1. Healthcare

BREAN CAPITAL, LLC RESEARCH UNIVERSE
February 2, 2015
52-Week
Range
Symbol
Rating
Closing Price
High
Low
FY
End
Shares
O/S
(MM)
Market
Cap
($MM)
FY13A
EPS
FY14
P/E
FY15
FY14
FY15
Target
Price
Analyst
CONSUMER
Retail and Consumer Products - Liz Pierce CFA, Senior Analyst (212) 702-6634 [email protected]
Cherokee Inc.
CHKE
Buy
$18.18
$21.01
$12.95
Chico's FAS Inc.
CHS
Buy
$16.68
$18.20
$14.39
Christopher & Banks Corporation
CBK
Buy
$5.21
$11.22
$4.12
Destination XL Group, Inc.
DXLG
Buy
$5.08
$6.40
$4.29
Iconix Brand Group, Inc.
ICON
Hold
$33.24
$44.81
$32.70
Sequential Brands Group, Inc.
SQBG
Buy
$10.35
$14.75
$5.50
Tilly's, Inc.
TLYS
Buy
$13.74
$14.67
$6.65
The Buckle, Inc.
BKE
Hold
$50.79
$56.13
$41.45
Urban Outfitters Inc.
URBN
Buy
$34.86
$40.67
$27.89
Xcel Brands Inc.
XELB
Buy
$7.25
$20.00
$3.50
Zumiez, Inc.
ZUMZ
Hold
$37.29
$41.81
$20.68
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Jan.
8.43
152.94
36.93
50.68
47.98
38.17
11.50
48.38
131.64
14.07
29.22
153.3
2,551.0
192.4
257.5
1,594.7
395.1
158.1
2,457.2
4,589.1
102.0
1,089.8
$0.81
$0.85
$0.24
($0.12)
$2.39
$0.35
$0.64
$3.39
$1.62
($0.23)
$1.44
$0.87
$1.13
$0.66
$0.89
$0.30
$0.37
($0.14) ($0.03)
$2.75
$3.00
$0.26 $0.40
$0.47
$0.60
$3.39
$3.52
$1.89
$1.65
$0.00
$0.22
$1.70
$1.91
20.9x
25.3x
17.4x
NM
12.1x
39.8x
29.2x
15.0x
18.4x
NM
21.9x
16.1x
18.7x
14.1x
NM
11.1x
25.9x
22.9x
14.4x
21.1x
33.0x
19.5x
$23.00
$20.00
$7.00
$8.00
NA
$17.00
$18.00
NA
$42.00
$9.00
NA
Pierce
Pierce
Pierce
Pierce
Pierce
Pierce
Pierce
Pierce
Pierce
Pierce
Pierce
Consumer Technology - Tom Forte CFA, Senior Analyst (212) 702-6677 [email protected]
Burberry Group, PLC
BRBY
Buy
$1,729.00
$1,790.00
Evine Live Inc.
EVLV
Buy
$6.27
$7.00
Groupon, Inc.
GRPN
Buy
$7.16
$11.21
GrubHub, Inc.
GRUB
Hold
$34.43
$45.80
HSN, Inc.
HSNI
Buy
$77.44
$79.80
Nordstrom, Inc.
JWN
Hold
$76.20
$80.54
YELP, Inc.
YELP
Hold
$52.47
$101.75
Mar
Jan.
Dec.
Dec.
Dec.
Jan.
Dec.
444.64
56.36
668.96
81.53
52.37
190.24
62.53
768,783.1
353.4
4,789.7
2,806.9
4,055.5
14,496.7
3,280.9
NA
($0.05)
$0.11
$0.16
$3.25
$3.71
($0.15)
$75.40 $73.90
($0.05) $0.22
$0.01
$0.17
$0.35
$0.50
$3.19
$3.60
$3.74
$4.09
$0.11 $0.51
22.9x
NM
716.0x
98.4x
24.3x
20.4x
477.0x
23.4x
28.5x
42.1x
68.9x
21.5x
18.6x
102.9x
$1,800.00
$8.00
$11.00
NA
$91.00
NA
NA
Forte
Forte
Forte
Forte
Forte
Forte
Forte
$1,348.00
$4.20
$5.18
$29.86
$52.93
$54.90
$49.11
BREAN CAPITAL, LLC RESEARCH UNIVERSE
February 2, 2015
52-Week
Range
Symbol
Rating
Closing Price
High
FY
Low
End
$136.37
$55.04
$10.76
$14.02
$4.40
$5.01
$6.51
$40.30
$7.48
$1.94
$11.53
$54.37
$4.13
$3.57
$13.69
$10.10
$6.01
$60.30
$3.10
$2.36
$269.50
$5.92
$8.10
$86.00
$0.91
$8.01
$4.42
$2.85
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Jun.
Dec.
Dec.
