Equity Research Coverage April 9, 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 $621,847 Buy $310 Altair Engineering Inc. Class A ALTR $4,859 Buy $70 Autohome, Inc. ATHM $12,001 Buy $135 ANSYS, Inc. ANSS $31,564 Buy $370 Baidu, Inc. BIDU $79,506 Buy $385 Aspen Technology, Inc. AZPN $10,450 Buy $175 iClick Interactive Asia Group Ltd. ICLK $1,110 Buy $24 Blackbaud, Inc. BLKB $3,494 Buy $88 JD.com, Inc. JD $127,850 Buy $122 Churchill Capital Corp II Class A CCX $866 Buy $14 Meituan Class B 3690‐HKG $1,889,038 Buy HKD 350 Crescent Acquisition Corp Class A CRSA $925 Buy $14 Momo, Inc. MOMO $3,299 Buy $32 E2open, Inc. ETWO $2,397 Buy $15 NetEase, Inc. NTES $72,320 Buy $140 eGain Corp. EGAN $302 Buy $17 Pinduoduo Inc. PDD $171,931 Buy $176 LivePerson, Inc. LPSN $3,847 Buy $75 Tencent Holdings, Inc. 700‐HKG HKD 5,948,605 Buy HKD 690 Manhattan Associates, Inc MANH $7,532 Buy $137 Vipshops Holdings, Inc. VIPS $19,709 Buy $45 Mitek Systems, Inc. MITK $659 Buy $22 Weibo Corp. WB $11,400 Buy $67 Open Text Corp. OTEX $13,437 Buy $56 WiMi Hologram Cloud, Inc. WIMI $427 Buy $8 Pegasystems, Inc. PEGA $9,758 Buy $160 JOYY, Inc. Sponsored ADR Class A YY $8,256 Buy $165 Powerbridge Technologies Co. PBTS $27 Speculative Buy $10 Progress Software Corp. PRGS $1,977 Buy $55 China Consumer Fawne Jiang 212‐312‐6712 Real Page, Inc. RP $8,966 Hold NA China Online Education Group COE $430 Buy $38 Rimini Street Inc Class A RMNI $776 Buy $13 Huazhu Group Ltd. HTHT $18,205 Buy $76 SPS Commerce, Inc. SPSC $3,617 Buy $120 New Oriental Edu. & Tech. Group EDU $24,905 Buy $195 Tyler Technologies TYL $17,793 Buy $520 TAL Education TAL $34,891 Buy $95 Varonis Systems, Inc. VRNS $5,536 Buy $205 Trip.com Group Ltd. TCOM $23,171 Buy $52 Internet Daniel Kurnos, CFA 561‐939‐8262 Entertainment Software & Med. Mike Hickey 720‐236‐0207 1‐800‐FLOWERS FLWS $1,724 Buy $42 Activision Blizzard, Inc. ATVI $74,733 Buy $118 Amazon.com AMZN $1,661,411 Buy $4,400 AMC Entertainment AMC $4,407 Hold NA ANGI Homeservices Inc ANGI $7,586 Buy $16 Cinemark Holdings CNK $2,746 Buy $30 Blucora, Inc. BCOR $817 Buy $21 DraftKings Inc Class A DKNG $48,321 Buy $75 Booking Holdings Inc. BKNG $99,455 Hold NA Electronic Arts, Inc EA $40,713 Buy $177 Car Gurus, Inc. CARG $2,920 Buy $40 Esports Entertainment Group Inc GMBL $276 Speculative Buy $20 Cars.com, Inc. CARS $914 Buy $18 DeNA Company Limited 2432‐TKS ¥286,725 Buy ¥2700 Cinedigm Corp CIDM $231 Speculative Buy $3.50 dMY Technology Group DMYD $685 Buy $30 eBay Inc. EBAY $42,317 Buy $80 Glu Mobile GLUU $2,197 Hold NA Expedia, Inc. EXPE $25,114 Buy $175 Golden Nugget Online Gaming, Inc. GNOG $1,329 Buy $24 Grubhub, Inc. GRUB $6,096 Hold NA Imax Corp. IMAX $1,297 Buy $24 IAC/InterActiveCorp IAC $19,922 Buy $265 Marcus Corp. MCS $664 Buy $24 NCR Corp. NCR $5,116 Buy $44 Motorsport Games, Inc. MSGM $429 Buy $42 Porch Group, Inc. PRCH $1,547 Buy $26 National CineMedia, Inc. NCMI $757 Buy $6 Roku, Inc. Class A ROKU $47,860 Buy $600 Rush Street Interactive RSI $3,339 Buy $34 TrueCar, Inc. TRUE $505 Buy $8 Take Two Interactive TTWO $21,147 Buy $250 Waitr Holdings Inc. WTRH $321 Buy $5 Ubisoft Entertainment, SA UBI‐PAR € 8,328 Hold NA Zillow Inc. ZG $35,463 Buy $230 World Wrestling Entertainment WWE $4,366 Buy $62 Zynga, Inc. ZNGA $11,588 Buy $12 Publishing & Broadcasting Daniel Kurnos, CFA 561‐939‐8262 ViacomCBS Inc VIAC $26,740 Buy $120 Cannabis Mike Hickey 720‐236‐0207 Chicken Soup for the Soul CSSE $413 Buy $31 Canopy Growth Corp. WEED‐TSE CAD 13,668 Hold NA CuriosityStream, Inc. CURI $683 Buy $22 Charlotte's Web Holdings, Inc. CWEB‐TSE $790 Speculative Buy $6 Gray Television, Inc. GTN $1,842 Buy $26 Green Thumb Industries GTII‐CNQ $7,413 Buy $45 Meredith Corp. MDP $1,429 Buy $38 KushCo Holdings, Inc. KSHB $199 Speculative Buy $2 Nexstar Broadcasting Group, Inc. NXST $6,410 Buy $180 Tilray, Inc. TLRY $3,536 Hold NA Sinclair Broadcasting Group, Inc. SBGI $2,231 Buy $40 The E.W. Scripps Company SSP $1,677 Buy $25 TEGNA, Inc. TGNA $4,510 Buy $22
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Equity Research Coverage April 9, 2021
COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Automotive Michael Ward 203‐632‐6202 Semiconductor & Related Ruben Roy 212‐312‐6702 Adient plc ADNT $3,962 Buy $47 Advanced Micro Devices, Inc. AMD $101,238 Hold NA Aptiv PLC APTV $37,905 Hold NA Cadence Design Systems, Inc. CDNS $40,594 Buy $150 AutoNation, Inc. AN $7,553 Hold NA Cirrus Logic, Inc. CRUS $4,999 Buy $105 Carvana Co. Class A CVNA $46,683 Hold NA Diodes Incorporated DIOD $3,598 Buy $95 Cooper‐Standard Holdings Inc. CPS $592 Buy $46 Ideal Power Inc. IPWR $67 Buy $28 Ford Motor Company F $49,930 Buy $14 Intel Corporation INTC $273,051 Hold NA Forum Merger III Corporation Class A FIII $322 Buy $23 Lattice Semiconductor Corporation LSCC $6,834 Buy $55 General Motors Company GM $86,584 Buy $64 MACOM Technology Solutions Holdings MTSI $4,080 Buy $72 GigCapital3, Inc. GIK $267 Buy $17 Marvell Technology Group Ltd. MRVL $34,042 Buy $52 Group 1 Automotive, Inc. GPI $2,851 Buy $190 Maxim Integrated Products, Inc. MXIM $25,893 Hold NA Lear Corporation LEA $10,758 Buy $186 NVIDIA Corporation NVDA $355,062 Buy $670 Lithia Motors, Inc. Class A LAD $10,567 Buy $380 ON Semiconductor Corporation ON $18,002 Buy $45 Lyft Inc Class A LYFT $20,397 Hold NA One Stop Systems, Inc. OSS $118 Speculative Buy $8.00 Magna International Inc. MGA $26,986 Buy $99 Qorvo, Inc. QRVO $21,919 Buy $200 Penske Automotive Group, Inc. PAG $6,556 Buy $90 Silicon Laboratories Inc. SLAB $6,558 Buy $190 Shift Technologies Inc Class A SFT $724 Buy $13 Skyworks Solutions, Inc. SWKS $31,311 Buy $215 Sonic Automotive, Inc. Class A SAH $2,063 Buy $54 Synopsys, Inc. SNPS $39,771 Buy $320 Superior Industries International, Inc. SUP $147 Hold NA Thunder Bridge Acquisition II Ltd