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Equity Research Coverage February 19, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET China Fawne Jiang 212-312-6712 Enterprise Mark Schappel 212-312-6749 Holdings Ltd. BABA $727,003 Buy $315 Altair Engineering Inc. Class A ALTR $4,495 Buy $60 Autohome, Inc. ATHM $16,050 Buy $135 , Inc. ANSS $33,478 Buy $345 , Inc. BIDU $102,714 Buy $385 Aspen Technology, Inc. AZPN $10,534 Buy $175 iClick Interactive Asia Group Ltd. ICLK $1,454 Buy $24 Blackbaud, Inc. BLKB $3,519 Buy $88 JD.com, Inc. JD $165,365 Buy $114 E2open, Inc. ETWO $2,304 Buy $15 Class B 3690-HKG $2,520,209 Buy HKD 350 eGain Corp. EGAN $373 Buy $17 Momo, Inc. MOMO $3,838 Buy $27 LivePerson, Inc. LPSN $4,560 Buy $75 NetEase, Inc. NTES $84,764 Buy $105 Manhattan Associates, Inc MANH $8,512 Buy $137 Inc. PDD $240,090 Buy $150 Mitek Systems, Inc. MITK $694 Buy $22 Holdings, Inc. 700-HKG HKD 7,171,907 Buy HKD 625 Open Text Corp. OTEX $12,743 Buy $56 Vipshops Holdings, Inc. VIPS $23,273 Buy $28 Pegasystems, Inc. PEGA $11,578 Buy $160 Weibo Corp. WB $13,284 Buy $50 Powerbridge Technologies Co. PBTS $46 Speculative Buy $10 WiMi Hologram Cloud, Inc. WIMI $672 Buy $8 Progress Software Corp. PRGS $1,986 Buy $55 JOYY, Inc. Sponsored ADR Class A YY $10,976 Buy $165 Real Page, Inc. RP $8,875 Hold NA Rimini Street Inc Class A RMNI $619 Buy $10 China Consumer Fawne Jiang 212-312-6712 SPS Commerce, Inc. SPSC $3,869 Buy $120 China Online Education Group COE $512 Buy $38 Tyler Technologies TYL $18,994 Buy $520 Huazhu Group Ltd. HTHT $18,331 Buy $76 Varonis Systems, Inc. VRNS $6,995 Buy $205 New Oriental Edu. & Tech. Group EDU $32,923 Buy $195 TAL Education TAL $51,977 Buy $95 Internet Daniel Kurnos, CFA 561-939-8262 Trip.com Group Ltd. TCOM $22,531 Buy $52 1-800-FLOWERS FLWS $2,035 Buy $42 .com AMZN $1,675,979 Buy $4,400 Entertainment Software & Med. Mike Hickey 720-236-0207 ANGI Homeservices Inc ANGI $7,633 Buy $16 , Inc. ATVI $79,025 Buy $114 , Inc. BCOR $761 Buy $21 AMC Entertainment AMC $2,113 Hold NA Inc. BKNG $92,549 Hold NA Cinemark Holdings CNK $2,483 Buy $21 Car Gurus, Inc. CARG $3,467 Buy $40 DraftKings Inc Class A DKNG $45,734 Buy $66 Cars.com, Inc. CARS $867 Hold NA , Inc EA $42,399 Buy $177 Cinedigm Corp CIDM $311 Speculative Buy $3.50 DeNA Company Limited 2432-TKS ¥287,506 Buy ¥2700 eBay Inc. EBAY $42,732 Buy $80 Glu Mobile GLUU $2,200 Hold NA , Inc. EXPE $22,548 Buy $175 GameStop Corp. GME $2,838 Sell $5 Grubhub, Inc. GRUB $6,527 Hold NA Golden Nugget Online Gaming, Inc. GNOG $1,158 Buy $27 IAC/InterActiveCorp IAC $21,756 Buy $265 Imax Corp. IMAX $1,176 Buy $22 NCR Corp. NCR $4,419 Buy $44 Marcus Corp. MCS $530 Buy $21 Porch Group, Inc. PRCH $1,669 Buy $24 Motorsport Games, Inc. MSGM $506 Buy $42 Roku, Inc. Class A ROKU $57,499 Buy $600 National CineMedia, Inc. NCMI $732 Hold NA TrueCar, Inc. TRUE $528 Hold NA Rush Street Interactive RSI $957 Buy $30 Waitr Holdings Inc. WTRH $428 Buy $5 Take Two Interactive TTWO $22,601 Buy $250 Zillow Inc. ZG $43,980 Buy $230 Ubisoft Entertainment, SA UBI-PAR € 9,093 