Equity Research Coverage July 10, 2020

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 $724,434 Buy $275 Altair Engineering Inc. Class A ALTR $2,819 Hold NA Autohome, Inc. ATHM $10,476 Hold NA ANSYS, Inc. ANSS $26,080 Buy $275 Baidu, Inc. BIDU $45,679 Buy $165 Aspen Technology, Inc. AZPN $7,051 Buy $130 iClick Interactive Asia Group Ltd. ICLK $402 Buy $8 Blackbaud, Inc. BLKB $2,837 Hold NA JD.com, Inc. JD $106,398 Buy $66 eGain Corp. EGAN $341 Buy $12 Momo, Inc. MOMO $4,377 Buy $34 LivePerson, Inc. LPSN $2,903 Buy $50 NetEase, Inc. NTES $68,879 Buy $435 Manhattan Associates, Inc MANH $5,876 Buy $105 Pinduoduo Inc. PDD $108,086 Buy $76 Mitek Systems, Inc. MITK $374 Buy $12 SINA Corp. SINA $2,628 Buy $71 Open Text Corp. OTEX $11,728 Buy $48 Sohu.com, Inc. SOHU $466 Hold NA Pegasystems, Inc. PEGA $8,112 Buy $120 Tencent Holdings, Inc. 700-HKG HKD 5,379,558 Buy HKD 560 Powerbridge Technologies Co. PBTS $23 Speculative Buy $10 Vipshops Holdings, Inc. VIPS $15,197 Buy $24 Progress Software Corp. PRGS $1,633 Buy $43 Weibo Corp. WB $8,637 Buy $50 Real Page, Inc. RP $6,794 Hold NA JOYY, Inc. Sponsored ADR Class A YY $6,820 Buy $86 SPS Commerce, Inc. SPSC $2,633 Buy $81 Tyler Technologies TYL $14,365 Buy $375 China Consumer Fawne Jiang 212-312-6712 Varonis Systems, Inc. VRNS $3,240 Buy $112 China Online Education Group COE $529 Buy $38 Huazhu Group Ltd. HTHT $10,886 Buy $40 & Related Ruben Roy 212-312-6702 New Oriental Edu. & Tech. Group EDU $23,470 Buy $135 , Inc. AMD $67,057 Hold NA TAL Education TAL $45,797 Buy $57 , Inc. CDNS $28,346 Buy $98 Trip.com Group Ltd. TCOM $15,954 Buy $33 Cirus Logic, Inc. CRUS $3,742 Buy $95 Incorporated DIOD $2,564 Buy $50 Internet Daniel Kurnos, CFA 561-939-8262 Corp. INTC $247,350 Hold NA 1-800-FLOWERS FLWS $1,408 Buy $28 Corporation LSCC $4,121 Buy $30 Amazon.com AMZN $1,587,420 Buy $2,650 Marvell Technology Group, Ltd. MRVL $25,361 Buy $35 ANGI Homeservices Inc ANGI $7,883 Buy $12 Maxim Integrated Products MXIM $17,189 Hold NA Blucora, Inc. BCOR $528 Buy $25 Corp. NVDA $258,521 Buy $410 Booking