Equity Research Coverage December 4, 2020

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET China Fawne Jiang 212-312-6712 Internet Daniel Kurnos, CFA 561-939-8262 Holdings Ltd. BABA $718,794 Buy $355 1-800-FLOWERS FLWS $1,505 Buy $35 Autohome, Inc. ATHM $11,317 Hold NA .com AMZN $1,598,946 Buy $4,000 , Inc. BIDU $49,715 Buy $185 Homeservices Inc ANGI $5,863 Buy $16 iClick Interactive Asia Group Ltd. ICLK $663 Buy $13 Blucora, Inc. BCOR $609 Buy $19 JD.com, Inc. JD $132,531 Buy $100 Inc. BKNG $85,867 Hold NA Class B 3690-HKG $1,622,570 Buy HKD 350 Car Gurus, Inc. CARG $2,846 Buy $35 Momo, Inc. MOMO $2,875 Buy $27 Cars.com, Inc. CARS $740 Hold NA NetEase, Inc. NTES $60,623 Buy $105 Cinedigm Corp CIDM $73 Speculative Buy $3.50 Pinduoduo Inc. PDD $173,847 Buy $150 eBay Inc. EBAY $34,667 Buy $75 Holdings, Inc. 700-HKG HKD 5,645,404 Buy HKD 625 , Inc. EXPE $18,015 Buy $120 Vipshops Holdings, Inc. VIPS $16,987 Buy $28 Grubhub, Inc. GRUB $6,512 Hold NA Weibo Corp. WB $9,663 Buy $50 IAC/InterActiveCorp IAC $11,322 Buy $185 JOYY, Inc. Sponsored ADR Class A YY $6,883 Buy $165 Internap Network Services INAP #N/A Hold NA NCR Corp. NCR $4,038 Buy $40 China Consumer Fawne Jiang 212-312-6712 Perion, Inc. PERI $206 Hold NA China Online Education Group COE $642 Buy $38 Roku, Inc. Class A ROKU $36,696 Buy $300 Huazhu Group Ltd. HTHT $16,518 Buy $45 TrueCar, Inc. TRUE $421 Hold NA New Oriental Edu. & Tech. Group EDU $26,893 Buy $195 Waitr Holdings Inc. WTRH $376 Buy $5 TAL Education TAL $42,257 Buy $85 Zillow Inc. ZG $25,193 Buy $140 Trip.com Group Ltd. TCOM $20,888 Buy $42 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 Enterprise Software Mark Schappel 212-312-6749 ViacomCBS Inc VIAC $22,629 Buy $35 Altair Engineering Inc. Class A ALTR $3,852 Buy $53 Chicken Soup for the Soul CSSE $209 Buy $20 ANSYS, Inc. ANSS $28,989 Buy $345 Gray Television, Inc. GTN $1,725 Buy $25 Aspen Technology, Inc. AZPN $8,983 Buy $130 Meredith Corp. MDP $1,036 Hold NA Blackbaud, Inc. BLKB $2,756 Hold NA Nexstar Broadcasting Group, Inc. NXST $4,829 Buy $145 eGain Corp. EGAN $360 Buy $17 Sinclair Broadcasting Group, Inc. SBGI $2,106 Buy $35 LivePerson, Inc. LPSN $3,792 Buy $75 The E.W. Scripps Company SSP $1,085 Buy $21 Manhattan Associates, Inc