Equity Research Coverage April 30, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET China Internet Fawne Jiang 212-312-6712 Enterprise Software Mark Schappel 212-312-6749 Alibaba Group Holdings Ltd. BABA $646,481 Buy $310 Altair Engineering Inc. Class A ALTR $5,061 Buy $70 Autohome, Inc. ATHM $12,139 Buy $135 , Inc. ANSS $32,397 Buy $370 Baidu, Inc. BIDU $76,813 Buy $385 Aspen Technology, Inc. AZPN $8,997 Buy $145 iClick Interactive Asia Group Ltd. ICLK $1,176 Buy $24 Blackbaud, Inc. BLKB $3,462 Buy $88 JD.com, Inc. JD $122,728 Buy $122 Churchill Capital Corp II Class A CCX $862 Buy $14 Meituan Class B 3690-HKG $1,878,608 Buy HKD 350 Crescent Acquisition Corp Class A CRSA $925 Buy $14 Momo, Inc. MOMO $3,047 Buy $32 E2open, Inc. ETWO $2,567 Buy $15 NetEase, Inc. NTES $79,843 Buy $140 eGain Corp. EGAN $308 Buy $17 Pinduoduo Inc. PDD $168,608 Buy $176 LivePerson, Inc. LPSN $3,782 Buy $75 Tencent Holdings, Inc. 700-HKG HKD 6,059,120 Buy HKD 690 Manhattan Associates, Inc MANH $9,032 Buy $137 Vipshops Holdings, Inc. VIPS $21,316 Buy $45 Mitek Systems, Inc. MITK $705 Buy $22 Weibo Corp. WB $11,635 Buy $67 Open Text Corp. OTEX $13,020 Buy $56 WiMi Hologram Cloud, Inc. WIMI $407 Buy $8 Pegasystems, Inc. PEGA $10,272 Buy $160 JOYY, Inc. Sponsored ADR Class A YY $7,669 Buy $165 Powerbridge Technologies Co. PBTS $82 Speculative Buy $10 Progress Software Corp. PRGS $1,974 Buy $55 China Consumer Fawne Jiang 212-312-6712 Real Page, Inc. RP NA Hold NA China Online Education Group COE $486 Buy $38 Rimini Street Inc Class A RMNI $701 Buy $13 Huazhu Group Ltd. HTHT $19,711 Buy $76 Smith Micro Software, Inc. SMSI $295 Buy $9 New Oriental Edu. & Tech. Group EDU $27,822 Buy $18 SPS Commerce, Inc. SPSC $3,624 Buy $120 TAL Education TAL $35,204 Buy $78 Tyler Technologies TYL $17,369 Buy $490 Trip.com Group Ltd. TCOM $25,999 Buy $52 Varonis Systems, Inc. VRNS $5,784 Buy $205

