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STEPHENS INC. – EQUITY RESEARCH STATISTICAL REVIEW May 2019 © 2019 Stephens Inc. 111 Center Street Little Rock, AR 72201 501-377-2000/800-643-9691 stephens.com Member NYSE, SIPC CONFIDENTIALRefer to pages AND PROPRIETARY65-68 for MLP INFORMATION and REIT OF Company STEPHENS INC|-Specific MEMBER RisksNYSE, SIPC Refer to Appendix on page 69 for Important Disclosures and Analyst Certification May 2019 Monthly Statistical Review Equity Research Industry Coverage List ........................................................................................................................................................... 2 Equity Research Company Coverage List ......................................................................................................................................................... 10 Coverage Changes ........................................................................................................................................................................................... 16 Rating Changes ............................................................................................................................................................................................... 17 Consumer Healthcare Food & Agribusiness .............................................................. 18 Diagnostics and Life Science Tools ............................................. 35 Grocery/C-Store ................................................................... 19 Healthcare Services ................................................................. 36 Restaurants ......................................................................... 20 Managed Care and Healthcare Facilities ...................................... 37 Retail/Broadlines .................................................................. 21 Medical Devices and Hospital Supply .......................................... 38 Retail/Hardlines .................................................................... 22 Industrials Energy Agriculture .............................................................................. 39 Exploration and Production .................................................... 23 Building Materials .................................................................... 40 Oilfield Services .................................................................... 25 Chemicals ............................................................................... 41 Electrical Equipment/Multi-Industry ............................................ 42 Financial Services Industrial Products and Services ................................................ 43 Banks-Mid-Atlantic ................................................................ 26 Paper and Wood Products ......................................................... 44 Banks-Midwest ..................................................................... 27 Transportation/Airfreight and Logistics/Maritime .......................... 45 Banks-Northeast................................................................... 28 Transportation/Railroads and Equipment Suppliers ....................... 46 Banks-Southeast .................................................................. 29 Transportation/Truckload and Less-Than-Truckload ...................... 47 Banks-Southwest.................................................................. 30 Banks-Super-Regional ........................................................... 31 Technology, Media and Telecommunications Banks-West Coast ................................................................ 32 Business Services .................................................................... 48 Real Estate Services ............................................................. 33 Enterprise and Cloud Infrastructure ............................................ 49 Specialty Finance .................................................................. 34 Internet, Video Games and Online Gaming .................................. 50 Media ..................................................................................... 51 SaaS and Enterprise Software ................................................... 52 Coverage List by Market Capitalization ........................................................................................................................................................... 53 Institutional Sales & Trading .......................................................................................................................................................................... 