Hold NA World Wrestling Entertainment WWE $3,679 Buy $62 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 Zynga, Inc. ZNGA $13,056 Buy $12 ViacomCBS Inc VIAC $38,364 Buy $35 Chicken Soup for the Soul CSSE $443 Buy $25 Cannabis Mike Hickey 720-236-0207 CuriosityStream, Inc. CURI $1,085 Buy $22 Canopy Growth Corp. WEED-TSE CAD 17,444 Hold NA Gray Television, Inc. GTN $1,760 Buy $25 Charlotte's Web Holdings, Inc. CWEB-TSE $933 Speculative Buy $4 Meredith Corp. MDP $1,197 Hold NA Green Thumb Industries GTII-CNQ $10,195 Buy $29 Nexstar Broadcasting Group, Inc. NXST $5,488 Buy $145 KushCo Holdings, Inc. KSHB $223 Speculative Buy $2 Sinclair Broadcasting Group, Inc. SBGI $2,428 Buy $35 Tilray, Inc. TLRY $4,294 Hold NA The E.W. Scripps Company SSP $1,543 Buy $21 TEGNA, Inc. TGNA $3,920 Buy $20

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Equity Research Coverage February 19, 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 $3,324 Buy $47 AAR Corporation AIR $1,364 Buy $40 Aptiv plc APTV $40,328 Hold NA Allegheny Technologies Inc. ATI $2,335 Buy $21 AutoNation, Inc. AN $6,407 Hold NA Inc. ARNC $2,732 Buy $34 Carvana Co. CVNA $50,743 Hold NA Boeing Company BA $121,543 Buy $270 Cooper-Standard Holdings Inc. CPS $552 Buy $46 CACI International Inc CACI $5,984 Buy $300 Ford Motor Company F $45,476 Buy $14 Carpenter Technology Corporation CRS $1,772 Hold NA General Motors Company GM $75,158 Buy $64 Constellium N.V. CSTM $1,866 Buy € 19 Group 1 Automotive GPI $2,637 Buy $190 Desktop Metal, Inc. DM $6,149 Buy $28 Lear Corporation LEA $9,723 Buy $186 Fortress Transportation & Infrastructure InvestorsFTAI LLC $2,277 Buy $37 Lithia Motors, inc. LAD $9,834 Buy $380 HEICO Corporation HEI $16,455 Buy $120 Inc. LYFT $18,476 Hold NA Inc. HWM $12,059 Hold NA Magna International Inc. MGA $22,515 Buy $67 Jacobs Engineering Group Inc. J $14,636 Buy $120 Penske Automotive Group, Inc. PAG $5,109 Buy $90 Kaiser Aluminum Corporation KALU $1,699 Buy $120 Shift Technologies, Inc. SFT $847 Hold NA Kratos Defense & Security Solutions, Inc. KTOS $3,673 Buy $30 Sonic Automotive, Inc. Class A SAH $1,656 Buy $54 L3Harris Technologies Inc LHX $39,755 Buy $250 Superior Industries Int, Inc. SUP $154 Hold NA PAE Incorporated Class A PAE $834 Buy $14 =FDS(C71,"FG_COMPANY_NAME") VRM $6,343 Hold NA Parsons Corporation PSN $3,965 Buy $45 Raytheon Technologies Corporation RTX $110,740 Hold NA Coal & Transportation Nate Martin 804-822-1364 Science Applications International Corp. SAIC $5,436 Buy $105 Alliance Resource Partners, L.P. ARLP $787 Buy $7 Spirit AeroSystems Holdings, Inc. Class A SPR $4,164 Hold NA Alpha Metallurgical Resources, Inc. AMR $251 Hold NA VSE Corporation VSEC $472 Buy $55 Arch Resources, Inc. Class A ARCH $748 Buy $54 CSX Corporation CSX $68,641 Buy $100 Semiconductor & Related Ruben Roy 212-312-6702 Canadian National Railway Co. CNI $76,430 Hold NA , Inc. AMD $107,368 Hold NA Canadian Pacific Railway Ltd. CP $47,774 Hold NA , Inc. CDNS $38,919 Buy $130 Inc CEIX $366 Buy $11 Cirus Logic, Inc. CRUS $5,047 Buy $105 Coronado