Court filing
Filing — Dkt. unknown (2022-06-30)
Filed June 30, 2022 in Sell Side Research; one of 3 filings from this case.
Record facts
| Court | Stephens Inc. Equity Research |
|---|---|
| Filed | 2022-06-30 |
Full text
CONFIDENTIAL AND PROPRIETARY INFORMATION OF STEPHENS INC| MEMBER NYSE, SIPC
© 2022 Stephens Inc. 111 Center Street Little Rock, AR 72201
501-377-2000/800-643-9691
stephens.com
Member NYSE, SIPC
Refer to Appendix on page 54-55 for Important Disclosures and Analyst Certification and Risks
STEPHENS INC. – EQUITY RESEARCH STATISTICAL REVIEW
July 2022
© 2022 Stephens Inc.
111 Center Street Little Rock, AR 72201 501-377-2000 800-643-9691 stephens.com Member NYSE, SIPC
July 2022
Monthly Statistical Review
Equity Research Industry Coverage List ........................................................................................................................................................... 2
Equity Research Company Coverage List .......................................................................................................................................................... 9
Coverage Changes ........................................................................................................................................................................................... 14
Rating Changes ............................................................................................................................................................................................... 15
Consumer
Consumer Staples ................................................................ 16
e-commerce ........................................................................ 17
Food & Agribusiness .............................................................. 18
Grocery/C-Store ................................................................... 19
Retail: Automotive, Hardlines, and Leisure Products .................. 20
Financial Services
Banks-Midwest ..................................................................... 21
Banks-Northeast................................................................... 22
Banks-Southern ................................................................... 23
Banks-Super-Regional ........................................................... 24
Banks-West Coast ................................................................ 25
Real Estate Services ............................................................. 26
Specialty Finance .................................................................. 27
Healthcare
Diagnostics .......................................................................... 28
Life Science Tools and Pharma Services ................................... 29
Healthcare Services .............................................................. 30
Medical Devices and Hospital Supply ....................................... 31
Industrials and Energy
Building Materials .................................................................... 32
Electrical Equipment/Multi-Industry, Distribution.......................... 33
Oil and Gas ............................................................................. 34
Renewables ............................................................................. 35
Transportation/Airfreight & Surface Transportation....................... 36
Transportation/Railroads and Equipment Suppliers ....................... 37
Technology, Media and Telecommunications
Advertising Technology ............................................................. 38
Enterprise & Cloud Infrastructure ............................................... 39
Financial Technology ................................................................ 40
Media ..................................................................................... 41
Security Software .................................................................... 42
Coverage List by Market Capitalization ........................................................................................................................................................... 43
Institutional Sales & Trading .......................................................................................................................................................................... 56
Branch Offices ................................................................................................................................................................................................. 57
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
CONSUMER
Ben Bienvenu, Managing Director
(501) 377-8511
Jim Salera, Senior Associate (501) 377-8079
Jack Hardin, Associate (501) 377-8065
Jonathan Ricketts, Associate (501) 377-8362
Consumer Staples
BRBR BellRing Brands, Inc.
FLO
Flowers Foods, Inc.
FRPT
Freshpet, Inc.
TWNK Hostess Brands, Inc.
SMPL
Simply Good Foods
UTZ
Utz Brands, Inc.
ZVIA
Zevia PBC
Food & Agribusiness
ANDE Andersons, Inc., The
ADM
Archer Daniels Midland
BG
Bunge Ltd.
CALM Cal-Maine Foods, Inc.
CVGW Calavo Growers, Inc.
DAR
Darling Ingredients Inc.
DOLE Dole plc
GPRE Green Plains Inc.
HRL
Hormel Foods Corp.
INGR Ingedion Inc.
LMNR Limoneira Company
AVO
Mission Produce, Inc.
PPC
Pilgrim’s Pride Corp.
SAFM Sanderson Farms, Inc.
TSN
Tyson Foods, Inc.
Grocery/C-Store
CASY Casey’s General Stores
KR
Kroger Co.
MUSA Murphy USA Inc.
SFM
Sprouts Farmers Market
WMT Walmart Inc.
Daniel Imbro, Managing Director
(501) 377-2055
Joe Enderlin, Associate (501) 377-2108
Reed Seay, Associate (501) 377-2259
Retail: Automotive, Hardlines, and Leisure Products
ASO
Academy Sports and Outdoors
GOLF
Acushnet Holdings Corp.
ACVA ACV Auctions Inc.
AAP
Advance Auto Parts
ABG
Asbury Automotive Group, Inc.
AN
AutoNation, Inc.
AZO
AutoZone, Inc.
CDRE Cadre Holdings, Inc.
ELY
Callaway Golf Company
CWH
Camping World Holdings
KMX
CarMax, Inc.
CVNA Carvana Co.
CPRT
Copart, Inc.
DKS
Dick’s Sporting Goods
DORM Dorman Products, Inc.
GPC
Genuine Parts Company
GPI
Group 1 Automotive, Inc.
IAA
IAA, Inc.
KAR
KAR Auction Services, Inc.
LAD
Lithia Motors, Inc.
LKQ
LKQ Corp.
MNRO Monro, Inc.
ORLY
O’Reilly Automotive, Inc.
PAG
Penske Automotive Group, Inc.
SAH
Sonic Automotive, Inc.
SMP
Standard Motor Products
TITN
Titan Machinery Inc.
TSCO Tractor Supply Co.
Nicholas Zangler, CFA, Analyst
(312) 292-5753
Dean Sublett, Associate (501) 377-6372
e-commerce
W
Wayfair Inc.
July 2022, Page 2
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
FINANCIAL SERVICES
Matt Breese, Managing Director
(401) 658-1114
Paul Smith, Associate (501) 377-2220
Samuel Varga, Associate (207) 808-5026
Banks-East Coast/Northeast
CAC
Camden National Corp.
CBU
Community Bank System
CNOB ConnectOne Bancorp
CUBI
Customers Bancorp, Inc.
DCOM Dime Community Bancshares
FCF
First Commonwealth Financial
FULT
Fulton Financial Corp.
HNVR Hanover Bancorp, Inc.
MNSB MainStreet Bancshares, Inc.
MPB
Mid Penn Bancorp
NBTB NBT Bancorp
NYCB New York Community Bancorp
NWBI Northwest Bancshares, Inc.
OCFC OceanFirst Financial Corp.
PFIS
Peoples Financial Services Corp.
PVBC
Provident Bancorp Inc.
STBA
S&T Bancorp
SBNY Signature Bank
UVSP
Univest Financial Corp.
VLY
Valley National Bancorp
WBS
Webster Financial Corp.
John Campbell, Managing Director
(501) 377-6362
Jonathan Bass, Associate (501) 377-3717
Austin Hayes, Associate (501) 377-8519
Real Estate Services
HOUS Anywhere Real Estate Inc.
APPF
Appfolio, Inc.
BKI
Black Knight, Inc.
CNNE Cannae Holdings, Inc.
CSGP CoStar Group, Inc.
EXPI
eXp World Holdings
FNF
Fidelity National Financial, Inc.
FAF
First American Financial Corp.
TREE
LendingTree, Inc.
PX
P10 Holdings
PRCH Porch Group Inc.
QNST QuinStreet, Inc.
RMAX RE/MAX Holdings Inc.
RDFN Redfin Corp.
STC
Stewart Information Services
ZG
Zillow, Inc
Vincent Caintic, CFA, Managing Director
(646) 620-7702
Morgan O’Donovan, CFA, Senior Associate (954) 540-8186
Specialty Finance
AAN
Aaron’s Company, Inc., The
AER
AerCap Holdings
AFRM
Affirm Holdings, Inc.
AL
Air Lease Corp.
ALLY
Ally Financial Inc.
CRMT
America’s Car-Mart, Inc.
AXP
American Express Co.
BFH
Bread Financial Holdings
COF
Capital One Financial Corp.
CONN
Conn’s, Inc.
CACC
Credit Acceptance Corp.
CURO
CURO Group Holdings
DFS
Discover Financial Services
ECN-CA
ECN Capital
ENVA
Enova International
FCFS
FirstCash, Inc.
FRG
Franchise Group, Inc.
NAVI
Navient Corporation
OMF
OneMain Holdings, Inc.
LPRO
Open Lending Corp.
PRG
PROG Holdings, Inc.
RM
Regional Management
RCII
Rent-A-Center
SLM
SLM Corp.
SYF
Synchrony Financial
WRLD
World Acceptance Corp.
July 2022, Page 3
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
FINANCIAL SERVICES
Terry McEvoy, CFA, Managing Director
(207) 808-5025
Brandon Rud, Associate (207) 808-5902
Daniel Thomas, Associate (207) 228-1707
Banks-Midwest
ASB
Associated Banc-Corp
BY
Byline Bancorp, Inc.
CIVB
Civista Bancshares
EQBK Equity Bancshares, Inc.
FMAO Farmers & Merchants Bancorp
FNWD Finward Bancorp
BUSE First Busey Corp.
FFBC
First Financial Bancorp
FRME First Merchants Corp
FMBH First Mid Illinois Bancshares, Inc.
HTLF
Heartland Financial USA
HBNC Horizon Bancorp
LKFN
Lakeland Financial Corp.
MSBI
Midland States Bancorp
MOFG MidWestOne Financial Group
NIC
Nicolet Bankshares
ONB
Old National Bancorp.
PEBO
Peoples Bancorp
SYBT
Stock Yards Bancorp
WTFC Wintrust Financial Corp.
Banks-Super-Regional
CFG
Citizens Financial Group
CMA
Comerica Inc.
FITB
Fifth Third Bancorp
FRC
First Republic Bank
HBAN Huntington Bancshares Inc.
KEY
KeyCorp.
PNC
PNC Financial Services Group
RF
Regions Financial Corp.
TFC
Truist Financial Corp.
USB
U.S. Bancorp
ZION
Zions Bancorporation
Matt Olney, CFA, Managing Director
(501) 377-2101
Jordan Ghent, Associate (501) 377-3740
Thomas Wendler, Senior Associate (501) 377-2265
Banks-Southern
ABTX
Allegiance Bancshares, Inc.
BSVN Bank7 Corp.
OZK
Bank OZK
BOKF BOK Financial Corp.
BFST
Business First Bancshares
CADE Cadence Bank
CBTX
CBTX, Inc.
CFB
CrossFirst Bankshares, Inc.
CFR
Cullen/Frost Bankers, Inc.
FBK
FB Financial Corporation
FBMS First Bancshares Inc.
FFIN
First Financial Bankshares
GNTY Guaranty Bancshares, Inc.
HWC
Hancock Whitney Corp.
HTH
Hilltop Holdings Inc.
HOMB Home BancShares, Inc.
IBTX
Independent Bank Group
OBNK Origin Bancorp, Inc.
PNFP
Pinnacle Financial Partners
PB
Prosperity Bancshares, Inc.
RRBI
Red River Bancshares, Inc.
RNST Renasant Corp.
SFNC
Simmons First National Corp.
SMBK SmartFinancial, Inc.
TCBI
Texas Capital Bancshares, Inc.
TCBX
Third Coast Bancshares
TBK
Triumph Bancorp, Inc.
VBTX
Veritex Holdings, Inc.
Andrew Terrell, CFA, Analyst
(501) 377-2303
Banks-West Coast
AVBH Avidbank Holdings, Inc.
BANC Banc of California
BMRC Bank of Marin Bancorp
BANR Banner Corp.
CCB
Coastal Financial Corp.
COLB Columbia Banking System
FFWM First Foundation Inc.
FIBK
First Interstate BancSystem
FSBC
Five Star Bancorp
GBCI
Glacier Bancorp
HTBK Heritage Commerce Corp.
HFWA Heritage Financial Corp.
NBHC National Bank Holdings
PPBI
Pacific Premier Bancorp
PACW PacWest Bancorp
PFBC
Preferred Bank
PBAM Private Bancorp of America
RBB
RBB Bancorp, Inc.
SIVB
SVB Financial Group
TCBK
TriCo Bancshares
UMPQ Umpqua Holdings Corp.
WAL
Western Alliance Bancorp.
July 2022, Page 4
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
HEALTHCARE
Mason Carrico, CFA, Analyst
(214) 258-2712
Jacob Krahenbuhl, Associate (501) 377-2562
Diagnostics
CDNA CareDx, Inc.
CSTL
Castle Biosciences, Inc.
DMTK DermTech Inc.
NTRA Natera, Inc.
NEO
Neogenomics Inc.
OCX
Oncocyte Corporation
VCYT
Veracyte, Inc.
Chris Cooley, CFA, Managing Director
(501) 377-2516
Benjamin Mee, Associate (501) 377-8082
Medical Devices & Hospital Supply
ABMD Abiomed, Inc.
ALC
Alcon, Inc.
ALGN Align Technology, Inc.
ANIK
Anika Therapeutics, Inc.
APEN
Apollo Endosurgery, Inc.
AVNS Avanos Medical
BSX
Boston Scientific Corp.
COO
Cooper Companies, The
CUTR Cutera, Inc.
DXCM DexCom, Inc.
ESTA
Establishment Labs Holdings
GKOS Glaukos Corp.
PODD Insulet Corp.
PLSE
Pulse Biosciences, Inc.
SIEN
Sientra, Inc.
SDC
SmileDirectClub, Inc.
STAA
STAAR Surgical Co.
STE
STERIS plc
TFX
Teleflex Inc.
VCEL
Vericel Corporation
Scott Fidel, Managing Director
(212) 891-1788
Jordan Bernstein, Associate (212) 891-1706
Raj Kumar, Associate (501) 377-8033
Healthcare Services
ACHC Acadia Healthcare Co.
ADUS Addus HomeCare Corp.
AMED Amedisys, Inc.
AVAH Aveannna Healthcare
CNC
Centene Corp.
CI
Cigna Corp.
ELV
Elevance Health, Inc.
EHC
Encompass Health Corp.
ENSG Ensign Group, The
HCA
HCA Healthcare
HUM
Humana Inc.
LHCG LHC Group, Inc.
MOH
Molina Healthcare
PNTG Pennant Group, The
THC
Tenet Healthcare
UNH
UnitedHealth Group
UHS
Universal Health Services
Jacob Johnson, CFA, Managing Director
(615) 279-4355
Steven Etoch, Associate (214) 258-2797
Hannah Hefley, Associate (501) 377-2345
Life Science Tools and Pharma Services
TKNO Alpha Teknova, Inc.
CDMO Avid Bioservices, Inc.
TECH
Bio-Techne Corp.
BLFS
BioLife Solutions, Inc.
AZTA
Azenta, Inc.
CTLT
Catalent, Inc.
CERS
Cerus Corp.
CRL
Charles River Laboratories
CDXS Codexus, Inc.
CYRX
Cryoport, Inc.
MXCT MaxCyte, Inc.
OSUR OraSure Technologies, Inc.
RGEN Repligen Corp.
SCTL
Societal CDMO
WST
West Pharmaceutical Services
July 2022, Page 5
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
INDUSTRIALS and ENERGY
Jack Atkins, Managing Director
(501) 377-2298
Grant Smith, Associate (501) 377-6353
Transportation/Airfreight & Surface Transportation
ARCB ArcBest Corp.
ATSG Air Transport Services Group
CHRW C.H. Robinson Worldwide, Inc.
CVLG
Covenant Logistics Group
ECHO Echo Global Logistics
EXPD
Expeditors International
FDX
FedEx Corp.
FWRD Forward Air Corp.
HTLD
Heartland Express
KEX
Kirby Corp.
KNX
Knight-Swift Transportation Holdings, Inc.
LSTR
Landstar System, Inc.
MRTN Marten Transport, Ltd.
MATX Matson, Inc.
ODFL
Old Dominion Freight Line, Inc.
PTSI
P.A.M. Transportation
SAIA
Saia, Inc.
SNDR Schneider National Inc.
TFII
TFI International
USX
U.S. Xpress
UPS
United Parcel Service, Inc.
USAK USA Truck, Inc.
WERN Werner Enterprises, Inc.
XPO
XPO Logistics Inc.
YELL
Yellow Corporation
Trey Grooms, Managing Director
(501) 377-2318
Noah Merkousko, Senior Associate (501) 377-8506
Sid Ramesh, Associate (501) 377-2539
Building Materials
ACA
Arcosa, Inc.
AZEK
AZEK Company
BECN Beacon Roofing Supply, Inc.
BLDR
Builders FirstSource, Inc.
EXP
Eagle Materials Inc.
FND
Floor & Décor Holdings
GMS
GMS Inc.
GFF
Griffon Corp.
IBP
Installed Building Products
MLM
Martin Marietta Materials
DOOR Masonite International Corp.
POOL Pool Corp.
SUM
Summit Materials LLC
BLD
TopBuild Corp.
TREX
Trex Company, Inc.
VMC
Vulcan
Cameron Lochridge, Analyst
(713) 993-4212
Collin Nieman, Associate (501) 377-8520
Oil and Gas
BKR
Baker Hughes
WHD
Cactus, Inc.
BOOM DMC Global
ESTE
Earthstone Energy, Inc.
HAL
Halliburton Company
KRP
Kimbell Royalty Partners
SLB
Schlumberger Ltd.
TALO
Talos Energy
Renewables
ENPH Enphase Energy, Inc.
EE
Excelerate Energy, Inc.