MANH $6,499 Buy $110 TEGNA, Inc. TGNA $3,148 Buy $20 Mitek Systems, Inc. MITK $497 Buy $17 Open Text Corp. OTEX $12,293 Buy $52 Entertainment Software & Med. Mike Hickey 720-236-0207 Pegasystems, Inc. PEGA $10,470 Buy $145 Activision Blizzard, Inc. ATVI $60,893 Buy $109 Powerbridge Technologies Co. PBTS $28 Speculative Buy $10 AMC Entertainment AMC $499 Hold NA Progress Software Corp. PRGS $1,845 Buy $43 Cinemark Holdings CNK $1,572 Buy $21 Real Page, Inc. RP $6,960 Hold NA DraftKings Inc Class A DKNG $39,283 Buy $60 Rimini Street Inc Class A RMNI $376 Buy $6 dMY Technology Group Inc Class A DMYT $338 Buy $21 SPS Commerce, Inc. SPSC $3,452 Buy $98 Electronic Arts, Inc EA $37,240 Buy $163 Tyler Technologies TYL $16,838 Buy $425 DeNA Company Limited 2432-TKS ¥250,396 Buy ¥2700 Varonis Systems, Inc. VRNS $3,904 Buy $145 Glu Mobile GLUU $1,649 Buy $11 GameStop Corp. GME $1,050 Sell $6 Semiconductor & Related Ruben Roy 212-312-6702 Imax Corp. IMAX $834 Buy $16 Advanced Micro Devices, Inc. AMD $111,022 Hold NA Marcus Corp. MCS $340 Buy $21 Cadence Design Systems, Inc. CDNS $32,546 Buy $130 National CineMedia, Inc. NCMI $613 Hold NA Cirus Logic, Inc. CRUS $4,618 Buy $95 Take Two Interactive TTWO $20,791 Buy $201 Diodes Incorporated DIOD $3,656 Buy $78 Ubisoft Entertainment, SA UBI-PAR € 9,449 Hold NA Intel Corp. INTC $208,957 Hold NA World Wrestling Entertainment WWE $3,432 Buy $55 Lattice Semiconductor Corporation LSCC $5,676 Buy $40 Zynga, Inc. ZNGA $9,085 Buy $11 MACOM Technology Solutions Holdings, Inc.MTSI $3,143 Buy $50 Marvell Technology Group, Ltd. MRVL $30,506 Buy $52 Cannabis Mike Hickey 720-236-0207 Maxim Integrated Products MXIM $22,456 Hold NA Canopy Growth Corp. WEED-TSE CAD 13,707 Buy CAD 35 NVIDIA Corp. NVDA $331,685 Buy $600 Charlotte's Web Holdings, Inc. CWEB-TSE $1,174 Speculative Buy $4 ON Semiconductor ON $11,967 Buy $30 Green Thumb Industries GTII-CNQ $6,020 Buy $24 One Stop Systems, Inc. OSS $45 Speculative Buy $3.50 KushCo Holdings, Inc. KSHB $127 Speculative Buy $2 Qorvo, Inc. QRVO $18,149 Buy $155 Tilray, Inc. TLRY $1,310 Buy $12 Silicon Laboratories, Inc. SLAB $5,230 Buy $118 Skyworks Solutions SWKS $23,868 Buy $165 Synopsys, Inc. SNPS $35,584 Buy $260 Xilinx, Inc. XLNX $35,393 Hold NA