Global Resources Inc. Shs Chess DepositoryCRN Interests$1,451 Repr 10 Sh Hold NA Diodes Incorporated DIOD $3,555 Buy $95 Kansas City Southern Railway KSU $18,760 Hold NA Ideal Power Inc. IPWR $102 Buy $28 =FDS(C83,"FG_COMPANY_NAME") NRP $224 Buy $15 Corp. INTC $250,260 Hold NA Norfolk Southern Corporation NSC $63,409 Buy $260 Lattice Semiconductor Corporation LSCC $6,323 Buy $55 Peabody Energy Corporation BTU $380 Hold NA MACOM Technology Solutions Holdings, Inc.MTSI $4,387 Buy $72 Ramaco Resources, Inc. METC $184 Buy $5 Marvell Technology Group, Ltd. MRVL $33,823 Buy $52 SunCoke Energy, Inc. SXC $497 Buy $7 Products MXIM $25,351 Hold NA Teck Resources Limited Class B TECK $11,330 Buy CAD 24 Corp. NVDA $367,166 Buy $600 Union Pacific Corporation UNP $139,531 Buy $230 ON Semiconductor ON $16,422 Buy $45 Warrior Met Coal, Inc. HCC $1,115 Hold NA One Stop Systems, Inc. OSS $121 Speculative Buy $3.50 Qorvo, Inc. QRVO $19,383 Buy $200 Construction Reuben Garner 703-472-7473 Silicon Laboratories, Inc. SLAB $6,477 Buy $155 Belden Inc. BDC $1,995 Buy $59 SWKS $30,986 Buy $215 BlueLinx Holdings, Inc. BXC $423 Buy $61 , Inc. SNPS $41,464 Buy $320 Boise Cascade Co. BCC $1,946 Buy $47 , Inc. XLNX $33,740 Hold NA Builders FirstSource, Inc. BLDR $8,216 Buy $53 Velodyne Lidar, Inc. VLDR $3,614 Buy $32 Ceasarstone Ltd. CSTE $457 Buy $16 Herman Miller, Inc. MLHR $2,202 Buy $44 Technology, Hardware Mark Miller 703-360-6203 HNI Corporation HNI $1,471 Buy $43 ACM Research, Inc. ACMR $2,198 Hold NA Installed Building Products, Inc. IBP $3,564 Hold NA Amtech Systems ASYS $149 Buy $10 JELD-WEN Holding, Inc. JELD $2,723 Hold NA Axcelis Technologies ACLS $1,293 Buy $45 Masonite International Corp. DOOR $2,566 Buy $125 Coherent Inc. COHR $6,173 Hold NA Owens Corning OC $8,640 Buy $107 II-VI Incorporated IIVI $9,181 Buy $105 Quanex Building Products Corporation NX $791 Buy $30 IPG Photonics IPGP $12,402 Hold NA Steelcase Inc. Class A SCS $1,490 Hold NA Intevac, Inc. IVAC $155 Buy $9 TopBuild Corp. BLD $6,919 Hold NA MKS Instruments, Inc. MKSI $8,761 Buy $190 Trex Company, Inc. TREX $11,851 Hold NA nLight, Inc. LASR $1,584 Hold NA UFP Industries, Inc. UFPI $3,633 Buy $74 Nova Measuring Instruments Ltd. NVMI $2,354 Buy $92 Onto Innovation, Inc. ONTO $3,069 Buy $70 Seagate Technology plc STX $17,152 Buy $70 Veeco Instruments VECO $1,083 Buy $25 Western Digital WDC $21,032 Buy $66

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Equity Research Coverage February 19, 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 $179 Buy $13 Amedisys, Inc AMED $9,628 Buy $275 BIOLASE, Inc. BIOL $162 Speculative Buy $2 AMN Healthcare Services AMN $3,527 Buy $95 ChemBio Diagnostics, Inc. CEMI $130 Hold NA Cross Country Healthcare CCRN $347 Buy $12 CNS Pharmaceuticals, Inc. CNSP $77 Buy $8 Cynergistek, Inc. CTEK $29 Hold NA Exact Sciences Corporation EXAS $23,952 Buy $165 Healthcare Services Group, Inc HCSG $2,153 Hold NA Flexion Therapeutics, Inc. FLXN $549 Buy $20 Huron Consulting Group, Inc. HURN $1,246 Buy $64 Invitae Corporation NVTA $8,821 