.9
1.4
0.0
0.0
1.1
0.0
0.8
0.0
0.0
0.0
0.0
0.0
0.7
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
WJ
AKAM
AYX
TEAM
CA
CHKP
CTXS
CVLT
FEYE
FTNT
LLNW
MSFT
MOBL
NEWR
ORCL
PANW
RPD
RHT
NOW
SPLK
SYMC
VMW
Q
N
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
N
N
N
Q
N
N
Q
Q
N
3
2
3
3
3
3
3
3
2
4
1
2
2
2
2
2
2
1
2
3
2
H/GRW
H/GRW
H/GRW
H/INC
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
NM
M/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/SPEC
H/GRW
H/GRW
H/GRW
M/INC
H/GRW
61.80
15.36
32.57
32.60
105.36
84.05
51.00
12.66
40.27
2.69
67.92
4.50
39.52
44.72
110.40
16.96
87.59
90.24
63.85
31.25
93.00
NM
20.00
NM
NM
NM
NM
NM
NM
41.00
NM
73.00
5.00
41.00
48.00
145.00
16.00
97.00
105.00
73.00
NM
98.00
71.64
17.50
35.16
34.99
105.73
87.99
57.55
18.73
40.64
3.04
68.04
5.00
40.13
46.99
165.69
19.29
88.05
94.72
66.46
31.25
93.57
47.80
14.61
20.51
29.12
74.34
60.72
41.33
10.35
28.51
1.17
48.04
2.56
23.55
37.62
107.31
10.63
68.54
63.51
45.07
16.25
54.44
23.6
NM
NM
13.4
20.5
18.2
51.0
NM
45.8
53.8
23.5
NM
NM
17.0
44.5
NM
33.4
82.8
NM
26.3
19.1
2.70
NA
0.35
2.43
4.72
5.32
0.91
(0.99)
0.73
0.01
2.79
(0.36)
(0.85)
2.61
1.67
(0.71)
1.91
0.70
0.18
1.03
4.39
2.62
(0.50)
0.32
2.44
5.15
4.63
1.00
(0.66)
0.88
0.05
2.89
(0.18)
(0.53)
2.63
2.48
(0.66)
2.27 A
1.09
0.41 A
1.19
4.87
2.92
(0.36)
0.43
2.41
5.49
4.93
1.11
(0.15)
1.03
0.07
3.13
(0.04)
(0.31)
2.83
3.08
(0.40)
2.62
1.50
0.63
1.70
5.30
Dec
Dec
Jun
Mar
Dec
Dec
Mar
Dec
Dec
Dec
Jun
Dec
Mar
May
Jul
Dec
Feb
Dec
Jan
Mar
Dec
10,707
865
7,696
13,473
18,428
13,137
2,292
2,117
6,970
288
525,022
401
2,083
184,023
10,157
711
15,654
15,575
8,758
19,329
37,977
0.0
0.0
0.0
3.1
0.0
0.0
0.0
0.0
0.0
0.0
2.3
0.0
0.0
1.7
0.0
0.0
0.0
0.0
0.0
1.0
0.0
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
FY End
25.00
NM
46.00
NM
6.00
NM
81.00
180.00
NM
NM
NM
NM
NM
47.00
NM
67.00
25.00
NM
2018E
Low
21.61
263.01
41.15
22.60
3.65
C$25.34
83.86
148.86
81.98
119.08
5.90
116.13
4.73
44.71
18.22
65.74
18.34
92.11
2017E
High
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
M/INC
M/GRW
H/GRW
M/GRW
M/GRW
H/GRW
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
M/GRW
2016A
Target
Price
2
3
2
3
2
3
2
2
3
3
3
3
3
2
3
2
1
3
Current
Year P/E
Close
Apr-25-17
Q
N
Q
Q
Q
T
N
N
N
Q
N
N
N
Q
N
N
N
N
Exchange
ACIW
ADS
HAWK
EPAY
PMTS
DH
FIS
FLT
GPN
INTU
LC
MA
ONDK
PYPL
SQ
VNTV
PAY
V
Symbol
Suitability
EPS
Rating
52 Week
Technology & Communications - USA
FinTech & Transaction Processing
ACI Worldwide, Inc.
Alliance Data Systems Corp.
Blackhawk Network Holdings, Inc.
Bottomline Technologies
CPI Card Group Inc.
DH Corporation
Fidelity National Information Services
FleetCor Technologies
Global Payments Inc.
Intuit Inc.
Lending Club
Mastercard, Inc.
OnDeck Capital, Inc.
PayPal Holdings, Inc.
Square, Inc.
Vantiv, Inc.
Verifone Systems, Inc.
Visa, Inc.
Infrastructure Software
Akamai Technologies, Inc.
Alteryx, Inc.
Atlassian
CA Technologies
Check Point Software Technologies
Citrix Systems, Inc.
CommVault Systems, Inc.
FireEye Inc.
Fortinet Inc.
Limelight Networks
Microsoft
MobileIron, Inc.
New Relic, Inc.
Oracle Corp.
Palo Alto Networks
Rapid7, Inc.
Red Hat, Inc.
ServiceNow, Inc.
Splunk Inc.
Symantec Corp.
VMware
Raymond James Research Register - May 2017
67
Mkt. Cap.