SEDG SolarEdge Technologies
July 2022, Page 6
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
INDUSTRIALS and ENERGY
Justin Long, Managing Director
(501) 377-2036
George Sellers, Senior Associate (501) 377-2065
Transportation/Railroads and Equipment Suppliers
CNI
Canadian National Railway
CP
Canadian Pacific Railway
CSX
CSX Corp.
CTS
CTS Corp.
DSGX Descartes Systems Group, The
FTAI
Fortress Transportation and Infrastructure Investors
RAIL
FreightCar America, Inc.
GATX GATX Corp.
GBX
Greenbrier Companies
HUBG Hub Group, Inc.
JBHT
J.B. Hunt Transport Services, Inc.
NSC
Norfolk Southern Corp.
RUSHA Rush Enterprises, Inc.
R
Ryder System, Inc.
SRI
Stoneridge Inc.
TRN
Trinity Industries
UNP
Union Pacific Corp.
WNC
Wabash National Corp.
WAB
Wabtec Corp.
Tommy Moll, Managing Director
(501) 377-6306
Cole Couzens, Associate (501) 377-8056
Max Kane, Associate (501) 377-8078
Electrical Equipment/Multi-Industry, Distribution
CARR Carrier Global Corp.
CGNX Cognex Corporation
DGII
Digi International Inc.
DXPE
DXP Enterprises, Inc.
EMR
Emerson Electric Co.
ESE
ESCO Technologies Inc.
FAST
Fastenal Company
GNRC Generac Holdings Inc.
HUBB Hubbell Inc.
ITRI
Itron, Inc.
LII
Lennox International Inc.
MRC
MRC Global Inc.
MSM
MSC Industrial Direct Co., Inc.
DNOW NOW Inc.
ROK
Rockwell Automation, Inc.
TT
Trane Technologies
GWW W.W. Grainger, Inc.
WSO
Watsco, Inc.
WCC
WESCO International, Inc.
ZBRA Zebra Technologies Corp.
July 2022, Page 7
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Brian Colley, Analyst
(214) 258-2771
Hassan Saleem, Associate (212) 891-1778
Security Software
CRWD CrowdStrike Holdings, Inc.
CYBR
CyberArk Software
KNBE KnowBe4, Inc.
OKTA Okta, Inc.
PING
Ping Identity Holding Corp.
ZS
Zscaler, Inc.
Enterprise & Cloud Infrastructure
EVBG Everbridge, Inc.
GNSS Genasys Inc.
Kyle Evans, Managing Director
(501) 377-6376
Brady Lierz, Associate (501) 377-2668
Allie Ryan, Associate (501) 377-8183
Nicholas Zangler, CFA, Analyst
312-292-5753
Dean Sublett, Associate (501) 377-6372
Media
CABO Cable One, Inc.
SSP
E.W. Scripps Co.
GTN
Gray Television, Inc.
LYV
Live Nation Entertainment
MDP
Meredith Corp.
NXST Nexstar Media Group
TGNA TEGNA Inc.
TRUE
TrueCar, Inc.
WOW WideOpenWest, Inc.
Charles Nabhan, Analyst
(617) 319-9693
Alex Neumann, Associate (330) 780-4944
Financial Technology
SQ
Block, Inc.
FIS
Fidelity National Information Services
FISV
Fiserv, Inc.
FLYW Flywire Corp.
GPN
Global Payments Inc.
IIIV
i3 Verticals, Inc.
JKHY
Jack Henry & Associates
NCNO nCino, Inc.
NCR
NCR Corporation
PYPL
PayPal Holdings, Inc.
QTWO Q2 Holdings, Inc.
Nicholas Zangler, CFA, Analyst
312-292-5753
Dean Sublett, Associate (501) 377-6372
Advertising Technology
FUBO fuboTV Inc.
RAMP LiveRamp Holdings, Inc.
MGNI Magnite, Inc.
ROKU Roku, Inc.
TTD
Trade Desk, Inc., The
VZIO
VIZIO Holding Corporation
July 2022, Page 8
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022
6/29/2022
TICKER
COMPANY
RATING
VOL?
ANALYST
TICKER
COMPANY
RATING
VOL?
ANALYST
ABMD
Abiomed, Inc.
Overweight
Yes
Cooley, CFA, Chris
BKI
Black Knight, Inc.
Overweight
Yes
Campbell, John
ASO
Academy Sports and Outdoors
Overweight
Yes
Imbro, Daniel
SQ
Block, Inc.
Overweight
Yes
Nabhan, Charles
ACHC
Acadia Healthcare Co.
Equal-Weight
No
Fidel, Scott
BOKF
BOK Financial Corp.
Equal-Weight
No
Olney, CFA, Matt
GOLF
Acushnet Holdings Corp.
Equal-Weight
Yes
Imbro, Daniel
BSX
Boston Scientific Corp.
Overweight
No
Cooley, CFA, Chris
ACVA
ACV Auctions Inc.
Overweight
Yes
Imbro, Daniel
BFH
Bread Financial Holdings
Equal-Weight
Yes
Caintic, CFA, Vincent
ADUS
Addus HomeCare Corp.
Overweight
No
Fidel, Scott
BLDR
Builders FirstSource, Inc.
Overweight
No
Grooms, Trey
AAP
Advance Auto Parts
Equal-Weight
Yes
Imbro, Daniel
BG
Bunge Ltd.
Overweight
Yes
Bienvenu, Ben
AER
AerCap Holdings
Overweight
Yes
Caintic, CFA, Vincent
BFST
Business First Bancshares
Overweight
No
Olney, CFA, Matt
AFRM
Affirm Holdings, Inc.
Underweight
Yes
Caintic, CFA, Vincent
BY
Byline Bancorp, Inc.
Equal-Weight
No
McEvoy, CFA, Terry
AL
Air Lease Corp.
Overweight
Yes
Caintic, CFA, Vincent
CHRW
C.H. Robinson Worldwide
Equal-Weight
No
Atkins, Jack
ATSG
Air Transport Services Group
Overweight
No
Atkins, Jack
CABO
Cable One, Inc.
Equal-Weight
No
Evans, Kyle
ALC
Alcon, Inc.
Overweight
No
Cooley, CFA, Chris
WHD
Cactus, Inc.
Overweight
No
Lochridge, Cameron
ALGN
Align Technology, Inc.
Overweight
Yes
Cooley, CFA, Chris
CADE
Cadence Bank
Overweight
No
Olney, CFA, Matt
ABTX
Allegiance Bancshares, Inc.
Suspended
No
Olney, CFA, Matt
CDRE
Cadre Holdings, Inc.
Overweight
Yes
Imbro, Daniel
ALLY
Ally Financial Inc.
Equal-Weight
Yes
Caintic, CFA, Vincent
CALM
Cal-Maine Foods, Inc.
Overweight
Yes
Bienvenu, Ben
TKNO
Alpha Teknova, Inc.
Overweight
Yes
Johnson, CFA, Jacob
CVGW
Calavo Growers, Inc.
Equal-Weight
Yes
Bienvenu, Ben
AMED
Amedisys, Inc.
Equal-Weight
No
Fidel, Scott
ELY
Callaway Golf Company
Overweight
Yes
Imbro, Daniel
CRMT
America's Car-Mart, Inc.
Overweight
Yes
Caintic, CFA, Vincent
CAC
Camden National Corp.
Overweight
No
Breese, Matt
AXP
American Express Co.
Equal-Weight
Yes
Caintic, CFA, Vincent
CWH
Camping World Holdings
Overweight
Yes
Imbro, Daniel
ANIK
Anika Therapeutics, Inc.
Equal-Weight
No
Cooley, CFA, Chris
CNI
Canadian National Railway
Equal-Weight
No
Long, Justin
HOUS
Anywhere Real Estate Inc.
Equal-Weight
Yes
Campbell, John
CP
Canadian Pacific Railway
Equal-Weight
No
Long, Justin
APEN
Apollo Endosurgery, Inc.
Overweight
Yes
Cooley, CFA, Chris
CNNE
Cannae Holdings, Inc.
Overweight
Yes
Campbell, John
APPF
Appfolio, Inc.
Equal-Weight
Yes
Campbell, John
COF
Capital One Financial Corp.
Equal-Weight
Yes
Caintic, CFA, Vincent
ARCB
ArcBest Corp.
Overweight
No
Atkins, Jack
CDNA
CareDx, Inc.
Overweight
Yes
Carrico, CFA, Mason
ADM
Archer Daniels Midland
Equal-Weight
Yes
Bienvenu, Ben
KMX
CarMax, Inc.
Overweight
No
Imbro, Daniel
ACA
Arcosa, Inc.
Overweight
No
Grooms, Trey
CARR
Carrier Global Corp.
Overweight
No
Moll, Tommy
ABG
Asbury Automotive
Overweight
No
Imbro, Daniel
CVNA
Carvana Co.
Equal-Weight
Yes
Imbro, Daniel
ASB
Associated Banc-Corp
Equal-Weight
No
McEvoy, CFA, Terry
CASY
Casey's General Stores
Overweight
No
Bienvenu, Ben
AN
AutoNation, Inc.
Equal-Weight
No
Imbro, Daniel
CSTL
Castle Biosciences, Inc.
Overweight
Yes
Carrico, CFA, Mason
AZO
AutoZone, Inc.
Overweight
Yes
Imbro, Daniel
CTLT
Catalent, Inc.
Overweight
Yes
Johnson, CFA, Jacob
AVNS
Avanos Medical
Equal-Weight
No
Cooley, CFA, Chris
CBTX
CBTX, Inc.
Equal-Weight
No
Olney, CFA, Matt
AVAH
Aveanna Healthcare
Equal-Weight
Yes
Fidel, Scott
CNC
Centene Corp.
Overweight
No
Fidel, Scott
CDMO
Avid Bioservices, Inc.
Overweight
Yes
Johnson, CFA, Jacob
CERS
Cerus Corp.
Overweight
Yes
Johnson, CFA, Jacob
AVBH
Avidbank Holdings, Inc.
Overweight
No
Terrell, CFA, Andrew
CRL
Charles River Laboratories
Overweight
Yes
Johnson, CFA, Jacob
AZTA
Azenta, Inc.
Overweight
Yes
Johnson, CFA, Jacob
CI
Cigna Corp.
Overweight
No
Fidel, Scott
BKR
Baker Hughes
Overweight
No
Lochridge, Cameron
CFG
Citizens Financial Group
Overweight
No
McEvoy, CFA, Terry
BANC
Banc of California
Equal-Weight
No
Terrell, CFA, Andrew
CIVB
Civista Bancshares, Inc.
Overweight
No
McEvoy, CFA, Terry
BMRC
Bank of Marin Bancorp
Equal-Weight
No
Terrell, CFA, Andrew
CCB
Coastal Financial Corp.
Overweight
No
Terrell, CFA, Andrew
OZK
Bank OZK
Equal-Weight
No
Olney, CFA, Matt
CDXS
Codexis, Inc.
Overweight
Yes
Johnson, CFA, Jacob
BSVN
Bank7 Corp.
Equal-Weight
No
Olney, CFA, Matt
CGNX
Cognex Corp.
Overweight
No
Moll, Tommy
BANR
Banner Corp.
Overweight
No
Terrell, CFA, Andrew
COLB
Columbia Banking System
Equal-Weight
No
Terrell, CFA, Andrew
BECN
Beacon Roofing Supply
Equal-Weight
No
Grooms, Trey
CMA
Comerica Inc.
Overweight
No
McEvoy, CFA, Terry
BRBR
BellRing Brands, Inc.
Overweight
Yes
Bienvenu, Ben
CBU
Community Bank System
Equal-Weight
No
Breese, Matt
TECH
Bio-Techne Corp.
Overweight
Yes
Johnson, CFA, Jacob
CONN
Conn's, Inc.
Equal-Weight
Yes
Caintic, CFA, Vincent
BLFS
BioLife Solutions, Inc.
Overweight
Yes
Johnson, CFA, Jacob
CNOB
ConnectOne Bancorp
Overweight
No
Breese, Matt
July 2022, Page 9
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022
6/29/2022
TICKER
COMPANY
RATING
VOL?
ANALYST
TICKER
COMPANY
RATING
VOL?
ANALYST
CPRT
Copart, Inc.
Overweight
No
Imbro, Daniel
FNF
Fidelity National Financial
Overweight
No
Campbell, John
CSGP
CoStar Group, Inc.
Overweight
No
Campbell, John
FIS
Fidelity National Information ServiceOverweight
Yes
Nabhan, Charles
CVLG
Covenant Logistics Group
Equal-Weight
No
Atkins, Jack
FITB
Fifth Third Bancorp
Overweight
No
McEvoy, CFA, Terry
CACC
Credit Acceptance Corp.
Equal-Weight
Yes
Caintic, CFA, Vincent
FNWD
Finward Bancorp
Overweight
Yes
McEvoy, CFA, Terry
CFB
CrossFirst Bankshares, Inc.
Equal-Weight
No
Olney, CFA, Matt
FAF
First American Financial
Equal-Weight
No
Campbell, John
CRWD
CrowdStrike Holdings, Inc.
Overweight
No
Colley, Brian
FBMS
First Bancshares Inc.
Overweight
No
Olney, CFA, Matt
CYRX
Cryoport, Inc.
Overweight
Yes
Johnson, CFA, Jacob
BUSE
First Busey Corp.
Overweight
No
McEvoy, CFA, Terry
CSX
CSX Corp.
Overweight
No
Long, Justin
FCF
First Commonwealth Financial
Overweight
No
Breese, Matt
CTS
CTS Corp.
Equal-Weight
No
Long, Justin
FFBC
First Financial Bancorp.
Equal-Weight
No
McEvoy, CFA, Terry
CFR
Cullen/Frost Bankers, Inc.
Equal-Weight
No
Olney, CFA, Matt
FFIN
First Financial Bankshares
Equal-Weight
No
Olney, CFA, Matt
CURO
CURO Group Holdings
Equal-Weight
Yes
Caintic, CFA, Vincent
FFWM
First Foundation Inc.
Overweight
No
Terrell, CFA, Andrew
CUBI
Customers Bancorp, Inc.
Equal-Weight
No
Breese, Matt
FIBK
First Interstate BancSystem
Equal-Weight
No
Terrell, CFA, Andrew
CUTR
Cutera, Inc.
Overweight
Yes
Cooley, CFA, Chris
FRME
First Merchants Corp.
Overweight
No
McEvoy, CFA, Terry
CYBR
CyberArk Software
Overweight
No
Colley, Brian
FMBH
First Mid Bancshares, Inc.
Overweight
No
McEvoy, CFA, Terry
DAR
Darling Ingredients Inc.
Overweight
No
Bienvenu, Ben
FRC
First Republic Bank
Overweight
No
McEvoy, CFA, Terry
DMTK
DermTech Inc.
Overweight
Yes
Carrico, CFA, Mason
FCFS
FirstCash, Inc
Equal-Weight
Yes
Caintic, CFA, Vincent
DXCM
DexCom, Inc.
Overweight
Yes
Cooley, CFA, Chris
FISV
Fiserv, Inc.
Equal-Weight
No
Nabhan, Charles
DKS
Dick's Sporting Goods
Equal-Weight
Yes
Imbro, Daniel
FSBC
Five Star Bancorp
Overweight
No
Terrell, CFA, Andrew
DGII
Digi International Inc.
Overweight
No
Moll, Tommy
FND
Floor & Decor Holdings
Overweight
No
Grooms, Trey
DCOM
Dime Community Bancshares
Equal-Weight
No
Breese, Matt
FLO
Flowers Foods, Inc.
Equal-Weight
No
Bienvenu, Ben
DFS
Discover Financial Services
Equal-Weight
Yes
Caintic, CFA, Vincent
FLYW
Flywire Corp.
Overweight
Yes
Nabhan, Charles
BOOM
DMC Global
Overweight
No
Lochridge, Cameron
FTAI
Fortress Transportation and InfrastruOverweight
No
Long, Justin
DOLE
Dole plc
Overweight
No
Bienvenu, Ben
FWRD
Forward Air Corp.
Overweight
No
Atkins, Jack
DORM
Dorman Products, Inc.
Equal-Weight
Yes
Imbro, Daniel
FRG
Franchise Group, Inc.
Equal-Weight
Yes
Caintic, CFA, Vincent
DXPE
DXP Enterprises, Inc.
Overweight
No
Moll, Tommy
RAIL
FreightCar America, Inc.
Equal-Weight
No
Long, Justin
SSP
E.W. Scripps Co.
Equal-Weight
No
Evans, Kyle
FRPT
Freshpet, Inc.
Overweight
Yes
Bienvenu, Ben
EXP
Eagle Materials Inc.
Overweight
No
Grooms, Trey
FUBO
fuboTV Inc.
Equal-Weight
Yes
Zangler, CFA, Nicholas
ESTE
Earthstone Energy, Inc.
Equal-Weight
No
Lochridge, Cameron
FULT
Fulton Financial Corp.
Overweight
No
Breese, Matt
ECN-CA
ECN Capital
Overweight
Yes
Caintic, CFA, Vincent
GATX
GATX Corp.
Overweight
No
Long, Justin
ELV
Elevance Health, Inc.
Overweight
No
Fidel, Scott
GNSS
Genasys Inc.
Overweight
No
Colley, Brian
EMR
Emerson Electric Co.
Overweight
No
Moll, Tommy
GNRC
Generac Holdings, Inc.
