GLOBAL RESEARCH | PUBLISHED BY RAYMOND JAMES & ASSOCIATES January 2021 © 2021 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 ............................ 18 USA .......................... 38 USA .......................... 51 CAN ........................... 21 CAN .......................... 42 CAN .......................... 54 Energy Industrial Technology & Communications USA ............................ 23 USA .......................... 44 USA .......................... 56 CAN ........................... 26 CAN .......................... 45 CAN .......................... 62 Financial Services Mining Transportation USA ............................ 30 CAN .......................... 48 USA .......................... 64 CAN ........................... 36 CAN .......................... 66 Analyst Index ................................................................. 3 Research Analysts and Sales & Trading Directories Upcoming Events ............................................................ 4 USA, Canada and Europe .... 67 Research Coverage Changes ............................................. 4 About This Publication .................................................... 5 Company Index .............................................................. 7 Companies Under Coverage ............................................ 18 2 Raymond James Research Register - January 2021 Analyst Index Joseph Altobello, CFA (JA) ......................... 18 Stephen Laws (SLa) .................................. 51 Brian M. Vaccaro, CFA (BV) ......................... 18 Nicholas Bacchus (NB) .............................. 56 Dane Leone, CFA (DL) ............................ 38,42 William J. Wallace IV (WW) ......................... 30 Frederic Bastien, CFA (FB) ..................26,45,54 Simon Leopold (SL) ...................................56 J.R. Weston, CFA (JRW) ..........................23,26 Jayson Bedford (JB) ..................................38 Steven Li, CFA (SLi) ............................... 36,62 Elliot Wilbur, CFA (EW) ............................... 38 Felix Boeschen (FB) ...............................44,64 David J. Long, CFA (DJL) ............................ 30 Joshua Wilson, CFA (JW) ........................18,44 Stephen Boland, CFA (SB) .......................... 36 Frank G. Louthan, IV (FGL) ......................... 56 Andrew Bradford, CFA (AB) .........................26 Brian MacArthur, CFA (BMa) ....................... 48 Danielle Brill, PharmD (DB) ........................ 38 Robert Majek (RM) .................................... 56 Patrick Tyler Brown, CFA (TB) ................. 44,64 Andrew Marok, CFA (AM) ............................ 56 Chris Caso (CC) .........................................56 Jeremy McCrea, CFA (JM) ...........................26 Andrew Cooper (AC) .................................. 38 RJ Milligan (RM) ........................................51 Chris Cox, CFA (CC) ............................... 23,26 Pavel Molchanov (PM) ............................... 23 William A. Crow (WAC) ............................... 51 David Novak (RJL), MSc (DN) ...................... 42 Sam Darkatsh (SD) ................................18,44 Patrick O'Shaughnessy (PO) ....................... 30 John Davis (JD) ........................................ 56 C. Gregory Peters (CGP) ............................. 30 Robert Dodd, Ph.D. (RD) ............................ 30 Brian Peterson, CFA (BP) ............................56 Melissa Fairbanks (MF) .............................. 56 Ric Prentiss (RP) ....................................... 56 Bryan Fast, CFA (BF) ..............................45,48 David Quezada, CFA (DQ) .......................26,45 David P. Feaster, Jr., CFA (DF) ..................... 30 John W. Ransom (JWR) ......................... 30,38 John Freeman, CFA (JF) ............................. 23 Michael Rose (MR) .................................... 30 Brian Gesuale (BG) .................................... 56 Ammar M. Samma (AS) .............................. 30 Michael Glen, CFA (MG) ..........................21,45 Rahul Sarugaser, PhD, MASc (RS) ................ 42 Bobby Griffin, CFA (BG) .............................. 18 Steven Seedhouse, Ph.D. (SS) ..................... 38 Farooq Hamed, CA (FH) ............................. 48 Alexander Sklar, CPA, CFA (AS) ....................56 Steve Hansen, CFA, CPA, CMA (SH) ...... 45,48,66 Craig Stanley, M.Sc. Geo (CS) ......................48 Buck Horne, CFA (BH) ................................ 51 Brad Sturges, CFA (BS) .............................. 54 Jonathan Hughes, CFA (JH) ........................ 51 Daryl Swetlishoff, CFA (DS) ................ 45,48,66 Justin Jenkins (JJ) ................................23,26 Savanthi Syth, CFA (SS) ............................. 64 Aaron Kessler, CFA (AK) ............................. 56 Daniel Tamayo, CFA (DT) ........................... 30 Lawrence Keusch (LK) ............................... 38 Adam Tindle, CFA (AT) ............................... 56 Raymond James Research Register - January 2021 3 Upcoming Events 42nd Annual Institutional Investors Conference (USA) March 1-3, 2021; Virtual Research Coverage Changes . 4 Raymond James Research Register - January 2021 About This Publication The Equity Research Register is a monthly statistical summary of financial data. It is compiled from information 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) has target prices only for stocks with Strong Buy 1 or Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Projected 12-month price targets may not reflect recent stronger price action in a specific stock. Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price unless otherwise denoted. In situations where the currency for the closing price differs from the currency for earnings, a currency adjustment factor has been employed. See Footnotes on the following page. Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable. Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this publication. Internationalinvestmentsinvolveadditionalriskssuchascurrencyfluctuations,differingfinancialaccountingstandards, andpossiblepoliticalandeconomicinstability. Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. This report is being provided for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for solicitation in your state. LimitedPartnershipsmaygenerateUnrelatedBusinessTaxableIncome(UBTI),whichcancreateataxliabilitythatmustbe paidfromaretirementaccount. You should receive a Schedule K-1 from the partnership annually that would include UBTI and other financial information. Please consult with your tax advisor to determine whether you must file and pay tax from your account. Companies Under Coverage USA Canada January 2021 881 234 January 2020 914 207 Raymond James Research Register - January 2021 5 Exchanges B -- BATS BZX N -- NYSE EPA -- Euronext Paris O -- OTC Markets L -- London Stock exchange Q -- NASDAQ M -- NYSE American Stock Exchange T -- TSX MAD -- Madrid Stock Exchange V -- TSX Venture Currencies p -- British pence € -- Euro £ -- British pound US$ or $ -- U.S. dollar C$ -- Canadian dollar Footnotes NA -- Not Available NM -- Not Meaningful cu -- EPS is Cash Distribution Per Unit. R -- Research Restricted UR -- Under Review ds -- EPS is Dividends/Share. $D -- EPS is shown in US dollars. ed -- EPS is Non-GAAP Earnings per ADS. $E -- EPS is shown in Euros. f -- Fiscal years ending before May are treated as previous year. ad -- EPS is Funds Available for Distribution (FAD). fa -- EPS is Adjusted Free Cash Flow per Share. ae -- EPS is Adjusted EBITDA. fc -- EPS is Free Cash Flow/Share. af -- EPS is Adjusted funds from Operations (AFFO). g -- EPS is GAAP EPS. ar -- EPS is Adjusted EPS. gu -- EPS is GAAP Earnings Per Limited Partner Units (EPU). bv -- EPS is BVPS. ng -- EPS is Non-GAAP EPS. c -- EPS is Core EPS. oi -- EPS is Operating Income Before Depreciation and Amortization (OIBDA). ca -- EPS is Cash Available for Distribution/Share. q -- EPS is Operating EPS. cb -- EPS is