(Mil)
Div. %
Analyst/s
115.82
923.72
3.82
8.78
34.74
5.94
44.58
153.52
54.60
65.16
49.34
73.30
599.20
2.75
4.26
22.30
2.92
21.41
84.50
41.91
38.64
27.60
32.7
68.8
NM
NM
16.5
32.6
32.8
NM
NM
28.5
NM
2.61
10.05
(1.58)
(0.46)
1.88
0.04
0.89
0.43
0.46
1.54
(1.67)
3.53
13.20
(0.25)
(0.32)
1.99
0.12
1.06
1.01
0.46
1.51
(1.49)
4.20
18.73
(0.21)
(0.05)
2.20
0.20
1.28
2.26
1.13
1.68
(0.99)
Mar
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
296,899
451,087
48
842
36,157
2,262
3,015
66,707
1,734
1,513
3,795
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
AK,JP
AK,JP
AK,JP
AK,JP
AK,JP
AK,JP
AK,JP
JP,AK
AK,JP
AK,JP
AK,JP
CRTO
GDDY
TTD
WIX
Q
N
Q
Q
3
2
2
3
H/GRW
H/GRW
H/GRW
H/GRW
52.51
38.80
36.20
82.25
NM
42.00
50.00
NM
53.45
39.00
46.21
83.25
32.83
28.11
22.00
23.72
21.2
NM
62.4
NM
2.08
(0.20)
0.53
(0.42)
2.48
0.21
0.58
0.47
3.24
1.16
0.83
1.20
Dec
Dec
Dec
Dec
3,359
6,484
1,417
3,644
0.0
0.0
0.0
0.0
JP,AK
AK,JP
AK,JP
AK,JP
GOOG
ANGI
FB
P
RUBI
SNAP
TWTR
YHOO
YELP
Z
Q
Q
Q
N
N
N
N
Q
N
Q
2
2
1
3
3
3
4
2
2
3
M/GRW
H/SPEC
H/GRW
H/GRW
H/GRW
H/GRW
NM
H/GRW
H/GRW
H/GRW
872.30
6.04
146.49
10.87
5.90
21.34
14.66
48.40
34.21
37.59
950.00
9.00
180.00
NM
NM
NM
NM
58.00
47.00
NM
875.00
10.76
147.15
14.98
19.99
29.44
25.25
48.46
43.41
39.88
663.28
5.22
106.31
8.58
5.37
18.90
13.73
35.05
20.25
23.33
26.3
NM
25.8
NM
NM
NM
50.6
61.3
NM
NM
27.83
(0.13)
4.24
(0.51)
1.18
(0.57)
0.57
0.62
0.20
(1.22)
33.13
(0.28)
5.68
(0.24)
(0.36)
(0.31)
0.29
0.79
0.08
(0.03)
37.91
(0.17)
7.22
0.07
(0.50)
(0.24)
0.21
NA
0.28
0.28
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
610,610
363
430,388
2,546
291
24,696
10,672
46,619
2,887
7,507
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
AK,JP
AK,JP
AK,JP
JP,AK
AK,JP
AK,JP
AK,JP
AK,JP
AK,JP
AK,JP
CTRP
EXPE
PCLN
TRIP
Q
Q
Q
Q
2
2
2
3
H/GRW
H/GRW
H/GRW
H/GRW
49.10
135.43
1799.09
43.65
55.00
145.00
1915.00
NM
50.77
136.27
1807.78
71.69
37.36
96.58
1148.06
40.45
50.6
26.7
24.2
32.3
0.58
4.50
65.66
1.40
0.97
5.07
74.39
1.35
1.56
6.71
87.14
1.49
Dec
Dec
Dec
Dec
28,282
21,127
89,954
6,373
0.0
0.8
0.0
0.0
JP,AK
JP,AK
JP,AK
JP,AK
MBLY
VC
N
N
3
2
H/GRW
M/GRW
61.91
98.08
NM
105.00
61.95
103.20
33.69
63.04
60.1
18.1
0.73
5.37
1.03
5.41
1.45
5.91
Dec
Dec
14,766
3,237
0.0
0.0
TMC
TMC
FY End
138.00
NM
NM
NM
NM
NM
46.00
165.00
NM
NM
NM
2018E
Low
115.48
907.62
2.85
8.39
32.81
3.91
34.78
152.16
51.46
43.10
44.22
2017E
High
H/GRW
M/GRW
NM
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
2016A
Target
Price
1
3
4
3
3
3
2
2
3
3
3
Current
Year P/E
Close
Apr-25-17
N
Q
Q
N
Q
Q
N
Q
Q
N
N
Exchange
BABA
AMZN
PRSS
CHGG
EBAY
GRPN
GRUB
NFLX
SFLY
SSTK
W
Symbol
Suitability
EPS
Rating
52 Week
Technology & Communications - USA
Internet
eCommerce
Alibaba Group Holding Ltd.
Amazon.com Inc.
CafePress Inc.
Chegg, Inc.
eBay Inc.
Groupon, Inc.
GrubHub Inc.
Netflix Inc.
Shutterfly, Inc.
Shutterstock, Inc.
Wayfair, Inc.
Internet & Advertising Technology
Criteo S.A.
GoDaddy Inc.
The Trade Desk, Inc.
Wix.com Ltd.
Online Advertising
Alphabet, Inc.
Angie's List, Inc.
Facebook, Inc.
Pandora Media, Inc.
Rubicon Project, Inc.
Snap Inc.
Twitter, Inc.
Yahoo! Inc.
Yelp, Inc.
Zillow Group, Inc.
Online Travel
Ctrip.com International, Ltd. (r)
Expedia, Inc.
priceline.com Incorporated
TripAdvisor, Inc.
Internet of Things
Auto Technology
Mobileye N.V.
Visteon Corporation
Raymond James Research Register - May 2017
68
Mkt. Cap.
(Mil)
Div. %
Analyst/s
89.47
7.01
9.00
5.31
39.24
7.15
14.36
62.76
39.02
38.09
50.11
34.40
16.5
17.8
30.2
NM
19.1
38.3
25.0
16.8
16.3
17.4
11.4
17.2
8.31
0.84
0.49
(0.15)
2.83
(1.57)
0.98
4.96
3.10
2.84
4.45
2.42
8.76
0.95
0.41
(0.28)
2.65
0.24
1.27
5.08
3.24
3.13
4.64
3.01
10.24
1.07
0.44
0.22
2.69
UR
1.42
5.50
3.72
3.45
4.30
3.31
Sep
Dec
Sep
Dec
Dec
Dec
Mar
Dec
Dec
Mar
Sep
Jun
808,501
420
327
1,307
9,568
1,341
5,144
14,064
1,867
1,812
78,281
4,254
1.6
0.0
0.0
0.0
4.0
0.0
1.8
2.2
0.0
1.1
4.0
0.0
TMC
TMC
TMC
TMC
TMC
TMC
TMC
TMC
TMC
TMC
TMC
TMC
ALRM
BSFT
NUAN
SNCR
Q
Q
Q
Q
3
1
1
1
H/GRW
H/GRW
H/GRW
H/GRW
32.53
38.25
17.94
24.64
NM
51.00
24.00
50.00
34.43
48.40
18.01
49.94
19.91
35.01
13.44
23.05
44.6
16.9
11.4
9.9
0.64
2.29
1.53
1.98
0.73
2.26
1.57
2.50
0.83
2.55
1.66
3.30
Dec
Dec
Sep
Dec
1,501
1,161
5,640
1,175
0.0
0.0
0.0
0.0
TMC
TMC
TMC
TMC
ARW