Overweight
No
Moll, Tommy
EHC
Encompass Health Corp.
Overweight
No
Fidel, Scott
GPC
Genuine Parts Company
Equal-Weight
No
Imbro, Daniel
ENVA
Enova International
Equal-Weight
Yes
Caintic, CFA, Vincent
GBCI
Glacier Bancorp
Equal-Weight
No
Terrell, CFA, Andrew
ENPH
Enphase Energy, Inc.
Overweight
No
Lochridge, Cameron
GKOS
Glaukos Corp.
Overweight
No
Cooley, CFA, Chris
EQBK
Equity Bancshares, Inc.
Overweight
No
McEvoy, CFA, Terry
GPN
Global Payments Inc.
Overweight
Yes
Nabhan, Charles
ESE
ESCO Technologies
Overweight
No
Moll, Tommy
GMS
GMS Inc.
Overweight
No
Grooms, Trey
ESTA
Establishment Labs Holdings
Overweight
Yes
Cooley, CFA, Chris
GTN
Gray Television, Inc.
Overweight
Yes
Evans, Kyle
EVBG
Everbridge, Inc.
Overweight
Yes
Colley, Brian
GPRE
Green Plains Inc.
Overweight
Yes
Bienvenu, Ben
EE
Excelerate Energy, Inc.
Overweight
No
Lochridge, Cameron
GBX
Greenbrier Companies, Inc.
Overweight
No
Long, Justin
EXPI
eXp World Holdings
Overweight
Yes
Campbell, John
GFF
Griffon Corp.
Overweight
No
Grooms, Trey
EXPD
Expeditors International
Equal-Weight
No
Atkins, Jack
GPI
Group 1 Automotive
Overweight
No
Imbro, Daniel
FMAO
Farmers & Merchants Bancorp
Equal-Weight
No
McEvoy, CFA, Terry
GNTY
Guaranty Bancshares, Inc.
Overweight
No
Olney, CFA, Matt
FAST
Fastenal Company
Overweight
No
Moll, Tommy
HAL
Halliburton Company
Equal-Weight
No
Lochridge, Cameron
FBK
FB Financial Corporation
Overweight
No
Olney, CFA, Matt
HWC
Hancock Whitney Corp.
Equal-Weight
No
Olney, CFA, Matt
FDX
FedEx Corp.
Overweight
No
Atkins, Jack
HNVR
Hanover Bancorp, Inc.
Overweight
No
Breese, Matt
July 2022, Page 10
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022
6/29/2022
TICKER
COMPANY
RATING
VOL?
ANALYST
TICKER
COMPANY
RATING
VOL?
ANALYST
HCA
HCA Healthcare
Overweight
No
Fidel, Scott
MATX
Matson, Inc.
Equal-Weight
No
Atkins, Jack
HTLD
Heartland Express
Equal-Weight
No
Atkins, Jack
MXCT
MaxCyte, Inc.
Overweight
Yes
Johnson, CFA, Jacob
HTLF
Heartland Financial USA
Overweight
No
McEvoy, CFA, Terry
MPB
Mid Penn Bancorp
Overweight
No
Breese, Matt
HTBK
Heritage Commerce Corp.
Overweight
No
Terrell, CFA, Andrew
MSBI
Midland States Bancorp
Equal-Weight
No
McEvoy, CFA, Terry
HFWA
Heritage Financial Corp.
Equal-Weight
No
Terrell, CFA, Andrew
MOFG
MidWestOne Financial Group
Equal-Weight
No
McEvoy, CFA, Terry
HTH
Hilltop Holdings Inc.
Equal-Weight
No
Olney, CFA, Matt
AVO
Mission Produce, Inc.
Overweight
No
Bienvenu, Ben
HOMB
Home BancShares, Inc.
Overweight
No
Olney, CFA, Matt
MOH
Molina Healthcare
Equal-Weight
No
Fidel, Scott
HBNC
Horizon Bancorp
Overweight
No
McEvoy, CFA, Terry
MNRO
Monro, Inc.
Equal-Weight
No
Imbro, Daniel
HRL
Hormel Foods Corp.
Equal-Weight
No
Bienvenu, Ben
MRC
MRC Global Inc.
Overweight
No
Moll, Tommy
TWNK
Hostess Brands, Inc.
Overweight
No
Bienvenu, Ben
MSM
MSC Industrial Direct Co.
Overweight
No
Moll, Tommy
HUBG
Hub Group, Inc.
Equal-Weight
No
Long, Justin
MUSA
Murphy USA Inc.
Overweight
Yes
Bienvenu, Ben
HUBB
Hubbell Inc.
Overweight
No
Moll, Tommy
NTRA
Natera, Inc.
Overweight
Yes
Carrico, CFA, Mason
HUM
Humana Inc.
Overweight
No
Fidel, Scott
NBHC
National Bank Holdings
Equal-Weight
No
Terrell, CFA, Andrew
HBAN
Huntington Bancshares Inc.
Overweight
No
McEvoy, CFA, Terry
NAVI
Navient Corporation
Equal-Weight
Yes
Caintic, CFA, Vincent
IIIV
i3 Verticals, Inc.
Overweight
Yes
Nabhan, Charles
NBTB
NBT Bancorp
Equal-Weight
No
Breese, Matt
IAA
IAA, Inc.
Overweight
No
Imbro, Daniel
NCNO
nCino, Inc.
Overweight
Yes
Nabhan, Charles
IBTX
Independent Bank Group
Overweight
No
Olney, CFA, Matt
NCR
NCR Corporation
Overweight
Yes
Nabhan, Charles
INGR
Ingredion Inc.
Equal-Weight
Yes
Bienvenu, Ben
NEO
Neogenomics Inc.
Equal-Weight
Yes
Carrico, CFA, Mason
IBP
Installed Building Products
Equal-Weight
No
Grooms, Trey
NYCB
New York Community Bancorp
Underweight
No
Breese, Matt
PODD
Insulet Corp.
Equal-Weight
Yes
Cooley, CFA, Chris
NXST
Nexstar Media Group
Overweight
Yes
Evans, Kyle
ITRI
Itron, Inc.
Overweight
No
Moll, Tommy
NIC
Nicolet Bankshares
Overweight
No
McEvoy, CFA, Terry
JBHT
J.B. Hunt Transport Services
Overweight
No
Long, Justin
NSC
Norfolk Southern Corp.
Equal-Weight
No
Long, Justin
JKHY
Jack Henry & Associates
Equal-Weight
No
Nabhan, Charles
NWBI
Northwest Bancshares, Inc.
Equal-Weight
No
Breese, Matt
KAR
KAR Auction Services, Inc.
Equal-Weight
No
Imbro, Daniel
DNOW
NOW Inc.
Overweight
No
Moll, Tommy
KEY
KeyCorp
Equal-Weight
No
McEvoy, CFA, Terry
ORLY
O'Reilly Automotive, Inc.
Overweight
Yes
Imbro, Daniel
KRP
Kimbell Royalty Partners
Overweight
No
Lochridge, Cameron
OCFC
OceanFirst Financial Corp.
Equal-Weight
No
Breese, Matt
KEX
Kirby Corporation
Overweight
No
Atkins, Jack
OKTA
Okta, Inc.
Overweight
No
Colley, Brian
KNX
Knight-Swift Transportation HoldingOverweight
No
Atkins, Jack
ODFL
Old Dominion Freight Line
Overweight
No
Atkins, Jack
KNBE
KnowBe4, Inc.
Overweight
No
Colley, Brian
ONB
Old National Bancorp.
Overweight
No
McEvoy, CFA, Terry
KR
Kroger Co.
Equal-Weight
Yes
Bienvenu, Ben
OCX
Oncocyte Corporation
Equal-Weight
Yes
Carrico, CFA, Mason
LKFN
Lakeland Financial Corp.
Equal-Weight
No
McEvoy, CFA, Terry
OMF
OneMain Holdings, Inc.
Overweight
Yes
Caintic, CFA, Vincent
LSTR
Landstar System, Inc.
Equal-Weight
No
Atkins, Jack
LPRO
Open Lending Corp.
Overweight
Yes
Caintic, CFA, Vincent
TREE
LendingTree, Inc.
Overweight
Yes
Campbell, John
OSUR
OraSure Technologies, Inc.
Equal-Weight
Yes
Johnson, CFA, Jacob
LII
Lennox International
Equal-Weight
No
Moll, Tommy
OBNK
Origin Bancorp, Inc.
Overweight
No
Olney, CFA, Matt
LHCG
LHC Group, Inc.
Equal-Weight
No
Fidel, Scott
PTSI
P.A.M. Transportation
Equal-Weight
No
Atkins, Jack
LMNR
Limoneira Company
Overweight
Yes
Bienvenu, Ben
PX
P10 Holdings
Overweight
No
Campbell, John
LAD
Lithia Motors, Inc.
Overweight
No
Imbro, Daniel
PPBI
Pacific Premier Bancorp
Equal-Weight
No
Terrell, CFA, Andrew
LYV
Live Nation Entertainment
Overweight
Yes
Evans, Kyle
PACW
PacWest Bancorp
Overweight
No
Terrell, CFA, Andrew
RAMP
LiveRamp Holdings, Inc.
Overweight
Yes
Zangler, CFA, Nicholas
PYPL
PayPal Holdings, Inc.
Equal-Weight
No
Nabhan, Charles
LKQ
LKQ Corp.
Overweight
Yes
Imbro, Daniel
PAG
Penske Automotive Group
Overweight
No
Imbro, Daniel
MGNI
Magnite, Inc.
Overweight
Yes
Zangler, CFA, Nicholas
PEBO
Peoples Bancorp
Equal-Weight
No
McEvoy, CFA, Terry
MNSB
MainStreet Bancshares, Inc.
Overweight
No
Breese, Matt
PFIS
Peoples Financial Services Corp.
Overweight
No
Breese, Matt
MRTN
Marten Transport, Ltd.
Overweight
No
Atkins, Jack
PPC
Pilgrim's Pride Corp.
Overweight
Yes
Bienvenu, Ben
MLM
Martin Marietta Materials
Overweight
No
Grooms, Trey
PING
Ping Identity Holding Corp.
Overweight
No
Colley, Brian
DOOR
Masonite International
Overweight
No
Grooms, Trey
PNFP
Pinnacle Financial Partners
Overweight
No
Olney, CFA, Matt
July 2022, Page 11
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022
6/29/2022
TICKER
COMPANY
RATING
VOL?
ANALYST
TICKER
COMPANY
RATING
VOL?
ANALYST
PNC
PNC Financial Services Group
Equal-Weight
No
McEvoy, CFA, Terry
SYBT
Stock Yards Bancorp
Equal-Weight
No
McEvoy, CFA, Terry
POOL
Pool Corp.
Equal-Weight
No
Grooms, Trey
SRI
Stoneridge, Inc.
Overweight
No
Long, Justin
PRCH
Porch Group, Inc.
Overweight
Yes
Campbell, John
SUM
Summit Materials LLC
Overweight
No
Grooms, Trey
PFBC
Preferred Bank
Overweight
No
Terrell, CFA, Andrew
SIVB
SVB Financial Group
Equal-Weight
No
Terrell, CFA, Andrew
PBAM
Private Bancorp of America
Overweight
No
Terrell, CFA, Andrew
SYF
Synchrony Financial
Equal-Weight
Yes
Caintic, CFA, Vincent
PRG
PROG Holdings, Inc.
Equal-Weight
Yes
Caintic, CFA, Vincent
TALO
Talos Energy
Overweight
No
Lochridge, Cameron
PB
Prosperity Bancshares
Equal-Weight
No
Olney, CFA, Matt
TGNA
TEGNA Inc.
Equal-Weight
No
Evans, Kyle
PVBC
Provident Bancorp, Inc.
Overweight
No
Breese, Matt
TFX
Teleflex Inc.
Overweight
No
Cooley, CFA, Chris
PLSE
Pulse Biosciences, Inc.
Equal-Weight
Yes
Cooley, CFA, Chris
THC
Tenet Healthcare
Equal-Weight
Yes
Fidel, Scott
QTWO
Q2 Holdings, Inc.
Equal-Weight
Yes
Nabhan, Charles
TCBI
Texas Capital Bancshares
Overweight
No
Olney, CFA, Matt
QNST
QuinStreet, Inc.
Overweight
Yes
Campbell, John
TFII
TFI International
Overweight
No
Atkins, Jack
RBB
RBB Bancorp, Inc.
Equal-Weight
No
Terrell, CFA, Andrew
AAN
The Aaron’s Company, Inc.
Equal-Weight
Yes
Caintic, CFA, Vincent
RMAX
RE/MAX Holdings Inc.
Overweight
Yes
Campbell, John
ANDE
The Andersons, Inc.
Overweight
Yes
Bienvenu, Ben
RRBI
Red River Bancshares, Inc.
Overweight
No
Olney, CFA, Matt
AZEK
The AZEK Company
Overweight
No
Grooms, Trey
RDFN
Redfin Corp.
Equal-Weight
No
Campbell, John
COO
The Cooper Companies
Overweight
No
Cooley, CFA, Chris
RM
Regional Management
Equal-Weight
Yes
Caintic, CFA, Vincent
DSGX
The Descartes Systems Group Inc.
Overweight
No
Long, Justin
RF
Regions Financial Corp.
Equal-Weight
No
McEvoy, CFA, Terry
ENSG
The Ensign Group
Overweight
No
Fidel, Scott
RNST
Renasant Corp.
Equal-Weight
No
Olney, CFA, Matt
PNTG
The Pennant Group, Inc.
Equal-Weight
Yes
Fidel, Scott
RCII
Rent-A-Center
Equal-Weight
Yes
Caintic, CFA, Vincent
TTD
The Trade Desk, Inc.
Overweight
Yes
Zangler, CFA, Nicholas
RGEN
Repligen Corp.
Overweight
Yes
Johnson, CFA, Jacob
TCBX
Third Coast Bancshares
Overweight
No
Olney, CFA, Matt
ROK
Rockwell Automation
Equal-Weight
No
Moll, Tommy
TITN
Titan Machinery Inc.
Overweight
Yes
Imbro, Daniel
ROKU
Roku, Inc.
Overweight
Yes
Zangler, CFA, Nicholas
BLD
TopBuild Corp.
Equal-Weight
No
Grooms, Trey
RUSHA
Rush Enterprises, Inc.
Overweight
No
Long, Justin
TSCO
Tractor Supply Co.
Overweight
Yes
Imbro, Daniel
R
Ryder System, Inc.
Equal-Weight
No
Long, Justin
TT
Trane Technologies plc
Equal-Weight
No
Moll, Tommy
STBA
S&T Bancorp, Inc.
Equal-Weight
No
Breese, Matt
TREX
Trex Company, Inc.
Overweight
No
Grooms, Trey
SAIA
Saia, Inc.
Overweight
No
Atkins, Jack
TCBK
TriCo Bancshares
Overweight
No
Terrell, CFA, Andrew
SAFM
Sanderson Farms, Inc.
Equal-Weight
Yes
Bienvenu, Ben
TRN
Trinity Industries, Inc.
Equal-Weight
No
Long, Justin
SLB
Schlumberger Ltd.
Overweight
No
Lochridge, Cameron
TBK
Triumph Bancorp, Inc.
Equal-Weight
No
Olney, CFA, Matt
SNDR
Schneider National Inc.
Equal-Weight
No
Atkins, Jack
TRUE
TrueCar, Inc.
Overweight
Yes
Evans, Kyle
SIEN
Sientra, Inc.
Overweight
Yes
Cooley, CFA, Chris
TFC
Truist Financial Corp.
Overweight
No
McEvoy, CFA, Terry
SBNY
Signature Bank
Overweight
No
Breese, Matt
TSN
Tyson Foods
Overweight
No
Bienvenu, Ben
SFNC
Simmons First National
Equal-Weight
No
Olney, CFA, Matt
USB
U.S. Bancorp
Equal-Weight
No
McEvoy, CFA, Terry
SMPL
Simply Good Foods Co.
Overweight
No
Bienvenu, Ben
USX
U.S. Xpress
Equal-Weight
No
Atkins, Jack
SLM
SLM Corp.
Equal-Weight
Yes
Caintic, CFA, Vincent
UMPQ
Umpqua Holdings Corp.
Equal-Weight
No
Terrell, CFA, Andrew
SMBK
SmartFinancial, Inc.
Overweight
No
Olney, CFA, Matt
UNP
Union Pacific Corp.
Overweight
No
Long, Justin
SDC
SmileDirectClub, Inc.
Equal-Weight
Yes
Cooley, CFA, Chris
UPS
United Parcel Service, Inc.
Equal-Weight
No
Atkins, Jack
SCTL
Societal CDMO
Overweight
Yes
Johnson, CFA, Jacob
UNH
UnitedHealth Group
Overweight
No
Fidel, Scott
SEDG
SolarEdge Technologies
Overweight
No
Lochridge, Cameron
UHS
Universal Health Services
Equal-Weight
No
Fidel, Scott
SAH
Sonic Automotive
Overweight
No
Imbro, Daniel
UVSP
Univest Financial Corp.
Overweight
No
Breese, Matt
SBSI
Southside Bancshares, Inc.
Equal-Weight
No
Olney, CFA, Matt
UPST
Upstart Holdings, Inc.