Sept
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Shares
O/S
(MM)
Market
EPS
Cap
($MM)
FY13A
FY14
$1.27
($1.28)
($1.02)
($3.65)
($0.75)
($0.50)
($3.42)
($0.56)
($1.43)
($0.58)
($0.58)
($0.57)
($1.32)
($1.10)
($4.78)
($1.40)
($0.30)
($1.93)
($0.76)
($15.41)
$3.81
($1.33)
($1.48)
$2.18
($0.65)
$1.78
($0.81)
($8.16)
$3.26
($1.10)
($1.34)
($1.71)
($0.84)
($0.13)
($3.02)
$0.02
($0.65)
($0.19)
($1.30)
$2.38
($0.72)
($1.35)
($3.16)
($0.38)
($0.41)
($0.47)
$0.11
($3.36)
$2.94
($1.42)
($0.44)
($3.79)
($0.67)
($2.27)
($1.32)
($4.27)
P/E
FY15
FY14
Target
FY15
Price
Analyst
$215.00
NA
$35.00
$45.00
$25.00
NA
$40.00
$76.00
$20.00
$8.00
$26.00
$118.00
$16.00
$16.00
$27.00
$20.00
$34.00
$111.00
$11.00
$26.00
$450.00
$41.00
$4.00
$150.00
$5.00
$50.00
$22.00
$11.00
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
Aschoff
HEALTHCARE
Biotechnology - Jonathan Aschoff Ph.D., Senior Analyst (212) 702-6652 [email protected]
Alexion Pharmaceuticals, Inc.
ALXN
Buy
$183.24
$203.30
BioMarin Pharmaceutical, Inc.
BMRN
Hold
$97.16
$100.95
Celldex Therapeutics
CLDX
Buy
$21.42
$33.33
Chimerix, Inc.
CMRX
Buy
$40.11
$42.87
CytoSorbents Corporation
CTSO
Buy
$8.02
$12.87
Endocyte, Inc.
ECYT
Hold
$5.18
$33.70
Heron Therapeutics, Inc.
HRTX
Buy
$7.90
$15.82
Incyte Corp.
INCY
Buy
$79.71
$84.73
Inovio Pharmaceuticals
INO
Buy
$8.34
$15.80
Intellipharmaceutics Intl. Inc.
IPCI
Buy
$2.04
$5.18
Keryx Biopharmaceuticals, Inc.
KERX
Buy
$12.16
$18.48
Medivation, Inc.
MDVN
Buy
$108.82
$117.23
Merrimack Pharmaceuticals
MACK-US Buy
$9.43
$12.00
MEI Pharma, Inc.
MEIP
Buy
$3.94
$13.98
Mirati Therapeutics, Inc.
MRTX
Buy
$20.75
$25.97
Nektar Therapeutics
NKTR
Buy
$14.64
$17.53
Ohr Pharmaceutical, Inc.
OHRP
Buy
$7.51
$20.00
Pacira Pharmaceuticals Inc.
PCRX
Buy
$107.35
$112.00
Progenics Pharmaceuticals, Inc.
PGNX
Buy
$5.98
$7.84
Recro Pharma, Inc.
REPH
Buy
$3.05
$9.88
Regeneron Pharmaceuticals, Inc.
REGN
Buy
$416.66
$437.64
Repros Therapeutics, Inc.
RPRX
Buy
$8.60
$22.55
Rockwell Medical, Inc.
RMTI
Sell
$10.79
$14.80
Salix Pharmaceuticals
SLXP
Buy
$134.67
$172.98
Soligenix, Inc.
SNGX
Buy
$1.15
$2.49
Tetraphase Pharmaceuticals, Inc.
TTPH
Buy
$36.36
$44.55
TG Therapeutics, Inc.
TGTX
Buy
$14.24
$18.88
WaferGen Biosystems, Inc.
