Global Research Published by Raymond James & Associates
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Global Research Published by Raymond James & Associates January 2016 © 2016 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 .......................... 46 USA .......................... 60 CAN .......................... 23 CAN .......................... 63 EUR .......................... 23 EUR .......................... 64 ARG .......................... 65 Energy Industrial Technology & Communications USA .......................... 26 USA .......................... 52 USA .......................... 67 CAN .......................... 32 CAN ......................... 53 CAN .......................... 76 EUR .......................... 34 EUR .......................... 55 EUR .......................... 77 ARG .......................... 34 ARG .......................... 77 Financial Services Mining & Natural Resources Transportation USA .......................... 36 CAN ......................... 56 USA .......................... 78 CAN .......................... 44 ARG ......................... 59 CAN .......................... 80 ARG .......................... 44 EUR .......................... 81 Analyst Index ................................................................................3 Research Analysts and Sales & Trading Directories Upcoming Events ..........................................................................4 USA .......................... 82 Research Coverage Changes ........................................................4 Canada ..................... 85 About This Publication ..................................................................5 Europe ..................... 86 Company Index .............................................................................7 Argentina ................. 87 Companies Under Coverage .......................................................19 2 Raymond James Research Register - January 2016 Analyst Index J. Marshall Adkins (JMA) .......................... 26,52 Joseph D. Hovorka (JDH) ............................... 19 David Quezada, CFA (DQ) .............................. 53 Brian G. Alexander, CFA (BGA) ...................... 67 Jonathan Hughes, CFA (JH) ............................ 60 Chris Quilty (CQ) ............................................ 67 Joseph Altobello, CFA (JA) ............................. 19 Nicholas Jansen (NJ) ...................................... 46 John W. Ransom (JWR).................................. 46 Robert P. Anastasi, CFA (RPA) ....................... 67 Justin Jenkins (JJ) ........................................... 26 Christopher Raymond (CR) ............................ 46 Ken Avalos (KA) ............................................. 63 Wayne Johnson (WJ) ..................................... 67 Emmanuel Retif (ER) ................................ 34,55 Michael J. Baker (MJB) .................................. 46 Aaron Kessler, CFA (AK)................................. 67 Federico Rey Marino (FRM) ....... 34,44,59,65,77 Frederic Bastien, CFA (FB) ........................ 53,63 Lawrence Keusch (LK).................................... 46 Julien Richer, CFA (JR) ......................... 23,64,81 Jayson Bedford (JB) ....................................... 46 Patrick Lambert (PL) ...................................... 55 Johann Rodrigues (JR) ................................... 63 Reni Benjamin, Ph.D. (RB) ............................. 46 Cedric Lecasble (CL) ...................................... 23 Michael Rose (MR) ........................................ 36 Stephane Beyazian (SB)................................ 77 Simon Leopold (SL) ........................................ 67 Phil Russo (PR) ............................................... 56 Andrew Bradford, CFA (AB) .......................... 32 Steven Li, CFA (SLi) .............................. 32,67,76 David Sadowski (DSa) .................................... 56 Harry Breach (HB) ........................................ 55 David J. Long, CFA (DJL) ................................. 36 Steven D. Schwartz, CFA (SDS) ...................... 36 Patrick Tyler Brown, CFA (TB) .................. 52,78 Frank G. Louthan IV (FGL) ............................. 