Equity Research Coverage February 26, 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 $699,557 Buy $315 Altair Engineering Inc. Class A ALTR $4,509 Buy $60 Autohome, Inc. ATHM $15,259 Buy $135 ANSYS, Inc. ANSS $32,911 Buy $370 Baidu, Inc. BIDU $115,735 Buy $385 Aspen Technology, Inc. AZPN $10,387 Buy $175 iClick Interactive Asia Group Ltd. ICLK $1,229 Buy $24 Blackbaud, Inc. BLKB $3,479 Buy $88 JD.com, Inc. JD $157,909 Buy $114 E2open, Inc. ETWO $2,194 Buy $15 Meituan Class B 3690-HKG $2,356,513 Buy HKD 350 eGain Corp. EGAN $363 Buy $17 Momo, Inc. MOMO $3,526 Buy $27 LivePerson, Inc. LPSN $4,404 Buy $75 NetEase, Inc. NTES $81,990 Buy $140 Manhattan Associates, Inc MANH $8,123 Buy $137 Pinduoduo Inc. PDD $230,844 Buy $150 Mitek Systems, Inc. MITK $678 Buy $22 Tencent Holdings, Inc. 700-HKG HKD 6,845,693 Buy HKD 625 Open Text Corp. OTEX $12,439 Buy $56 Vipshops Holdings, Inc. VIPS $24,709 Buy $45 Pegasystems, Inc. PEGA $11,856 Buy $160 Weibo Corp. WB $13,203 Buy $50 Powerbridge Technologies Co. PBTS $40 Speculative Buy $10 WiMi Hologram Cloud, Inc. WIMI $728 Buy $8 Progress Software Corp. PRGS $1,958 Buy $55 JOYY, Inc. Sponsored ADR Class A YY $9,942 Buy $165 Real Page, Inc. RP $8,878 Hold NA Rimini Street Inc Class A RMNI $600 Buy $10 China Consumer Fawne Jiang 212-312-6712 SPS Commerce, Inc. SPSC $3,870 Buy $120 China Online Education Group COE $532 Buy $38 Tyler Technologies TYL $18,650 Buy $520 Huazhu Group Ltd. HTHT $19,182 Buy $76 Varonis Systems, Inc. VRNS $6,800 Buy $205 New Oriental Edu. & Tech. Group EDU $32,809 Buy $195 TAL Education TAL $50,926 Buy $95 Internet Daniel Kurnos, CFA 561-939-8262 Trip.com Group Ltd. TCOM $23,723 Buy $52 1-800-FLOWERS FLWS $2,052 Buy $42 Amazon.com AMZN $1,601,709 Buy $4,400 Entertainment Software & Med. Mike Hickey 720-236-0207 ANGI Homeservices Inc ANGI $7,526 Buy $16 Activision Blizzard, Inc. ATVI $74,643 Buy $118 Blucora, Inc. BCOR $786 Buy $21 AMC Entertainment AMC $2,512 Hold NA Booking Holdings Inc. BKNG $96,245 Hold NA Cinemark Holdings CNK $2,742 Buy $21 Car Gurus, Inc. CARG $3,252 Buy $40 DraftKings Inc Class A DKNG $47,374 Buy $66 Cars.com, Inc. CARS $877 Hold NA Electronic Arts, Inc EA $40,918 Buy $177 Cinedigm Corp CIDM $316 Speculative Buy $3.50 DeNA Company Limited 2432-TKS ¥293,365 Buy ¥2700 eBay Inc. EBAY $41,888 Buy $80 dMY Technology Group DMYD $699 Buy 30 Expedia, Inc. EXPE $23,106 Buy $175 Glu Mobile GLUU $2,193 Hold NA Grubhub, Inc. GRUB $6,140 Hold NA GameStop Corp. GME $3,208 Sell $5 IAC/InterActiveCorp IAC $20,761 Buy $265 Golden Nugget Online Gaming, Inc. GNOG $1,062 Buy $27 NCR Corp. NCR $4,610 Buy $44 Imax Corp. IMAX $1,213 Buy $22 Porch Group, Inc. PRCH $1,687 Buy $24 Marcus Corp. MCS $566 Buy $21 Roku, Inc. Class A ROKU $55,505 Buy $600 Motorsport Games, Inc. MSGM $503 Buy $42 TrueCar, Inc. TRUE $540 Buy $8 National CineMedia, Inc. NCMI $759 Hold NA Waitr Holdings Inc. WTRH $387 Buy $5 Rush Street Interactive RSI $803 Buy $30 Zillow Inc. ZG $41,072 Buy $230 Take Two Interactive TTWO $21,866 Buy $250 Ubisoft Entertainment, SA UBI-PAR € 8,762 Hold NA Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 World Wrestling Entertainment WWE $3,715 Buy $62 ViacomCBS Inc VIAC $40,817 Buy $80 Zynga, Inc. ZNGA $12,614 Buy $12 Chicken Soup for the Soul CSSE $409 Buy $25 CuriosityStream, Inc. CURI $990 Buy $22 Cannabis