WGBS
Buy
$3.34
$30.00
198.29
155.93
89.59
39.60
24.51
41.71
29.18
168.94
60.59
23.31
101.14
77.62
105.88
33.29
318.20
128.44
18.02
36.06
69.56
7.71
99.69
24.30
47.52
63.72
23.94
30.66
43.96
5.87
36,334.1
15,150.5
1,919.0
1,588.4
196.6
216.1
230.5
13,466.3
505.3
47.6
1,229.9
8,447.1
998.5
131.2
6,602.7
1,880.4
135.3
3,870.6
415.9
23.5
41,537.6
209.0
512.7
8,581.6
27.4
1,114.7
626.1
19.6
$3.75
56.2x
48.9x
NM
NM
($0.73)
($1.86)
NM
NM
($1.78)
NM
NM
($0.38)
NM
NM
($0.76)
NM
NM
($4.16)
NM
NM
$0.07 3985.5x 1138.7x
($0.76)
NM
NM
$0.03
NM
68.0x
($1.32)
NM
NM
$2.92
45.7x
37.3x
($0.70)
NM
NM
($1.44)
NM
NM
($3.01)
NM
NM
$0.40
NM
36.6x
($1.22)
NM
NM
$1.80
NM
59.6x
($0.43) 54.4x
NM
$4.06
NM
0.8x
$3.38 141.7x 123.3x
($1.71)
NM
NM
($0.08)
NM
NM
($0.57)
NM
NM
($0.52)
NM
NM
($2.19)
NM
NM
($1.23)
NM
NM
($2.16)
NM
NM
BREAN CAPITAL, LLC RESEARCH UNIVERSE
February 2, 2015
52-Week
Range
Symbol
Rating
Closing Price
High
FY
Shares
O/S
(MM)
Market
EPS
Cap
($MM)
FY13A
FY14
Low
End
$5.84
$18.63
$7.85
$20.23
$9.38
$11.80
$1.07
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
16.52
21.64
118.85
20.72
53.05
34.32
153.04
165.2
654.1
1,952.8
524.3
571.4
553.6
206.6
$0.37
$1.06
($0.79)
$0.80
($2.13)
$1.25
($0.54)
($0.89)
$1.08
$0.78
$1.11
($2.20)
$0.06
($0.65)
[email protected]
$7.37
$10.85
$5.99
$81.53
$99.97
$63.27
$171.03
$180.35
$125.00
$106.71
$108.57
$65.97
$23.58
$27.13
$17.45
$7.95
$8.50
$6.48
$46.32
$51.23
$31.35
$35.80
$40.36
$28.55
$91.05
$98.24
$75.78
$109.56
$119.99
$90.15
$92.56
$95.70
$76.73
$24.41
$33.80
$24.20
$112.10
$120.70
$90.48
Jun.
Jul.
Dec.
Sept
Dec.
Dec.
Dec
Dec
Dec.
Dec.
Sept
Dec.
Dec.
77.85
12.37
74.90
454.51
70.59
17.37
47.04
446.98
378.32
41.41
100.18
51.07
169.35
573.8
1,008.8
12,809.9
48,500.5
1,664.4
138.1
2,179.0
16,002.0
34,446.1
4,537.3
9,273.1
1,246.6
18,984.6
($1.11)
$3.88
$5.79
$4.42
$0.90
$0.21
$1.21
$1.53
$4.49
$5.02
$3.98
($0.52)
$5.75
($0.47)
$3.52
$8.41
$4.15
$0.97
$0.21
$1.13
$1.73
$4.74
$5.70
$3.83
($1.43)
$6.05
P/E
FY15
FY14
Target
FY15
Price
Analyst
($0.78)
NM
$1.48
28.0x
$0.93
21.1x
$0.75
22.8x
$0.03
NM
$0.41 268.8x
($0.46)
NM
NM
20.4x
17.7x
33.7x
359.0x
39.3x
NM
$13.00
$40.00
$18.00
$40.00
$15.00
$19.00
$2.50
Yang
Yang
Yang
Yang
Yang
Yang
Yang
($0.47)
$4.03
$9.00
$4.40
$1.01
$0.25
$1.52
$1.90
$5.05
$6.20
$4.26
($1.00)
$6.70
NM
20.2x
19.0x
24.3x
23.3x
31.8x
30.5x
18.8x
18.0x
17.7x
21.7x
NM
16.7x
$12.00
NA
NA
$93.22
$28.00
$11.00
$53.00
NA
NA
$125.00
$96.00
$45.00
$150.00
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
Wittes
HEALTHCARE Cont.
Biotechnology - Difei Yang, PhD, Senior Analyst (212) 655-2765 [email protected]
Cardiome Pharma Corp.
CRME
Buy
$10.00
$11.31
Cynosure, Inc.
CYNO
Buy
$30.22
$31.50
Horizon Pharma plc
HZNP
Buy
$16.43
$18.30
Hyperion Therapeutics, Inc.
HPTX
Buy
$25.30
$32.98
Momenta Pharmaceuticals, Inc.
MNTA
Buy
$10.77
$18.97
Osiris Therapeutics, Inc.
OSIR
Buy
$16.13
$17.60
Zogenix, Inc.
ZGNX
Buy
$1.35
$5.19
Medical Technology/Devices - Jason Wittes, Senior Analyst (212) 702-6611
Accuray Incorporated
ARAY
Buy
Analogic Corporation
ALOG
Hold
C.R. Bard, Inc.
BCR
Hold
Covidien plc
COV
Buy
Globus Medical, Inc.
GMED
Buy
LeMaitre Vascular, Inc.
LMAT
Buy
NuVasive, Inc
NUVA
Buy
Smith & Nephew plc
SNN-US Hold
Stryker Corporation
SYK
Hold
Teleflex, Incorporated
TFX
Buy
Varian Medical Systems, Inc.
VAR
Buy
Wright Medical Group
WMGI
Buy
Zimmer Holdings, Inc.
ZMH
Buy
NM
23.2x
20.3x
25.7x
24.3x
37.9x
41.0x
20.7x
19.2x
19.2x
24.2x
NM
18.5x
BREAN CAPITAL, LLC RESEARCH UNIVERSE
February 2, 2015
52-Week
Range
Symbol
Rating
Closing Price
High
FY
Low
End
$0.86
$0.88
$6.48
$5.63
$28.51
$16.43
$3.20
$7.47
$40.66
$5.91
$1.06
$8.75
$15.07
$24.43
$10.45
$0.79
$20.30
Dec.