70 Branch Offices ................................................................................................................................................................................................. 71 © 2019 Stephens Inc. 111 Center Street Little Rock, AR 72201 501-377-2000 800-643-9691 stephens.com Member NYSE, SIPC EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335 CONSUMER Ben Bienvenu, Managing Director Rick Nelson, CFA, CPA, Managing Director Will Slabaugh, Managing Director (501) 377-8511 (312) 292-5768 (501) 377-2259 Tim Perz, Associate (212) 891-1782 Nicholas Zangler, CFA, Senior Associate (312) 292-5753 Niall Pratt, Associate (501) 377-3721 Pooran Sharma, CFA, Associate (212) 891-1794 Retail/Hardlines Restaurants Food & Agribusiness ABG Asbury Automotive Group, Inc. BJRI BJ’s Restaurants CALM Cal-Maine Foods, Inc. AN AutoNation, Inc. EAT Brinker International CVGW Calavo Growers, Inc. CWH Camping World Holdings TAST Carrols Restaurant Group HRL Hormel Foods Corp. KMX CarMax, Inc. CAKE Cheesecake Factory, The LMNR Limoneira Company CVNA Carvana Co. CMG Chipotle Mexican Grill PPC Pilgrim’s Pride Corp. CONN Conn’s, Inc. CHUY Chuy’s Holdings, Inc. SAFM Sanderson Farms, Inc. FND Floor & Décor Holdings DRI Darden Restaurants TSN Tyson Foods, Inc. GPI Group 1 Automotive, Inc. DFRG Del Frisco’s Restaurant Group LAD Lithia Motors, Inc. DENN Denny's Corp. Grocery/C-Store LL Lumber Liquidators Holdings DPZ Domino’s Pizza, Inc. CASY Casey’s General Stores MIK Michaels Companies, The DNKN Dunkin’ Brands Group CORE Core-Mark Holding Co. MNRO Monro Muffler Brake, Inc. FRGI Fiesta Restaurant Group CAPL CrossAmerica Partners LP OLLI Ollie’s Bargain Outlet GTIM Good Times Restaurants KR Kroger Co. PRTY Party City Holdco Inc. GRUB GrubHub Inc. MUSA Murphy USA Inc. PAG Penske Automotive Group, Inc. HABT Habit Restaurants, Inc. SFM Sprouts Farmers Market SAH Sonic Automotive, Inc. JAX J. Alexander’s Holdings WMT Walmart Inc. TITN Titan Machinery Inc. MCD McDonald’s Corp. W Wayfair Inc. PZZA Papa John’s International RRGB Red Robin Gourmet Burgers, Inc. Daniel Imbro, Analyst QSR Restaurant Brands International (501) 377-2055 RUTH Ruth’s Hospitality Group SBUX Starbucks Corp. TXRH Texas Roadhouse, Inc. Retail/Broadlines WEN Wendy’s Co., The GOLF Acushnet Holdings Corp. WING Wingstop, Inc. AAP Advance Auto Parts AZO AutoZone, Inc. ELY Callaway Golf Compnay CPRT Copart, Inc. KAR KAR Auction Services, Inc. LKQ LKQ Corp. ORLY O’Reilly Automotive, Inc. TSCO Tractor Supply Co. YOGA YogaWorks, Inc. Monthly Statistical Review Member NYSE, SIPC May 2019, Page 2 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335 ENERGY Drew Lipke, Analyst Tommy Moll, Analyst Gail Nicholson, Managing Director (501) 377-2108 (501) 377-6306 (301) 904-7466 Michael Newton, Associate (501) 377-1721 Cameron Lochridge, Associate (501) 377-8078 Fletcher Sipple, Associate (501) 377-2347 Exploration and Production Oilfield Services Exploration and Production CRZO Carrizo Oil & Gas, Inc. BAS Basic Energy Services, Inc. AXAS Abraxas Petroleum Corp. CLR Continental Resources, Inc. CJ C & J Energy Services, Inc. APA Apache Corporation LLEX Lilis Energy, Inc. WHD Cactus, Inc. CPE Callon Petroleum Co. MTDR Matador Resources Co. BOOM DMC Global CDEV Centennial Resource Development, Inc. PXD Pioneer Natural Resources Co. HAL Halliburton Company CXO Concho Resources, Inc. SM SM Energy Company HP Helmerich & Payne DNR Denbury Resources, Inc. HCLP Hi-Crush Partners LP DVN Devon Energy Corp. FRAC Keane Group, Inc. FANG Diamondback Energy, Inc. TUSK Mammoth Energy Services ESTE Earthstone Energy, Inc. NBR Nabors Industries XOG Extraction Oil & Gas, Inc. NOV National Oilwell Varco, Inc. FLMN Falcon Minerals Corp. PTEN Patterson-UTI Energy Inc. HES Hess Corp. PUMP ProPetro Holding Corp. KRP Kimbell Royalty Partners QES Quintana Energy Services, Inc. MUR Murphy Oil Corp. RES RPC, Inc. NBL Noble Energy, Inc. SLB Schlumberger NV OAS Oasis Petroleum, Inc. WTTR Select Energy Services, Inc. PE Parsley Energy, Inc. SPN Superior Energy Services PDCE PDC Energy, Inc. SLCA U.S. Silica Holdings, Inc. QEP QEP Resources, Inc. RRC Range Resources Corp. TALO Talos Energy, Inc. UNT Unit Corp. VNOM Viper Energy Partners LP WLL Whiting Petroleum Corp. WPX WPX Energy, Inc. Monthly Statistical Review Member NYSE, SIPC May 2019, Page 3 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335 FINANCIAL SERVICES Vincent Caintic, CFA, Managing Director John Campbell, Analyst Terry McEvoy, CFA, Managing Director (212) 891-1715 (501) 377-6362 (207) 808-5025 Morgan O’Donovan, CFA, Senior Associate (954) 637-2234 Carter Trent, Associate (501) 377-8215 Alex Glockner (207) 835-3007 Specialty Finance Real Estate Services Banks-Midwest AAN Aaron’s, Inc. BKI Black