Underweight
Yes
Caintic, CFA, Vincent
SFM
Sprouts Farmers Market
Equal-Weight
Yes
Bienvenu, Ben
USAK
USA Truck, Inc.
Equal-Weight
No
Atkins, Jack
STAA
STAAR Surgical Co.
Overweight
Yes
Cooley, CFA, Chris
UTZ
Utz Brands, Inc.
Equal-Weight
No
Bienvenu, Ben
SMP
Standard Motor Products
Overweight
Yes
Imbro, Daniel
VLY
Valley National Bancorp
Overweight
No
Breese, Matt
STE
STERIS plc
Overweight
No
Cooley, CFA, Chris
VCYT
Veracyte, Inc.
Overweight
Yes
Carrico, CFA, Mason
STC
Stewart Information Services
Overweight
Yes
Campbell, John
VCEL
Vericel Corporation
Overweight
No
Cooley, CFA, Chris
July 2022, Page 12
EQUITY RESEARCH COVERAGE LIST
Director of Research: Kyle Evans (501) 377-6376
6/29/2022
6/29/2022
TICKER
COMPANY
RATING
VOL?
ANALYST
TICKER
COMPANY
RATING
VOL?
ANALYST
VBTX
Veritex Holdings Inc.
Overweight
No
Olney, CFA, Matt
WST
West Pharmaceutical Services
Equal-Weight
Yes
Johnson, CFA, Jacob
VZIO
VIZIO Holding Corporation
Overweight
No
Zangler, CFA, Nicholas
WAL
Western Alliance Bancorp.
Overweight
No
Terrell, CFA, Andrew
VMC
Vulcan Materials Company
Overweight
No
Grooms, Trey
WOW
WideOpenWest, Inc.
Overweight
Yes
Evans, Kyle
GWW
W.W. Grainger, Inc.
Equal-Weight
No
Moll, Tommy
WTFC
Wintrust Financial Corp.
Overweight
No
McEvoy, CFA, Terry
WNC
Wabash National Corp.
Equal-Weight
No
Long, Justin
WRLD
World Acceptance Corp.
Underweight
Yes
Caintic, CFA, Vincent
WAB
Wabtec Corp.
Overweight
No
Long, Justin
XPO
XPO Logistics, Inc.
Equal-Weight
No
Atkins, Jack
WMT
Walmart Inc.
Overweight
No
Bienvenu, Ben
YELL
Yellow Corporation
Equal-Weight
Yes
Atkins, Jack
WSO
Watsco, Inc.
Overweight
No
Moll, Tommy
ZBRA
Zebra Technologies Corp.
Overweight
No
Moll, Tommy
W
Wayfair Inc.
Equal-Weight
No
Zangler, CFA, Nicholas
ZVIA
Zevia PBC
Overweight
No
Bienvenu, Ben
WBS
Webster Financial Corp.
Overweight
No
Breese, Matt
ZG
Zillow, Inc.
Overweight
Yes
Campbell, John
WERN
Werner Enterprises, Inc.
Equal-Weight
No
Atkins, Jack
ZION
Zions Bancorporation
Equal-Weight
No
McEvoy, CFA, Terry
WCC
WESCO International, Inc.
Overweight
No
Moll, Tommy
ZS
Zscaler, Inc.
Overweight
No
Colley, Brian
Source: Stephens Inc.
July 2022, Page 13
COVERAGE CHANGES
ADDED
Symbol
Date
RATING
Analyst
Digi International
DGII
06/01/22
Overweight
Moll
Flywire Corp.
FLYW
06/09/22
Overweight (Vol)
Nabhan
Hanover Bancorp
HNVR
06/06/22
Overweight
Breese
i3 Verticals
IIIV
06/09/22
Overweight (Vol)
Nabhan
Peoples Bancorp
PEBO
06/08/22
Equal-Weight
McEvoy
DROPPED
Symbol
Date
American National Bankshares AMNB
06/16/22
Ameris Bancorp
ABCB
06/16/22
Atlantic Union Bankshares
AUB
06/16/22
BankUnited
BKU
06/16/22
Eagle Bancorp
EGBN
06/16/22
F.N.B. Bancorp
FNB
06/16/22
First Bancorp
FBNC
06/16/22
Primis Financial
FRST
06/16/22
Professional Holding
PFHD
06/16/22
Sandy Spring Bancorp
SASR
06/16/22
South State Corp.
SSB
06/16/22
Synovus Financial
SNV
06/16/22
TowneBank
TOWN
06/16/22
United Bankshares
UBSI
06/16/22
United Community Banks
UCBI
06/16/22
WesBanco
WSBC
06/16/22
WSFS Financial
WSFS
06/16/22
Ligand Pharmaceuticals
LGND
05/27/22
LiqTech
LIQT
05/27/22
TriState Capital Holdings
TSC
06/01/22
Source: Stephens Inc.
Stephens
actively
covers
384
companies, which have an average
and median market capitalization of
$12.0
billion
and
$2.7
billion,
respectively.
July 2022, Page 14
RATING CHANGES
Rating
UPGRADES
Symbol
To
From
Date
Analyst
Banner Corp.
BANR
Overweight
Equal-Weight
06/17/22
Terrell
Simply Good Foods
SMPL
Overweight
Equal-Weight
06/27/22
Bienvenu
Rating
DOWNGRADES
Symbol
To
From
Date
Analyst
Aveanna Healthcare
AVAH
Equal-Weight (Vol)
Overweight
06/21/22
Fidel
Pennant Group
PNTG
Equal-Weight (Vol)
Overweight (Vol)
06/21/22
Fidel
Rent-A-Center
RCII
Equal-Weight (Vol)
Overweight (Vol)
06/29/22
Caintic
World Acceptance Corp.
WRLD
Underweight (Vol)
Equal-Weight (Vol)
06/29/22
Caintic
Source: Stephens Inc.
July 2022, Page 15
CONSUMER STAPLES
BEN BIENVENU, 501-377-8511
Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this
position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large
Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of
industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research
coverage. Ben received a bachelor of arts in business administration from Furman University.
Sector Overview: The Consumer Staples sector comprises essential products that consumers rely on for everyday necessities, regardless of financial
situation. The sector is considered to be non-cyclical and as having low volatility because of this reason. While demand for the sector’s products as a whole is
inelastic, the industries within the various sub-sectors are highly competitive. Companies compete for the consumer’s dollar either by being the low cost
leader or through product differentiation that commands a premium price. For this reason, brand equity is of high importance and many companies invest
heavily in marketing and branding. Our coverage universe has a focus on Food and Beverage, with a particular expertise on the small and mid-cap companies
within those sub-sectors.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
CONSUMER
Consumer Staples, Ben Bienvenu, 501-377-8511, ben.bienvenu@stephens.com
BellRing Brands, Inc.
BRBR
Adj
Sep
O/V
$24.82
$35.00
$0.93
$1.19
$1.42
20.9
17.5
$3,384.5
-$77.52
Flowers Foods, Inc.
FLO
Adj
Dec
E
$26.41
$30.00
$1.23
$1.29
$1.29
20.5
20.5
$5,600.0
$6.68
Freshpet, Inc.
FRPT
Dec
O/V
$54.80
$120.00
($0.69)
($0.41)
$0.24
NM
NM
$2,620.1
$16.57
Hostess Brands
TWNK
Adj
Dec
O
$20.85
$28.00
$0.88
$0.99
$1.09
21.1
19.1
$2,883.3
$12.43
Simply Good Foods Co.
SMPL
Adj
Aug
O
$41.20
$45.00
$1.26
$1.50
$1.74
27.5
23.7
$4,135.2
$12.41
Utz Brands, Inc.
UTZ
Adj
Dec
E
$13.73
$15.00
$0.56
$0.48
$0.55
28.6
25.0
$1,108.4
$8.75
Zevia PBC
ZVIA
Adj
Dec
O
$2.91
$10.00
($2.52)
($1.13)
($1.03)
NM
NM
$113.7
$3.73
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 16
E-COMMERCE
NICHOLAS ZANGLER, CFA, 312-292-5753
Nicholas is a research analyst covering the advertising technology and e-commerce sectors and has been with Stephens since 2014. Prior to joining Stephens
Inc., Nicholas was an investor relations representative at Walgreen Boots Alliance from 2009 to 2014. He graduated from Northern Illinois University with a
B.S. in finance. He earned the Chartered Financial Analyst designation in 2013.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
CONSUMER
e-commerce, Nicholas Zangler, CFA, 312-292-5753, nicholas.zangler@stephens.com
Wayfair Inc.
W
op
Dec
E
$48.17
$75.00
$2.38
($8.00)
($4.20)
NM
NM
$3,832.2
-$15.44
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 17
FOOD & AGRIBUSINESS
BEN BIENVENU, 501-377-8511
Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this
position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large
Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of
industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research
coverage. Ben received a bachelor of arts in business administration from Furman University.
Sector Overview: Our Food and Agribusiness team covers small- to mid-cap stocks that primarily encompass commodity-based, branded food-based and
ethanol and grain storage-based companies. We aggregate coverage across the entire food supply chain, with respect to worldwide commodity markets. Our
base coverage includes closely following consumer trends, commodity cycles, international trade policies, government regulations, and seasonal weather
patterns.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
CONSUMER
Food and Agribusiness, Ben Bienvenu, 501-377-8511, ben.bienvenu@stephens.com
Andersons, The
ANDE
op
Dec
O/V
$32.81
$55.00
$3.06
$2.51
$3.15
13.1
10.4
$1,110.0
$31.67
Archer Daniels Midland Co.
ADM
op
Dec
E/V
$77.24
$95.00
$5.19
$6.21
$5.68
12.4
13.6
$43,463.6
$40.14
Bunge Ltd.
BG
adj
Dec
O/V
$91.48
$150.00
$12.94
$13.68
$11.23
6.7
8.1
$13,880.4
$49.48
Calavo Growers Inc.
CVGW
op
Oct
E/V
$41.25
$40.00
$0.35
$0.95
$2.07
43.4
19.9
$731.9
$12.75
Cal-Maine Foods, Inc.
CALM
op
May
O/V
$50.05
$65.00
$0.09
$2.00
$4.15
25.0
12.1
$2,209.2
$20.73
Darling Ingredients
DAR
Dec
O
$63.45
$95.00
$3.90
$5.57
$6.52
11.4
9.7
$10,248.1
$20.41
Dole plc
DOLE
op
Dec
O
$8.70
$14.00
$1.36
$1.26
$1.26
6.9
6.9
$825.4
$11.39
Green Plains Inc.
GPRE
op
Dec
O/V
$27.84
$50.00
($1.31)
($0.57)
$1.92
NM
14.5
$1,498.4
$17.73
Hormel Foods
HRL
op
Oct
E
$47.96
$50.00
$1.72
$1.87
$2.06
25.6
23.3
$26,188.8
$12.86
Ingredion Inc.
INGR
op
Dec
E/V
$89.31
$90.00
$6.68
$7.19
$7.31
12.4
12.2
$5,914.1
$46.51
Limoneira Company
LMNR
op
Oct
O/V
$14.44
$15.00
($0.24)
($0.12)
$0.38
NM
38.0
$255.9
$9.98
Mission Produce, Inc.
AVO
op
Oct
O
$14.33
$17.00
$0.74
$0.51
$0.84
28.1
17.1
$1,012.5
$7.56
Pilgrim's Pride Corp.
PPC
op
Dec
O/V
$31.74
$35.00
$2.28
$3.78
$2.94
8.4
10.8
$7,628.1
$10.58
Sanderson Farms
SAFM
op
Oct
E/V
$218.61
$203.00
$20.67
$44.44
$35.95
4.9
6.1
$4,879.4
$82.86
Tyson Foods
TSN
op
Sep
O
$86.30
$115.00
$8.28
$9.49
$8.35
9.1
10.3
$25,159.8
$49.51
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 18
GROCERY/C-STORE
BEN BIENVENU, 501-377-8511
Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this
position, Ben served as a research associate in the retail broadlines sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large
Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of
industries. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research
coverage. Ben received a bachelor of arts in business administration from Furman University.
Sector Overview: Our research focuses on small-, mid- and large-cap retail operators. The primary industries for which we provide analysis are
convenience stores and discount retailers. We look for retailers that have solid fundamentals, operate in strong markets, offer differentiated services and
have experienced management teams that can execute business strategies.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
CONSUMER
Grocery/C-Store, Ben Bienvenu, 501-377-8511, ben.bienvenu@stephens.com
Casey's General Stores
CASY
adj
Apr
O
$186.45
$230.00
$9.10
$8.55
$10.67
21.8
17.5
$6,919.4
$60.38
Kroger Co.
KR
op
Jan
E/V
$48.11
$57.00
$3.70
$3.91
$4.06
12.3
11.8
$35,012.2
$13.00
Murphy USA Inc.
MUSA
adj
Dec
O/V
$232.68
$290.00
$15.23
$18.46
$19.01
12.6
12.2
$5,631.2
$32.37
Sprouts Farmers Market
SFM
adj
Dec
E/V
$25.62
$28.00
$2.10
$2.15
$2.29
11.9
11.2
$2,808.5
$8.64
Walmart Inc.
WMT
pf
Jan
O
$121.92
$160.00
$6.45
$6.40
$6.79
19.1
18.0
$334,201.0
$30.15
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 19
RETAIL: AUTOMOTIVE, HARDLINES, AND LEISURE PRODUCTS
DANIEL IMBRO, 501-377-2055
Daniel is a managing director covering the retail-automotive, hardlines, and leisure products sectors. Prior to joining Stephens in June 2016, he worked as
an intern at Stephens in the equity research department and at Bank of America, Merrill Lynch in the wealth management group. Daniel graduated summa
cum laude with a B.S. in economics and business from Hendrix College.
Sector Overview: Our research focuses on small-, mid- and large-cap retail operators in the automotive, hardlines, and leisure products sectors. We
provide in-depth coverage of our covered companies. Within automotive, we cover companies across the automotive value chain, offering unique views on
the automotive market. We seek to identify retailers that have solid fundamentals, offer differentiated services, have competitive advantages, and have
experienced management teams that can execute business strategies.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE
Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
CONSUMER
Retail: Automotive, Hardlines, and Leisure Products, Daniel Imbro, 501-377-2055, daniel.imbro@stephens.com
Academy Sports and Outdoors
ASO
adj
Jan
O/V
$35.90
$72.00
$7.61
$7.03
$7.67
5.1
4.7
$3,055.0
$16.85
Acushnet Holdings Corp.
GOLF
adj
Dec
E/V
$41.51
$47.00
$2.43
$2.82
$2.91
14.7
14.3
$2,998.0
$14.38
ACV Auctions Inc.
ACVA
adj
Dec
O/V
$6.47
$17.00
($0.63)
($0.61)
($0.37)
NM
NM
$730.3
$3.56
Advance Auto Parts
AAP
adj
Dec
E/V
$176.72
$215.00
$12.05
$13.72
$15.83
12.9
11.2
$10,716.3
$50.45
Asbury Automotive Group, Inc.
ABG
op
Dec
O
$174.27
$265.00
$27.36
$35.50
$32.86
4.9
5.3
$3,856.8
$91.43
AutoNation, Inc.
AN
op
Dec
E
$116.58
$120.00
$18.12
$22.96
$21.92
5.1
5.3
$6,799.5
$37.96
AutoZone Inc.
AZO
adj
Aug
O/V
$2,140.00 $2,285.00
$95.65
$116.34
$113.15
18.4
18.9
$41,703.5
-$85.04
Cadre Holdings, Inc.
CDRE
adj
Dec
O/V
$18.95
$27.00
$0.82
$0.44
$1.03
43.1
18.4
$701.8
$2.58
Callaway Golf Company
ELY
adj
Dec
O/V
$20.44
$38.00
$0.79
$0.86
$1.06
23.8
19.3
$3,775.2
$19.88
Camping World Holdings
CWH
Dec
O/V
$21.76
$44.00
$6.63
$8.80
$8.22
2.5
2.6
$907.2
$3.58
CarMax, Inc.
KMX
Feb
O
$93.57
$113.00
$6.87
$5.84
$6.25
16.0
15.0
$15,021.5
$32.51
Carvana Co.
CVNA
op
Dec
E/V
$23.11
$38.00
($1.63)
($7.20)
($4.27)
NM
NM
$2,443.7
$3.40
Copart, Inc.
CPRT
adj
Jul
O
$109.08
$145.00
$3.70
$4.43
$4.83
24.6
22.6
$25,925.3
$14.89
Dick's Sporting Goods
DKS
adj
Jan
E/V
$76.48
$102.00
$15.70
$11.53
$11.26
6.6
6.8
$4,352.2
$27.80
Dorman Products
DORM
adj
Dec
E/V
$107.18
$105.00
$4.64
$5.57
$6.17
19.2
17.4
$3,370.6
$29.51
Genuine Parts Company
GPC
adj
Dec
E
$133.51
$143.00
$6.91
$7.89
$8.45
16.9
15.8
$18,904.4
$24.55
Group 1 Automotive
GPI
op
Dec
O
$176.57
$285.00
$34.93
$41.75
$37.88
4.2
4.7
$2,930.4
$106.27
IAA, Inc.
IAA
adj
Dec
O
$33.62
$43.00
$2.39
$2.36
$2.48
14.2
13.6
$4,505.3
$2.49
KAR Auction Services
KAR
op
Dec
E
$15.21
$15.00
$0.65
$0.35
$0.62
43.5
24.5
$1,848.5
$12.49
Lithia Motors, Inc.