Dec.
Dec
Dec.
Dec.
Dec
Dec
Dec
Dec.
Dec.
Sep
Sep
Dec
Dec.
Dec.
Dec.
Dec.
Shares
O/S
(MM)
Market
EPS
Cap
($MM)
P/E
Target
FY13A
FY14
FY15
FY14
FY15
Price
Analyst
NATURAL RESOURCES
Natural Resources - Lucas Pipes, Senior Analyst (212) 702-6636 [email protected]
Arch Coal Inc.
ACI
Hold
$0.93
$5.37
Alpha Natural Resources, Inc.
ANR
Hold
$1.04
$5.84
Cloud Peak Energy, Inc.
CLD
Buy
$6.79
$22.43
Cliffs Natural Resources Inc.
CLF
Sell
$6.42
$23.53
CONSOL Energy Inc.
CNX
Buy
$28.95
$48.30
Freeport-McMoRan Inc.
FCX
Hold
$16.81
$39.32
Fuel-Tech, Inc.
FTEK
Buy
$3.23
$7.37
Hallador Energy Company
HNRG
Buy
$11.34
$14.35
Joy Global, Inc.
JOY
Hold
$41.94
$65.36
Peabody Energy Corp.
BTU
Hold
$6.23
$19.63
Rentech, Inc.
RTK
Buy
$1.20
$2.70
Rentech Nitrogen Partners, L.P.
RNF
Buy
$10.90
$20.14
SunCoke Energy Inc.
SXC
Buy
$15.10
$24.57
SunCoke Energy Partners L.P.
SXCP
Buy
$24.89
$32.02
Teck Resources Ltd.
TCK
Hold
$12.88
$25.64
Walter Energy
WLT
Hold
$0.93
$11.77
Westmoreland Coal Company
WLB
Buy
$26.08
$45.19
212.27
221.57
61.00
153.20
230.18
1039.12
22.84
28.78
97.37
271.45
228.48
38.91
66.22
21.69
566.79
68.08
17.07
196.8
230.4
414.2
983.5
6,663.7
17,467.6
73.8
326.3
4,083.7
1,691.1
274.2
424.1
999.9
539.9
7,300.2
63.5
445.3
($1.40)
($2.19)
$0.73
$3.33
$0.46
$2.64
$0.23
$0.80
$5.84
$0.34
($0.05)
$0.10
$0.36
$1.82
$1.66
($3.35)
($0.42)
($1.88)
($4.18)
($0.15)
$0.28
$0.92
$1.85
$0.02
$0.48
$3.28
$0.99
($0.07)
$0.89
($0.69)
$1.40
$0.71
($7.19)
($7.77)
($1.84)
($3.91)
($0.68)
($0.40)
$0.69
$0.61
$0.22
$1.54
$3.09
($1.31)
$0.09
$1.39
$0.55
$1.61
$0.28
($5.72)
($2.16)
NM
NM
NM
22.9x
31.5x
9.1x
161.5x
23.6x
12.8x
6.3x
NM
12.2x
NM
17.8x
18.1x
NM
NM
NM
NM
NM
NM
42.0x
27.6x
14.7x
7.4x
13.6x
NM
13.3x
7.8x
27.5x
15.5x
46.0x
NM
NM
NA
NA
$10.00
$6.00
$37.00
NA
$6.00
$15.00
NA
NA
$3.00
$17.00
$22.00
$29.00
NA
NA
$52.00
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Pipes
Water Utilities, Flow Technology and Purification - Michael Gaugler, Senior Analyst (212) 702-6539 [email protected]
Advanced Emissions Solutions, Inc.
ADES
Buy
$10.61
$28.47
$9.75
Dec.
21.80
American States Water Company
AWR
Hold
$39.64
$41.70
$27.02
Dec.
38.40
American Water Works Co., Inc.
AWK
Buy
$56.14
$57.48
$41.06
Dec.
179.31
Aqua America, Inc.
WTR
Buy
$27.05
$28.22
$23.12
Dec.
176.63
Calgon Carbon Corp.
CCC
Buy
$19.73
$23.13
$18.55
Dec.
53.22
California Water Service Group
CWT
Hold
$24.54
$26.37
$20.33
Dec.
47.81
Consolidated Water Co., Ltd.
CWCO
Buy
$10.85
$13.48
$8.41
Dec.
14.70
IDEX Corp.
IEX
Buy
$72.35
$81.82
$65.91
Dec.
79.40
Mueller Water Products, Inc.
MWA
Buy
$10.23
$10.48
$7.64
Sep.
160.37
Sabesp
SBSP3
Sell
$13.30
$24.56
$12.63
Dec.
683.51
SJW Corp.
SJW
Hold
$33.77
$35.67
$25.46
Dec.