Hold NA LHC Group, Inc. LHCG $6,382 Buy $250 Hoth Therapeutics, Inc. HOTH $36 Speculative Buy $10 MTBC, Inc. MTBC $137 Buy $15 Harvard Biosciences HBIO $177 Speculative Buy $6 Ontrak, Inc. OTRK $1,261 Buy $100 NeoGenomics NEO $6,537 Buy $64 Omnicell, Inc. OMCL $5,490 Buy $140 OncoCyte Corporation OCX $535 Buy $6 Premier, Inc. PINC $4,107 Buy $42 Orgenesis Inc. ORGS $171 Buy $9 RCM Technologies, Inc. RCMT $59 Buy $4 Seelos Therapeutics, Inc. SEEL $246 Speculative Buy $4 Select Medical SEM $3,637 Buy $32 STAAR Surgical Corporation STAA $5,444 Hold NA SOC Telemed TLMD $691 Buy $12 VolitionRx VNRX $232 Buy $6 Surgery Partners, Inc. SGRY $2,142 Buy $44 Tabula Rasa Healthcare, Inc. TRHC $1,158 Buy $55 Healthcare & Biotechnology Robert Wasserman 212-312-6764 BioLife Solutions, Inc. BLFS $1,324 Hold NA Special Situations Bill Sutherland 215-380-0276 Bio-Techne Corporation TECH $15,406 Buy $410 Amesite, Inc. AMST $155 Speculative Buy $7 Champions Oncology, Inc. CSBR $144 Speculative Buy $14 cbdMD, Inc. YCBD $225 Speculative Buy $6 Codexis, Inc. CDXS $1,565 Buy $29 Taronis Fuels Inc TRNF $27 Speculative Buy $0.5 Fortress Biotech, Inc. FBIO $394 Buy $9 Halozyme Therapeutics, Inc. HALO $6,501 Buy $59 Communications Matthew Harrigan 303-548-0448 Integer Holdings Corporation ITGR $2,732 Buy $105 Altice USA, Inc. ATUS $22,482 Buy $46 Ligand Pharmaceuticals Incorporated LGND $2,330 Buy $215 Corporation CMCSA $240,759 Buy $70 Nephros, Inc. NEPH $86 Speculative Buy $13 , Inc. CHTR $119,420 Buy $775 Proto Labs, Inc. PRLB $4,694 Buy $235 GCI Liberty, Inc. GLIBA #N/A Buy $104 Liberty Braves Group BATRA $1,455 Buy $33 Biotechnology Aydin Huseynov, M.D., CFA 212-312-6759 Liberty Broadband Corp. LBRDA $35,525 Buy $180 Corporation INCY $17,928 Hold NA Liberty Global plc LBTYA $14,985 Buy $40 Ionis Pharmaceuticals, Inc. IONS $8,044 Hold NA Libery Latin America LILA $2,684 Buy $19 Inovio Pharmaceuticals, Inc. INO $2,895 Buy $15 Liberty Sirius XM Group LSXMA $14,663 Buy $67 Nektar Therapeutics NKTR $4,494 Buy $26 , Inc. NFLX $242,804 Sell $485 Neurocrine Biosciences, Inc. NBIX $10,648 Hold NA Ooma Inc OOMA $358 Buy $24 NextCure, Inc. NXTC $360 Buy $17 Sirius XM Holdings Inc SIRI $24,923 Buy $8 Processa Pharmaceuticals, Inc. PCSA $111 Speculative Buy $15 Regeneron Pharmaceuticals, Inc. REGN $51,105 Buy $590 Emerging Growth Salarius Pharmaceuticals, Inc. SLRX $55 Buy $5 GrowGeneration Corp. GRWG $3,062 Buy $8 Scopus BioPharma Inc. SCPS $148 Buy $20 Lakeland Industries, Inc. LAKE $291 Buy $31 Voyager Therapeutics, Inc. VYGR $249 Buy $20 Voyager Digital Ltd. VYGVF $1,639 Speculative Buy $1.0

Semiconductors & Related Technology MaxLinear Inc. MXL $2,698 Buy $25 MOSYS, Inc. MOSY $27 Speculative Buy $1 Quicklogic Inc. QUIK $88 Speculative Buy $2

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Equity Research Coverage February 19, 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 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, 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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