Entertainment Software & Med. Mike Hickey 720-236-0207 Internet Daniel Kurnos, CFA 561-939-8262 Acies Acquisition Corp. Class A ACAC $272 Buy $15 1-800-FLOWERS FLWS $1,938 Buy $44 Activision Blizzard, Inc. ATVI $71,347 Buy $120 Amazon.com AMZN $1,749,945 Buy $4,400 AMC Entertainment AMC $4,593 Hold NA ANGI Homeservices Inc ANGI $8,192 Buy $16 Cinemark Holdings CNK $2,582 Buy $30 Blucora, Inc. BCOR $708 Buy $21 DraftKings Inc Class A DKNG $45,435 Buy $75 Booking Holdings Inc. BKNG $102,690 Hold NA Electronic Arts, Inc EA $42,091 Buy $177 Car Gurus, Inc. CARG $2,951 Buy $40 Esports Entertainment Group Inc GMBL $213 Speculative Buy $20 Cars.com, Inc. CARS $906 Buy $18 DeNA Company Limited 2432-TKS ¥275,006 Buy ¥2700 Cinedigm Corp CIDM $246 Speculative Buy $3.50 Genius Sports Limited GENI $733 Buy $30 eBay Inc. EBAY $38,198 Buy $79 Glu Mobile GLUU $2,204 Hold NA Expedia, Inc. EXPE $26,135 Buy $175 Golden Nugget Online Gaming, Inc. GNOG $1,165 Buy $24 Grubhub, Inc. GRUB $6,291 Hold NA Imax Corp. IMAX $1,263 Buy $24 IAC/InterActiveCorp IAC $21,169 Buy $265 Marcus Corp. MCS $609 Buy $24 NCR Corp. NCR $5,931 Buy $52 Motorsport Games, Inc. MSGM $406 Buy $42 Porch Group, Inc. PRCH $1,195 Buy $26 National CineMedia, Inc. NCMI $728 Buy $6 Roku, Inc. Class A ROKU $45,808 Buy $600 Rush Street Interactive RSI $2,950 Buy $34 TrueCar, Inc. TRUE $445 Buy $8 Take Two Interactive TTWO $20,325 Buy $250 Waitr Holdings Inc. WTRH $287 Buy $5 Ubisoft Entertainment, SA UBI-PAR € 7,824 Hold NA Zillow Inc. ZG $32,930 Buy $230 World Wrestling Entertainment WWE $4,252 Buy $62 Zynga, Inc. ZNGA $12,065 Buy $12 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 ViacomCBS Inc VIAC $27,004 Buy $120 Cannabis Mike Hickey 720-236-0207 Chicken Soup for the Soul CSSE $427 Buy $42 Canopy Growth Corp. WEED-TSE CAD 12,850 Hold NA CuriosityStream, Inc. CURI $795 Buy $22 Charlotte's Web Holdings, Inc. CWEB-TSE $711 Speculative Buy $6 Gray Television, Inc. GTN $1,934 Buy $26 Green Thumb Industries GTII-CNQ $8,003 Buy $45 Meredith Corp. MDP $1,790 Buy $41 KushCo Holdings, Inc. KSHB $167 Speculative Buy $2 Nexstar Broadcasting Group, Inc. NXST $6,559 Buy $180 Tilray, Inc. TLRY $3,335 Hold NA Sinclair Broadcasting Group, Inc. SBGI $2,461 Buy $40 The E.W. Scripps Company SSP $1,784 Buy $25 TEGNA, Inc. TGNA $4,518 Buy $22

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Equity Research Coverage April 30, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Automotive Michael Ward 203-632-6202 Semiconductor & Related Adient plc ADNT $4,440 Buy $47 Advanced Micro Devices, Inc. AMD $101,918 Hold NA Aptiv PLC APTV $39,093 Hold NA Cadence Design Systems, Inc. CDNS $37,137 Buy $150 AutoNation, Inc. AN $8,313 Buy $120 Cirrus Logic, Inc. CRUS $5,006 Buy $105 Carvana Co. Class A CVNA $49,739 Hold NA Diodes Incorporated DIOD $3,535 Buy $95 Cooper-Standard Holdings Inc. CPS $513 Buy $46 Ideal Power Inc. IPWR $58 Buy $28 Ford Motor Company F $44,941 Buy $14 Intel Corporation INTC $235,335 Hold NA Forum Merger III Corporation Class A FIII $318 Buy $23 Lattice Semiconductor Corporation LSCC $7,096 Buy $55 General Motors Company GM $81,512 Buy $64 MACOM Technology Solutions Holdings, Inc. MTSI $3,937 Buy $72 GigCapital3, Inc. GIK $230 Buy $17 Marvell Technology, Inc. MRVL $32,118 Buy $52 Group 1 Automotive, Inc. GPI $3,061 Buy $190 Maxim Integrated Products, Inc. MXIM $26,020 Hold NA Lear Corporation LEA $11,374 Buy $186 NVIDIA Corporation NVDA $381,515 Buy $670 Lithia Motors, Inc. Class A LAD $10,394 Buy $435 ON Semiconductor Corporation ON $17,141 Buy $45 Lyft, Inc. Class A LYFT $18,782 Hold NA One Stop Systems, Inc. OSS $99 Speculative Buy $8.00 Magna International Inc. MGA $28,883 Buy $99 Qorvo, Inc. QRVO $22,600 Buy $200 Penske Automotive Group, Inc. PAG $7,177 Buy $112 Silicon Laboratories Inc. SLAB $6,512 Buy $190 Property Solutions Acquisition Corp. PSAC $347 Buy $26 Skyworks Solutions, Inc. SWKS $32,664 Buy $215 Shift Technologies Inc Class A SFT $724 Buy $13 Synopsys, Inc. SNPS $38,476 Buy $320 Sonic Automotive, Inc. Class A SAH $2,100 Buy $62 Thunder Bridge Acquisition II Ltd Class A THBR $433 Buy $17 Superior Industries International, Inc. SUP $135 Hold NA Xilinx, Inc. XLNX $32,557 Hold NA Vroom, Inc. VRM $6,394 Hold NA Velodyne Lidar Inc. VLDR $2,698 Buy $25