Holdings Inc. BKNG $68,366 Hold NA ON Semiconductor ON $8,512 Buy $24 Car Gurus, Inc. CARG $3,054 Buy $32 One Stop Systems, Inc. OSS $32 Speculative Buy $3.50 Cars.com, Inc. CARS $359 Hold NA Qorvo, Inc. QRVO $12,942 Buy $127 Cinedigm Corp CIDM $211 Speculative Buy $3.50 Silicon Laboratories, Inc. SLAB $4,468 Buy $118 eBay Inc. EBAY $41,613 Buy $60 Skyworks Solutions SWKS $22,144 Buy $120 Expedia, Inc. EXPE $11,499 Buy $103 , Inc. SNPS $30,844 Buy $205 Grubhub, Inc. GRUB $6,592 Hold NA , Inc. XLNX $24,375 Hold NA IAC/InterActiveCorp IAC $9,906 Buy $300 Internap Network Services INAP #N/A Hold NA Entertainment Software & Med. Mike Hickey 720-236-0207 NCR Corp. NCR $2,067 Buy $36 Activision Blizzard, Inc. ATVI $62,132 Buy $85 Perion, Inc. PERI $143 Hold NA AMC Entertainment AMC $477 Hold NA Roku, Inc. Class A ROKU $18,070 Buy $153 Cinemark Holdings CNK $1,510 Hold NA TrueCar, Inc. TRUE $304 Hold NA Electronic Arts, Inc EA $40,074 Buy $153 Waitr Holdings Inc. WTRH $308 Buy $5 DeNA Company Limited 2432-TKS ¥170,837 Buy ¥2700 Zillow Inc. ZG $13,957 Buy $63 Glu Mobile GLUU $1,749 Buy $11 GameStop Corp. GME $273 Sell $3 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 Imax Corp. IMAX $681 Buy $14 ViacomCBS Inc VIAC $13,717 Buy $24 Marcus Corp. MCS $444 Buy $21 Chicken Soup for the Soul CSSE $99 Buy $17 National CineMedia, Inc. NCMI $478 Hold NA Gray Television, Inc. GTN $1,312 Buy $20 Take Two Interactive TTWO $17,178 Buy $155 Meredith Corp. MDP $728 Buy $17 Ubisoft Entertainment, SA UBI-PAR € 9,625 Buy € 86 Nexstar Broadcasting Group, Inc. NXST $3,442 Buy $125 World Wrestling Entertainment WWE $3,497 Buy $50 Sinclair Broadcasting Group, Inc. SBGI $1,346 Buy $30 Zynga, Inc. ZNGA $11,202 Buy $11 The E.W. Scripps Company SSP $667 Buy $15 TEGNA, Inc. TGNA $2,246 Buy $18 Cannabis Mike Hickey 720-236-0207 Canopy Growth Corp. WEED-TSE CAD 8,094 Buy CAD 27 Charlotte's Web Holdings, Inc. CWEB-TSE $616 Speculative Buy $5 Green Thumb Industries GTII-CNQ $2,909 Buy $14 KushCo Holdings, Inc. KSHB $97 Speculative Buy $2 Tilray, Inc. TLRY $925 Buy $14