AVT
CDW
CNXN
NSIT
SCSC
SNX
TECD
N
N
Q
Q
Q
Q
N
Q
3
1
3
3
4
2
3
3
M/GRW
M/GRW
H/GRW
M/GRW
NM
H/GRW
H/GRW
M/GRW
73.26
44.85
59.33
29.59
42.82
39.55
110.05
97.31
NM
52.00
NM
NM
NM
44.00
NM
NM
75.88
51.50
61.00
30.48
46.00
44.95
129.24
97.95
58.09
38.16
37.80
21.59
23.31
29.05
77.54
61.99
10.6
13.6
15.9
15.6
15.1
14.0
13.8
10.6
6.63
4.21
3.43
1.85
2.52
2.71
7.04
5.77
6.90
3.30
3.73
1.90
2.84
2.82
7.95
6.36 A
7.35
3.75
4.08
2.10
3.00
3.00
8.40
9.20
Dec
Jun
Dec
Dec
Dec
Jun
Nov
Jan
6,645
5,830
9,689
796
1,542
999
4,369
3,455
0.0
1.6
1.1
0.0
0.0
0.0
0.9
0.0
BGA,AT
BGA,AT
BGA,AT
AT,BGA
AT,BGA
AT,BGA
AT,BGA
BGA,AT
ACN
BAH
CACI
CSRA
DXC
MMS
EGOV
N
N
N
N
N
N
Q
3
2
2
2
3
3
3
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
H/GRW
118.69
35.90
118.75
29.09
76.13
61.58
21.35
NM
36.00
133.00
36.00
NM
NM
NM
126.53
38.54
135.35
33.54
77.99
62.78
25.90
108.66
27.02
87.31
21.95
32.51
43.69
17.43
20.4
20.9
18.8
14.5
27.6
20.5
30.5
5.34
1.65
5.76
1.96
2.52
2.64
0.84
5.82
1.72
6.33
2.01
2.76
3.00
0.70
6.41
1.95
6.67
2.12
3.17
3.28
0.77
Aug
Mar
Jun
Mar
Mar
Sep
Dec
76,090
5,371
2,933
4,771
10,780
3,982
1,409
2.0
1.7
0.0
1.4
0.7
0.3
1.5
BG
BG
BG
BG
BG
BG
BG
FY End
145.46
17.25
14.15
18.85
56.19
17.68
32.17
87.55
60.82
57.79
71.62
64.62
2018E
159.00
17.00
NM
9.00
NM
NM
NM
NM
NM
NM
NM
NM
2017E
144.53
16.87
12.40
5.79
50.74
9.18
31.79
85.39
52.90
54.37
53.00
51.74
2016A
High
M/GRW
H/GRW
H/GRW
H/GRW
M/GRW
NM
H/GRW
M/GRW
M/GRW
M/GRW
M/GRW
H/GRW
Current
Year P/E
Target
Price
2
2
3
2
3
4
3
3
3
3
3
3
Low
Close
Apr-25-17
Q
Q
Q
N
Q
Q
Q
N
Q
N
Q
Q
Exchange
AAPL
CTRL
DGII
FIT
GRMN
GPRO
LOGI
MSI
NTGR
PLT
QCOM
UBNT
Symbol
Suitability
EPS
Rating
52 Week
Technology & Communications - USA
Connected Devices
Apple Inc.
Control4 Corporation
Digi International Inc.
Fitbit, Inc.
Garmin Ltd.
GoPro, Inc.
Logitech International SA
Motorola Solutions, Inc.
NETGEAR, Inc.
Plantronics, Inc.
QUALCOMM, Inc.
Ubiquiti Networks, Inc.
IoT Software
Alarm.com Holdings
BroadSoft, Inc.
Nuance Communications, Inc.
Synchronoss Technologies, Inc.
IT Hardware and Distribution
Arrow Electronics, Inc.
Avnet, Inc.
CDW Corporation
Connection
Insight Enterprises, Inc.
ScanSource, Inc.
SYNNEX Corporation
Tech Data Corporation
IT Services
Accenture plc
Booz Allen Hamilton Holding Corp.
CACI International Inc.
CSRA Inc.
DXC Technology Co.
MAXIMUS Inc.
NIC Inc.
Raymond James Research Register - May 2017
69
Analyst/s
748
1,674
261
9
57
347
852
NA
297
17
70
367
Dec
Dec
Dec
Dec
Dec
Mar
5,488
411
978
139
700
3,773
0.0
0.0
0.0
0.0
0.0
0.0
RP
RP
RP
RP
RP
RP
COR
CONE
DLR
DFT
EQIX
INAP
INXN
QTS
N
Q
N
N
Q
Q
N
N
3
1
3
2
1
2
2
2
H/GRW
H/GRW
M/INC
M/INC
H/GRW
H/GRW
H/GRW
H/GRW
92.81
53.58
112.09
50.42
406.55
3.17
40.57
52.54
NM
61.00
NM
54.00
430.00
4.00
44.00
58.00
94.48
57.00
113.72
52.15
407.55
3.86
41.17
59.41
64.81
38.80
85.63
37.54
314.55
0.80
32.21
43.01
24.1
19.6
20.1
15.8
21.8
NM
NM
19.6
3.28
2.53
5.28
2.81
16.14
(2.40)
0.51
2.49
3.85
2.73
5.57
3.19
18.61
(0.31)
0.53
2.68
4.17
3.24
5.96
3.34
21.76
(0.27)
0.56
3.12
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
4,427
4,720
18,428
4,553
29,272
183
2,837
2,921
3.4
3.1
3.1
4.0
2.0
0.0
0.0
3.0
FGL,PDP
FGL,PDP
FGL,PDP
FGL,PDP
FGL,PDP
FGL
FGL,PDP
FGL,PDP
AMT
CCI
SBAC
N
N
Q
1
2
1
H/GRW
M/INC
H/GRW
123.94
94.27
124.02
138.00
104.00
150.00
125.42
102.82
126.19
99.72
79.38
95.66
18.9
18.7
17.3
5.80
4.72
5.95
6.56
5.03
7.16
7.35
5.22
7.91
Dec
Dec
Dec
52,935
33,268
15,007
2.0
4.0
0.0
RP
RP
RP
Mkt. Cap.
(Mil)
884
1,651
254
16
47
331
FY End
NM
NM
NM
NM
NM
NM
2018E
36.43
2.12
6.80
7.31
7.15
61.85
2017E
58.39
5.87
11.54
12.75
10.98
82.19
2016A
67.00
NM
11.00
9.00
11.00
75.00
Current
Year P/E
58.14
3.81
10.20
8.30
9.85
65.52
Low
H/GRW
NM
H/GRW
H/GRW
H/GRW
H/GRW
High
2
4
1
2
1
2
Target
Price
Div. %
Close
Apr-25-17
Q
N
Q
Q
Q
Q
Exchange
SATS
I
IRDM
KVHI
ORBC
VSAT
Symbol
Suitability
EPS
Rating
52 Week
Technology & Communications - USA
Satellite & Space
EchoStar Corporation (cb)
Intelsat S.A. (ae)
Iridium Communications Inc. (ae)
KVH Industries
ORBCOMM, Inc. (ae)
ViaSat, Inc. (ae)
Telecommunications Services
Data Centers
CoreSite Realty Corporation (af)
CyrusOne Inc. (af)
Digital Realty Trust, Inc. (af)
DuPont Fabros Technology Inc. (af)
Equinix (af)
Internap Network Services Corp.