LAD
op
Dec
O
$286.66
$430.00
$40.01
$46.76
$43.30
6.1
6.6
$8,294.1
$156.83
LKQ Corp.
LKQ
op
Dec
O/V
$49.14
$64.00
$3.96
$3.91
$4.09
12.6
12.0
$13,898.4
$20.11
Monro, Inc.
MNRO
op
Mar
E
$43.74
$41.00
$1.85
$1.77
$1.94
24.7
22.5
$1,467.8
$23.34
O'Reilly Automotive, Inc.
ORLY
adj
Dec
O/V
$637.13
$765.00
$31.10
$33.05
$36.34
19.3
17.5
$41,875.6
-$0.99
Penske Automotive Group, Inc.
PAG
op
Dec
O
$110.05
$131.00
$15.28
$17.58
$15.85
6.3
6.9
$8,351.8
$52.47
Sonic Automotive, Inc.
SAH
op
Dec
O
$37.65
$67.00
$8.47
$10.41
$9.75
3.6
3.9
$1,036.5
$26.43
Standard Motor Products
SMP
adj
Dec
O/V
$44.31
$61.00
$4.45
$4.81
$5.11
9.2
8.7
$967.3
$27.31
Titan Machinery
TITN
op
Jan
O/V
$22.75
$41.00
$3.03
$3.13
$3.00
7.3
7.6
$513.4
$19.27
Tractor Supply Co.
TSCO
adj
Dec
O/V
$195.56
$257.00
$8.61
$9.70
$10.82
20.2
18.1
$21,879.6
$17.70
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 20
BANKS MIDWEST
TERRY MCEVOY, CFA, 207-808-5025
Terry is managing director and research analyst following the U.S. banking sector. Prior to joining the firm in May 2015, Terry served as head of Bank
Research at Sterne Agee, leading a group of six senior equity analysts that formally covered 140+ bank stocks. Terry spent 13 years in a similar role at
Oppenheimer & Co. Prior to that, he worked for five years as a bank analyst at Tucker Anthony Capital Markets. Terry was named the #3 Earnings Estimator
in the Commercial Banking industry by Financial Times/Starmine in 2008 when profitability within the sector hit an important inflection point. In 2010 the
Financial Times/Starmine named him the #2 Stock Picker in the Commercial Banking industry which was the first year in nearly a decade the sector
outperformed the S&P 500. Terry was one of the founding members/ Board of Directors of the CFA Society of Maine.
Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments that have distinct market or product advantages in the Midwest. Also, the banking industry remains highly fragmented, and we seek to identify
companies that can capitalize on industry consolidation. In addition to more traditional banks that serve both retail and commercial customers, our Midwest
coverage includes banks with a specialty focus, including SBA lending, leasing finance, and providing commercial loans to the agricultural industry. The
Midwest Region primarily includes regional and community banks located in Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio, and Wisconsin.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FINANCIAL SERVICES
Banks-Midwest, Terry McEvoy, CFA, 207-808-5025, terry.mcevoy@stephens.com
Associated Banc-Corp
ASB
op
Dec
E
$18.54
$24.00
$2.15
$1.85
$2.20
10.0
8.4
$2,781.8
$25.66
Byline Bancorp, Inc.
BY
op
Dec
E
$23.81
$26.00
$2.66
$2.30
$2.30
10.4
10.4
$900.0
$21.07
Civista Bancshares, Inc.
CIVB
op
Dec
O
$21.26
$28.00
$2.74
$2.30
$2.70
9.2
7.9
$310.1
$23.75
Equity Bancshares, Inc.
EQBK
Dec
O
$29.20
$38.00
$3.75
$3.25
$3.35
9.0
8.7
$475.3
$29.87
Farmers & Merchants Bancorp
FMAO
op
Dec
E
$33.46
$39.00
$2.25
$2.60
$2.60
12.9
12.9
$437.2
$22.74
Finward Bancorp
FNWD
op
Dec
O/V
$37.49
$52.00
$4.08
$4.60
$4.75
8.2
7.9
$161.0
$45.00
First Busey Corp.
BUSE
op
Dec
O
$22.84
$28.00
$2.42
$2.15
$2.40
10.6
9.5
$1,262.5
$23.80
First Financial Bancorp.
FFBC
op
Dec
E
$19.44
$26.00
$2.29
$2.00
$2.15
9.7
9.0
$1,836.0
$23.99
First Merchants Corp.
FRME
op
Dec
O
$35.77
$52.00
$3.73
$3.70
$4.40
9.7
8.1
$2,127.0
$35.81
First Mid Bancshares, Inc.
FMBH
op
Dec
O
$35.94
$42.00
$3.98
$3.80
$3.75
9.5
9.6
$734.9
$35.06
Heartland Financial USA
HTLF
op
Dec
O
$41.69
$59.00
$4.95
$4.50
$5.50
9.3
7.6
$1,766.4
$49.00
Horizon Bancorp
HBNC
op
Dec
O
$17.57
$23.00
$2.00
$2.30
$2.40
7.6
7.3
$765.6
$16.61
Lakeland Financial Corp.
LKFN
op
Dec
E
$65.96
$79.00
$3.72
$4.00
$4.00
16.5
16.5
$1,671.8
$27.86
Midland States Bancorp
MSBI
op
Dec
E
$24.33
$31.00
$3.70
$3.75
$3.80
6.5
6.4
$536.6
$30.11
MidWestOne Financial Group
MOFG
op
Dec
E
$29.60
$34.00
$4.42
$3.90
$3.70
7.6
8.0
$464.1
$33.66
Nicolet Bankshares
NIC
op
Dec
O
$72.62
$113.00
$6.73
$7.20
$7.90
10.1
9.2
$972.5
$63.73
Old National Bancorp.
ONB
op
Dec
O
$14.85
$19.00
$1.72
$1.70
$1.95
8.7
7.6
$4,350.4
$18.21
Peoples Bancorp
PEBO
op
Dec
E
$26.66
$33.00
$2.83
$3.30
$3.45
8.1
7.7
$755.7
$29.93
Stock Yards Bancorp
SYBT
op
Dec
E
$59.31
$57.00
$3.57
$3.80
$3.80
15.6
15.6
$1,733.3
$25.41
Wintrust Financial Corp.
WTFC
op
Dec
O
$80.65
$116.00
$7.62
$8.05
$8.65
10.0
9.3
$4,860.7
$71.62
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 21
BANKS NORTHEAST
MATT BREESE, 401-658-1114
Matt Breese is a managing director and research analyst covering the Northeast Regional Banks. Prior to joining Stephens in 2019, Matt was a research
analyst at Piper Jaffray Companies. Mr. Breese has focused on regional and community banks for more than a decade. StarMine named Mr. Breese the No. 3
stock picker in 2019 and 2018, the No. 1 stock picker in 2015, as well as the No. 3 earnings estimator in 2018 and 2015 for the thrift and mortgage finance
segment. Mr. Breese began his career in 2008 with Sterne Agee & Leach, Inc.
Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments or on growth companies that have distinct market share gain advantages. Also, the banking industry remains highly fragmented and we seek to
identify companies that can capitalize on industry consolidation. The Mid-Atlantic Region primarily includes regional and community banks located in
Delaware, Washington DC, Maryland, New Jersey, New York, Pennsylvania, Virginia, & West Virginia.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FINANCIAL SERVICES
Banks-Northeast, Matt Breese, 401-658-1114, matt.breese@stephens.com
Camden National Corp.
CAC
op
Dec
O
$43.52
$50.00
$4.19
$4.23
$4.38
10.3
9.9
$637.9
$36.72
Community Bank System
CBU
op
Dec
E
$63.22
$81.50
$3.22
$3.36
$3.62
18.8
17.5
$3,408.2
$38.99
ConnectOne Bancorp
CNOB
op
Dec
O
$24.75
$35.00
$3.02
$3.00
$3.22
8.3
7.7
$978.2
$25.61
Customers Bancorp, Inc.
CUBI
op
Dec
E
$34.85
$62.50
$4.23
$4.63
$6.85
7.5
5.1
$1,149.4
$37.32
Dime Community Bancshares
DCOM
op
Dec
E
$29.82
$34.50
$3.69
$3.26
$3.40
9.1
8.8
$1,170.2
$26.98
First Commonwealth Financial
FCF
op
Dec
O
$13.44
$16.00
$1.24
$1.34
$1.58
10.0
8.5
$1,267.6
$11.77
Fulton Financial Corp.
FULT
op
Dec
O
$14.74
$20.50
$1.30
$1.67
$1.88
8.8
7.8
$2,369.5
$15.70
Hanover Bancorp, Inc.
HNVR
op
Dec
O
$20.31
$25.50
$3.64
$3.31
$3.33
6.1
6.1
$148.2
$22.02
MainStreet Bancshares, Inc.
MNSB
op
Dec
O
$23.00
$29.00
$2.04
$2.72
$3.48
8.5
6.6
$173.8
$21.27
Mid Penn Bancorp
MPB
op
Dec
O
$26.72
$34.50
$2.12
$2.88
$3.75
9.3
7.1
$426.5
$30.71
NBT Bancorp
NBTB
op
Dec
E
$37.47
$42.50
$3.23
$3.33
$3.38
11.3
11.1
$1,604.7
$28.97
New York Community Bancorp
NYCB
op
Dec
U
$9.06
$9.00
$1.25
$1.29
$1.20
7.0
7.6
$4,231.4
$14.07
Northwest Bancshares, Inc.
NWBI
op
Dec
E
$12.73
$13.50
$0.99
$0.90
$1.06
14.1
12.0
$1,613.0
$12.51
OceanFirst Financial Corp.
OCFC
op
Dec
E
$19.19
$24.00
$1.84
$2.34
$3.00
8.2
6.4
$1,139.7
$25.63
Peoples Financial Services Corp.
PFIS
op
Dec
O
$55.49
$55.00
$3.92
$5.27
$5.98
10.5
9.3
$398.0
$47.44
Provident Bancorp, Inc.
PVBC
op
Dec
O
$15.48
$20.00
$0.85
$1.26
$1.68
12.3
9.2
$275.7
$13.09
S&T Bancorp, Inc.
STBA
op
Dec
E
$27.61
$32.50
$2.48
$2.94
$3.12
9.4
8.8
$1,085.4
$30.66
Signature Bank
SBNY
op
Dec
O
$184.00
$325.00
$14.08
$21.54
$27.75
8.5
6.6
$11,578.8
$129.31
Univest Financial Corp.
UVSP
op
Dec
O
$25.53
$34.00
$2.68
$2.55
$3.10
10.0
8.2
$755.5
$26.23
Valley National Bancorp
VLY
op
Dec
O
$10.56
$14.50
$1.01
$1.10
$1.26
9.6
8.4
$5,346.6
$11.57
Webster Financial Corp.
WBS
op
Dec
O
$43.45
$73.00
$4.39
$5.44
$6.14
8.0
7.1
$7,738.5
$36.36
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 22
BANKS-SOUTHERN
MATT OLNEY, CFA, 501-377-2101
Matt is a managing director leading the regional banks practice. He joined Stephens in 2004 as an associate analyst covering the regional banks sector. In
2007, he became a research analyst covering small cap banks and thrifts in the Southeast. Prior to joining Stephens Inc., Matt resided in Houston, TX, where
he worked in various roles for Wells Fargo, UBS and Enron. He holds a B.B.A. with a focus in finance and management information systems from the
University of Oklahoma. Matt earned his Chartered Financial Analyst designation in 2007.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to
identify companies that can capitalize on industry consolidation. The Southwest Region primarily includes regional banks located in Texas, Oklahoma,
Arkansas, Louisiana, Mississippi and Missouri.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE
Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FINANCIAL SERVICES
Banks-Southern Banks, Matt Olney, CFA, 501-377-2101, molney@stephens.com
Allegiance Bancshares, Inc.
ABTX
op
Dec
Susp
$37.55
NE
$2.20
NE
NE
NM
NM
$765.2
$40.15
Bank7 Corp.
BSVN
op
Dec
E
$22.75
$28.00
$2.62
$3.24
$3.45
7.0
6.6
$207.0
$14.04
Bank OZK
OZK
op
Dec
E
$37.64
$51.00
$4.44
$4.20
$4.30
9.0
8.8
$4,576.2
$35.85
BOK Financial
BOKF
op
Dec
E
$76.00
$98.00
$8.23
$6.29
$7.39
12.1
10.3
$5,175.9
$78.34
Business First Bancshares
BFST
op
Dec
O
$21.34
$31.00
$2.61
$2.21
$2.56
9.7
8.3
$481.5
$21.24
Cadence Bank
CADE
op
Dec
O
$23.59
$35.00
$2.92
$2.76
$3.16
8.5
7.5
$4,349.4
$26.98
CBTX, Inc.
CBTX
op
Dec
E
$26.55
$34.00
$1.70
$2.13
$3.10
12.5
8.6
$653.3
$22.96
CrossFirst Bankshares, Inc.
CFB
op
Dec
E
$13.31
$17.00
$1.39
$1.41
$1.53
9.4
8.7
$660.8
$13.23
Cullen/Frost Bankers, Inc.
CFR
op
Dec
E
$117.59
$150.00
$6.67
$7.76
$8.81
15.2
13.3
$7,537.2
$67.11
FB Financial Corporation
FBK
op
Dec
O
$38.77
$49.00
$3.80
$3.24
$3.53
12.0
11.0
$1,831.3
$30.13
First Bancshares Inc.
FBMS
op
Dec
O
$28.91
$41.00
$3.03
$3.01
$3.41
9.6
8.5
$593.6
$32.17
First Financial Bankshares
FFIN
op
Dec
E
$39.39
$43.00
$1.58
$1.56
$1.61
25.3
24.5
$5,621.7
$12.42
Guaranty Bancshares, Inc.
GNTY
op
Dec
O
$36.09
$41.00
$3.27
$3.33
$3.40
10.8
10.6
$433.1
$24.93
Hancock Whitney Corp.
HWC
op
Dec
E
$44.53
$58.00
$5.55
$5.74
$5.68
7.8
7.8
$3,846.0
$42.31
Hilltop Holdings Inc.
HTH
op
Dec
E
$26.75
$31.00
$4.50
$1.67
$2.39
16.0
11.2
$2,125.0
$31.95
Home BancShares, Inc.
HOMB
op
Dec
O
$20.84
$26.00
$1.83
$1.77
$1.98
11.8
10.5
$4,285.5
$16.90
Independent Bank Group
IBTX
op
Dec
O
$67.50
$82.00
$5.24
$5.24
$5.52
12.9
12.2
$2,853.5
$60.26
Origin Bancorp, Inc.
OBNK
op
Dec
O
$39.14
$53.00
$4.59
$3.52
$4.40
11.1
8.9
$930.3
$30.75
Pinnacle Financial Partners
PNFP
op
Dec
O
$72.79
$104.00
$6.75
$7.07
$7.45
10.3
9.8
$5,560.1
$66.89
Prosperity Bancshares, Inc.
PB
op
Dec
E
$68.38
$74.00
$5.60
$5.62
$5.70
12.2
12.0
$6,303.4
$69.73
Red River Bancshares, Inc.
RRBI
op
Dec
O
$54.43
$69.00
$4.50
$4.91
$5.31
11.1
10.3
$390.6
$41.52
Renasant Corp.
RNST
op
Dec
E
$29.09
$38.00
$3.13
$2.75
$2.85
10.6
10.2
$1,626.1
$39.63
Simmons First National Corp.
SFNC
op
Dec
E
$21.30
$28.00
$2.41
$2.30
$2.26
9.3
9.4
$2,782.9
$28.82
SmartFinancial, Inc.
SMBK
op
Dec
O
$23.72
$33.00
$2.38
$2.48
$2.75
9.6
8.6
$400.8
$25.56
Southside Bancshares, Inc.
SBSI
op
Dec
E
$37.08
$42.00
$3.40
$3.12
$3.03
11.9
12.2
$1,191.1
$28.20
Texas Capital Bancshares
TCBI
op
Dec
O
$53.29
$72.00
$4.69
$3.18
$4.78
16.8
11.1
$2,703.0
$57.48
Third Coast Bancshares
TCBX
op
Dec
O
$21.60
$30.00
$1.40
$1.51
$2.96
14.3
7.3
$290.7
$22.31
Triumph Bancorp, Inc.
TBK
op
Dec
E
$62.57
$95.00
$4.67
$3.59
$3.54
17.4
17.7
$1,574.2
$32.35
Veritex Holdings, Inc.
VBTX
op
Dec
O
$29.47
$46.00
$2.81
$3.04
$3.51
9.7
8.4
$1,590.3
$26.64
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 23
BANKS-SUPER-REGIONAL
TERRY MCEVOY, CFA, 207-808-5025
Terry is managing director and research analyst following the U.S. banking sector. Prior to joining the firm in May 2015, Terry served as head of Bank
Research at Sterne Agee, leading a group of six senior equity analysts that formally covered 140+ bank stocks. Terry spent 13 years in a similar role at
Oppenheimer & Co. Prior to that, he worked for five years as a bank analyst at Tucker Anthony Capital Markets. Terry was named the #3 Earnings Estimator
in the Commercial Banking industry by Financial Times/Starmine in 2008 when profitability within the sector hit an important inflection point. In 2010 the
Financial Times/Starmine named him the #2 Stock Picker in the Commercial Banking industry which was the first year in nearly a decade the sector
outperformed the S&P 500. Terry was one of the founding members/ Board of Directors of the CFA Society of Maine.