Class THBR $453 Buy $17 Vroom, Inc. VRM $5,389 Hold NA Xilinx, Inc. XLNX $32,630 Hold NA Velodyne Lidar Inc. VLDR $2,553 Buy $25 Coal & Transportation Nate Martin 804‐822‐1364 Alliance Resource Partners, L.P. ARLP $753 Buy $7 Technology, Hardware Mark Miller 703‐360‐6203 Alpha Metallurgical Resources, Inc. AMR $265 Hold NA ACM Research, Inc. ACMR $1,670 Hold NA Arch Resources, Inc. Class A ARCH $681 Buy $54 Amtech Systems ASYS $185 Buy $16 CSX Corporation CSX $73,276 Buy $106 Axcelis Technologies ACLS $1,544 Buy $45 Canadian National Railway Co. CNI $82,406 Hold NA Coherent Inc. COHR $6,457 Hold NA Canadian Pacific Railway Ltd. CP $49,950 Hold NA II‐VI Incorporated IIVI $7,990 Buy $105 CONSOL Energy Inc CEIX $322 Buy $11 IPG Photonics IPGP $12,375 Hold NA Coronado Global Resources Inc. Shs Ch CRN‐ASX $1,259 Hold NA Intevac, Inc. IVAC $179 Buy $9 Kansas City Southern Railway KSU $23,844 Hold NA MKS Instruments, Inc. MKSI $10,771 Buy $190 Natural Resource Partners L.P. NRP $198 Buy $15 nLight, Inc. LASR $1,371 Hold NA Norfolk Southern Corporation NSC $72,644 Buy $295 Nova Measuring Instruments Ltd. NVMI $2,753 Buy $92 Peabody Energy Corporation BTU $332 Hold NA Onto Innovation, Inc. ONTO $3,501 Buy $70 Ramaco Resources, Inc. METC $184 Buy $6 Seagate Technology plc STX $18,522 Buy $82 SunCoke Energy, Inc. SXC $538 Buy $7 Veeco Instruments VECO $1,072 Buy $25 Teck Resources Limited Class B TECK $10,551 Buy CAD 24 Western Digital WDC $22,327 Buy $75 Union Pacific Corporation UNP $146,795 Buy $242 Warrior Met Coal, Inc. HCC $882 Hold NA Aerospace & Defense Josh Sullivan 212‐312‐6775 AAR Corporation AIR $1,448 Buy $52 Construction Reuben Garner 703‐472‐7473 Allegheny Technologies Inc. ATI $2,824 Buy $21 Belden Inc. BDC $1,967 Buy $59 Arconic Inc. ARNC $2,889 Buy $34 BlueLinx Holdings, Inc. BXC $411 Buy $65 Boeing Company BA $148,799 Buy $270 Boise Cascade Co. BCC $2,570 Buy $56 CACI International Inc Class A CACI $6,288 Buy $300 Builders FirstSource, Inc. BLDR $9,772 Buy $56 Carpenter Technology Corporation CRS $2,003 Hold NA Ceasarstone Ltd. CSTE $478 Buy $17 Constellium SE Class A CSTM $2,099 Buy € 19 Herman Miller, Inc. MLHR $2,562 Buy $50 Desktop Metal, Inc. Class A DM $3,483 Buy $28 HNI Corporation HNI $1,729 Buy $43 Fortress Transportation & Infrastructure FTAI $2,447 Buy $50 Installed Building Products, Inc. IBP $3,459 Hold NA HEICO Corporation HEI $16,758 Buy $120 JELD‐WEN Holding, Inc. JELD $2,862 Hold NA Howmet Aerospace Inc. HWM $13,793 Hold NA Landcadia Holdings III, Inc. Class A LCY $656 Buy $16 Jacobs Engineering Group Inc. J $17,272 Buy $130 Masonite International Corp. DOOR $3,024 Buy $137 Kaiser Aluminum Corporation KALU $1,767 Buy $120 Owens Corning OC $9,933 Buy $107 Kratos Defense & Security Solutions, Inc KTOS $3,498 Buy $30 Quanex Building Products Corporation NX $901 Buy $30 L3Harris Technologies Inc LHX $42,653 Buy $225 Steelcase Inc. Class