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 Semiconductor & Related Ruben Roy 212-312-6702 New Oriental Edu. & Tech. Group EDU $23,470 Buy $135 Advanced Micro Devices, Inc. AMD $67,057 Hold NA TAL Education TAL $45,797 Buy $57 Cadence Design Systems, Inc. CDNS $28,346 Buy $98 Trip.com Group Ltd. TCOM $15,954 Buy $33 Cirus Logic, Inc. CRUS $3,742 Buy $95 Diodes Incorporated DIOD $2,564 Buy $50 Internet Daniel Kurnos, CFA 561-939-8262 Intel Corp. INTC $247,350 Hold NA 1-800-FLOWERS FLWS $1,408 Buy $28 Lattice Semiconductor 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 NVIDIA 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 Synopsys, Inc. SNPS $30,844 Buy $205 Grubhub, Inc. GRUB $6,592 Hold NA Xilinx, 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 $14 Page 1 Equity Research Coverage July 10, 2020 COMPANY TICKER Mkt. Cap ($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 Seagate Technology 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 Western Digital 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 Page 2 Equity Research Coverage July 10, 2020 COMPANY TICKER Mkt.