Mike Hickey 720-236-0207 Gray Television, Inc. GTN $1,843 Buy $26 Canopy Growth Corp. WEED-TSE CAD 17,591 Hold NA Meredith Corp. MDP $1,250 Hold NA Charlotte's Web Holdings, Inc. CWEB-TSE $1,008 Speculative Buy $4 Nexstar Broadcasting Group, Inc. NXST $5,660 Buy $180 Green Thumb Industries GTII-CNQ $10,170 Buy $42 Sinclair Broadcasting Group, Inc. SBGI $2,575 Buy $40 KushCo Holdings, Inc. KSHB $209 Speculative Buy $2 The E.W. Scripps Company SSP $1,565 Buy $21 Tilray, Inc. TLRY $4,516 Hold NA TEGNA, Inc. TGNA $4,038 Buy $20

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Equity Research Coverage February 26, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Automotive Michael Ward 203-632-6202 Aerospace & Defense Josh Sullivan 212-312-6775 Adient plc ADNT $3,496 Buy $47 AAR Corporation AIR $1,449 Buy $40 Aptiv plc APTV $42,391 Hold NA Allegheny Technologies Inc. ATI $2,595 Buy $21 AutoNation, Inc. AN $6,466 Hold NA Arconic Inc. ARNC $2,808 Buy $34 Carvana Co. CVNA $48,431 Hold NA Boeing Company BA $124,108 Buy $270 Cooper-Standard Holdings Inc. CPS $629 Buy $46 CACI International Inc CACI $5,911 Buy $300 Ford Motor Company F $46,551 Buy $14 Carpenter Technology Corporation CRS $2,008 Hold NA General Motors Company GM $74,899 Buy $64 Constellium N.V. CSTM $1,914 Buy € 19 Group 1 Automotive GPI $2,696 Buy $190 Desktop Metal, Inc. DM $5,617 Buy $28 Lear Corporation LEA $10,205 Buy $186 Fortress Transportation & Infrastructure InvestorsFTAI LLC $2,266 Buy $37 Lithia Motors, inc. LAD $9,874 Buy $380 HEICO Corporation HEI $16,749 Buy $120 Lyft Inc. LYFT $18,395 Hold NA Howmet Aerospace Inc. HWM $12,423 Hold NA Magna International Inc. MGA $26,098 Buy $99 Jacobs Engineering Group Inc. J $15,057 Buy $120 Penske Automotive Group, Inc. PAG $5,336 Buy $90 Kaiser Aluminum Corporation KALU $1,886 Buy $120 Shift Technologies, Inc. SFT $819 Hold NA Kratos Defense & Security Solutions, Inc. KTOS $3,744 Buy $30 Sonic Automotive, Inc. Class A SAH $1,826 Buy $54 L3Harris Technologies Inc LHX $39,568 Buy $250 Superior Industries Int, Inc. SUP $172 Hold NA PAE Incorporated Class A PAE $786 Buy $14 =FDS(C71,"FG_COMPANY_NAME") VRM $6,209 Hold NA Parsons Corporation PSN $3,966 Buy $45 Raytheon Technologies Corporation RTX $110,922 Hold NA Coal & Transportation Nate Martin 804-822-1364 Science Applications International Corp. SAIC $5,449 Buy $105 Alliance Resource Partners, L.P. ARLP $803 Buy $7 Spirit AeroSystems Holdings, Inc. Class A SPR $4,516 Hold NA Alpha Metallurgical Resources, Inc. AMR $271 Hold NA VSE Corporation VSEC $494 Buy $55 Arch Resources, Inc. Class A ARCH $780 Buy $54 CSX Corporation CSX $70,593 Buy $100 Semiconductor & Related Ruben Roy 212-312-6702 Canadian National Railway Co. CNI $76,266 Hold NA Advanced Micro Devices, Inc. AMD $103,407 Hold NA Canadian Pacific Railway Ltd. CP $48,419 Hold NA Cadence Design Systems, Inc. CDNS $37,148 Buy $150 CONSOL Energy Inc CEIX $384 Buy $11 Cirus Logic, Inc. CRUS $4,977 Buy $105 Coronado Global Resources Inc. Shs Chess DepositoryCRN Interests$1,428 Repr 10 Sh Hold NA Diodes Incorporated DIOD $3,668 Buy $95 Kansas City Southern Railway KSU $19,414 Hold NA Ideal Power Inc. IPWR $98 Buy $28 =FDS(C83,"FG_COMPANY_NAME") NRP $219 Buy $15 Intel Corp. INTC $246,604 Hold NA Norfolk Southern Corporation NSC $65,557 Buy $260 Lattice Semiconductor