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Equity Research Coverage December 4, 2020

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 $3,248 Buy $41 AAR Corporation AIR $1,172 Buy $40 Aptiv plc APTV $32,716 Hold NA Allegheny Technologies Inc. ATI $1,964 Buy $21 AutoNation, Inc. AN $5,817 Hold NA Arconic Inc. ARNC $3,176 Buy $29 Carvana Co. CVNA $32,163 Hold NA Boeing Company BA $133,906 Buy $290 Cooper-Standard Holdings Inc. CPS $646 Buy $30 CACI International Inc CACI $6,116 Buy $300 Ford Motor Company F $36,641 Buy $11 Carpenter Technology Corporation CRS $1,292 Hold NA General Motors Company GM $63,106 Buy $47 Constellium N.V. CSTM $1,798 Buy € 12 Group 1 Automotive GPI $2,322 Buy $185 Fortress Transportation & Infrastructure InvestorsFTAI LLC $1,832 Buy $37 Lear Corporation LEA $8,947 Buy $162 HEICO Corporation HEI $16,841 Buy $120 Lithia Motors, inc. LAD $7,776 Buy $315 Howmet Aerospace Inc. HWM $10,862 Hold NA Lyft Inc. LYFT $13,685 Hold NA Jacobs Engineering Group Inc. J $13,972 Buy $120 Magna International Inc. MGA $18,579 Buy $67 Kaiser Aluminum Corporation KALU $1,421 Buy $110 Penske Automotive Group, Inc. PAG $4,663 Buy $84 Kratos Defense & Security Solutions, Inc. KTOS $2,737 Buy $26 Sonic Automotive, Inc. Class A SAH $1,775 Buy $52 L3Harris Technologies Inc LHX $40,489 Buy $250 Superior Industries Int, Inc. SUP $139 Hold NA PAE Incorporated Class A PAE $877 Buy $13 Vroom, Inc. VRM $4,329 Hold NA Parsons Corporation PSN $3,551 Buy $45 Raytheon Technologies Corporation RTX $111,307 Hold NA Coal & Transportation Mark Levin 804-387-4802 Science Applications International Corp. SAIC $5,507 Buy $105 Alliance Resource Partners, L.P. ARLP $588 Buy $6 Spirit AeroSystems Holdings, Inc. Class A SPR $4,261 Hold NA Arch Resources, Inc. Class A ARCH $571 Buy $54 VSE Corporation VSEC $396 Buy $39 CSX Corporation CSX $69,159 Buy $95 Canadian National Railway Co. CNI $75,864 Hold NA Media & Entertainment Matthew Harrigan 303-548-0448 Canadian Pacific Railway Ltd. CP $43,615 Hold NA Altice USA, Inc. ATUS $18,733 Buy $46 CONSOL Energy Inc CEIX $149 Buy $7 Comcast Corporation CMCSA $236,041 Buy $65 Contura Energy, Inc. CTRA $133 Hold NA Charter Communications, Inc. CHTR $134,002 Buy $725 Coronado Global Resources Inc. Shs Chess DepositoryCRN Interests$1,222 Repr 10 Sh Hold NA GCI Liberty, Inc. GLIBA $9,895 Buy $104 Kansas City Southern Railway KSU $17,700 Hold NA Liberty Braves Group BATRA $1,388 Buy $28 Natural Resource Partners L.P. NRP $173 Buy $15 Liberty Broadband Corp. LBRDA $28,782 Buy $180 Norfolk Southern Corporation NSC $60,233 Buy $250 Liberty Global plc LBTYA $13,899 Buy $38 Peabody Energy Corporation BTU $126 Hold NA Libery Latin America LILA $2,654 Buy $19 Ramaco Resources, Inc. METC $136 Buy $5 Liberty Sirius XM Group LSXMA $14,186 Buy $67 SunCoke Energy, Inc. SXC $396 Hold NA , Inc. NFLX $219,802 Sell $412 Teck Resources Limited Class B TECK $9,284 Buy CAD 17 Ooma Inc OOMA $371 Buy $24 Union Pacific Corporation UNP $136,297 Buy $220 Sirius XM Holdings Inc SIRI $27,324 Buy $8 Warrior Met Coal, Inc. HCC $918 Hold NA Technology, Hardware Mark Miller 703-360-6203 Construction Reuben Garner 703-472-7473 ACM Research, Inc. ACMR $1,497 Hold NA Belden Inc. BDC $1,828 Buy $39 Amtech Systems ASYS $98 Hold NA BMC Stock Holdings, Inc. BMCH $3,155 Buy $50 Axcelis Technologies ACLS $947 Buy $33 Boise Cascade Co. BCC $1,695 Buy $47 Coherent Inc. COHR $3,065 Buy $160 Builders FirstSource, Inc. BLDR $4,197 Buy $44 II-VI Incorporated IIVI $7,157 Buy $65 Herman Miller, Inc. MLHR $2,223 Buy $40 IPG Photonics IPGP $11,032 Hold NA HNI Corporation HNI $1,594 Buy $43 Intevac, Inc. IVAC $147 Buy $7 Installed Building Products, Inc. IBP $2,873 Hold NA MKS Instruments, Inc. MKSI $7,896 Buy $150 JELD-WEN Holding, Inc. JELD $2,414 Hold NA nLight, Inc. LASR $1,283 Hold NA Masonite International Corp. DOOR $2,368 Buy $125 Nova Measuring Instruments Ltd. NVMI $1,854 Buy $68 Owens Corning OC $7,955 Buy $90 Onto Innovation, Inc. ONTO $2,186 Buy $50 Quanex Building Products Corporation NX $690 Buy $20 Seagate Technology plc STX $16,017 Buy $60 Steelcase Inc. Class A SCS $1,448 Hold NA Veeco Instruments VECO $850 Buy $18 TopBuild Corp. BLD $5,680 Hold NA Western Digital WDC $14,750 Buy $56 Trex Company, Inc. TREX $8,821 Hold NA UFP Industries, Inc. UFPI $3,238 Buy $74