A SCS $1,645 Hold NA PAE Incorporated Class A PAE $795 Buy $14 TopBuild Corp. BLD $6,982 Hold NA Parsons Corporation PSN $4,211 Buy $45 Trex Company, Inc. TREX $11,021 Hold NA Raytheon Technologies Corporation RTX $117,462 Hold NA UFP Industries, Inc. UFPI $4,923 Buy $80 Science Applications International Corp SAIC $5,006 Buy $105 Spirit AeroSystems Holdings, Inc. Class SPR $5,169 Hold NA Ultralife Corporation ULBI $133 Buy $12 VSE Corporation VSEC $513 Buy $55
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Equity Research Coverage April 9, 2021
COMPANY TICKER Mkt. Cap ($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 $167 Buy $13 Amedisys, Inc AMED $8,986 Buy $325 BIOLASE, Inc. BIOL $152 Speculative Buy $2 AMN Healthcare Services AMN $3,536 Buy $95 ChemBio Diagnostics, Inc. CEMI $89 Hold NA Cross Country Healthcare CCRN $473 Buy $12 Clene Inc. CLNN $764 Buy $25 Cynergistek, Inc. CTEK $24 Hold NA CNS Pharmaceuticals, Inc. CNSP $58 Speculative Buy $8 Healthcare Services Group, Inc HCSG $2,114 Hold NA Exact Sciences Corporation EXAS $21,728 Buy $165 Huron Consulting Group, Inc. HURN $1,212 Buy $64 Flexion Therapeutics, Inc. FLXN $414 Buy $20 LHC Group, Inc. LHCG $6,335 Buy $250 Invitae Corporation NVTA $7,526 Hold NA CareCloud, Inc. MTBC $120 Buy $15 Hoth Therapeutics, Inc. HOTH $44 Speculative Buy $10 Ontrak, Inc. OTRK $565 Buy $50 Harvard Biosciences HBIO $261 Speculative Buy $7 Omnicell, Inc. OMCL $5,754 Buy $155 NeoGenomics NEO $5,603 Buy $60 Premier, Inc. PINC $4,150 Buy $42 OncoCyte Corporation OCX $475 Speculative Buy $11 RCM Technologies, Inc. RCMT $40 Buy $5 Orgenesis Inc. ORGS $134 Buy $9 Select Medical SEM $4,668 Buy $40 Seelos Therapeutics, Inc. SEEL $428 Speculative Buy $6 SOC Telemed TLMD $515 Buy $10 STAAR Surgical Corporation STAA $5,354 Hold NA Surgery Partners, Inc. SGRY $2,756 Buy $50 Vesper Healthcare Acquisition Corp. Cla VSPR $622 Buy $16 Tabula Rasa Healthcare, Inc. TRHC $1,064 Buy $55 VolitionRx VNRX $190 Speculative Buy $6 Special Situations Bill Sutherland 215‐380‐0276 Healthcare & Biotechnology Robert Wasserman 212‐312‐6764 Amesite, Inc. AMST $74 Speculative Buy $7 BioLife Solutions, Inc. BLFS $1,196 Buy $54 cbdMD, Inc. YCBD $190 Speculative Buy $6 Bio‐Techne Corporation TECH $15,719 Buy $410 Taronis Fuels Inc TRNF $32 Speculative Buy $0.5 Champions Oncology, Inc. CSBR $152 Speculative Buy $14 Codexis, Inc. CDXS $1,586 Buy $29 Communications Matthew Harrigan 303‐548‐0448 Emergent BioSolutions Inc. EBS $4,188 Buy $150 Altice USA, Inc. ATUS $21,909 Buy $48 Fortress Biotech, Inc. FBIO $463 Buy $8 Comcast Corporation CMCSA $248,867 Buy $70 Halozyme Therapeutics, Inc. HALO $6,047 Buy $55 Charter Communications, Inc. CHTR $119,176 Buy $775 Integer Holdings Corporation ITGR $3,063 Buy $105 Liberty Braves Group BATRA $1,577 Buy $33 Ligand Pharmaceuticals Incorporated LGND $2,586 Buy $215 Liberty Broadband Corp. LBRDA $28,883 Buy $195 Nephros, Inc. NEPH $78 Speculative Buy $13 Liberty Global plc LBTYA $14,758 Buy $40 Proto Labs, Inc. PRLB $3,123 Buy $235 Libery Latin America LILA $3,257 Buy $19 Liberty Sirius XM Group LSXMA $15,642 Buy $67 Biotechnology Aydin Huseynov, M.D., CFA 212‐312‐6759 Netflix, Inc. NFLX $245,621 Sell $472 Incyte Corporation INCY $17,770 Hold NA Ooma Inc OOMA $382 Buy $24 Ionis Pharmaceuticals, Inc. IONS $6,013 Hold NA Sirius XM Holdings Inc SIRI $26,123 Buy $8 Inovio Pharmaceuticals, Inc. INO $1,833 Buy $15 Nektar Therapeutics NKTR $3,505 Hold NA Emerging Growth Neurocrine Biosciences, Inc. NBIX $8,708 Hold NA GrowGeneration Corp. GRWG $3,232 Buy $8 NextCure, Inc. NXTC $271 Buy $17 Lakeland Industries, Inc. LAKE $226 Buy $31 Processa Pharmaceuticals, Inc. PCSA $158 Speculative Buy $15 Voyager Digital Ltd. VYGVF $3,593 Speculative Buy $1.0 Regeneron Pharmaceuticals, Inc. REGN $51,033 Buy $590 Salarius Pharmaceuticals, Inc. SLRX $64 Speculative Buy $5 Semiconductors & Related Technology Scopus BioPharma Inc. SCPS $126 Speculative Buy $20 MaxLinear Inc. MXL $2,669 Buy $25 Voyager Therapeutics, Inc. VYGR $179 Buy $20 MOSYS, Inc. MOSY $24 Speculative Buy $1 Quicklogic Inc. QUIK $83 Speculative Buy $2
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Equity Research Coverage April 9, 2021
Benchmark Special Purpose Acqusion Company (SPAC) Equity Research
COMPANY TICKER Mkt. Cap ($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 DraftKings Inc Class A DKNG $48,321 Buy $75 Thunder Bridge Acquisition II Ltd Class THBR $453 Buy $17 dMY Technology Group DMYD $685 Buy $30 Velodyne Lidar Inc. VLDR $2,553 Buy $25 Golden Nugget Online Gaming, Inc. GNOG $1,329 Buy $24 Rush Street Interactive RSI $3,339 Buy $34 Construction Reuben Garner 703‐472‐7473 Landcadia Holdings III, Inc. Class A LCY $656 Buy $16 Enterprise Software Mark Schappel 212‐312‐6749 Churchill Capital Corp II Class A CCX $866 Buy $14 Aerospace & Defense Josh Sullivan 212‐312‐6775 Crescent Acquisition Corp Class A CRSA $925 Buy $14 Desktop Metal, Inc. Class A DM $3,483 Buy $28 E2open, Inc. ETWO $2,397 Buy $15 PAE Incorporated Class A PAE $795 Buy $14
Internet Daniel Kurnos, CFA 561‐939‐8262 Healthcare Technology Bruce Jackson 651‐315‐2260 Porch Group, Inc. PRCH $1,547 Buy $26 Vesper Healthcare Acquisition Corp. Cla VSPR $622 Buy $16 Waitr Holdings Inc. WTRH $321 Buy $5 Healthcare Services Bill Sutherland 215‐380‐0276 Publishing & Broadcasting Daniel Kurnos, CFA 561‐939‐8262 SOC Telemed TLMD $515 Buy $10 CuriosityStream, Inc. CURI $683 Buy $22
Automotive Michael Ward 203‐632‐6202 Forum Merger III Corporation Class A FIII $322 Buy $23 GigCapital3, Inc. GIK $267 Buy $17 Shift Technologies Inc Class A SFT $724 Buy $13
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Equity Research Coverage April 9, 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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