20.24
Tetra Tech
TTEK
Buy
$23.03
$30.92
$22.96
Sep.
62.10
Watts Water Technologies, Inc.
WTS
Hold
$58.63
$65.84
$51.71
Dec.
28.65
Xylem Inc.
XYL
Buy
$34.10
$40.00
$31.80
Dec.
181.87
231.2
1,522.2
10,066.4
4,777.9
1,050.0
1,173.2
159.5
5,744.3
1,640.6
9,090.7
683.4
1,430.2
1,679.8
6,201.9
($0.35)
$1.61
$2.20
$1.16
$0.84
$0.99
$0.58
$3.09
$0.22
$2.81
$1.12
$0.70
$2.22
$1.67
$1.11
$1.44
$2.42
$1.20
$0.91
$1.10
$0.49
$3.52
$0.35
$1.46
$2.54
$1.66
$2.61
$1.92
$4.73
$1.62
$2.62
$1.30
$1.15
$1.30
$0.68
$3.67
$0.50
$1.81
$1.33
$1.59
$2.97
$1.90
9.6x
27.5x
23.2x
22.5x
21.7x
22.3x
22.1x
20.6x
29.2x
9.1x
13.3x
13.9x
22.5x
17.8x
2.2x
24.5x
21.4x
20.8x
17.2x
18.9x
16.0x
19.7x
20.5x
7.3x
25.4x
14.5x
19.7x
17.9x
$47.00
NA
$62.00
$32.00
$26.00
NA
$15.00
$81.00
$12.00
$14.00
NA
$29.00
NA
$40.00
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Clean Energy - Michael Gaugler, Senior Analyst (212) 702-6539 [email protected]
First Solar, Inc.
FSLR
Buy
$42.32
$74.84
Itron, Inc.
ITRI
Hold
$37.21
$43.67
Stantec Inc.
STN-T
Buy
$31.25
$38.13
SunEdison, Inc.
SUNE
Hold
$18.73
$24.35
SunPower Corp.
SPWR
Buy
$24.12
$42.07
Natural Gas & Electric Utilities - Michael Gaugler, Senior Analyst
Chesapeake Utilities
CPK
New Jersey Resources
NJR
Northeast Utilities
NU
South Jersey Industries
SJI
UIL Holdings Corp.
UIL
UNITIL Corporation
UTL
Vectren Corporation
VVC
WGL Holdings, Inc.
WGL
$39.18
$32.30
$28.78
$13.09
$22.75
Dec
Dec
Dec
Dec
Dec
100.21
39.06
93.82
270.97
131.33
4,240.9
1,453.4
2,932.0
5,075.2
3,167.7
$3.70
$1.90
NA
($2.46)
$0.70
$2.85
$1.53
$1.81
($1.16)
$1.30
$4.55
$1.91
$2.22
($0.29)
$1.80
14.8x
24.3x
17.3x
NM
18.6x
9.3x
19.5x
14.1x
NM
13.4x
$83.00
NA
$39.00
NA
$41.00
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
(212) 702-6539 [email protected]
Hold
$48.76
$52.66
$37.49
Hold
$63.88
$66.79
$43.75
Hold
$55.58
$56.83
$41.92
Buy
$58.25
$61.23
$51.77
Buy
$46.00
$47.79
$34.34
Hold
$37.36
$39.00
$29.24
Hold
$47.92
$49.47
$35.08
Hold
$56.50
$59.08
$35.35
Dec
Sep
Dec
Dec
Dec.
Dec
Dec
Sep
14.58
42.25
316.80
33.65
56.55
13.92
82.54
49.72
711.1
2,698.9
17,607.7
1,959.9
2,601.1
519.9
3,955.2
2,809.3
$3.38
$2.73
$2.53
$3.03
$2.18
$1.57
$2.12
$2.31
$2.47
$4.07
$2.65
$3.24
$1.99
$1.79
$2.27
$2.68
$2.61
$3.12
$2.90
$3.46
$2.43
$1.93
$2.51
$2.75
19.7x
15.7x
21.0x
18.0x
23.1x
20.9x
21.1x
21.1x
18.7x
20.5x
19.2x
16.8x
18.9x
19.4x
19.1x
20.5x
NA
NA
NA
$70.00
$47.00
NA
NA
NA
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
Gaugler
BREAN CAPITAL, LLC RESEARCH UNIVERSE
February 2, 2015
52-Week
Range
FY
Shares
O/S
(MM)
Market
EPS
Cap
Target
FY14
FY15
FY14
FY15
Price
Analyst
Computer Hardware and Advanced Manufacturing Technology - Ananda Baruah, Senior Analyst (212) 702-6615 [email protected]
ARC Worldwide Inc.
ARCW
Buy
$7.69
$25.00
$7.43
Jun
15.08
116.0
Arcam AB
ARCM
Hold
$178.50
$305.50
$130.00
Dec.
18.67
3,331.7
Arrow Electronics, Inc.