67 J. Steven Smigie (JSS) ..................................... 67 Benjamin Brownlow (BBL) ....................... 19,26 Tavis C. McCourt, CFA (TMC)......................... 67 Kevin Smith (KS) ............................................ 26 Budd Bugatch, CFA (BB) ........................... 19,52 Jeremy McCrea, CFA (JM) ............................. 32 Fernando Suarez (FS) ................. 34,44,59,65,77 Daniel E. Cardenas (DC) ................................ 36 Collin Mings, CFA (CM) .................................. 60 Daryl Swetlishoff, CFA (DS) ....................... 53,56 Ben Cherniavsky (BC) ............................... 53,80 Pavel Molchanov (PM) .................................. 26 Savanthi Syth, CFA (SS) .................................. 78 Chris Cox, CFA (CC) ........................................ 32 Kurt Molnar (KM) .......................................... 32 Alex Terentiew, MBA, P.Geo (AT) .................. 56 William A. Crow (WAC) ............................ 60,67 Hans Mosesmann (HM)................................. 67 Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 56 Sam Darkatsh (SD) ................................... 19,52 Praveen Narra, CFA (PN) ............................... 26 Terry Tillman (TT) .......................................... 67 Hermine de Bentzmann (HB) ........................ 23 Patrick O'Shaughnessy, CFA (PO) .................. 36 Michael Turits, Ph.D. (MT) ............................. 67 Robert Dodd, Ph.D. (RD) ............................... 36 Michael Overvelde, CFA, CPA, CA (MO) ........ 44 Kenric S. Tyghe, MBA (KT) ............................. 23 John Freeman, CFA (JF) ................................. 26 Justin Patterson, CFA (JP) .............................. 67 Brian M. Vaccaro, CFA (BV) ........................... 19 Brian Gesuale (BG) ........................................ 67 C. Gregory Peters (CGP) ................................ 36 William J. Wallace IV (WW) ........................... 36 Steve Hansen, CMA, CFA (SH) ........ 32,53,56,80 Brian Peterson, CFA (BP) ............................... 67 Santiago Wesenack, CFA (SW) .................. 34,59 Arthur W. Hatfield, CFA (AH) ........................ 78 Theoni Pilarinos, CFA (TP) ................... 32,53,80 Dan Wewer, CFA (DW) .................................. 19 Buck Horne, CFA (BH) ................................... 60 Ric Prentiss (RP) ............................................ 67 Elliot Wilbur, CFA (EW) .................................. 46 Darren Horowitz (DH) ................................... 26 Paul D. Puryear (PDP) .................................... 60 Donald A. Worthington (DAW) ...................... 36 Raymond James Research Register - January 2016 3 Upcoming Events Institutional Investors Conference (USA) March 6-9, 2016; Orlando, Florida Research Coverage Changes Additions Deletions USA USA American Farmland Company (AFCO:N) Altera Corporation (ALTR:Q) Carolina Financial Corporation (CARO:Q) HomeAway, Inc. (AWAY:Q) CNO Financial Group (CNO:N) Premiere Global Services Inc. (PGI:N) Communications Sales & Leasing, Inc. (CSAL:Q) Steiner Leisure Limited (STNR:Q) CSRA Inc. (CSRA:N) Strategic Hotels & Resorts (BEE:N) Duluth Holdings Inc. (DLTH:Q) CAN Infinera Corporation (INFN:Q) Amica Mature Lifestyles Inc. (ACC:T) Instructure, Inc. (INST:N) Legumex Walker Inc. (LWP:T) Spectrum Brands Holdings, Inc. (SPB:N) WashingtonFirst Bankshares, Inc. (WFBI:Q) CAN Bellatrix Exploration Ltd. (BXE:T) Bonavista Energy Corporation (BNP:T) Bonterra Energy Corp. (BNE:T) Enerplus Corporation (ERF:T) Freehold Royalties Ltd. (FRU:T) Painted Pony Petroleum Ltd. (PPY:T) Penn West Petroleum Ltd. (PWT:T) PrairieSky Royalty Ltd. (PSK:T) Yangarra Resources Ltd. (YGR:T) EUR Air Liquide (AIRP.PA:EPA) Autogrill (AGL.BIT:BIT) Elior (ELIOR.PA:EPA) Changes America Movil, S.A.B. de C.V. (AMX:N) not adjusted for spinoff of Telesites Computer Sciences Corporation (CSC:N) adjusted for spinoff of CSRA Inc. (CSRA:N) Ctrip.com International, Ltd. (CTRP:Q) adjusted for 2:1 split Senior Housing Properties Trust (SNH:N) not adjusted for spinoff of RMR Group Inc. 4 Raymond James Research Register - January 2016 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) and Raymond James Argentina have 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