Interxion Holding NV ($E)
QTS Realty Trust (af)
Towers
American Tower (af)
Crown Castle International (af)
SBA Communications (af)
Raymond James Research Register - May 2017
70
39.94
25.93
344.50
19.00
44.65
38.49
24.10
1.96
60.96
27.64
46.70
5.67
35.05
44.00
NM
375.00
NM
NM
43.00
26.00
4.50
NM
35.00
NM
NM
40.00
43.89
33.45
345.30
25.65
45.03
38.63
30.23
5.70
61.02
32.73
56.95
10.46
35.65
36.10
22.33
214.06
16.75
34.23
29.81
21.85
1.84
44.01
22.50
46.01
5.16
25.45
Analyst/s
M/INC
M/INC
H/GRW
NM
H/GRW
M/GRW
M/INC
M/INC
H/GRW
H/INC
M/INC
NM
H/GRW
Div. %
2
3
1
4
3
1
2
2
3
1
3
4
1
Mkt. Cap.
(Mil)
N
N
Q
N
Q
Q
Q
Q
N
Q
N
Q
N
Dec
Dec
Dec
Dec
Dec
Mar
Dec
Dec
Dec
53,611
1,161
29,097
240
1,549
35,299
3,230
51,321
3,315
2.0
1.9
0.0
8.8
0.8
0.0
2.1
0.0
0.0
RP
RP
RP
RP
RP
RP
RP
RP
RP
2.97
1.53
18.71
0.44
2.22
2.03
0.62
(0.15)
3.16
2.70
3.88
(1.21)
1.09
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jun
247,069
14,172
107,036
799
2,031
185,522
1,220
2,282
21,947
4,288
190,863
1,015
8,608
4.9
8.3
0.0
0.0
3.8
1.6
6.4
21.4
0.0
8.7
4.9
10.6
0.0
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FGL
FY End
T
CTL
CHTR
CBB
CCOI
CMCSA
CNSL
FTR
LVLT
UNIT
VZ
WIN
ZAYO
NA
185
2.95
1.62
277
12,080
905
11,442
583
2018E
11.02
62.70
43.86
12.55
22.05
3.37
24.12
38.47
33.30
2017E
15.93
87.82
64.74
18.44
42.66
9.65
32.98
67.45
46.01
2016A
NM
79.00
NM
20.00
31.00
NM
NM
74.00
NM
Low
14.95
71.96
62.54
15.93
31.65
8.95
27.61
67.35
39.00
High
M/GRW
M/GRW
H/GRW
M/INC
M/GRW
H/GRW
H/GRW
H/GRW
H/GRW
Target
Price
3
2
3
1
2
3
3
2
3
Current
Year P/E
Close
Apr-25-17
N
Q
Q
Q
Q
N
N
Q
N
Exchange
AMX
ATNI
DISH
LMRK
SHEN
S
TDS
TMUS
USM
Symbol
Suitability
EPS
Rating
52 Week
Technology & Communications - USA
Wireless
America Movil, S.A.B. de C.V. (cb, is, r)
ATN International, Inc. (cb)
DISH Network Corp.
Landmark Infrastructure Partners LP (y)
Shenandoah Telecommunications Co.
Sprint Corp. (cb, f)
Telephone and Data Systems, Inc.
T-Mobile US Inc. (cb)
U.S. Cellular
NM 13,776 E 14,133
NM
149
165
22.4
3.05
2.79
11.3
1.21
1.41
NM
246
269
NM 9,987 E 11,371
NM
916
908
NM 10,389
10,739
NM
618
590
Wireline
AT&T Inc.
CenturyLink, Inc.
Charter Communications, Inc. (fc)
Cincinnati Bell Inc.
Cogent Communications Holdings, Inc. (fa)
Comcast Corporation
Consolidated Communications Holdings
Frontier Communications Corp.
Level 3 Communications Inc. (fc)
Uniti Group Inc. (af)
Verizon Communications
Windstream Holdings Inc.
Zayo Group Holdings, Inc. (fc)
Raymond James Research Register - May 2017
14.0
13.0
26.0
100.0
26.3
21.4
43.8
NM
20.8
10.6
12.5
NM
NM
2.85
2.45
13.09
0.20
1.29
1.74
0.65
(0.09)
2.91
2.61
3.86
(3.93)
0.05
2.86
1.99
13.23
0.19
1.70
1.80
0.55
(0.23)
2.93
2.60
3.74
(1.67)
0.27
71
Div. %
Analyst/s
Mkt. Cap.
(Mil)
2018E
0.90
0.22
NA
1.00
0.70
1.02
(0.06)
Dec
Dec
Feb
Apr
Apr
Dec
Dec
715
49
83
1,255
308
831
195
0.0
0.0
0.0
4.3
0.0
0.0
0.0
SLi
SLi
SLi
SLi
SLi
SLi
SLi
0.06 A 0.00
3.74
3.97
21.38
24.21
0.75 A 0.84
5.52
6.10
0.27
0.32
2.09
2.51
0.00
0.06
Feb
Sep
Dec
Jan
Dec
Dec
Jun
Sep
5,430
19,749
13,509
1,781
2,584
96
8,635
161
0.0
0.0
0.8
0.0
2.1
0.0
2.6
0.0
SLi
SLi
SLi
SLi
SLi
SLi
SLi
SLi
FY End
2017E
0.61
0.71
(0.19)
0.07
(0.28) E (0.14)
0.92
0.79
0.25
0.44
0.79
0.81
(0.28)
(0.10)
2016A
Current
Year P/E
EPS
Low
High
Target
Price
Close
Apr-25-17
Suitability
Rating
Exchange
Symbol
52 Week
Technology & Communications - CAN
Steven Li, CFA [email protected]
IT Hardware
Avigilon Corporation
Baylin Technologies Inc.
DragonWave Inc.
Evertz Technologies Ltd. (f)
Lumenpulse Inc.
Sierra Wireless
UrtheCast Corp.
AVO
BYL
DRWI
ET
LMP
SWIR
UR
T
T
Q
T
T
Q
T
BBRY
GIB.A
CSU
DSGX
MDA
NXJ
OTEX
RKN
Q
T
T
Q
T
T
Q
T
2 H/GRW C$16.13
2 H/GRW
C$2.26
UR H/GRW US$1.10
2 M/GRW C$16.71
3 H/GRW C$11.49
3 H/GRW US$25.65
2 H/GRW
C$1.66
20.00
3.25
NM
18.00
14.00
30.00
3.00
17.30
2.60
6.89
19.24
19.14
30.60
2.17
7.76
1.75
1.00
15.72
11.30
12.30
0.69
22.7
32.3
NM
21.2
26.1
31.7
NM
9.50
72.00
615.00
24.50
84.00
4.50
40.00
1.65
9.33
67.14
659.21
23.75
92.92
4.90
35.21
2.54
6.23
53.55
457.67
18.09
63.52
1.71
25.92
0.94
NM
17.1
29.8
27.7
12.9
17.0
16.7
NM
(0.20)
3.46
18.64
0.64
5.78
0.02
3.54
(0.11)
Software/IT Services
BlackBerry (f)
CGI Group
Constellation Software Inc.