Sector Overview: Our research focuses on U.S. Super-Regional Banks, which we define as banks with assets over $50 billion. These banks operate mainly
in multiple contiguous states and provide traditional banking products. Certain Super-Regional Banks have made investments within fee-generating
businesses such as insurance, capital markets, or asset management to diversify their revenue stream. Fundamentally, the banking sector is well-capitalized
and should see an acceleration in earnings growth as the Federal Reserve raises interest rates.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FINANCIAL SERVICES
Banks-Super-Regional, Terry McEvoy, CFA, 207-808-5025, terry.mcevoy@stephens.com
Citizens Financial Group
CFG
op
Dec
O
$36.13
$48.00
$5.34
$4.70
$5.40
7.7
6.7
$17,900.5
$50.71
Comerica Inc.
CMA
op
Dec
O
$75.99
$108.00
$8.42
$7.90
$10.55
9.6
7.2
$9,936.5
$57.41
Fifth Third Bancorp
FITB
op
Dec
O
$34.21
$53.00
$3.80
$3.65
$4.30
9.4
8.0
$23,471.1
$29.43
First Republic Bank
FRC
op
Dec
O
$145.86
$204.00
$7.76
$8.55
$9.85
17.1
14.8
$26,196.9
$68.34
Huntington Bancshares Inc.
HBAN
op
Dec
O
$12.24
$17.00
$1.52
$1.50
$1.55
8.2
7.9
$17,615.5
$11.91
KeyCorp.
KEY
op
Dec
E
$17.49
$25.00
$2.62
$2.20
$2.45
8.0
7.1
$16,308.9
$16.71
PNC Financial Services Group
PNC
op
Dec
E
$157.37
$210.00
$15.88
$13.80
$15.80
11.4
10.0
$65,085.2
$120.68
Regions Financial Corp.
RF
op
Dec
E
$19.24
$24.00
$2.62
$2.30
$2.55
8.4
7.5
$17,979.8
$17.69
Truist Financial Corp.
TFC
op
Dec
O
$47.40
$64.00
$5.50
$4.80
$5.40
9.9
8.8
$63,109.0
$47.14
U.S. Bancorp
USB
op
Dec
E
$46.12
$62.00
$5.04
$4.55
$4.85
10.1
9.5
$68,522.3
$32.72
Zions Bancorporation
ZION
op
Dec
E
$51.97
$64.00
$6.34
$5.65
$6.45
9.2
8.1
$7,866.1
$46.32
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 24
BANKS-WEST COAST
ANDREW TERRELL, 501-377-2303
Andrew is a research analyst covering West Coast banks. Previously, he was a senior associate covering East Coast Banks, and prior to that West Coast
banks. Before joining Stephens in December 2017, he worked in wealth management at Silver Oak Securities. Andrew graduated with a B.S.B.A. in
accounting and finance from the University of Tennessee at Martin.
Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term
investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to
identify companies that can capitalize on industry consolidation. The West Coast Region primarily includes regional banks located in California and the Pacific
Northwest.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FINANCIAL SERVICES
Banks-West Coast, Andrew Terrell, CFA, 501-377-2303, andrew.terrell@stephens.com
Avidbank Holdings, Inc.
AVBH
op
Dec
O
$20.33
$34.00
$1.92
$3.15
$3.77
6.5
5.4
$124.9
$21.91
Banc of California
BANC
op
Dec
E
$17.53
$22.00
$1.36
$2.14
$2.12
8.2
8.3
$1,067.8
$15.48
Bank of Marin Bancorp
BMRC
op
Dec
E
$31.69
$37.00
$2.64
$2.84
$3.00
11.2
10.6
$507.0
$28.27
Banner Corp.
BANR
op
Dec
O
$55.80
$67.00
$5.93
$5.63
$6.73
9.9
8.3
$1,918.2
$49.35
Coastal Financial Corp.
CCB
op
Dec
O
$37.90
$60.00
$1.99
$2.46
$3.69
15.4
10.3
$490.1
$15.63
Columbia Banking System
COLB
op
Dec
E
$28.80
$34.00
$3.09
$3.10
$3.41
9.3
8.4
$2,264.9
$32.97
First Foundation Inc.
FFWM
op
Dec
O
$20.68
$28.00
$2.59
$2.28
$2.47
9.1
8.4
$1,168.7
$18.86
First Interstate BancSystem
FIBK
op
Dec
E
$38.14
$41.00
$3.26
$3.36
$3.86
11.4
9.9
$4,176.1
$31.93
Five Star Bancorp
FSBC
op
Dec
O
$25.88
$33.00
$2.71
$2.41
$2.84
10.7
9.1
$446.3
$13.65
Glacier Bancorp
GBCI
op
Dec
E
$47.53
$53.00
$3.20
$2.80
$3.38
17.0
14.1
$5,264.6
$28.71
Heritage Commerce Corp.
HTBK
op
Dec
O
$10.71
$16.00
$0.86
$1.05
$1.39
10.2
7.7
$647.3
$9.91
Heritage Financial Corp.
HFWA
op
Dec
E
$25.24
$29.00
$2.63
$2.08
$2.35
12.1
10.7
$886.0
$24.34
National Bank Holdings
NBHC
op
Dec
E
$38.36
$46.00
$2.91
$2.89
$4.19
13.3
9.2
$1,152.7
$28.04
Pacific Premier Bancorp
PPBI
op
Dec
E
$29.11
$39.00
$3.47
$2.87
$3.18
10.1
9.2
$2,763.4
$30.58
PacWest Bancorp
PACW
op
Dec
O
$27.18
$48.00
$5.20
$4.18
$4.58
6.5
5.9
$3,192.2
$34.11
Preferred Bank
PFBC
op
Dec
O
$67.67
$90.00
$6.41
$7.55
$8.60
9.0
7.9
$1,008.4
$39.97
Private Bancorp of America
PBAM
op
Dec
O
$28.99
$39.00
$3.82
$3.80
$3.89
7.6
7.5
$163.1
$22.81
RBB Bancorp
RBB
op
Dec
E
$20.76
$26.00
$2.81
$3.26
$3.48
6.4
6.0
$398.4
$23.98
SVB Financial Group
SIVB
op
Dec
E
$402.56
$660.00
$33.67
$34.34
$44.23
11.7
9.1
$23,691.1
$214.30
TriCo Bancshares
TCBK
op
Dec
O
$45.69
$48.00
$3.97
$4.23
$4.75
10.8
9.6
$1,536.6
$33.64
Umpqua Holdings Corp.
UMPQ
op
Dec
E
$16.99
NE
$2.00
NE
NE
NM
NM
$3,687.6
$12.69
Western Alliance Bancorp.
WAL
op
Dec
O
$72.65
$115.00
$8.76
$9.88
$11.84
7.4
6.1
$7,866.7
$43.78
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 25
REAL ESTATE SERVICES
JOHN CAMPBELL, 501-377-6362
John is a research analyst covering the real estate services sector. John joined Stephens in May 2011 as a research associate in the business services and
insurance brokerage space. He was promoted into a lead analyst role in February 2014. Prior to joining Stephens Inc., John was a senior strategy planning
analyst at FedEx Corporation where he focused on the development and implementation of corporate strategy. He graduated from the University of
Mississippi in 2005 with a B.A. in banking & finance and later received an M.B.A. in 2011 from the University of Mississippi.
Sector Overview: We see three dominant trends that are shaping the U.S. residential housing market. First, slow unit growth of new/existing home sales
driven by higher rates, student debt inhibiting first-time buyers, and low levels of home equity limiting the trade-up market. Second, the consolidation of
mortgage lending driven by the economic recession and the government’s response to it. Third, lenders giving larger share of wallet to fewer vendors and
outsourcing more functions surrounding mortgage underwriting to third parties in response to regulatory factors. To win in this market, we think real estate
services providers will need to run a tight operation to drive high incremental margins from the limited demand curve they face, drive revenue growth with
share taking via organic cross sales or M&A to offer more services, and offering centralized/bundled products.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FINANCIAL SERVICES
Real Estate Services, John Campbell, 501-377-6362, john.campbell@stephens.com
Anywhere Real Estate Inc.
HOUS
adj
Dec
E/V
$9.86
$13.00
$3.04
$2.00
$2.00
4.9
4.9
$1,165.0
$18.75
Appfolio, Inc.
APPF
adj
Dec
E/V
$91.97
$100.00
$0.36
($0.40)
($0.06)
NM
NM
$1,845.2
$8.54
Black Knight, Inc.
BKI
adj
Dec
O/V
$65.46
$92.00
$2.38
$2.64
$3.06
24.8
21.4
$10,209.5
$13.46
Cannae Holdings, Inc.
CNNE
Dec
O/V
$19.52
$41.00
($3.17)
($2.32)
$0.56
NM
34.9
$1,657.6
$38.39
CoStar Group, Inc.
CSGP
pf
Dec
O
$60.21
$84.00
$1.14
$1.02
$1.33
59.0
45.3
$23,856.7
$14.46
eXp World Holdings
EXPI
adj
Dec
O/V
$12.07
$30.00
$0.72
$0.69
$1.30
17.5
9.3
$1,815.5
$1.49
Fidelity National Financial, Inc.
FNF
pf/cs
Dec
O
$36.81
$54.00
$7.94
$5.99
$5.74
6.1
6.4
$10,332.7
$33.17
First American Financial Corp.
FAF
op
Dec
E
$52.26
$69.00
$8.20
$6.52
$6.74
8.0
7.8
$5,613.0
$52.57
LendingTree, Inc.
TREE
adj
Dec
O/V
$46.70
$140.00
$1.55
$2.50
$4.44
18.7
10.5
$596.2
$34.21
QuinStreet, Inc.
QNST
adj
Jun
O/V
$9.90
$14.00
$0.66
$0.35
$0.59
28.3
16.8
$542.6
$5.49
P10 Holdings
PX
adj
Dec
O
$10.97
$15.00
$0.55
$0.78
$0.95
14.1
11.5
$392.1
$3.37
Porch Group
PRCH
adj
Dec
O/V
$2.68
$16.00
($0.48)
($0.69)
($0.49)
NM
NM
$265.7
$2.22
Redfin Corp.
RDFN
adj
Dec
E
$8.60
$15.00
($0.58)
($0.86)
$0.00
NM
NM
$921.7
$2.91
RE/MAX Holdings Inc.
RMAX
adj
Dec
O/V
$23.90
$32.00
$2.41
$2.50
$2.60
9.6
9.2
$460.5
$27.03
Stewart Information Services
STC
op
Dec
O/V
$49.22
$72.00
$11.43
$8.05
$7.21
6.1
6.8
$1,329.8
$47.67
Zillow, Inc.
ZG
adj
Dec
O/V
$33.00
$65.00
($0.49)
$1.94
$2.40
17.0
13.8
$1,983.9
$21.31
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 26
SPECIALTY FINANCE
VINCENT CAINTIC, CFA 212-891-1715
Vincent Caintic is a Managing Director and equity research analyst covering the Specialty Finance sector. Since 2007, Vincent has covered several sectors
within the financial institutions universe including specialty finance, banks, and insurance. Vincent joined Stephens in 2016 from previous research roles at
Macquarie, Morgan Stanley, and Wells Fargo. Prior to equity research, Vincent was an actuary and financial analyst. Vincent received his B.A. in economics
from the University of Chicago. He is a CFA charter holder.
Sector Overview: Specialty Finance companies are generally non-bank institutions that provide credit and other financial services to a target niche.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FINANCIAL SERVICES
Specialty Finance, Vincent Caintic, CFA, 646-620-7702, vincent.caintic@stephens.com
Aaron's Company, Inc., The
AAN
adj
Dec
E/V
$14.79
$19.00
$3.75
$2.67
$3.15
5.5
4.7
$454.2
$23.18
AerCap Holdings
AER
adj
Dec
O/V
$40.34
$68.00
$8.71
$6.51
$6.98
6.2
5.8
$9,899.3
$67.53
Affirm Holdings, Inc.
AFRM
adj
Jun
U/V
$19.02
$18.00
$0.09
($0.34)
($0.14)
NM
NM
$4,303.7
$9.58
Air Lease Corp.
AL
Dec
O/V
$32.95
$55.00
$3.57
($1.29)
$5.35
NM
6.2
$3,652.8
$61.48
Ally Financial Inc.
ALLY
adj
Dec
E/V
$34.08
$56.00
$8.61
$7.58
$7.00
4.5
4.9
$11,009.4
$43.58
America's Car-Mart
CRMT
adj
Apr
O/V
$101.92
$113.00
$13.67
$11.30
$9.46
9.0
10.8
$656.3
$73.66
American Express Co.
AXP
adj
Dec
E/V
$139.47
$197.00
$9.79
$9.64
$11.37
14.5
12.3
$105,029.3
$29.14
Bread Financial Holdings
BFH
adj
Dec
E/V
$38.12
$72.00
$15.97
$11.14
$11.97
3.4
3.2
$1,897.5
$41.80
Capital One Financial Corp.
COF
adj
Dec
E/V
$105.61
$193.00
$27.11
$19.90
$19.32
5.3
5.5
$41,510.1
$147.46
Conn's, Inc.
CONN
op
Jan
E/V
$8.46
$13.00
$3.71
$0.77
$2.05
11.0
4.1
$201.2
$22.83
Credit Acceptance Corp.
CACC
adj
Dec
E/V
$471.21
$519.00
$59.52
$51.62
$45.87
9.1
10.3
$6,191.5
$128.96
CURO Group Holdings
CURO
adj
Dec
E/V
$5.74
$13.00
$0.97
$0.27
$2.22
21.3
2.6
$231.0
$3.93
Discover Financial Services
DFS
adj
Dec
E/V
$95.59
$137.00
$16.21
$14.13
$13.23
6.8
7.2
$26,857.5
$42.84
ECN Capital
ECN-CA adj/c
Dec
O/V
$5.51
$7.50
$0.17
$0.30
$0.36
18.4
15.3
$1,058.1
$0.78
Enova International
ENVA
adj
Dec
E/V
$29.01
$47.00
$7.57
$6.50
$7.79
4.5
3.7
$944.6
$32.01
FirstCash, Inc.
FCFS
adj
Dec
E/V
$70.39
$83.00
$3.94
$5.36
$6.92
13.1
10.2
$3,341.0
$37.30
Franchise Group, Inc.
FRG
adj
Dec
E/V
$36.86
$45.00
$3.82
$4.85
$5.02
7.6
7.3
$1,487.5
$18.93
Navient Corp.
NAVI
adj
Dec
E/V
$14.09
$19.00
$4.20
$3.23
$2.81
4.4
5.0
$2,083.8
$16.89
OneMain Holdings, Inc.
OMF
adj
Dec
O/V
$37.83
$87.00
$10.81
$8.89
$8.58
4.3
4.4
$4,736.7
$24.20
Open Lending Corp.
LPRO
adj
Dec
O/V
$10.72
$47.00
$0.72
$0.81
$1.01
13.2
10.6
$1,353.1
$1.26
PROG Holdings, Inc.
PRG
adj
Dec
E/V
$16.70
$21.00
$3.94
$2.56
$3.60
6.5
4.6
$902.5
$12.04
Regional Management
RM
adj
Dec
E/V
$38.04
$61.00
$8.33
$7.85
$7.64
4.8
5.0
$367.9
$28.89
Rent-A-Center
RCII
adj
Dec
E/V
$19.62
$42.00
$5.57
$4.52
$5.33
4.3
3.7
$1,160.4
$7.76
SLM Corp.
SLM
adj
Dec
E/V
$16.03
$19.00
$3.67
$2.94
$2.77
5.5
5.8
$4,315.5
$6.81
Synchrony Financial
SYF
adj
Dec
E/V
$28.53
$47.00
$7.01
$4.67
$5.23
6.1
5.5
$14,307.5
$24.53
Upstart Holdings, Inc.
UPST
adj
Dec
U/V
$32.19
$28.00
$2.37
$1.73
$2.78
18.6
11.6
$2,728.9
$9.65
World Acceptanc Corp.
WRLD
adj
Mar
U/V
$114.03
$159.00
$8.47
$4.05
$7.30
28.2
15.6
$746.5
$58.76
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 27
DIAGNOSTICS
MASON CARRICO, 214-258-2712
Mason is a research analyst covering the diagnostics sector. Mason holds a Master of Finance degree from Tulane University where he graduated Beta Gamma
Sigma from the Freeman School of Business and a B.A. in Molecular, Cellular, and Developmental Biology from the University of Colorado at Boulder.
Sector Overview: Diagnostics are medical tests or procedures that provide insights into the prevention, detection, diagnosis, treatment, and management
of health conditions. Broadly speaking, there are two categories of diagnostics: "in vivo" imaging and "in vitro" diagnostics. We have focused our attention on
in vitro diagnostics (IVDs), and more specifically, molecular diagnostics which are techniques used to analyze biological markers in the genome and
proteome.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
HEALTHCARE
Diagnostics, Mason Carrico, CFA, 214-258-2712, mason.carrico@stephens.com
CareDX, Inc.