ARW
Buy
$55.04
$63.78
$45.47
Dec.
96.91
5,333.8
Avnet Inc.
AVT
Buy
$41.62
$48.18
$35.53
Jun
136.37
5,675.9
3D Systems Corporation
DDD
Hold
$29.08
$82.65
$27.46
Dec.
111.22
3,234.2
EMC Corp.
EMC-US Buy
$25.93
$30.92
$23.47
Dec.
2034.91
52,765.2
Electronics for Imaging, Inc.
EFII
Buy
$38.65
$47.75
$35.45
Dec.
47.01
1,817.0
Hewlett-Packard Co.
HPQ
Buy
$36.13
$41.10
$27.89
Oct.
1834.08
66,265.3
Ingram Micro Inc.
IM
Buy
$25.18
$30.96
$22.22
Dec.
155.93
3,926.4
Lexmark International Inc.
LXK
Hold
$39.91
$51.77
$37.37
Dec.
61.80
2,466.3
NetApp Inc.
NTAP
Buy
$37.80
$44.28
$33.34
Apr.
311.69
11,782.0
Pitney Bowes Inc.
PBI
Buy
$23.98
$28.37
$22.38
Dec.
200.99
4,819.7
Seagate Technology
STX
Buy
$56.44
$69.40
$48.21
Jun
329.00
18,568.8
Stratasys Ltd
SSYS
Buy
$79.49
$131.09
$70.00
Dec.
50.92
4,047.8
Synnex Corp.
SNX
Buy
$74.19
$80.24
$51.65
Nov.
39.46
2,927.4
Tech Data Corp
TECD-US Buy
$57.10
$71.31
$50.21
Jan.
38.25
2,184.4
The ExOne Company
XONE
Hold
$14.35
$48.80
$13.67
Jan.
14.44
207.3
voxeljet AG
VJET
Hold
$8.28
$37.75
$7.13
Jan.
18.60
154.0
Western Digital Corp.
WDC
Buy
$97.23
$114.69
$80.78
Jun
232.20
22,576.9
Xerox Corp.
XRX
Buy
$13.17
$14.36
$10.26
Dec.
1141.56
15,034.3
$0.34
$1.01
$4.88
$3.47
$0.85
$1.81
$1.58
$3.56
$2.37
$3.95
$2.29
$1.80
$5.30
$1.83
$4.14
$5.03
($0.51)
($0.24)
$8.50
$1.04
$0.38
$3.56
$5.87
$4.24
$0.73
$1.91
$1.81
$3.74
$2.54
$4.06
$2.79
$1.88
$5.03
$2.26
$6.16
$4.52
($1.04)
($0.25)
$8.09
$1.07
$0.20
$3.63
$6.00
$4.57
$1.03
$1.98
$2.05
$3.83
$3.07
$3.70
$2.90
$2.00
$4.88
$2.99
$6.80
$5.05
($0.25)
($0.19)
$8.62
$1.05
20.2x
50.1x
9.4x
9.8x
39.8x
13.6x
21.4x
9.7x
9.9x
9.8x
13.5x
12.8x
11.2x
35.2x
12.0x
12.6x
NM
NM
12.0x
12.3x
38.4x
49.2x
9.2x
9.1x
28.2x
13.1x
18.9x
9.4x
8.2x
10.8x
13.0x
12.0x
11.6x
26.6x
10.9x
11.3x
NM
NM
11.3x
12.5x
$25.00
NA
$66.00
$49.00
NA
$31.00
$60.00
$45.00
$40.00
NA
$47.00
$33.00
$83.00
$125.00
$90.00
$73.00
NA
NA
$150.00
$15.00
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Baruah
Semiconductors - Mike Burton CFA, Senior Analyst (212) 702-6610 [email protected]
Avago Technologies
AVGO
Buy
$102.88
$108.34
Broadcom
BRCM
Buy
$42.43
$44.33
Ezchip Semiconductor
EZCH
Hold
$19.05
$29.12
Himax Technologies, Inc.
HIMX
Hold
$8.58
$16.15
Marvell Technology
MRVL
Buy
$15.49
$16.65
NVIDIA
NVDA
Hold
$19.21
$21.25
PMC-Sierra
PMCS
Hold
$8.84
$9.39
Qualcomm
QCOM-US Buy
$62.46
$81.97
Qorvo, Inc.
QRVO
Buy
$73.87
$78.05
Silicon Motion Technology Corp.