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Equity Research Coverage December 4, 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 $173 Buy $13 Amedisys, Inc AMED $8,059 Buy $275 BIOLOASE, Inc. BIOL $28 Speculative Buy $2 AMN Healthcare Services AMN $3,128 Buy $78 ChemBio Diagnostics, Inc. CEMI $152 Hold NA BioTelemetry, Inc. BEAT $1,909 Buy $64 CNS Pharmaceuticals, Inc. CNSP $36 Buy $8 Cross Country Healthcare CCRN $334 Buy $11 Exact Sciences Corporation EXAS $20,780 Buy $145 Cynergistek, Inc. CTEK $15 Hold NA Flexion Therapeutics, Inc. FLXN $558 Buy $20 Healthcare Services Group, Inc HCSG $1,721 Hold NA Invitae Corporation NVTA $8,847 Hold NA Huron Consulting Group, Inc. HURN $1,023 Hold NA Hoth Therapeutics, Inc. HOTH $24 Speculative Buy $10 LHC Group, Inc. LHCG $6,181 Buy $250 Harvard Biosciences HBIO $152 Speculative Buy $5 MTBC, Inc. MTBC $146 Buy $15 NeoGenomics NEO $5,319 Buy $48 Ontrak, Inc. OTRK $905 Buy $100 OncoCyte Corporation OCX $131 Buy $6 Omnicell, Inc. OMCL $4,416 Buy $100 Orgenesis Inc. ORGS $108 Buy $9 Premier, Inc. PINC $4,234 Hold NA Seelos Therapeutics, Inc. SEEL $54 Speculative Buy $4 RCM Technologies, Inc. RCMT $19 Buy $4 STAAR Surgical Corporation STAA $3,462 Buy $80 Select Medical SEM $3,279 Buy $30 VolitionRx VNRX $164 Buy $6 Surgery Partners, Inc. SGRY $1,342 Buy $28 Tabula Rasa Healthcare, Inc. TRHC $831 Buy $55 Healthcare & Biotechnology Robert Wasserman 212-312-6764 BioLife Solutions, Inc. BLFS $1,196 Hold NA Special Situations Bill Sutherland 215-380-0276 Bio-Techne Corporation TECH $11,542 Buy $320 cbdMD, Inc. YCBD $150 Speculative Buy $4 Champions Oncology, Inc. CSBR $136 Speculative Buy $11 Creative Realilites, Inc. CREX $12 Speculative Buy $5 Codexis, Inc. CDXS $1,083 Buy $21 Taronis Fuels Inc TRNF $42 Speculative Buy $0.5 Fortress Biotech, Inc. FBIO $256 Buy $9 Youngevity International, Inc. YGYI $10 Buy $6 Halozyme Therapeutics, Inc. HALO $5,303 Buy $46 Integer Holdings Corporation ITGR $2,493 Buy $105 Emerging Growth Ligand Pharmaceuticals Incorporated LGND $1,373 Buy $155 GrowGeneration Corp. GRWG $1,729 Buy $8 Nephros, Inc. NEPH $62 Speculative Buy $13 Lakeland Industries, Inc. LAKE $161 Buy $31 Proto Labs, Inc. PRLB $3,568 Buy $165 Voyager Digital Ltd. VYGVF $146 Speculative Buy $1.0

Biotechnology Aydin Huseynov, M.D., CFA 212-312-6759 Semiconductors & Related Technology Incyte Corporation INCY $18,155 Hold NA MaxLinear Inc. MXL $2,325 Buy $25 Ionis Pharmaceuticals, Inc. IONS $7,127 Hold NA MOSYS, Inc. MOSY $6 Speculative Buy $1 Inovio Pharmaceuticals, Inc. INO $2,121 Buy $25 Quicklogic Inc. QUIK $35 Speculative Buy $2 Nektar Therapeutics NKTR $3,062 Buy $26 Neurocrine Biosciences, Inc. NBIX $9,228 Hold NA NextCure, Inc. NXTC $302 Buy $17 Regeneron Pharmaceuticals, Inc. REGN $53,229 Hold NA Salarius Pharmaceuticals, Inc. SLRX $21 Buy $5 Voyager Therapeutics, Inc. VYGR $297 Buy $20

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Equity Research Coverage December 4, 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 September 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 192 75% 22 11% Hold 62 24% 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 © 2020. All rights reserved by The Benchmark Company, LLC.

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