CDNA
adj
Dec
O/V
$22.09
$50.00
$0.29
($0.30)
$0.14
NM
NM
$1,175.7
$8.80
Castle Biosciences, Inc.
CSTL
Dec
O/V
$23.01
$36.00
($1.24)
($3.71)
($3.30)
NM
NM
$604.3
$16.22
DermTech Inc.
DMTK
Dec
O/V
$5.61
$20.00
($2.71)
($3.96)
($3.81)
NM
NM
$168.0
$7.72
Natera, Inc.
NTRA
Dec
O/V
$36.87
$54.00
($5.21)
($5.70)
($4.98)
NM
NM
$3,551.1
$6.87
Neogenomics Inc.
NEO
pf
Dec
E/V
$8.33
$12.00
($0.27)
($0.79)
($0.66)
NM
NM
$1,039.2
$8.93
Oncocyte Corporation
OCX
Dec
E/V
$0.86
$1.25
($0.72)
($0.48)
($0.48)
NM
NM
$101.9
$0.71
Veracyte, Inc.
VCYT
Dec
O/V
$19.97
$30.00
($1.11)
($0.82)
($0.49)
-24.4
-40.8
$1,426.8
$15.42
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 28
LIFE SCIENCE TOOLS AND PHARMA SERVICES
JACOB JOHNSON, CFA, 615-279-4355
Jacob is a managing director covering the diagnostics and life sciences tools sector. Jacob previously worked as a research associate on the healthcare
services team. Prior to joining Stephens in September 2015, he worked as an analyst at Kings Point Capital Management. Jacob holds a BA in economics and
mathematics from the University of the South and a MS finance from the Olin Business School at Washington University in St. Louis.
Sector Overview: The Life Science Tools and Pharma Services industries consist of companies that provide instruments, consumables, equipment, supplies,
and contract research/manufacturing services to assist biotech and pharmaceutical companies involved in drug discovery, development, and production. In
particular, we are interested in companies that sell products and services to growing and emerging modalities like biologics and cell and gene therapies as we
see these end-markets as significant growth drivers for both LS tools companies and pharma services companies. It is our belief that the increase in
complexity of these nascent modalities will increase the need for specialized products and services. We are also interested in companies that are driving
innovation in areas like synthetic biology and drug discovery. We look for companies with strong fundamentals including solid management, large market
opportunities, strong intellectual property positions, and innovative/value-adding products.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
HEALTHCARE
Life Science Tools and Pharma Services, Jacob Johnson, CFA, 615-279-4355, jacob.johnson@stephens.com
Alpha Teknova, Inc.
TKNO
Dec
O/V
$8.60
$26.00
($0.38)
($0.94)
($1.04)
NM
NM
$241.2
$5.11
Avid Bioservices, Inc.
CDMO
Apr
O/V
$15.17
$28.00
$1.81
$0.05
$0.27
NM
NM
$936.7
$2.82
Azenta, Inc.
AZTA
pf
Sep
O/V
$71.57
$98.00
$0.49
$0.51
$1.07
NM
66.9
$5,366.9
$17.83
Bio-Techne Corp.
TECH
pf
Jun
O/V
$348.50
$500.00
$6.75
$7.95
$9.15
43.8
38.1
$13,672.9
$40.12
BioLife Solutions, Inc.
BLFS
pf
Dec
O/V
$14.56
$40.00
($0.53)
($0.69)
($0.34)
NM
NM
$617.5
$11.48
Catalent, Inc.
CTLT
pf
Jun
O/V
$106.15
$154.00
$3.04
$3.76
$4.08
28.2
26.0
$19,023.5
$22.96
Cerus Corp.
CERS
pf
Dec
O/V
$5.34
$7.50
($0.32)
($0.29)
($0.28)
NM
NM
$944.6
$0.49
Charles River Laboratories
CRL
pf
Dec
O/V
$219.46
$315.00
$10.32
$11.46
$13.03
19.2
16.8
$11,149.6
$50.21
Codexis, Inc.
CDXS
pf
Dec
O/V
$11.12
$22.00
($0.10)
($0.14)
($0.33)
NM
NM
$726.2
$2.52
Cryoport, Inc.
CYRX
pf
Dec
O/V
$31.61
$45.00
($0.66)
($0.79)
($0.39)
NM
NM
$1,560.8
$12.73
MaxCyte, Inc.
MXCT
Dec
O/V
$4.82
$15.00
($0.23)
($0.29)
($0.31)
NM
NM
$489.4
$2.60
OraSure Technologies, Inc.
OSUR
pf
Dec
E/V
$2.74
$7.00
($0.32)
($0.54)
($0.36)
NM
NM
$198.5
$5.28
Repligen Corp.
RGEN
pf
Dec
O/V
$165.85
$220.00
$3.06
$3.08
$3.59
53.8
46.2
$9,193.6
$31.63
Societal CDMO
SCTL
pf
Dec
O/V
$0.76
$3.00
($0.26)
($0.25)
($0.23)
NM
NM
$43.0
$0.90
West Pharmaceutical Services
WST
pf
Dec
E/V
$299.52
$370.00
$8.62
$9.31
$10.26
32.2
29.2
$22,187.1
$31.47
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 29
HEALTHCARE SERVICES
SCOTT FIDEL, 212-891-1788
Scott joined Stephens Inc. in September, 2018 as a Managing Director and leads the firm’s coverage of the Healthcare Services sector. Scott and his team
currently provide extensive research coverage of three key verticals in Healthcare Services: Managed Care, Health Care Facilities, and Post-Acute Care. Scott
has over 20 years of experience covering the Health Care Services industry on the sell-side, having previously covered the Managed Care & HC Facilities
sectors as the lead analyst at Credit Suisse. Scott also served as the senior analyst covering Managed Care at both Deutsche Bank and JPMorgan. Scott
began his equity research career as an associate analyst at UBS covering Managed Care. Prior to joining the equity research business, Scott worked as a
health care lobbyist and legislative researcher in Washington, D.C. Scott received his BA in History from the University of Colorado at Boulder.
Sector Overview: Healthcare Services includes companies that operate healthcare facilities such as acute care and behavioral hospitals, nursing homes and
ambulatory surgery centers, along with other providers of medical care including primary care and home health providers. In addition, this subsector includes
issuers and providers of medical and pharmacy benefits and insurance coverages, such as managed care companies and PBMs. The healthcare services
industry also includes specialty operators, outsourced services, and health care information and technology businesses. Our coverage list focuses on publicly
traded companies operating in three major healthcare services verticals: managed care, healthcare facilities, and post-acute care.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
HEALTHCARE
Healthcare Services, Scott Fidel, 212-891-1788, scott.fidel@stephens.com
Acadia Healthcare Co.
ACHC
adj
Dec
E
$70.20
$78.00
$2.70
$3.06
$3.42
22.9
20.5
$6,355.0
$28.28
Addus HomeCare Corp.
ADUS
adj
Dec
O
$85.06
$101.00
$3.52
$3.92
$4.36
21.7
19.5
$1,367.0
$36.03
Amedisys, Inc.
AMED
adj
Dec
E
$110.14
$125.00
$5.93
$5.30
$5.70
20.8
19.3
$3,587.6
$28.65
Aveanna Healthcare
AVAH
adj
Dec
E/V
$2.38
$3.50
$0.41
$0.33
$0.40
7.2
6.0
$439.7
$3.44
Centene Corp.
CNC
adj
Dec
O
$84.94
$106.00
$5.15
$5.65
$6.45
15.0
13.2
$49,680.3
$46.00
Cigna Corp.
CI
adj
Dec
O
$267.34
$295.00
$20.47
$22.70
$25.30
11.8
10.6
$84,819.9
$145.88
Elevance Health, Inc.
ELV
adj
Dec
O
$485.57
$575.00
$25.98
$28.50
$32.65
17.0
14.9
$117,063.5
$149.15
Encompass Health Corp.
EHC
adj
Dec
O
$56.99
$74.00
$4.24
$3.95
$4.30
14.4
13.3
$5,687.8
$19.21
Ensign Group, The
ENSG
Dec
O
$75.58
$98.00
$3.42
$3.77
$4.22
20.0
17.9
$4,193.0
$18.50
HCA Healthcare
HCA
Dec
O
$175.67
$245.00
$21.26
$17.17
$18.80
10.2
9.3
$51,907.8
-$3.05
Humana Inc.
HUM
adj
Dec
O
$468.33
$510.00
$20.64
$24.60
$27.85
19.0
16.8
$59,240.7
$124.84
LHC Group, Inc.
LHCG
adj
Dec
E
$155.25
$170.00
$5.72
$5.90
$6.19
26.3
25.1
$4,817.1
$51.13
Molina Healthcare
MOH
adj
Dec
E
$281.46
$335.00
$13.54
$17.25
$19.75
16.3
14.3
$16,521.7
$45.34
Pennant Group, The
PNTG
adj
Dec
E/V
$12.97
$17.00
$0.46
$0.67
$0.75
19.4
17.3
$370.1
$3.87
Tenet Healthcare
THC
Dec
E/V
$56.58
$88.00
$8.41
$4.72
$5.57
12.0
10.2
$6,094.9
$9.59
UnitedHealth Group
UNH
adj
Dec
O
$515.71
$580.00
$19.02
$21.70
$24.85
23.8
20.8
$483,824.5
$76.26
Universal Health Services
UHS
Dec
E
$107.24
$135.00
$11.81
$11.73
$13.30
9.1
8.1
$7,198.8
$78.99
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 30
MEDICAL DEVICES & HOSPITAL SUPPLY
CHRIS COOLEY, CFA, 501-377-2516
Chris is a managing director leading the medical devices and hospital supply sector. Chris joined Stephens in July 2010 and has over 20 years of equity
research experience. He was ranked #3 for stock selection by the Wall Street Journal All-Star Analyst Survey as well as StarMine/ Financial Times in 2011
and was ranked #1 for stock selection by both the Wall Street Journal All-Star Analyst Survey and by StarMine /Financial Times for his work in the sector
during 2009. Additionally, Chris has received votes in the Institutional Investor All-Star annual survey for his work in the sector. Prior to joining Stephens,
Chris began his professional career with Dean Witter and also worked for Cargill, Inc., Morgan Keegan, SunTrust Equitable Securities and FTN Equity Capital
Markets. Chris received a masters in business administration, with concentrations in finance and operations management from the University of Tennessee
and a bachelor of science degree in economics from the University of Arkansas.
Sector Overview: The Medical Devices industry consists of companies that design, manufacture, and distribute various devices used in the diagnosis and
treatment of a wide variety of medical conditions. The primary market driver remains demographic trends - the U.S. Census Bureau projects that roughly
40% of the U.S. population will be 45 years of age or older by 2008. These demographic trends coupled with Americans’ higher expectations relating to
lifestyle/quality of life issues and demands for access to the latest medical technologies will drive growth for the industry. The Medical Devices team is
focused on companies with technologies that are well positioned to benefit from these ongoing trends. We look for companies within our areas of focus that
we believe have significant market opportunities, innovative and value adding products, quality management teams, and solid fundamentals.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
HEALTHCARE
Medical Devices & Hospital Supply, Chris Cooley, CFA, 501-377-2516, chris.cooley@stephens.com
Abiomed, Inc.
ABMD
Mar
O/V
$256.49
$390.00
$2.97
$4.42
$5.43
58.0
47.2
$11,686.7
$33.01
Alcon, Inc.
ALC
pf
Dec
O
$69.22
$92.00
$2.16
$2.45
$2.84
28.3
24.4
$34,589.2
$39.29
Align Technology
ALGN
pf
Dec
O/V
$242.15
$500.00
$11.23
$11.97
$14.66
20.2
16.5
$19,082.8
$46.03
Anika Th3erapeutics, Inc.
ANIK
Dec
E
$22.51
$29.00
$0.28
($0.92)
$0.07
NM
NM
$327.4
$19.88
Apollo Endosurgery, Inc.
APEN
Dec
O/V
$3.75
$9.00
($0.46)
($0.64)
($0.54)
NM
NM
$150.9
$1.55
Avanos Medical
AVNS
pf
Dec
E
$27.18
$43.00
$1.15
$1.71
$2.18
15.9
12.5
$1,286.3
$26.22
Boston Scientific Corp.
BSX
cs
Dec
O
$37.80
$50.00
$1.63
$1.78
$2.03
21.2
18.6
$54,037.8
$11.66
Cooper Companies, The
COO
pf
Oct
O
$317.71
$460.00
$13.24
$13.22
$14.89
24.0
21.3
$15,674.7
$140.81
Cutera, Inc.
CUTR
pf
Dec
O/V
$40.16
$78.00
$0.73
($0.45)
$1.23
NM
32.7
$729.4
$3.14
DexCom, Inc.
DXCM
pf
Dec
O/V
$75.45
$87.00
$0.67
$0.75
$1.11
NM
68.0
$29,614.4
$5.80
Establishment Labs
ESTA
pf
Dec
O/V
$56.43
$89.00
($1.72)
($1.30)
($1.05)
NM
NM
$1,365.5
$2.11
Glaukos Corp.
GKOS
pf
Dec
O
$45.75
$70.00
($1.41)
($1.71)
($1.87)
NM
NM
$2,165.5
$12.50
Insulet Corp.
PODD
pf
Dec
E/V
$221.94
$243.00
$0.22
$1.39
$1.83
NM
NM
$15,389.2
$8.04
Pulse Biosciences, Inc.
PLSE
Dec
E/V
$1.56
$5.00
($2.28)
($1.81)
($1.70)
NM
NM
$57.9
$1.20
Sientra, Inc.
SIEN
Dec
O/V
$0.84
$6.00
($1.10)
($0.93)
($0.97)
NM
NM
$52.5
$0.66
SmileDirectClub, Inc.
SDC
Dec
E/V
$1.01
$3.00
($0.87)
($0.50)
($0.37)
NM
NM
$121.9
$1.44
STAAR Surgical Co.
STAA
pf
Dec
O/V
$73.54
$99.00
$0.87
$0.90
$1.44
81.7
51.1
$3,516.0
$5.42
STERIS plc
STE
pf
Mar
O
$208.33
$295.00
$7.92
$8.78
$10.09
23.7
20.6
$20,849.7
$65.28
Teleflex Inc.
TFX
adj
Dec
O
$256.83
$413.00
$13.33
$14.11
$15.01
18.2
17.1
$12,045.3
$78.34
Vericel Corporation
VCEL
Dec
O
$25.32
$53.00
($0.17)
($0.18)
$0.38
NM
66.6
$1,193.1
$3.64
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 31
BUILDING MATERIALS
TREY GROOMS, 501-377-2318
Trey is a managing director leading the building materials sector. Trey joined Stephens Inc. in July 2001 as an analyst in the Corporate Finance department
focusing on several industries including home building and land development, life sciences, food, and consumer products. He then became an associate in
Equity Research in April 2003, covering the information technology and services industry and was promoted to analyst in January 2006. Trey holds a B.B.A. in
finance from the University of Arkansas at Little Rock.
Sector Overview: Building Materials is focused on identifying companies with exposure to the residential replacement and new construction markets, as
well as infrastructure and other public works construction markets. We seek to identify companies that possess strong growth opportunities, leading market
positions, unique value-added services and proprietary products. The areas of focus include Construction Materials, Installation & Distribution, and Specialty
Products.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
INDUSTRIALS and ENERGY
Building Materials, Trey Grooms, 501-377-2318, tgrooms@stephens.com
Arcosa, Inc.
ACA
op
Dec
O
$45.73
$65.00
$1.93
$1.88
$2.52
24.3
18.1
$2,209.7
$40.44
AZEK Company, The
AZEK
op
Sep
O
$17.05
$20.00
$0.97
$1.05
$1.10
16.2
15.5
$2,645.4
$9.22
Beacon Roofing Supply, Inc.
BECN
op
Sep
E
$50.98
$72.00
$4.99
$6.21
$6.39
8.2
8.0
$3,504.5
$24.86
Builders FirstSource, Inc.
BLDR
op
Dec
O
$52.67
$100.00
$10.32
$12.63
$10.76
4.2
4.9
$9,099.5
$26.71
Eagle Materials
EXP
op
Mar
O
$109.39
$185.00
$9.42
$11.97
$13.31
9.1
8.2
$4,178.6
$29.28
Floor & Décor Holdings
FND
op
Dec
O
$66.27
$135.00
$2.44
$2.86
$3.72
23.2
17.8
$7,015.2
$12.51
GMS Inc.
GMS
op
Apr
O
$45.49
$60.00
$7.49
$7.53
$6.83
6.0
6.7
$1,940.0
$24.89
Griffon Corp.
GFF
op
Sep
O
$27.99
$40.00
$1.70
$3.78
$3.99
7.4
7.0
$1,596.3
$14.26
Installed Building Products
IBP
op
Dec
E
$81.11
$100.00
$5.40
$6.87
$7.42
11.8
10.9
$2,376.2
$14.03
Martin Marietta Materials
MLM
op
Dec
O
$300.28
$455.00
$12.25
$13.43
$16.43
22.4
18.3
$18,727.1
$104.73
Masonite International
DOOR
op
Dec
O
$75.69
$135.00
$8.19
$10.30
$11.45
7.3
6.6
$1,707.9
$29.13
Pool Corp.