SIMO
Buy
$27.86
$28.99
Skyworks Solutions
SWKS
Buy
$83.05
$84.95
$2.58
$2.72
$1.18
$0.41
$0.86
$0.95
$0.34
$4.51
NA
$1.07
$2.21
$4.93
$2.97
$1.16
$0.44
$1.02
$0.76
$0.40
$5.27
$0.54
$1.62
$3.23
$7.40
$3.25
$0.98
$0.44
$1.14
$1.08
$0.50
$4.99
$3.72
$2.13
$4.84
20.9x
14.3x
16.4x
19.5x
15.2x
25.3x
22.1x
11.9x
136.8x
17.2x
25.7x
13.9x
13.1x
19.4x
19.5x
13.6x
17.8x
17.7x
12.5x
19.9x
13.1x
17.2x
$120.00
$53.00
NA
NA
$17.00
NA
NA
$80.00
$85.00
$35.00
$92.00
Burton
Burton
Burton
Burton
Burton
Burton
Burton
Burton
Burton
Burton
Burton
Rating
Closing Price
High
Low
End
($MM)
P/E
FY13A
Symbol
TECHNOLOGY
$52.96
$28.68
$18.19
$5.70
$11.65
$15.32
$6.28
$62.39
$63.02
$15.16
$29.25
Oct.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Sept
Mar
Dec.
Sept
255.33
599.00
29.22
171.21
511.10
543.54
198.04
1649.56
150.00
33.71
190.65
26,268.5
25,418.6
556.6
1,469.0
7,916.9
10,438.6
1,750.6
103,031.6
11,080.5
939.2
15,833.8
BREAN CAPITAL, LLC RESEARCH UNIVERSE
February 2, 2015
52-Week
Range
Symbol
Rating
Closing Price
High
FY
Low
End
Shares
O/S
(MM)
Market
EPS
Cap
($MM)
FY13A
FY14
P/E
FY15
FY14
Target
FY15
Price
Analyst
$1.55
15.0x
$2.90
10.1x
$1.20
16.5x
$3.35
17.7x
$1.85
27.2x
$6.25
14.3x
$1.65
45.4x
$2.37
32.5x
($0.13)
NM
$0.58 1099.0x
$1.85
13.4x
($0.43) 28.2x
$1.46
7.0x
$8.25
17.5x
$0.22
5.0x
13.5x
9.0x
15.8x
15.9x
22.5x
13.6x
42.6x
23.1x
NM
132.6x
12.5x
NM
20.4x
16.5x
47.5x
$26.00
$36.00
NA
$65.00
$44.00
$95.00
$78.00
$57.00
$19.00
$86.00
$31.00
$9.00
$32.00
NA
$14.00
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
Mitchell
$0.94
$1.61
$0.77
$1.05
$5.14
$6.38
$1.04
$1.73
$5.06
($0.16)
($0.27)
$0.18
$0.61
$0.50
$0.04
$0.00
$0.58
$0.57
$1.13
$0.89
$1.84
($3.19)
$0.74
$0.56
$2.33 $3.14
$0.11 $0.29
($0.34) ($0.38)
$2.28
$1.41
$8.75
$2.59
$0.27
$0.20
$0.74
$0.01
$0.63
$1.47
($1.58)
$0.49
$4.47
$0.48
($0.16)
55.3x
33.9x
34.2x
34.6x
NM
45.3x
13.7x
NM
22.8x
40.7x
NM
10.9x
43.2x
77.2x
NM
39.1x
25.3x
24.9x
23.1x
103.9x
40.8x
9.3x
2484.0x
20.6x
24.6x
NM
12.5x
30.4x
46.6x
NM
$110.00
$55.00
$275.00
$102.00
NA
NA
$16.00
$35.00
NA
$58.00
NA
$12.00
$148.00
$30.00
$24.00
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
Jiang
NA
$1.55
($0.46)
NA
NA
$0.96
$0.18
NA
NM
62.6x
445.0x
NM
NM
49.5x
98.9x
NM
$31.00
$64.00
$20.00
$47.00
Jiang
Jiang
Jiang
Jiang
TECHNOLOGY Cont.
Digital Media & Technology - Todd Mitchell, Senior Analyst (212) 702-6602
Activision Blizzard Inc.
ATVI
Buy
Arris Enterprises, Inc.
ARRS
Buy
Cablevision Systems Corporation
CVC
Hold
Comcast Corporation
CMCSA Buy
comScore, Inc.
SCOR
Buy
DirecTV
DTV
Buy
Dish Network Corp.
DISH-O Buy
Electronic Arts Inc.
EA
Buy
Park City Group Inc.
PCYG
Buy
Rentrak Corporation
RENT
Buy
Rovi Corporation
ROVI-O Buy
SeaChange International
SEAC
Buy
Take Two Interactive Software Inc.
TTWO
Buy
Time Warner Cable Inc.
TWC
Hold
TiVo Inc.
TIVO
Buy
[email protected]
$20.90
$24.18
$16.64
$26.22
$35.83
$23.71
$18.92
$21.97
$15.78
$53.15
$59.30
$47.74
$41.56
$48.16
$25.98
$85.28
$89.46
$67.80
$70.35
$79.57
$54.31
$54.86
$55.80
$25.56
$10.37
$13.97
$6.75
$76.93
$87.40
$43.62
$23.11
$25.34
$17.52
$7.06
$12.35
$5.30
$29.72
$30.80
$16.40
$136.13
$155.95
$128.78
$10.46
$14.29
$10.27
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Mar
Jun.
