Global Research Published by Raymond James & Associates
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Global Research Published by Raymond James & Associates February 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 Healthcare Real Estate USA .......................... 19 USA .......................... 44 USA .......................... 56 CAN .......................... 22 CAN .......................... 59 EUR .......................... 22 EUR .......................... 60 Energy Industrial Technology & Communications USA .......................... 25 USA .......................... 50 USA .......................... 62 CAN .......................... 30 CAN ......................... 51 CAN .......................... 70 EUR .......................... 32 EUR .......................... 52 EUR .......................... 71 Financial Services Mining & Natural Resources Transportation USA .......................... 35 CAN ......................... 54 USA .......................... 72 CAN .......................... 42 CAN .......................... 74 EUR .......................... 74 Analyst Index ................................................................................3 Research Analysts and Sales & Trading Directories Upcoming Events ..........................................................................4 USA .......................... 75 Research Coverage Changes ........................................................4 Canada ..................... 78 About This Publication ..................................................................5 Europe ..................... 79 Company Index .............................................................................7 Companies Under Coverage .......................................................19 2 Raymond James Research Register - February 2017 Analyst Index J. Marshall Adkins (JMA) ............................... 25 Brian Gesuale (BG) ........................................ 62 Michael Overvelde, CFA, CPA, CA (MO) ... 42,51 Brian G. Alexander, CFA (BGA) ...................... 62 Steve Hansen, CFA, CPA, CMA (SH) ..... 51,54,74 Justin Patterson, CFA (JP) .............................. 62 Joseph Altobello, CFA (JA) ............................. 19 Tara Hassan, P.Eng (TH) ................................ 54 C. Gregory Peters (CGP) ................................ 35 Ken Avalos (KA) ............................................. 59 Buck Horne, CFA (BH) .................................... 56 Brian Peterson, CFA (BP) ............................... 62 Michael J. Baker (MJB) .................................. 44 Darren Horowitz (DH) ................................... 25 Ric Prentiss (RP)............................................. 62 Frederic Bastien, CFA (FB) ................... 30,51,59 Jonathan Hughes, CFA (JH) ............................ 56 Paul D. Puryear (PDP) ............................... 56,62 Jayson Bedford (JB) ....................................... 44 Nicholas Jansen (NJ) ...................................... 44 David Quezada, CFA (DQ) ......................... 30,51 Reni Benjamin, Ph.D. (RB) ............................. 44 Justin Jenkins (JJ) ........................................... 25 John W. Ransom (JWR).................................. 44 Stephane Beyazian (SB) ................................ 71 Wayne Johnson (WJ) ..................................... 62 Christopher Raymond (CR) ............................ 44 Mehdi Boudokhane (MB) .............................. 52 Aaron Kessler, CFA (AK)................................. 62 Emmanuel Retif (ER) ..................................... 32 Andrew Bradford, CFA (AB) .......................... 30 Lawrence Keusch (LK).................................... 44 Julien Richer, CFA (JR) ......................... 22,60,74 Harry Breach (HB) ......................................... 52 Patrick Lambert (PL) ...................................... 52 Johann Rodrigues, (Associate Analyst) (JR) ... 59 Patrick Tyler Brown, CFA (TB) .................. 50,72 Cedric Lecasble (CL) ...................................... 22 Michael Rose (MR) ........................................ 35 Benjamin Brownlow (BBL) ....................... 19,25 Simon Leopold (SL) ........................................ 62 J. Steven Smigie (JSS) ..................................... 62 Budd Bugatch, CFA (BB) ........................... 19,50 Steven Li, CFA (SLi) .............................. 30,62,70 Daryl Swetlishoff, CFA (DS) ....................... 51,54 Daniel E. Cardenas (DC) ................................ 35 David J. Long, CFA (DJL) ................................. 35 Savanthi Syth, CFA (SS) .................................. 72 Ben Cherniavsky (BC) ............................... 51,74 Frank G. Louthan IV (FGL) ............................. 62 Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 54 Laura Chico, Ph.D. (LC) .................................. 44 Brian Martin, CFA (Associate Analyst) (BM) .. 51 Terry Tillman (TT) .......................................... 62 Chris Cox, CFA (CC) ........................................ 30 Tavis C. McCourt, CFA (TMC)......................... 62 Adam Tindle, CFA (AT) ................................... 62 William A. Crow (WAC) ................................. 56 Jeremy McCrea, CFA (JM) ............................. 30 Michael Turits, Ph.D. (MT) ............................. 62 Sam Darkatsh (SD) ................................... 19,50 Collin Mings, CFA (CM) .................................. 56 Kenric S. Tyghe, MBA (KT) ............................. 22 Hermine de Bentzmann (HB) ........................ 22 Pavel Molchanov (PM) .................................. 25 Brian M. Vaccaro, CFA (BV) ........................... 19 Jean-Pierre Dmirdjian (JPD) ..................... 25,32 Kurt Molnar (KM) .......................................... 30 William J. Wallace IV (WW) ........................... 35 Robert Dodd, Ph.D. (RD) ............................... 35 Praveen Narra, CFA (PN) ............................... 25 Dan Wewer, CFA (DW) .................................. 19 John Freeman, CFA (JF) ................................. 25 Patrick O'Shaughnessy, CFA (PO) .................. 35 Elliot Wilbur, CFA (EW) .................................. 44 Donald A. Worthington (DAW) ...................... 35 Raymond James Research Register - February 2017 3 Upcoming Events 38th Annual Institutional Investors Conference (USA) March 5-8, 2017; Orlando, Florida Research Coverage Changes Additions Deletions USA USA Matador Resources Company (MTDR:N) Applied Micro Circuits Corporation (AMCC:Q) Organovo Holdings, Inc. (ONVO:Q) Papa Murphy's Holdings, Inc. (FRSH:Q) WildHorse Resource Development Corporation (WRD:N) EUR CAN Technip (TECF.PA:EPA) Integra Gold Corporation (ICG:V) NAPEC Inc. (NPC:T) Pure Gold Mining Inc. (PGM:V) EUR Abertis (ABE.MC:MAD) Changes First Foundation Inc. (FFWM:Q) adjusted for 2:1 split FMC Technologies, Inc. (FTI:N) changed its name to TechnipFMC plc Hilton Worldwide Holdings Inc. (HLT:N) adjusted for spinoffs and 1:3 reverse split Integra LifeSciences Corp. (IART:Q) adjusted for 2:1 split Restoration Hardware Holdings, Inc. (RH:N) changed its name to RH 4 Raymond James Research Register - February 2017 About This Publication The Equity Research Register is a monthly statistical summary of financial data. It is compiled from infor- mation 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