Corporation LSCC $6,344 Buy $55 Peabody Energy Corporation BTU $437 Hold NA MACOM Technology Solutions Holdings, Inc.MTSI $4,451 Buy $72 Ramaco Resources, Inc. METC $216 Buy $6 Marvell Technology Group, Ltd. MRVL $33,300 Buy $52 SunCoke Energy, Inc. SXC $550 Buy $7 Maxim Integrated Products MXIM $25,550 Hold NA Teck Resources Limited Class B TECK $12,358 Buy CAD 24 NVIDIA Corp. NVDA $355,448 Buy $670 Union Pacific Corporation UNP $139,376 Buy $230 ON Semiconductor ON $16,656 Buy $45 Warrior Met Coal, Inc. HCC $1,212 Hold NA One Stop Systems, Inc. OSS $138 Speculative Buy $3.50 Qorvo, Inc. QRVO $19,513 Buy $200 Construction Reuben Garner 703-472-7473 Silicon Laboratories, Inc. SLAB $7,121 Buy $190 Belden Inc. BDC $1,987 Buy $59 Skyworks Solutions SWKS $30,330 Buy $215 BlueLinx Holdings, Inc. BXC $433 Buy $61 Synopsys, Inc. SNPS $38,808 Buy $320 Boise Cascade Co. BCC $2,041 Buy $56 Xilinx, Inc. XLNX $32,202 Hold NA Builders FirstSource, Inc. BLDR $8,488 Buy $53 Velodyne Lidar, Inc. VLDR $3,107 Buy $25 Ceasarstone Ltd. CSTE $462 Buy $17 Herman Miller, Inc. MLHR $2,268 Buy $44 Technology, Hardware Mark Miller 703-360-6203 HNI Corporation HNI $1,545 Buy $43 ACM Research, Inc. ACMR $2,068 Hold NA Installed Building Products, Inc. IBP $3,675 Hold NA Amtech Systems ASYS $151 Buy $10 JELD-WEN Holding, Inc. JELD $2,856 Hold NA Axcelis Technologies ACLS $1,312 Buy $45 Masonite International Corp. DOOR $2,677 Buy $137 Coherent Inc. COHR $6,116 Hold NA Owens Corning OC $8,644 Buy $107 II-VI Incorporated IIVI $9,164 Buy $105 Quanex Building Products Corporation NX $825 Buy $30 IPG Photonics IPGP $12,278 Hold NA Steelcase Inc. Class A SCS $1,634 Hold NA Intevac, Inc. IVAC $159 Buy $9 TopBuild Corp. BLD $6,644 Hold NA MKS Instruments, Inc. MKSI $9,191 Buy $190 Trex Company, Inc. TREX $11,602 Hold NA nLight, Inc. LASR $1,717 Hold NA UFP Industries, Inc. UFPI $3,715 Buy $74 Nova Measuring Instruments Ltd. NVMI $2,298 Buy $92 Onto Innovation, Inc. ONTO $3,141 Buy $70 Seagate Technology plc STX $17,391 Buy $82 Veeco Instruments VECO $1,090 Buy $25 Western Digital WDC $20,772 Buy $66

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Equity Research Coverage February 26, 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 $172 Buy $13 Amedisys, Inc AMED $9,338 Buy $325 BIOLASE, Inc. BIOL $155 Speculative Buy $2 AMN Healthcare Services AMN $3,484 Buy $95 ChemBio Diagnostics, Inc. CEMI $116 Hold NA Cross Country Healthcare CCRN $377 Buy $12 CNS Pharmaceuticals, Inc. CNSP $78 Buy $8 Cynergistek, Inc. CTEK $29 Hold NA Exact Sciences Corporation EXAS $24,065 Buy $165 Healthcare Services Group, Inc HCSG $2,190 Hold NA Flexion Therapeutics, Inc. FLXN $561 Buy $20 Huron Consulting Group, Inc. HURN $1,353 Buy $64 Invitae Corporation NVTA $8,318 Hold NA LHC Group, Inc. LHCG $6,416 Buy $250 Hoth Therapeutics, Inc. HOTH $31 Speculative Buy $10 MTBC, Inc. MTBC $134 Buy $15 Harvard Biosciences HBIO $175 Speculative Buy $6 Ontrak, Inc. OTRK $1,196 Buy $100 NeoGenomics NEO $6,161 Buy $64 Omnicell, Inc. OMCL $5,435 Buy $140 OncoCyte Corporation OCX $535 Buy $6 Premier, Inc. PINC $4,210 Buy $42 Orgenesis Inc. ORGS $165 Buy $9 RCM Technologies, Inc. RCMT $56 Buy $4 Seelos Therapeutics, Inc. SEEL $232 Speculative Buy $4 Select Medical SEM $3,693 Buy $32 STAAR Surgical Corporation STAA $5,380 Hold NA SOC Telemed TLMD $676 Buy $12 VolitionRx VNRX $228 Buy $6 Surgery Partners, Inc. SGRY $2,219 Buy $44 Tabula Rasa Healthcare, Inc. TRHC $1,128 Buy $55 Healthcare & Biotechnology Robert Wasserman 212-312-6764 BioLife Solutions, Inc. BLFS $1,290 Hold NA Special Situations Bill Sutherland 215-380-0276 Bio-Techne Corporation TECH $14,627 Buy $410 Amesite, Inc. AMST $165 Speculative Buy $7 Champions Oncology, Inc. CSBR $158 Speculative Buy $14 cbdMD, Inc. YCBD $226 Speculative Buy $6 Codexis, Inc. CDXS $1,594 Buy $29 Taronis Fuels Inc TRNF $29 Speculative Buy $0.5 Fortress Biotech, Inc. FBIO $385 Buy $9 Halozyme Therapeutics, Inc. HALO $6,582 Buy $59 Communications Matthew Harrigan 303-548-0448 Integer Holdings Corporation ITGR $2,796 Buy $105 Altice USA, Inc. ATUS $21,863 Buy $46 Ligand Pharmaceuticals Incorporated LGND $2,250 Buy $215 Comcast Corporation CMCSA $240,484 Buy $70 Nephros, Inc. NEPH $80 Speculative Buy $13 Charter Communications, Inc. CHTR $115,561 Buy $775 Proto Labs, Inc. PRLB $4,563 Buy $235 GCI Liberty, Inc. GLIBA #N/A Buy $104 Liberty Braves Group BATRA $1,529 Buy $33 Biotechnology Aydin Huseynov, M.D., CFA 212-312-6759 Liberty Broadband Corp. LBRDA $34,831 Buy $180 Incyte Corporation INCY $17,570 Hold NA Liberty Global plc LBTYA $14,746 Buy $40 Ionis Pharmaceuticals, Inc. IONS $7,822 Hold NA Libery Latin America LILA $2,701 Buy $19 Inovio Pharmaceuticals, Inc. INO $2,669 Buy $15 Liberty Sirius XM Group LSXMA $15,310 Buy $67 Nektar Therapeutics NKTR $4,002 Hold NA Netflix, Inc. NFLX $236,409 Sell $485 Neurocrine Biosciences, Inc. NBIX $10,432 Hold NA Ooma Inc OOMA $359 Buy $24 NextCure, Inc. NXTC $341 Buy $17 Sirius XM Holdings Inc SIRI $24,923 Buy $8 Processa Pharmaceuticals, Inc. PCSA $123 Speculative Buy $15 Regeneron Pharmaceuticals, Inc. REGN $49,343 Buy $590 Emerging Growth Salarius Pharmaceuticals, Inc. SLRX $51 Speculative Buy $5 GrowGeneration Corp. GRWG $2,884 Buy $8 Scopus BioPharma Inc. SCPS $144 Buy $20 Lakeland Industries, Inc. LAKE $267 Buy $31 Voyager Therapeutics, Inc. VYGR $250 Buy $20 Voyager Digital Ltd. VYGVF $1,751 Speculative Buy $1.0

Semiconductors & Related Technology MaxLinear Inc. MXL $3,054 Buy $25 MOSYS, Inc. MOSY $37 Speculative Buy $1 Quicklogic Inc. QUIK $82 Speculative Buy $2

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Equity Research Coverage February 26, 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 December 31, 2020 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 202 78% 24 12% Hold 55 21% 0 0% Although the information contained in the subject report has been obtained from sources we believe Sell 2 1% 0 0% to 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 Hold: Stock is expected to perform in-line with the analyst’s defined Sector/Industry Index* the legal, tax and accounting considerations applicable to such investor and its own investment over the following 6 to 12 months. strategy. By virtue of this publication, none of The Benchmark Company, LLC or any of its employees Sell: Stock is expected to underperform the analyst’s defined Sector/Industry Index* over shall be 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 Benchmark Company, LLC, 150 East 58 Street, 17 Floor, New York, NY 10155, 212-312-6700. with 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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