Coal & Transportation Nate Martin 804-822-1364 Technology, Hardware Mark Miller 703-360-6203 Alliance Resource Partners, L.P. ARLP $731 Buy $7 ACM Research, Inc. ACMR $1,523 Hold NA Alpha Metallurgical Resources, Inc. AMR $243 Hold NA Amtech Systems ASYS $155 Buy $16 Arch Resources, Inc. Class A ARCH $704 Buy $54 Axcelis Technologies ACLS $1,450 Buy $45 CSX Corporation CSX $76,641 Buy $108 Coherent Inc. COHR $6,507 Hold NA Canadian National Railway Co. CNI $76,709 Hold NA II-VI Incorporated IIVI $7,540 Buy $105 Canadian Pacific Railway Ltd. CP $49,824 Hold NA IPG Photonics IPGP $12,426 Hold NA Inc CEIX $325 Buy $11 Intevac, Inc. IVAC $161 Buy $9 Coronado Global Resources Inc. Shs Chess DepositoryCRN-ASX Interests$823 Repr 10 Sh Hold NA MKS Instruments, Inc. MKSI $10,233 Buy $235 Kansas City Southern Railway KSU $26,796 Hold NA nLight, Inc. LASR $1,284 Hold NA Natural Resource Partners L.P. NRP $212 Buy $15 Nova Measuring Instruments Ltd. NVMI $2,719 Buy $92 Norfolk Southern Corporation NSC $70,243 Buy $315 Onto Innovation, Inc. ONTO $3,210 Buy $78 Peabody Energy Corporation BTU $382 Hold NA Seagate Technology plc STX $22,419 Buy $95 Ramaco Resources, Inc. METC $171 Buy $6 Veeco Instruments VECO $1,192 Buy $25 SunCoke Energy, Inc. SXC $568 Buy $8 Western Digital WDC $21,773 Buy $87 Teck Resources Limited Class B TECK $11,679 Buy $25 Union Pacific Corporation UNP $149,123 Buy $242 Aerospace & Defense Josh Sullivan 212-312-6775 Warrior Met Coal, Inc. HCC $862 Hold NA AAR Corporation AIR $1,434 Buy $52 Inc. ATI $3,002 Buy $21 Construction Reuben Garner 703-472-7473 Inc. ARNC $3,245 Buy $34 Belden Inc. BDC $1,997 Buy $59 Boeing Company BA $137,704 Buy $270 BlueLinx Holdings, Inc. BXC $498 Buy $65 CACI International Inc Class A CACI $5,983 Buy $300 Boise Cascade Co. BCC $2,687 Buy $56 Carpenter Technology Corporation CRS $1,911 Hold NA Builders FirstSource, Inc. BLDR $10,315 Buy $56 Constellium SE Class A CSTM $2,220 Buy € 19 Ceasarstone Ltd. CSTE $492 Buy $17 Desktop Metal, Inc. Class A DM $3,567 Buy $28 Herman Miller, Inc. MLHR $2,518 Buy $50 Fortress Transportation & Infrastructure InvestorsFTAI LLC $2,563 Buy $50 HNI Corporation HNI $1,833 Buy $54 HEICO Corporation HEI $18,275 Buy $160 Installed Building Products, Inc. IBP $4,038 Hold NA Howmet Aerospace Inc. HWM $13,951 Hold NA JELD-WEN Holding, Inc. JELD $3,149 Hold NA Jacobs Engineering Group Inc. J $17,610 Buy $130 Landcadia Holdings III, Inc. Class A LCY $707 Buy $16 Kaiser Aluminum Corporation KALU $1,902 Buy $120 Masonite International Corp. DOOR $3,190 Buy $137 Kratos Defense & Security Solutions, Inc. KTOS $3,321 Buy $30 Owens Corning OC $10,323 Buy $124 L3Harris Technologies Inc LHX $43,008 Hold NA Quanex Building Products Corporation NX $930 Buy $30 PAE Incorporated Class A PAE $809 Buy $14 Steelcase Inc. Class A SCS $1,660 Hold NA Parsons Corporation PSN $4,592 Buy $45 TopBuild Corp. BLD $7,450 Hold NA Raytheon Technologies Corporation RTX $125,555 Hold NA Trex Company, Inc. TREX $12,663 Hold NA Science Applications International Corp. SAIC $5,183 Buy $105 UFP Industries, Inc. UFPI $5,245 Buy $97 Spirit AeroSystems Holdings, Inc. Class A SPR $4,833 Hold NA Ultralife Corporation ULBI $131 Buy $12 VSE Corporation VSEC $561 Buy $55