The Descartes Systems Group Inc.
MacDonald Dettwiler & Associates
NexJ Systems Inc.
Open Text
Redknee Solutions Inc.
Raymond James Research Register - May 2017
2
2
3
2
3
2
2
2
H/GRW US$9.19
M/GRW C$63.85
M/GRW C$637.24
M/GRW US$23.25
M/GRW C$71.00
H/GRW
C$4.60
M/GRW US$34.89
H/GRW
C$0.99
72
Mkt. Cap.
(Mil)
Div. %
Analyst/s
FY End
2018E
2017E
24.75
298
13.37
166.70
2.51
12.38
18.45
25.13
19.51
748
145
0.63
7.16
38.15
33.93
14.87
187
2016A
Low
39.44
456
16.65
225.95
3.61
15.66
22.44
30.47
30.10
1,050
280
0.89
10.63
56.24
41.30
20.09
240
EPS
Current
Year P/E
High
Target
Price
Close
Apr-25-17
Suitability
Rating
Exchange
Symbol
52 Week
13,515
£31,173
76,698
13,331
11,956
38,942
1,143
9,447
13,204
£16,889
£1,882
16,724
52,954
6,522
158,998
24,028
£56,578
4.1
4.8
3.7
0.2
9.3
4.8
3.9
5.1
0.0
3.7
8.1
0.0
7.1
0.0
5.4
2.1
6.9
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
Technology & Communications - EUR
Stephane Beyazian, RJFI [email protected]
Telecoms
Bouygues
BT
Deutsche Telekom
Iliad
KPN
Orange
Orange Belgium
Proximus
SFR Group
Sky
TalkTalk Telecom Group
Telecom Italia
Telefonica
Telenet Group
Telia Company
Vivendi
Vodafone
BOUY.PA
BT.L
DTE.DE
ILD.PA
KPN.AS
ORA.PA
OBEL.BR
PROX.BR
SFR.PA
SKY.L
TALK.L
TLIT.MI
TEF.MC
TNET.BR
TELIA.ST
VIV.PA
VOD.L
Raymond James Research Register - May 2017
EPA
L
ETR
EPA
AMS
EPA
EBR
EBR
EPA
L
L
BIT
MCE
EBR
STO
EPA
L
3
4
2
3
4
2
1
2
3
3
1
1
3
4
4
3
3
€39.18
313p
€16.40
€225.95
€2.80
€14.64
€19.06
€29.34
€29.94
983p
199p
€0.83
€10.52
€55.74
SEK36.72
€18.67
203p
NM
370
17.80
NM
2.70
17.70
25.00
31.00
NM
NM
240
1.00
NM
47.00
34.00
NM
NM
19.1
10.1
19.1
33.6
25.5
15.9
17.2
15.6
71.3
17.1
14.2
13.8
15.0
31.9
10.8
31.6
31.6
2.05
33.00
0.86
6.73
0.11
0.92
0.94
1.88
0.42
63.10
8.40
0.06
0.70
1.75
3.40
0.59
6.90
E
E
E
E
E
E
E
E
E
E
E
2.26
31.00
1.02
7.48
0.11
1.00
1.11
1.99
1.24
57.30
14.00
0.06
0.67
2.06
3.46
0.70
6.40
2.15
32.00
1.27
7.80
0.12
0.98
1.22
1.96
1.49
56.80
14.30
0.08
0.74
2.56
3.51
0.83
8.30
Dec
Mar
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jun
Mar
Dec
Dec
Dec
Dec
Dec
Mar
73
Transportation
USA
Canada
Europe
Airlines ........................................................................ 74
Airlines........................................................................ 76
Airlines ........................................................................76
Hybrid Carriers ........................................................ 74
Railroads ..................................................................... 76
Legacy Carriers ........................................................ 74
Transportation & Logistics .......................................... 76
Low Cost Carriers ..................................................... 75
Regional Carriers ..................................................... 75
Transportation Services .............................................. 75
Intermodal and Asset-Light Logistics ....................... 75
Parcel Carriers ......................................................... 75
Railroad ................................................................... 75
Transportation & Logistics ....................................... 75
7.50
7.30
0.48
8.35
8.50
0.65
Dec
Dec
Dec
11,275
4,813
7,956
1.3
1.8
0.0
SS
SS
SS
AAL
DAL
UAL
Q
N
N
3
2
2
H/GRW
H/GRW
H/GRW
46.61
46.73
70.97
NM
60.00
87.00
50.64
52.76
76.80
24.85
32.60
37.41
10.2
9.3
10.6
5.70
5.31
8.73
4.55
5.03
6.70
5.00
5.45
7.80
Dec
Dec
Dec
24,144
34,371
22,081
0.9
1.7
0.0
SS
SS
SS
FY End
7.32
4.89
(0.02)
2018E
12.2
15.5
27.3
2017E
54.51
48.57
5.81
2016A
101.43
117.00
13.72
Current
Year P/E
110.00
125.00
NM
Low
91.42
113.51
13.12
High
H/GRW
H/INC
H/GRW
Target
Price
2
2
3
Rating
N
N
N
Exchange
ALK
CPA
LFL
Symbol
Analyst/s
EPS
Div. %
52 Week
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
Trucking (Truckload and LTL) ................................... 75
Transportation - USA
Patrick Tyler Brown, CFA [email protected]
Savanthi Syth, CFA [email protected]
Airlines
Hybrid Carriers
Alaska Air Group
Copa Holdings, S.A. (is)
LATAM Airlines Group S.A. (is, r)
Legacy Carriers
American Airlines Group, Inc.
Delta Air Lines, Inc.
United Continental Holdings, Inc.
Raymond James Research Register - May 2017
74
Mkt. Cap.