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Equity Research Coverage July 10, 2020

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Automotive Michael Ward 203-632-6202 Construction Reuben Garner 703-472-7473 Adient plc ADNT $1,503 Hold NA Belden Inc. BDC $1,349 Buy $44 Aptiv plc APTV $20,357 Buy $87 BMC Stock Holdings, Inc. BMCH $1,583 Buy $30 AutoNation, Inc. AN $3,548 Hold NA Boise Cascade Co. BCC $1,446 Hold NA Carvana Co. CVNA $23,619 Hold NA Builders FirstSource, Inc. BLDR $2,284 Buy $27 Cooper-Standard Holdings Inc. CPS $169 Hold NA Herman Miller, Inc. MLHR $1,232 Buy $30 Ford Motor Company F $23,226 Hold NA HNI Corporation HNI $1,141 Buy $38 General Motors Company GM $33,516 Buy $41 Installed Building Products, Inc. IBP $2,100 Buy $87 Group 1 Automotive GPI $1,159 Buy $100 JELD-WEN Holding, Inc. JELD $1,649 Buy $18 Lear Corporation LEA $6,130 Buy $130 Masonite International Corp. DOOR $1,983 Buy $86 Lithia Motors, inc. LAD $3,589 Buy $162 Owens Corning OC $5,943 Buy $63 Lyft Inc. LYFT $9,155 Hold NA Quanex Building Products Corporation NX $412 Buy $17 Magna International Inc. MGA $13,329 Buy $57 Steelcase Inc. Class A SCS $1,196 Buy $14 Penske Automotive Group, Inc. PAG $3,171 Buy $53 TopBuild Corp. BLD $3,883 Buy $139 Sonic Automotive, Inc. Class A SAH $1,449 Buy $39 Trex Company, Inc. TREX $7,479 Buy $136 Superior Industries Int, Inc. SUP $42 Hold NA UFP Industries, Inc. UFPI $2,873 Buy $56 Vroom, Inc. VRM $5,641 Buy $55 Media & Entertainment Matthew Harrigan 303-548-0448 Coal & Transportation Mark Levin 804-387-4802 Altice USA, Inc. ATUS $13,894 Buy $31 Alliance Resource Partners, L.P. ARLP $411 Buy $6 Comcast Corporation CMCSA $179,326 Buy $54 Arch Resources, Inc. Class A ARCH $415 Buy $48 Charter Communications, Inc. CHTR $124,168 Buy $600 CSX Corporation CSX $51,945 Hold NA GCI Liberty, Inc. GLIBA $7,717 Buy $91 Canadian National Railway Co. CNI $63,181 Hold NA Liberty Braves Group BATRA $914 Buy $28 Canadian Pacific Railway Ltd. CP $34,747 Buy CAD 280 Liberty Broadband Corp. LBRDA $23,111 Buy $157 CONSOL Coal Resources LP CCR $110 Hold NA Liberty Global plc LBTYA $13,647 Buy $36 CONSOL Energy Inc CEIX $134 Buy $11 Libery Latin America LILA $1,729 Buy $17 Contura Energy, Inc. CTRA $69 Hold NA Liberty Sirius XM Group LSXMA $11,638 Buy $47 Kansas City Southern Railway KSU $13,573 Hold NA Netflix, Inc. NFLX $223,315 Sell $340 Natural Resource Partners L.P. NRP $144 Buy $15 Sirius XM Holdings Inc SIRI $24,654 Hold NA Norfolk Southern Corporation NSC $43,784 Hold NA Peabody Energy Corporation BTU $264 Hold NA Technology, Hardware Mark Miller 703-360-6203 Ramaco Resources, Inc. METC $93 Buy $4 ACM Research, Inc. ACMR $1,386 Hold NA SunCoke Energy, Inc. SXC $228 Hold NA Amtech Systems ASYS $69 Hold NA Teck Resources Limited Class B TECK $5,748 Buy CAD 12 Axcelis Technologies ACLS $928 Buy $32 Union Pacific Corporation UNP $112,636 Buy $185 Coherent Inc. COHR $3,152 Buy $168 Warrior Met Coal, Inc. HCC $758 Hold NA II-VI Incorporated IIVI $4,564 Buy $51 IPG Photonics IPGP $8,701 Hold NA Aerospace & Defense Josh Sullivan 212-312-6775 Intevac, Inc. IVAC $118 Buy $9 AAR Corporation AIR $626 Buy $25 MKS Instruments, Inc. MKSI $6,288 Buy $130 Allegheny Technologies Inc. ATI $1,159 Hold NA nLight, Inc. LASR $888 Hold NA Arconic Inc. ARNC $1,534 Hold NA Nova Measuring Instruments Ltd. NVMI $1,387 Buy $50 Boeing Company BA $97,786 Buy $260 Onto Innovation, Inc. ONTO $1,725 Buy $45 CACI International Inc CACI $4,905 Buy $315 plc STX $12,005 Buy $62 Carpenter Technology Corporation CRS $1,024 Hold NA Veeco Instruments VECO $675 Buy $18 Constellium N.V. CSTM $1,070 Buy $12 WDC $12,683 Buy $60 HEICO Corporation HEI $11,285 Buy $120 Jacobs Engineering Group Inc. J $10,259 Buy $105 Kaiser Aluminum Corporation KALU $1,031 Hold NA Kratos Defense & Security Solutions, Inc. KTOS $1,793 Buy $19 L3Harris Technologies Inc LHX $34,660 Buy $260 PAE Incorporated Class A PAE $855 Buy $13 Parsons Corporation PSN $3,378 Buy $45 Raytheon Technologies Corporation RTX $88,110 Hold NA Science Applications International Corp. SAIC $4,062 Buy $105 Spirit AeroSystems Holdings, Inc. Class A SPR $2,239 Hold NA VSE Corporation VSEC $304 Buy $36

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Equity Research Coverage July 10, 2020