Mar
Dec.
Jan.
Mar
Dec.
Jan.
719.03
144.78
219.49
2150.37
34.20
502.24
223.08
310.94
17.18
12.36
95.06
32.59
84.17
280.80
102.57
15,024.1
3,796.1
4,152.8
114,281.3
1,421.4
42,830.7
15,693.7
17,058.0
178.1
951.2
2,196.8
230.1
2,501.7
38,225.3
1,072.9
$0.95
$1.66
$0.48
$2.56
$1.19
$5.47
$1.76
$0.84
NA
($0.15)
$1.68
$0.51
$0.36
$6.61
($0.04)
$1.39
$2.60
$1.15
$3.00
$1.53
$5.98
$1.55
$1.69
($0.19)
$0.07
$1.73
$0.25
$4.26
$7.76
$2.10
CHINA RESEARCH
China Internet - Fawne Jiang, Senior Analyst (212) 702-6621 [email protected]
Alibaba Group Holding, Ltd.
BABA
Buy
$89.08
Autohome Inc.
ATHM
Buy
$35.62
Baidu, Inc.
BIDU-O Buy
$217.92
Bitauto Holdings Limited
BITA
Buy
$59.82
Changyou.com Limited
CYOU
Hold
$28.05
E-Commerce China Dangdang Inc.
DANG
Hold
$8.16
E-House China Holdings Ltd.
EJ
Buy
$6.87
JD.com
JD
Buy
$24.84
Jumei International Holding Limited
JMEI
Hold
$12.97
Sina Corp.
SINA
Buy
$36.22
Sohu.com, Inc.
SOHU
Hold
$56.14
SouFun Holdings Ltd.
SFUN
Buy
$6.11
Tencent Holdings, Ltd.
700-HK Buy
$135.80
Vipshop Holdings Limited
VIPS
Buy
$22.39
Youku Tudou Inc.
YOKU
Buy
$16.76
$120.00
$57.93
$251.99
$98.28
$32.27
$19.05
$16.04
$33.10
$39.45
$78.49
$87.68
$19.94
$138.00
$24.80
$37.74
$82.81
$28.50
$140.66
$27.87
$17.13
$8.15
$6.54
$19.94
$12.11
$34.89
$42.03
$6.10
$93.00
$9.38
$15.86
Mar
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
2487.31
36.35
275.43
45.58
11.59
54.32
142.08
1381.88
85.91
66.08
38.49
288.14
9370.68
567.29
132.23
221,570.0
1,294.7
60,021.8
2,726.3
325.2
443.2
976.1
34,325.9
1,114.2
2,393.5
2,160.7
1,760.5
1,272,538.1
12,701.6
2,216.1
China Consumer - Fawne Jiang, Senior Analyst (212) 702-6621 [email protected]
China Lodging Group, Ltd.
HTHT
Buy
$21.70
Ctrip.com International Ltd.
CTRP-O Buy
$47.55
eLong, Inc.
LONG
Buy
$17.80
Home Inns and Hotels Management Inc.
HMIN-O Buy
$24.91
$30.11
$69.74
$24.00
$39.77
$19.99
$36.67
$12.76
$23.86
Dec.
Dec.
Dec.
Dec.
62.13
142.32
17.77
47.81
1,348.3
6,768.2
316.2
1,191.0
NA
$0.76
$0.04
NA
BREAN CAPITAL, LLC RESEARCH UNIVERSE
February 2, 2015
MARKET INDICES
Dow Jones Industrial Average
NASDAQ Composite
S&P 500
Russell 2000
17,164.95
4,635.24
1,994.99
1,165.39
NOTES
^^ Brean Capital, LLC makes a market in this security.
^ In the past 12 months, Brean Capital, LLC managed or co-managed a public offering of these securities, or received compensation for investment banking services
from the issuers of these securities. In the normal course of its business, Brean Capital, LLC intends to seek compensation for investment banking or non-investment
banking services from the companies in its coverage universe.
^^ Brean Capital, LLC received compensation for non-investment banking, securities-related services from the issuer of these securities in the past 12 months.
* EPS shown on a calendar year basis.
** Estimated growth rate is for three years.
% Company on Feb. Fiscal Year
The information obtained herein is obtained from sources considered reliable, but the accuracy thereof is not guaranteed by Brean Capital, LLC. This information is not
intended to, and should not be relied upon as comprising a complete report or analysis; neither the information nor any opinion which may be expressed constitutes an offer
to sell or a solicitation of an offer to buy any securities referred to herein. We may from time to time have a position in some of these securities as principals or agents.
We disclose this to you so you may judge the possibility and extent of bias on our part.
Brean Capital, LLC Research Analysts
Jonathan Aschoff, Ph.D.
Ananda Baruah
Mike Burton
Tom Forte
Michael E. Gaugler
Fawne Jiang
Frank Longman
Todd Mitchell
Liz Pierce
Lucas Pipes
Jason Wittes
Difei Yang, PhD.
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212-702-6636
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