(Mil)
Div. %
Analyst/s
NM
NM
NM
96.00
NM
67.00
182.25
33.46
23.15
93.53
59.68
60.40
121.70
6.00
14.76
66.09
35.42
37.17
17.0
NM
12.1
15.7
15.6
13.9
13.20
(2.97)
2.22
5.06
3.74
4.13
9.65
(0.35)
1.85
5.78
3.65
4.15
11.10
0.95
1.92
6.38
4.60
4.65
Dec
Dec
Dec
Mar
Dec
Dec
2,687
1,102
7,685
22,691
36,972
4,028
1.7
0.0
0.0
0.0
0.7
0.0
SS
SS
SS
SS
SS
SS
SKYW
Q
1
H/GRW
35.80
42.00
39.60
19.88
11.4
2.73
3.14
3.50
Dec
1,853
0.9
SS
CHRW
FWRD
HUBG
JBHT
LSTR
XPO
Q
Q
Q
Q
Q
N
3
3
3
3
4
2
M/GRW
H/GRW
H/GRW
H/GRW
NM
H/GRW
77.70
50.39
40.40
92.13
86.55
50.00
NM
NM
NM
NM
NM
60.00
81.16
51.51
52.50
102.38
90.80
54.70
65.57
40.07
34.35
75.71
64.18
22.23
21.5
22.1
23.8
23.3
25.6
28.6
3.59
2.09
2.28
3.76
3.24
1.02
3.62
2.28
1.70
3.95
3.38
1.75
3.90
2.60
2.10
4.50
3.80
2.76
Dec
Dec
Dec
Dec
Dec
Dec
11,049
1,532
1,368
10,346
3,621
6,210
2.3
1.2
0.0
1.0
0.4
0.0
TB
TB
TB
TB
TB
TB
FDX
UPS
N
N
2
3
M/GRW
M/INC
188.97
107.36
220.00
NM
201.57
120.44
145.00
100.05
15.9
18.0
10.80
5.75
11.90
5.97
13.45
6.55
May
Dec
51,211
94,047
0.8
3.1
TB
TB
CSX
GWR
KSU
NSC
UNP
Q
N
N
N
N
2
1
1
3
1
M/GRW
H/GRW
H/GRW
M/GRW
M/GRW
50.94
68.30
90.36
116.78
110.48
55.00
85.00
103.00
NM
126.00
51.66
80.73
100.69
125.00
111.38
24.43
52.21
79.05
78.73
80.68
22.1
21.1
17.5
19.0
19.5
1.81
3.65
4.49
5.64
5.07
2.30
3.23
5.15
6.15
5.68
2.65
3.80
6.00
6.75
6.27
Dec
Dec
Dec
Dec
Dec
47,323
4,016
9,605
34,298
90,132
1.4
0.0
1.5
2.1
2.0
TB
TB
TB
TB
TB
STB
Q
2
M/INC
6.03
6.50
6.13
4.66
NM
0.07
0.05
0.12
Jun
556
7.3
TB
ODFL
SAIA
SWFT
Q
Q
N
3
2
3
H/GRW
H/GRW
H/GRW
86.06
47.55
24.96
NM
54.00
NM
94.97
50.80
27.18
56.74
23.27
14.31
22.3
21.8
25.7
3.56
1.87
1.22
3.86
2.18
0.97
4.35
2.60
1.30
Dec
Dec
Dec
7,093
1,204
3,321
0.5
0.0
0.0
TB
TB
TB
FY End
Low
163.85
31.84
22.47
91.02
57.09
57.87
2018E
High
H/GRW
H/GRW
H/GRW
M/GRW
H/GRW
H/GRW
2017E
Close
Apr-25-17
3
3
3
2
3
1
2016A
Suitability
Q
N
Q
Q
N
Q
Current
Year P/E
Rating
ALGT
GOL
JBLU
RYAAY
LUV
SAVE
Target
Price
Exchange
EPS
Symbol
52 Week
Transportation - USA
Low Cost Carriers
Allegiant Travel Co.
GOL Linhas Aereas Inteligentes S.A. (r)
JetBlue Airways
Ryanair Holdings plc (is, r)
Southwest Airlines Co.
Spirit Airlines, Inc.
Regional Carriers
SkyWest, Inc.
Transportation Services
Intermodal and Asset-Light Logistics
C.H. Robinson Worldwide, Inc.
Forward Air Corporation
Hub Group, Inc.
J.B. Hunt Transport Services, Inc.
Landstar System, Inc.
XPO Logistics, Inc.
Parcel Carriers
FedEx Corporation
United Parcel Service
Railroad
CSX Corp.
Genesee & Wyoming Inc.
Kansas City Southern
Norfolk Southern Corp.
Union Pacific Corp.
Transportation & Logistics
Student Transportation Inc.
Trucking (Truckload and LTL)
Old Dominion Freight Line, Inc.
Saia, Inc.
Swift Transportation Company
Raymond James Research Register - May 2017
75
Div. %
Analyst/s
2.20
2.30
2.61
2.50
Dec
Dec
3,764
2,744
0.0
2.4
BC
BC
CNR
CP
T
T
2
2
M/GRW C$99.15
M/GRW C$209.99
112.00
230.00
102.69
211.06
72.78
156.01
19.3
17.7
4.59
10.32
5.15
11.85
5.75
13.30
Dec
Dec
75,483
30,764
1.7
1.0
SH
SH
CWX
T
2
7.25
7.09
4.92
13.4
0.42
0.45
0.50
Dec
341
9.3
SH
Analyst/s
2,385
£4,609
13,930
7,804
0.0
3.3
3.3
2.6
JR
JR
JR
JR
FY End
4.06
2.45
2018E
6.1
9.9
2017E
8.17
19.63
2016A
14.85
24.98
Current
Year P/E
12.50
24.50
Low
C$13.49
C$22.87
High
H/GRW
H/INC
Target
Price
3
3
Rating
T
T
Symbol
AC
WJA
Div. %
Mkt. Cap.
(Mil)
EPS
Mkt. Cap.
(Mil)
Close
Apr-25-17
Suitability
Exchange
52 Week
Transportation - CAN
Ben Cherniavsky [email protected]
Steve Hansen, CFA, CPA, CMA [email protected]
Airlines
Air Canada
WestJet Airlines
Railroads
Canadian National Railway
Canadian Pacific Railway Limited
FY End
2018E
2017E
2016A
Current
Year P/E
EPS
Low
High
52 Week
Target
Price
2
3
3
4
C$6.03
Close
Apr-25-17
EPA
L
MAD
ETR
H/INC
Suitability
Rating
Symbol
CanWel Building Materials Group Ltd.