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 $155 Buy $8 Amedisys, Inc AMED $6,633 Buy $210 BIOLOASE, Inc. BIOL $21 Speculative Buy $2 AMN Healthcare Services AMN $1,997 Buy $55 ChemBio Diagnostics, Inc. CEMI $89 Hold NA BioTelemetry, Inc. BEAT $1,418 Buy $52 CNS Pharmaceuticals, Inc. CNSP $32 Buy $11 Cross Country Healthcare CCRN $214 Hold $3.5 Exact Sciences Corporation EXAS $13,889 Buy $90 Cynergistek, Inc. CTEK $22 Hold NA Flexion Therapeutics, Inc. FLXN $581 Buy $17 Healthcare Services Group, Inc HCSG $1,773 Hold NA Invitae Corporation NVTA $4,288 Hold NA Huron Consulting Group, Inc. HURN $964 Hold NA Hoth Therapeutics, Inc. HOTH $34 Speculative Buy $10 LHC Group, Inc. LHCG $5,705 Buy $190 Harvard Biosciences HBIO $133 Speculative Buy $4 Livongo Health, Inc. LVGO $10,521 Buy $110 NeoGenomics NEO $3,984 Buy $35 MTBC, Inc. MTBC $130 Buy $15 OncoCyte Corporation OCX $87 Buy $7 Omnicell, Inc. OMCL $2,760 Buy $82 Orgenesis Inc. ORGS $125 Buy $9 Premier, Inc. PINC $3,813 Buy $40 Seelos Therapeutics, Inc. SEEL $45 Speculative Buy $4 RCM Technologies, Inc. RCMT $17 Buy $3 STAAR Surgical Corporation STAA $2,660 Buy $50 Select Medical SEM $1,848 Buy $25 VolitionRx VNRX $150 Buy $6 Surgery Partners, In.c SGRY $571 Buy $14 Rasa Healthcare, Inc. TRHC $1,319 Buy $84 Healthcare & Biotechnology Robert Wasserman 212-312-6764 BioLife Solutions, Inc. BLFS $572 Buy $21 Special Situations Bill Sutherland 215-380-0276 Bio-Techne Corporation TECH $10,602 Buy $320 cbdMD, Inc. YCBD $125 Speculative Buy $3 Champions Oncology, Inc. CSBR $111 Speculative Buy $11 Creative Realilites, Inc. CREX $22 Speculative Buy $5 Codexis, Inc. CDXS $702 Buy $21 Youngevity International, Inc. YGYI $43 Buy $6 Halozyme Therapeutics, Inc. HALO $3,802 Buy $39 Integer Holdings Corporation ITGR $2,189 Buy $105 Emerging Growth Michael Legg 212-312-6752 Ligand Pharmaceuticals Incorporated LGND $1,801 Buy $135 Duos Technologies Group Inc DUOT $17 Speculative Buy $8 Nephros, Inc. NEPH $69 Speculative Buy $13 GrowGeneration Corp. GRWG $311 Buy $8 Proto Labs, Inc. PRLB $2,862 Buy $145 Lakeland Industries, Inc. LAKE $200 Buy $31 TPI Composites, Inc. TPIC $850 Buy $28 Biotechnology Aydin Huseynov, M.D., CFA 212-312-6759 Voyager Digital (Canada) Ltd. VYGVF $57 Speculative Buy $1.0 Incyte Corporation INCY $23,448 Hold NA Inovio Pharmaceuticals, Inc. INO $3,679 Buy $36 & Related Technology Nektar Therapeutics NKTR $4,348 Buy $26 Adesto Technologies Corporation IOTS #N/A Buy $9 NextCure, Inc. NXTC $500 Hold NA Knowles Corp. KN $1,367 Hold NA Regeneron Pharmaceuticals, Inc. REGN $72,085 Buy $655 MaxLinear Inc. MXL $1,815 Buy $25 Salarius Pharmaceuticals, Inc. SLRX $20 Buy $5 MOSYS, Inc. MOSY $6 Speculative Buy $1 Voyager Therapeutics, Inc. VYGR $496 Buy $20 Quicklogic Inc. QUIK $37 Speculative Buy $2

Transportation Air Transport Services Group, Inc. ATSG $1,380 Buy $25 Kirby Corporation KEX $2,824 Buy $65 Radiant Logistics, Inc. RLGT $194 Buy $8 XPO Logistics, Inc. XPO $6,869 Buy $80

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Equity Research Coverage July 10, 2020

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 June 30, 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 196 78% 14 7% Hold 52 21% 1 2% 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 © 2020. All rights reserved by The Benchmark Company, LLC.

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