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Equity Research Coverage April 30, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Healthcare Technology Bruce Jackson 651-315-2260 Healthcare Services Bill Sutherland 215-380-0276 Biofrontera AG BFRA $163 Buy $7 Amedisys, Inc AMED $9,305 Buy $330 BIOLASE, Inc. BIOL $114 Speculative Buy $2 AMN Healthcare Services AMN $3,795 Buy $95 ChemBio Diagnostics, Inc. CEMI $83 Hold NA Cross Country Healthcare CCRN $506 Buy $12 Clene Inc. CLNN $557 Buy $25 Cynergistek, Inc. CTEK $22 Hold NA CNS Pharmaceuticals, Inc. CNSP $52 Speculative Buy $8 GigCapital2, Inc. GIX $199 Buy $14 Exact Sciences Corporation EXAS $22,493 Buy $165 Healthcare Services Group, Inc HCSG $2,236 Hold NA Flexion Therapeutics, Inc. FLXN $404 Buy $20 Huron Consulting Group, Inc. HURN $1,279 Buy $64 Invitae Corporation NVTA $6,883 Hold NA LHC Group, Inc. LHCG $6,681 Buy $250 Hoth Therapeutics, Inc. HOTH $34 Speculative Buy $10 CareCloud, Inc. MTBC $117 Buy $15 Harvard Biosciences HBIO $287 Speculative Buy $7 Ontrak, Inc. OTRK $578 Buy $50 NeoGenomics NEO $5,764 Buy $60 Omnicell, Inc. OMCL $6,211 Buy $160 OncoCyte Corporation OCX $442 Speculative Buy $11 Premier, Inc. PINC $4,316 Buy $42 Orgenesis Inc. ORGS $115 Buy $9 RCM Technologies, Inc. RCMT $42 Buy $5 Seelos Therapeutics, Inc. SEEL $487 Speculative Buy $6 Select Medical SEM $5,123 Buy $40 STAAR Surgical Corporation STAA $6,480 Hold NA SOC Telemed TLMD $600 Buy $10 Vesper Healthcare Acquisition Corp. Class A VSPR $649 Buy $16 Surgery Partners, Inc. SGRY $3,015 Buy $50 VolitionRx VNRX $173 Speculative Buy $6 Tabula Rasa Healthcare, Inc. TRHC $1,152 Buy $55