Exchange
Transportation & Logistics
Transportation - EUR
Julien Richer, CFA, RJEE [email protected]
Airlines
Air France-KLM
easyJet plc
IAG
Lufthansa
AIRF.PA
EZJ.L
IAG.MC
LHAG.DE
Raymond James Research Register - May 2017
€7.95
1,161p
€6.60
€16.64
7.00
NM
NM
10.00
8.20
1,566
7.29
16.71
4.61
851
3.95
9.10
5.4
1.68
1.47
15.5 108.40
75.10
7.4
0.93
0.89
6.3
2.65 E 2.28
1.57
98.30
0.92
2.47
Mar
Sep
Mar
Dec
76
U.S. Equity Research (800) 248-8863
Management
Financial Services
Real Estate
Robert P. Anastasi, CFA
Daniel E. Cardenas (312) 655-2986
Paul D. Puryear (727) 567-2253
(727) 567-2286
Chairman, Global Equity Research
Brian G. Alexander, CFA
Banking
Robert J. Dodd, Ph.D. (901) 579-4560
Specialty Finance
(727) 567-2312
Senior Managing Director,
Director of Equity Research
Shawn Borgeson (727) 567-2571
Managing Director,
Product Development
David J. Long, CFA (312) 612-7685
Mercedes S. van Woerkom
Insurance/Insurance Brokerage & Technology
Michael Rose (312) 655-2940
Banking
William J. Wallace IV (301) 657-1548
Banking
Donald A. Worthington (415) 538-5733
Banking
(727) 567-2601
Managing Director, Equity Research
Consumer
Budd Bugatch, CFA (727) 567-2527
Director of Furnishings Research
Joseph Altobello, CFA
(212) 883-4606
Household, Personal Care,
and Leisure Products
Sam Darkatsh (727) 567-2537
Building Products
Brian M. Vaccaro, CFA
(404) 442-5866
Restaurants
Dan Wewer, CFA (404) 442-5846
Hardline Retailers
Benjamin P. Brownlow
(404) 442-5859
Convenience Stores
Energy
(800) 945-6275
J. Marshall Adkins
Director of Energy Research
John Freeman, CFA
Exploration & Production
Darren Horowitz
Banking
Patrick J. O'Shaughnessy, CFA
(312) 612-7687
Capital Markets
C. Gregory Peters (727) 567-1534
Healthcare
John W. Ransom (727) 567-2593
Director of Healthcare Research
Michael J. Baker (727) 567-2499
Benefits Management/Pharma Services
Jayson Bedford (727) 567-2565
Medical Devices
Reni Benjamin, Ph.D. (212) 883-4615
Biotechnology
Nicholas Jansen (727) 567-2446
Healthcare Information
Technology/Diagnostics
Lawrence S. Keusch (617) 897-8992
Hospital Supplies & Equipment
Christopher Raymond (312) 655‐2672
Biotechnology
Elliot Wilbur, CFA (212) 856-4897
Specialty Pharmaceuticals
Laura Chico, Ph.D. (312) 655-2701
Biotechnology
Midstream Suppliers
Pavel Molchanov
Integrated Oil & Gas/ Renewable
Energy & Clean Technology/
Exploration & Production
Benjamin P. Brownlow
(404) 442-5859
Midstream Suppliers
Justin Jenkins
Independent Refiners/
Midstream Suppliers
Praveen Narra, CFA
Oilfield Services
Industrial
Director of Real Estate Research
William A. Crow (727) 567-2594
Lodging/REITs
Buck Horne, CFA (727) 567-2561
Housing/REITs
Collin Mings, CFA (727) 567-2585
REITs
Jonathan Hughes, CFA (727) 567-2438
REITs
Technology & Communications
Brian G. Alexander, CFA
(727) 567-2312
Director of Technology Research
Ric Prentiss (727) 567-2567
Director of Telecommunications
Services Research
Brian Gesuale (727) 567-2287
IT Services/
Advanced Industrial Technology
Wayne Johnson (404) 442-5837
FinTech & Transaction Processing
Aaron Kessler, CFA (415) 616-8959
Internet
Simon M. Leopold (212) 856-5464
Communications Equipment
Frank G. Louthan IV (404) 442-5867
Telecommunications Services
Tavis C. McCourt, CFA (615) 645-6811
Internet of Things
Terry Tillman (404) 442-5825
Application Software
Michael Turits, Ph.D. (212) 297-5617
Infrastructure Software
Justin Patterson, CFA (415) 616-8035
Internet
Brian Peterson, CFA (404) 442-5888
Application Software
Adam Tindle, CFA (727) 567-2693
IT Hardware & Distribution
Patrick Tyler Brown, CFA (404) 442-5803
Waste & Industrial Services
Sam Darkatsh (727) 567-2537
Specialty/Industrial Distribution
Macro Research
Scott J. Brown, Ph.D. (727) 567-2603
Chief Economist
Jeffrey D. Saut (727) 567-2644
Chief Investment Strategist
Raymond James Research Register - May 2017
Transportation
Patrick Tyler Brown, CFA
(404) 442-5803
Transportation Services
Savanthi Syth, CFA
(727) 567-5274
Airlines
77
U.S. Equity Capital Markets – Sales & Trading
Dan H. McMahon (212) 599-6800, Senior Managing Director – Director, Equity Trading
Paul G. Steinhauser (727) 567-2513, Senior Managing Director – Director, Institutional Sales
Collie Krausnick (901) 529-5321, Senior Managing Director – Director, Agency/Retail Equity Trading and Equity Advisory Group
Institutional Sales
Institutional Sales (continued)
St. Petersburg (800) 237-5643
Shawn Borgeson (727) 567-2571
Sarah Concannon (727) 567-2686
Ken Corn (727) 567-2282
Nick Digirolamo (727) 567-2280
Mark Fote (727) 567-2439
Peter L. Gairing (727) 567-2530
Eric Kirby (727) 567-2570
Kevin McElligott (727) 567-2597
Ted Mortonson (727) 567-2285
Mark Ranney (727) 567-1850
David Schaffer (727) 567-2598
Patrick Sauve (727) 567-2526
Dana Williams (727) 567-2278
Jamie Zingaretti (727) 567-2576
New York
Susan Lione (212) 856-4886
Carol McCarthy (212) 297-5605
Tom Nevitt (212) 297-5608
Gene Pennell (212) 297-5606
Paul Salmore (212) 856-4368
Craig Sapuppo (212) 297-5602
Kelly Schaeffer (212) 856-4887
Rod Spiegel (212) 297-5610
Atlanta
Brian Mylod (404) 442-5822
Mark Starner (404) 442-5862
Dudley Stephens (404) 442-5828
Boston
Ryan Bagley (617) 897-8965
Grant Hall (617) 897-8966
Dave Hodges (617) 897-8961
John Leffel (617) 897-8967
Chicago
Bill Sammon, Manager (312) 655-2959
Lou Coines (312) 655-2964
Rick Glaisner (312) 612-7672
Lonnie Hatcher (312) 612-7673
Chris Lambert (312) 655-2974
Anthony LanFranca (312) 655-2961
Tony Montemurro (312) 655-2948
Tim Murnane (312) 655-2988
Andrew K. Northwick (312) 612-7675
Chris Palermo (312) 655-2967
Leigh Pollak (312) 612-7744
Bob Stocking (312) 612-7674
Los Angeles
Mark Hamilton (310) 414-5209
Rob Marckel (310) 414-5201
New York
Tom Healy, Head of New York Sales
(212) 856-5406
Alastair Barnes (212) 856-5417
George Billington (212) 297-5607
Jason Gefaell (212) 672-6828
Tom Hartigan (212) 856-5474
Brian Hicks (212) 297-5618
Jeff Karish (212) 297-5604
78
San Francisco
John Cavender (415) 538-5725
Douglas Deubel (888) 734-0540
Jacob Forney (415) 616-8080
Zachary Taylor (415) 616-8944
International Institutional
Sales & Trading Desk
Byron Mitson, Head of Agency/
Retail Trading (800) 564-3678
St. Petersburg (727) 567-2100
Sharon Agudio
James Nielsen
Mike Tagliarini
Memphis (800) 564-3678
Tony Johnson
Kenny McClain
Corporate &
Executive Services
(727) 567-2092
Jeff Fordham, Head of
Corporate & Executive Services
Jeanna Bryan
Nicole Castillo
Rachel Jallick
Brandon Moore
Scott Warnock
Principal Trading
(212) 599-6800
Eric Braunstein
Brendan Dooley
Jesse Lubarsky
Adam Lustig
Ray Moore
Greg Mulvaney
Christian O’Brien
Kevin Prunty
Owen Rice
Doug Shapiro
Brandon Veldman
Institutional Sales Trading
Paul Powers, Head of U.S. Sales Trading
(212) 856-5477
St. Petersburg (727) 567-2100
Ross Barone
Jake Shumacker
Tom Del Zoppo
Boston (617) 423-5607
Brendan Moses
Steve Svensen
Thomas Ward
Chicago (312) 655-2990
Michael Barone
Ken Goldberger
Jeff Grimm
Randy Mrozek
Jeff Snower
New York (212) 599-6800
Craig Bugniazet
Michael Cannon
Brian Cohan
Paul Cornette
Michael Dalfonzo
John Gilmartin
Robert Hyde
Mark Koczan
Gary Muehlemann
Vincent Sgherza
Nick Shepard
Eric Siefert
Neil Vankawala
San Francisco
Michael Christian (415) 616-8933
Michael Schwarz (415) 616-8096
Agency/Retail Trading
Byron Mitson, Head of Agency/
Retail Trading (800) 564-3678
