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Global Research Published by Raymond James & Associates Global Research Published by Raymond James & Associates March 2018 © 2018 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 Healthcare Real Estate USA .......................... 19 USA .......................... 44 USA .......................... 59 CAN .......................... 22 CAN .......................... 62 EUR .......................... 22 EUR .......................... 63 Energy Industrial Technology & Communications USA .......................... 25 USA .......................... 51 USA .......................... 65 CAN .......................... 30 CAN ......................... 52 CAN .......................... 72 EUR .......................... 33 EUR .......................... 53 EUR .......................... 73 Financial Services Mining & Natural Resources Transportation USA .......................... 35 CAN ......................... 55 USA .......................... 74 CAN .......................... 42 CAN .......................... 76 Analyst Index ................................................................................3 Research Analysts and Sales & Trading Directories Upcoming Events ..........................................................................4 USA .......................... 77 Research Coverage Changes ........................................................4 Canada ..................... 80 About This Publication ..................................................................5 Europe ..................... 81 Company Index .............................................................................7 Companies Under Coverage .......................................................19 2 Raymond James Research Register - March 2018 Analyst Index J. Marshall Adkins (JMA) ............................... 25 Robert Dodd, Ph.D. (RD) ............................... 35 Pavel Molchanov (PM) ............................. 25,33 Joseph Altobello, CFA (JA) ............................. 19 John Freeman, CFA (JF) ................................. 25 Kurt Molnar (KM) .......................................... 30 Ken Avalos (KA) ............................................. 62 Brian Gesuale (BG) ........................................ 65 Praveen Narra, CFA (PN) .......................... 25,33 Michael J. Baker (MJB) .................................. 44 Farooq Hamed, CA (FH) ................................. 55 Patrick O'Shaughnessy, CFA (PO) .................. 35 Frederic Bastien, CFA (FB) ................... 30,52,62 Steve Hansen, CFA, CPA, CMA (SH) ..... 52,55,76 Justin Patterson, CFA (JP) .............................. 65 Jayson Bedford (JB) ....................................... 44 Tara Hassan, P.Eng (TH) ................................ 55 C. Gregory Peters (CGP) ................................ 35 Reni Benjamin, Ph.D. (RB) ............................. 44 Buck Horne, CFA (BH) .................................... 59 Brian Peterson, CFA (BP) ............................... 65 Stephane Beyazian (SB) ................................ 73 Darren Horowitz (DH) ................................... 25 Brenna Phelan, CFA, CPA, CA (BP) ............ 42,52 Marion Boucheron (MB) ............................... 22 Jonathan Hughes, CFA (JH) ............................ 59 Ric Prentiss (RP)............................................. 65 Mehdi Boudokhane (MB) .............................. 53 Nicholas Jansen (NJ) ...................................... 44 Paul D. Puryear (PDP) ............................... 59,65 Andrew Bradford, CFA (AB) .......................... 30 Justin Jenkins (JJ) ........................................... 25 David Quezada, CFA (DQ) ......................... 30,52 Harry Breach (HB) ......................................... 53 Wayne Johnson (WJ) ..................................... 65 John W. Ransom (JWR).................................. 44 Patrick Tyler Brown, CFA (TB) .................. 51,74 Aaron Kessler, CFA (AK)................................. 65 Emmanuel Retif (ER) ..................................... 33 Benjamin Brownlow (BBL) ....................... 19,25 Lawrence Keusch (LK).................................... 44 Johann Rodrigues (JR) ................................... 62 Budd Bugatch, CFA (BB) ................................ 19 Patrick Lambert (PL) ...................................... 53 Michael Rose (MR) ........................................ 35 Daniel E. Cardenas (DC) ................................ 35 Cedric Lecasble (CL) ...................................... 22 Daryl Swetlishoff, CFA (DS) .................. 52,55,76 Chris Caso (CC) .............................................. 65 Simon LeChipre, CFA (SL) .................... 22,63,74 Savanthi Syth, CFA (SS) .................................. 74 Ben Cherniavsky (BC) ............................... 52,76 Simon Leopold (SL) ........................................ 65 Adam Tindle, CFA (AT) ................................... 65 Laura Chico, Ph.D. (LC) .................................. 44 Steven Li, CFA (SLi) ................................... 65,72 Michael Turits, Ph.D. (MT) ............................. 65 Chris Cox, CFA (CC) ........................................ 30 David J. Long, CFA (DJL) ................................. 35 Kenric S. Tyghe, MBA (KT) ............................. 22 William A. Crow (WAC) ................................. 59 Frank G. Louthan IV (FGL) ............................. 65 Brian M. Vaccaro, CFA (BV) ........................... 19 Sam Darkatsh (SD) ................................... 19,51 Brian MacArthur, CFA (BMa) ......................... 55 William J. Wallace IV (WW) ........................... 35 Hermine de Bentzmann (HB) ........................ 22 Jeremy McCrea, CFA (JM) ............................. 30 Dan Wewer, CFA (DW) .................................. 19 Jean-Pierre Dmirdjian (JPD) .......................... 33 Collin Mings, CFA (CM) .................................. 59 Elliot Wilbur, CFA (EW) .................................. 44 Donald A. Worthington (DAW) ...................... 35 Raymond James Research Register - March 2018 3 Upcoming Events 39th Annual Institutional Investors Conference (USA) Credit Symposium (USA) March 4-7, 2018; Orlando, Florida May 21, 2018; New York, New York Chemical Industry Leaders Conference (EUR & USA) Boston Spring Investors Conference (USA) March 20, 2018; London, England June 5, 2018; Boston, Massachusetts Research Coverage Changes Additions Deletions USA USA CBRE Group, Inc. (CBG:N) ADTRAN, Inc. (ADTN:Q) Jones Lang LaSalle Incorporated (JLL:N) Buffalo Wild Wings, Inc. (BWLD:Q) Newmark Group, Inc. (NMRK:Q) CafePress Inc. (PRSS:Q) Sol-Gel Technologies Ltd. (SLGL:Q) CalAtlantic Group, Inc. (CAA:N) CAN DXC Technology Company (DXC:N) Automotive Properties REIT (APR.UN:T) Extreme Networks, Inc. (EXTR:Q) MAG Silver Corp. (MAG:T) Ubiquiti Networks, Inc. (UBNT:Q) CAN Alterra Power Corp. (AXY:T) Changes DineEquity, Inc. (DIN:N) changed its name to Dine Brands Global, Inc. Fortress Paper Ltd. (FTP:T) changed its name and symbol to Fortress Global Enterprises Inc. (FGE:T) Potlatch Corporation (PCH:Q) changed its name to PotlatchDeltic Corporation The Priceline Group Inc. (PCLN:Q) changed its name and symbol to Booking Holdings Inc. (BKNG:Q) Simmons First National Corporation (SFNC:Q) adjusted for 2:1 split Wal-Mart Stores, Inc. (WMT:N) changed its name to Walmart Inc. Welltower Inc. (HCN:N) changed its symbol to WELL 4 Raymond James Research Register - March 2018 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
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