Healthcare & Biotechnology Robert Wasserman 212-312-6764 Special Situations Bill Sutherland 215-380-0276 BioLife Solutions, Inc. BLFS $1,155 Buy $54 Amesite, Inc. AMST $53 Speculative Buy $7 Bio-Techne Corporation TECH $16,829 Buy $460 cbdMD, Inc. YCBD $206 Speculative Buy $6 Champions Oncology, Inc. CSBR $151 Speculative Buy $14 Taronis Fuels Inc TRNF $39 Speculative Buy $0.5 Codexis, Inc. CDXS $1,523 Buy $29 Emergent BioSolutions Inc. EBS $3,383 Buy $120 Communications Matthew Harrigan 303-548-0448 Fortress Biotech, Inc. FBIO $422 Buy $8 Altice USA, Inc. ATUS $23,982 Buy $48 Halozyme Therapeutics, Inc. HALO $7,353 Buy $55 Comcast Corporation CMCSA $259,118 Buy $70 Integer Holdings Corporation ITGR $3,138 Buy $105 Charter Communications, Inc. CHTR $129,794 Buy $775 Ligand Pharmaceuticals Incorporated LGND $2,427 Buy $215 Liberty Braves Group BATRA $1,456 Buy $33 Nephros, Inc. NEPH $79 Speculative Buy $13 Liberty Broadband Corp. LBRDA $31,476 Buy $195 Proto Labs, Inc. PRLB $3,118 Buy $235 Liberty Global plc LBTYA $15,761 Buy $40 Libery Latin America LILA $3,263 Buy $19 Biotechnology Aydin Huseynov, M.D., CFA 212-312-6759 Liberty Sirius XM Group LSXMA $15,398 Buy $67 Incyte Corporation INCY $18,665 Hold NA Netflix, Inc. NFLX $225,692 Sell $448 Ionis Pharmaceuticals, Inc. IONS $6,105 Hold NA Ooma Inc OOMA $383 Buy $24 Inovio Pharmaceuticals, Inc. INO $1,435 Buy $15 Sirius XM Holdings Inc SIRI $25,076 Buy $8 Nektar Therapeutics NKTR $3,660 Hold NA Neurocrine Biosciences, Inc. NBIX $9,012 Hold NA Emerging Growth NextCure, Inc. NXTC $251 Buy $17 GrowGeneration Corp. GRWG $2,608 Buy $8 Processa Pharmaceuticals, Inc. PCSA $130 Speculative Buy $15 Lakeland Industries, Inc. LAKE $235 Buy $31 Regeneron Pharmaceuticals, Inc. REGN $51,664 Buy $590 Voyager Digital Ltd. VYGVF $2,665 Speculative Buy $1.0 Salarius Pharmaceuticals, Inc. SLRX $59 Speculative Buy $5 Scopus BioPharma Inc. SCPS $120 Speculative Buy $20 Semiconductors & Related Technology Trillium Therapeutics Inc. TRIL $932 Buy $21 MaxLinear Inc. MXL $2,915 Buy $25 Voyager Therapeutics, Inc. VYGR $186 Buy $20 MOSYS, Inc. MOSY $24 Speculative Buy $1 Quicklogic Inc. QUIK $73 Speculative Buy $2

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Equity Research Coverage April 30, 2021

Benchmark Special Purpose Acquisition Company (SPAC) Equity Research

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Entertainment Software & Med. Mike Hickey 720-236-0207 Semiconductor & Related Ruben Roy 212-312-6702 Acies Acquisition Corp. Class A ACAC $272 Buy $15 Thunder Bridge Acquisition II Ltd Class A THBR $433 Buy $17 DraftKings Inc Class A DKNG $45,435 Buy $75 Velodyne Lidar Inc. VLDR $2,698 Buy $25 Genius Sports Limited GENI $733 Buy $30 Golden Nugget Online Gaming, Inc. GNOG $1,165 Buy $24 Construction Reuben Garner 703-472-7473 Rush Street Interactive RSI $2,950 Buy $34 Landcadia Holdings III, Inc. Class A LCY $707 Buy $16