St. Petersburg (727) 567-6466
Scott Brown
Tyson Bryant
Renee Hollingsworth
Allen Spence
Sara Zampell
Memphis (800) 564-3678
Darin Butler
Krystal Butler
Kevin Floyd
Marilyn Hiner
Tony Johnson
Kenny McClain
Raymond James Research Register - May 2017
Strategic Options Desk (212) 856-5400
Ryan Sylvester, Co-head
Adam Templeton, Co-head
Colin Drowica
Geoff Gaiss
Corrin Jackson
Jeffrey Jacobson
Darius Kirksey
Andrew Kramer
Alec Levine
Rob Mabry
Brad Manuilow
Johnny Martin
James “Hector” Murphy
Brian Werner
U.S. Equity Portfolio & Technical Strategy (901) 529-3776
J. Michael Gibbs, Director,
Equity Portfolio & Technical Strategy
Jeff Harvey
David Hydrick
Joey Madere
Barbara Metcalf
Andrew Rumbelow
Equity Advisory Group (727) 567-2520
Suzi Fiorini, Vice President
Equity Advisory Group
Phil Cox
John Messina
Michael Saut
Daniel Sprusansky
Justin Wai
Spencer Williams
Julie Lachman, International (727) 567-5559
ECM International Office Locations
Raymond James Financial International Limited
London, England 011-44-203-798-5600
Robert Nugent, Manager
Nicole Baker
Charles Cooper
Benjamin Gilbert
Cara McPhillips
Matt Patterson
Ricky Pilgrim
G. Eric Rowe
Anthony White
Adam Wood
Dusseldorf, Germany
011-49-213-293-070
Hans J. Klisch, Manager
Falk G. Reissland, Manager
Marcel Daun
Sebastian Sattelberger
Vaduz, Liechtenstein
011-423-233-44-54
Johann Kasamas
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011-48 (22) 276 2300
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Raymond James Research Register - May 2017
Raymond James Euro Equities
Paris, France 011-33-1-456-40520
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Raymond James & Associates, Inc.
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79
Canadian Equity Research
Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research
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80
Vancouver 800.667.2899
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Raymond James Research Register - May 2017
European Equity Research
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+33 (1) 45 64 05 47
Managing Director – European Research
Utilities
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+33 (1) 45 64 05 44
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Raymond James Research Register - May 2017
81
Important Investor Disclosures
Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in
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Analyst Information
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productivity and revenue generated in covered stocks.
Ratings and Definitions
Raymond James & Associates (U.S.) definitions
Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12
months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to
be realized over the next 12 months.
Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more
conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the
relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months.
82
Raymond James Research Register - May 2017
Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months.
Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold.
Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made
coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond
James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this
security and should not be relied upon.
Raymond James Ltd. (Canada) definitions
Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite
Index over the next six months.
Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months.
Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve
months and is potentially a source of funds for more highly rated securities.
Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve
months and should be sold.
Raymond James Europe (Raymond James Euro Equities SAS & Raymond James Financial International Limited) rating definitions
Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12
months.
Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months.
Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months.
Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months.
Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made
coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond
James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this
security and should not be relied upon.
In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a
higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.
Rating Distributions
Coverage Universe Rating Distribution*
Investment Banking Distribution
RJA
RJL
RJEE/RJFI
RJA
RJL
RJEE/RJFI
Strong Buy and Outperform (Buy)
52%
73%
55%
24%
49%
0%
Market Perform (Hold)
44%
26%
32%
11%
17%
0%
Underperform (Sell)
5%
1%
13%
7%
0%
0%
* Columns may not add to 100% due to rounding.
Suitability Ratings (SR)
Medium Risk/Income (M/INC) Lower to average risk equities of companies with sound financials, consistent earnings, and dividend
yields above that of the S&P 500. Many securities in this category are structured with a focus on providing a consistent dividend or return
of capital.
Medium Risk/Growth (M/GRW) Lower to average risk equities of companies with sound financials, consistent earnings growth, the
potential for long-term price appreciation, a potential dividend yield, and/or share repurchase program.
High Risk/Income (H/INC) Medium to higher risk equities of companies that are structured with a focus on providing a meaningful
dividend but may face less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial
and competitive issues, higher price volatility (beta), and potential risk of principal. Securities of companies in this category may have a
less predictable income stream from dividends or distributions of capital.
High Risk/Growth (H/GRW) Medium to higher risk equities of companies in fast growing and competitive industries, with less
predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial or legal issues, higher price
volatility (beta), and potential risk of principal.
High Risk/Speculation (H/SPEC) High risk equities of companies with a short or unprofitable operating history, limited or less predictable
revenues, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal.
Raymond James Research Register - May 2017
83
Risk Factors
General Risk Factors: Following are some general risk factors that pertain to the businesses of the subject companies and the projected
target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand
or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors
or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen
developments with respect to the management, financial condition or accounting policies or practices could alter the prospective
valuation; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could
alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations,
differing financial accounting standards, and possible political and economic instability.
Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability
categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies
relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James
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th
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Raymond James Research Register - May 2017