Enterprise Software Mark Schappel 212-312-6749 Aerospace & Defense Josh Sullivan 212-312-6775 Churchill Capital Corp II Class A CCX $862 Buy $14 Desktop Metal, Inc. Class A DM $3,567 Buy $28 Crescent Acquisition Corp Class A CRSA $925 Buy $14 PAE Incorporated Class A PAE $809 Buy $14 E2open, Inc. ETWO $2,567 Buy $15 Healthcare Technology Bruce Jackson 651-315-2260 Internet Daniel Kurnos, CFA 561-939-8262 Vesper Healthcare Acquisition Corp. Class A VSPR $649 Buy $16 Porch Group, Inc. PRCH $1,195 Buy $26 Waitr Holdings Inc. WTRH $287 Buy $5 Healthcare Services Bill Sutherland 215-380-0276 GigCapital2, Inc. GIX $199 Buy $14 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 SOC Telemed TLMD $600 Buy $10 CuriosityStream, Inc. CURI $795 Buy $22

Automotive Michael Ward 203-632-6202 Forum Merger III Corporation Class A FIII $318 Buy $23 GigCapital3, Inc. GIK $230 Buy $17 Property Solutions Acquisition Corp. PSAC $347 Buy $26 Shift Technologies Inc Class A SFT $724 Buy $13

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Equity Research Coverage April 30, 2021

Important Disclosures

Analyst Certification

The Benchmark Co., LLC analyst(s) whose name(s) appears on the front page of this research report certifies that the recommendations and opinions expressed herein accurately reflect the research analyst's personal views about any and all of the subject securities or issues discussed herein. Furthermore, no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst(s) in this research report.

Equity Research Ratings System General Disclosures

Firm-Wide Stock Ratings Distribution This publication does not constitute an offer or solicitation of any transaction in any securities referred to herein. Ratings that use the “Speculative” risk qualifier are considered higher-risk. Any As of March 31, 2021 recommendation contained herein may not be suitable for all investors. All Covered Investment The Benchmark Company, LLC makes every effort to use reliable, comprehensive information, but we Companies Banking make no representation that it is accurate or complete. We have no obligation to tell you when Clients information in this report changes apart from when we intend to discontinue research coverage of a subject company. Buy 224 82% 53 24% Hold 48 17% 1 2% Although the information contained in the subject report has been obtained from sources we believe to Sell 1 1% 0 0% be reliable, its accuracy and completeness cannot be guaranteed. This publication and any recommendation contained herein speak only as of the date hereof and are subject to change without notice. The Benchmark Company, LLC and its affiliated companies and Company Ratings employees shall have no obligation to update or amend any information herein. Buy: Stock is expected to outperform the analyst’s defined Sector/Industry Index* over the This publication is being furnished to you for informational purposes only and on the condition that it will not form a primary basis for any investment decision. Each investor must make its own following 6 to 12 months. determination of the appropriateness of an investment in any securities referred to herein based on the Hold: Stock is expected to perform in-line with the analyst’s defined Sector/Industry Index* legal, tax and accounting considerations applicable to such investor and its own investment strategy. By over the following 6 to 12 months. virtue of this publication, none of The Benchmark Company, LLC or any of its employees shall be Sell: Stock is expected to underperform the analyst’s defined Sector/Industry Index* over responsible for any investment decision. the following 6 to 12 months. This report may discuss numerous securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in such states. Industry Ratings The “Recent Price” stated on the cover page reflects the nearest closing price prior to the date of Overweight: Analyst’s defined Sector/Industry Index* is expected to outperform the S&P publication. 500 over the following 6 to 12 months. For additional disclosure information regarding the companies in this report, please contact The th th Market Weight: Analyst’s defined Sector/Industry Index* is expected to perform in-line with Benchmark Company, LLC, 150 East 58 Street, 17 Floor, New York, NY 10155, 212-312-6700. the S&P 500 over the following 6 to 12 months. The Benchmark Company is not in any way affiliated with or endorsed by the Menlo Park, California Underweight: Analyst’s defined Sector/Industry Index* is expected to underperform the venture capital firm Benchmark Capital. S&P 500 over the following 6 to 12 months. This report may not be reproduced, distributed, or published without the prior consent of The Benchmark Company, LLC. Copyright © 2021. All rights reserved by The Benchmark Company, LLC.

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