POOL
op
Dec
E
$349.98
$460.00
$15.97
$18.68
$19.17
18.7
18.3
$14,007.9
$26.66
Summit Materials LLC
SUM
op
Dec
O
$22.61
$42.00
$1.12
$1.31
$1.81
17.3
12.5
$2,670.2
$15.28
TopBuild Corp.
BLD
op
Dec
E
$166.42
$225.00
$10.86
$14.35
$15.42
11.6
10.8
$5,454.9
$49.70
Trex Company
TREX
op
Dec
O
$55.85
$90.00
$2.11
$2.48
$2.86
22.5
19.5
$6,322.2
$6.30
Vulcan Materials Company
VMC
op
Dec
O
$143.28
$225.00
$5.04
$6.21
$7.79
23.1
18.4
$19,041.3
$49.32
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 32
ELECTRICAL EQUIPMENT/MULTI-INDUSTRY, DISTRIBUTION
TOMMY MOLL, 501-377-6306
Tommy is an equity research analyst covering Industrials including Electrical Equipment/Multi-Industry and Distribution at Stephens, where he joined in 2014.
Earlier in his career, Tommy worked at Jefferies in equity research and special situations investing, and at the Peterson Institute in economics research.
Tommy holds a bachelor’s degree from William & Mary, a master’s from the London School of Economics, and a JD from Columbia.
Sector Overview: The Electrical Equipment/Multi-Industry group covers a wide spectrum of global multi-national conglomerates to smaller, U.S. based
electrical equipment, industrial automation, and general component suppliers, as well as heating, ventilation and air-conditioning (HVAC) manufacturers. It
also includes serial acquisition stories in the industrial technology, Industrial Internet of Things (IIOT), and select industrial and commercial applications
in Software as a Service (SaaS) businesses. Key end markets include construction (both residential and nonresidential), aerospace, defense, medical, oil and
gas, industrial and process automation, automotive, chemical, mining, as well as a whole host of smaller niche markets. The Distribution group covers
several sub-segments including MRO, HVAC, electrical and energy. The distribution industry is large and highly fragmented, with more than 100,000
participants in North America. We look for distribution companies that have leading market positions in their product verticals, a meaningful amount of
operating leverage and/or differentiated service platforms.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
INDUSTRIALS and ENERGY
Electrical Equipment/Multi-Industry, Distribution, Tommy Moll, 501-377-6306, tommy.moll@stephens.com
Carrier Corp.
CARR
adj
Dec
O
$35.79
$55.00
$2.26
$2.30
$2.58
15.6
13.9
$30,358.6
$7.84
Cognex Corp.
CGNX
adj
Dec
O
$43.96
$80.00
$1.50
$1.66
$1.80
26.5
24.4
$7,637.5
$8.15
Digi International
DGII
adj
Sep
O
$23.52
$36.00
$1.08
$1.49
$1.82
15.8
12.9
$825.2
$13.79
DXP Enterprises, Inc.
DXPE
adj
Dec
O
$30.31
$40.00
$0.83
$2.50
$3.06
12.1
9.9
$565.1
$19.30
Emerson Electric Co.
EMR
adj
Sep
O
$80.51
$120.00
$4.51
$5.10
$5.62
15.8
14.3
$50,077.1
$16.59
ESCO Technologies Inc.
ESE
Sep
O
$66.06
$100.00
$2.59
$3.20
$3.41
20.6
19.4
$1,707.7
$39.13
Fastenal Company
FAST
adj
Dec
O
$49.71
$70.00
$1.60
$1.97
$2.19
25.2
22.7
$28,613.4
$5.29
Generac Holdings, Inc.
GNRC
adj
Dec
O
$214.61
$450.00
$9.63
$11.97
$17.50
17.9
12.3
$13,698.5
$34.74
Hubbell Inc.
HUBB
Dec
O
$179.52
$260.00
$8.05
$9.30
$10.41
19.3
17.2
$9,633.3
$40.90
Itron, Inc.
ITRI
ad
Dec
O
$49.17
$65.00
$1.75
$1.50
$2.90
32.8
17.0
$2,215.7
$24.72
Lennox International Inc.
LII
adj
Dec
E
$202.59
$275.00
$12.60
$13.94
$16.39
14.5
12.4
$7,274.8
-$7.34
MRC Global Inc.
MRC
adj
Dec
O
$9.79
$17.00
$0.27
$0.74
$1.13
13.2
8.7
$817.3
$3.89
MSC Industrial Direct
MSM
Aug
O
$75.32
$100.00
$4.81
$6.17
$6.23
12.2
12.1
$3,554.2
$20.75
NOW Inc.
DNOW
adj
Dec
O
$9.63
$13.00
$0.08
$0.66
$0.85
14.6
11.3
$1,066.1
$6.44
Rockwell Automation Inc.
ROK
adj
Sep
E
$197.17
$250.00
$9.43
$9.60
$10.96
20.5
18.0
$22,923.3
$20.60
Trane Technologies
TT
adj
Dec
E
$130.08
$165.00
$6.09
$7.03
$7.68
18.5
16.9
$30,420.6
$26.60
W.W. Grainger, Inc.
GWW
adj
Dec
E
$453.95
$565.00
$19.84
$26.52
$29.38
17.1
15.5
$23,197.6
$36.59
Watsco, Inc.
WSO
Dec
O
$237.98
$400.00
$10.78
$16.08
$18.09
14.8
13.2
$7,892.6
$42.91
WESCO International
WCC
adj
Dec
O
$107.44
$200.00
$9.98
$14.50
$16.08
7.4
6.7
$5,448.9
$74.94
Zebra Technologies, Inc.
ZBRA
adj
Dec
O
$298.33
$600.00
$18.45
$19.36
$23.45
15.4
12.7
$15,666.4
$55.86
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 33
OIL AND GAS
CAMERON LOCHRIDGE, 713-993-4212
Cameron is an equity research analyst covering the oil & gas and renewable energy sectors at Stephens, where he joined in 2019. Cameron previously
worked as a research associate at Stephens covering the electrical equipment/multi-industry, industrial distribution, and oilfield services sectors. Prior to
Stephens, Cameron worked in advisory at Ernst and Young in the commercial mortgage-backed securities group. Cameron holds a bachelor’s degree in
finance from Louisiana State University and a master’s degree in finance from Tulane University.
Sector Overview: We focus on oil and gas production, oilfield services and equipment, and the liquefied natural gas value chain. Our coverage universe
includes onshore and offshore producers in the U.S., large diversified service and equipment manufacturers, specialty equipment manufacturers, and LNG
value chain participants.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
INDUSTRIALS and ENERGY
Oil and Gas, Cameron Lochridge, 713-993-4212, cameron.lochridge@stephens.com
Baker Hughes
BKR
Dec
O
$29.63
$40.00
$0.65
$1.11
$1.58
26.7
18.8
$29,173.0
$16.31
Cactus, Inc.
WHD
adj
Dec
O
$41.84
$65.00
$0.72
$1.49
$1.91
28.1
21.9
$2,529.3
$7.94
DMC Global
BOOM
adj
Dec
O
$18.21
$40.00
$0.16
$0.52
$1.88
35.0
9.7
$355.0
$18.63
EarthstoneEnergy, Inc.
ESTE
adj
Dec
E
$14.93
$15.00
$1.25
$4.73
$4.96
3.2
3.0
$1,180.8
$10.45
Halliburton Company
HAL
adj
Dec
E
$32.18
$40.00
$1.08
$1.87
$2.40
17.2
13.4
$29,025.6
$7.49
Kimbell Royalty Partners
KRP
Dec
O
$15.53
$22.00
$0.51
$1.04
$1.26
14.9
12.3
$890.4
$6.99
Schlumberger NV
SLB
adj
Dec
O
$36.18
$50.00
$1.28
$1.88
$2.55
19.2
14.2
$51,139.0
$10.69
SolarEdge Technologies
SEDG
adj
Dec
O
$262.96
$490.00
$4.81
$7.33
$9.76
35.9
26.9
$14,564.6
$24.80
Talos Energy
TALO
adj
Dec
O
$16.43
$28.00
$0.07
$3.70
$4.98
4.4
3.3
$1,356.1
$9.29
Kimbell Royalty Partners
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 34
RENEWABLES
CAMERON LOCHRIDGE, 713-993-4212
Cameron is an equity research analyst covering the upstream oil & gas and renewable energy sectors at Stephens, where he joined in 2019. Cameron
previously worked as a research associate at Stephens covering the electrical equipment/multi-industry, industrial distribution, and oilfield services sectors.
Prior to Stephens, Cameron worked in advisory at Ernst and Young in the commercial mortgage-backed securities group. Cameron holds a bachelor’s degree
in finance from Louisiana State University and a master’s degree in finance from Tulane University.
Sector Overview: Within renewables, we focus on solar system equipment. Specifically, our coverage universe includes solar inverter manufacturers as well
as energy storage system manufacturers.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
INDUSTRIALS and ENERGY
Renewables, Cameron Lochridge, 713-993-4212, cameron.lochridge@stephens.com
Enphase Energy, Inc.
ENPH
adj
Dec
O
$184.64
$280.00
$2.41
$3.62
$5.07
51.0
36.4
$24,931.6
$3.21
Excelerate Energy, Inc.
EE
Dec
O
$20.36
$36.00
NA
$0.48
$1.13
42.4
18.0
$534.5
$10.58
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 35
TRANSPORTATION/AIRFREIGHT & SURFACE TRANSPORTATION
JACK ATKINS, 501-377-2298
Jack is a research analyst covering the airfreight & surface transportation sectors. He joined Stephens in August 2007 as a research associate in the
Industrials group, with a primary focus on industrial distribution and service companies. He was promoted to analyst on the transportation research team in
August 2011. Jack holds a B.A. in history from Auburn University and an M.A. with a concentration in history from Virginia Tech.
Sector Overview: Logistics is the function by which the owner of goods outsources various elements of the supply chain to a third party. The global supply
chain services and solutions industry consists of air and ocean freight forwarding, contract logistics, domestic ground transportation, customs clearances,
distribution, inbound logistics, warehousing and supply chain management. Among the factors impacting the industry are the outsourcing of supply chain
activities, increased global trade and sourcing, increased demand for time-definite delivery of goods, and the need for advanced information technology
systems.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
INDUSTRIALS and ENERGY
Transportation/Airfreight and Surface Transportation, Jack Atkins, 501-377-2298, jack.atkins@stephens.com
Air Transport Services Group
ATSG
op
Dec
O
$29.23
$40.00
$1.69
$2.20
$2.50
13.3
11.7
$2,173.9
$17.84
ArcBest Corp.
ARCB
op
Dec
O
$69.69
$135.00
$8.41
$13.65
$11.70
5.1
6.0
$1,706.3
$37.36
C.H. Robinson Worldwide, Inc.
CHRW
op
Dec
E
$101.45
$115.00
$6.30
$7.45
$5.30
13.6
19.1
$12,911.2
$15.65
Covenant Logistics Group
CVLG
op
Dec
E
$24.84
$25.00
$3.60
$4.20
$3.00
5.9
8.3
$329.1
$20.86
Expeditors International
EXPD
Dec
E
$98.05
$120.00
$8.27
$7.70
$6.00
12.7
16.3
$16,448.3
$20.90
FedEx Corp.
FDX
adj
May
O
$233.81
$295.00
$20.67
$22.50
$24.50
10.4
9.5
$60,598.5
#N/A
Forward Air
FWRD
op
Dec
O
$90.24
$150.00
$4.25
$6.30
$6.70
14.3
13.5
$2,424.0
$22.01
Heartland Express, Inc.
HTLD
Dec
E
$13.75
$15.00
$1.00
$0.90
$0.85
15.3
16.2
$1,085.3
$9.21
Kirby Corp.
KEX
op
Dec
O
$60.98
$85.00
$0.56
$2.00
$3.15
30.5
19.4
$3,677.1
$48.02
Knight-Swift Transportation Holding KNX
op
Dec
O
$45.92
$66.00
$4.71
$5.35
$4.50
8.6
10.2
$7,526.6
$39.36
Landstar System, Inc.
LSTR
Dec
E
$145.00
$180.00
$9.99
$11.90
$9.65
12.2
15.0
$5,383.5
$22.87
Marten Transport, Ltd.
MRTN
op
Dec
O
$16.74
$22.00
$1.02
$1.28
$1.30
13.1
12.9
$1,371.8
$7.85
Matson Inc.
MATX
op
Dec
E
$73.63
$105.00
$21.62
$30.00
$15.50
2.5
4.8
$2,985.1
$40.67
Old Dominion Freight Line
ODFL
op
Dec
O
$255.29
$385.00
$8.89
$11.55
$11.70
22.1
21.8
$28,938.1
$32.00
P.A.M. Transportation
PTSI
op
Dec
E
$27.19
$40.00
$3.54
$4.50
$3.65
6.0
7.4
$605.4
$9.67
Saia, Inc.
SAIA
op
Dec
O
$183.75
$330.00
$9.36
$12.95
$13.30
14.2
13.8
$4,852.5
$46.50
Schneider National Inc.
SNDR
op
Dec
E
$22.42
$30.00
$2.29
$2.70
$2.50
8.3
9.0
$2,127.5
$13.64
TFI International
TFII-CA
op/c
Dec
O
$100.52
$130.00
$5.24
$6.80
$7.30
14.8
13.8
$7,150.7
$30.43
U.S. Xpress
USX
op
Dec
E
$2.67
$3.75
$0.16
$0.30
$0.30
8.9
8.9
$94.4
$5.48
United Parcel Service
UPS
adj
Dec
E
$181.13
$220.00
$12.13
$12.75
$13.15
14.2
13.8
$133,028.7
$16.38
USA Truck, Inc.
USAK
op
Dec
E
$31.40
$31.72
$2.87
$5.10
$3.00
6.2
10.5
$282.8
$12.53
Werner Enterprises, Inc.
WERN
Dec
E
$38.24
$49.00
$3.46
$4.25
$3.50
9.0
10.9
$2,487.8
$20.18
XPO Logistics Inc.
XPO
op
Dec
E
$48.36
$75.00
$4.30
$5.85
$6.55
8.3
7.4
$5,562.3
$9.90
Yellow Corporation
YELL
op
Dec
E/V
$3.01
$6.00
($1.09)
$0.85
$1.40
3.5
2.2
$155.1
-$7.13
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 36
TRANSPORTATION/RAILROAD AND EQUIPMENT SUPPLIERS
JUSTIN LONG, 501-377-2036
Justin currently serves as a research analyst covering the railroads & transportation suppliers and has been with Stephens since 2008. Previously, he spent two
and a half years as a research associate in the transportation industry focused on the railroad, transportation supplier and trucking verticals. Prior to that time, he
was a participant in Stephens’ Corporate Finance Analyst Program from 2008 – 2010. Justin graduated Phi Beta Kappa from Rhodes College with a B.A. in
economics and business administration.
Sector Overview: The freight rail industry generates around $80 billion of annual revenue and operates on 140,000 miles of privately-owned track across
the United States. Over 90% of the sector’s revenue is generated by seven Class I railroads (categorized by exceeding an annual revenue threshold);
however, the network also includes over 600 regional and short line railroads that often serve as important interchange connections between the Class I
railroads and the origin / destination of a shipment. The freight rail industry plays an important role in the North American economy with volumes spanning
across a wide variety of commodity groups that include chemicals, coal, agriculture, metals, auto, energy and numerous consumer-related products. In
addition, railroads are 3x – 4x more fuel efficient than truckload, resulting in a freight move that can lower greenhouse gas emissions by 75% (on average)
while also reducing highway congestion. From an equipment perspective, the transportation network includes approximately 1.6 million railcars, 30K
locomotives, >300K domestic intermodal containers, 2.2 million heavy-duty commercial trucks and 3.4 million commercial trailers. There are a significant
amount of companies involved in the process of manufacturing, maintaining and operating this equipment on a daily basis.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
INDUSTRIALS and ENERGY
Transportation/Railroads and Equipment Suppliers, Justin Long, 501-377-2036, justin.long@stephens.com
Canadian National Railway
CNI
op/c
Dec
E
$112.55
$136.00
$5.94
$7.05
$8.05
16.0
14.0
$77,794.6
$25.69
Canadian Pacific Railway
CP
op/c
Dec
E
$70.97
$76.00
$3.76
$3.75
$4.55
18.9
15.6
$65,993.1
$28.81
CSX Corp.
CSX
op
Dec
O
$29.12
$42.00
$1.56
$1.82
$1.95
16.0
14.9
$63,314.5
$6.13
CTS Corp.
CTS
op
Dec
E
$33.65
$39.00
$1.93
$2.40
$2.55
14.0
13.2
$1,079.8
$14.41
Descartes Systems Group
DSGX
Jan
O
$62.09
$80.00
$1.00
$1.10
$1.38
56.4
45.0
$5,264.1
$11.80
Fortress Transportation
FTAI
Dec
O
$18.78
$35.00
($1.46)
($2.27)
$1.45
NM
13.0
$1,862.8
$11.33
FreightCar America
RAIL
op
Dec
E
$3.52
$4.00
($1.17)
($0.20)
$0.30
NM
11.7
$58.2
-$0.10
GATX Corp.
GATX
adj
Dec
O
$94.28
$135.00
$5.18
$5.75
$6.10
16.4
15.5
$3,356.4
$57.00
Greenbrier Companies
GBX
Aug
O
$35.74
$59.00
$1.10
$2.00
$3.70
17.9
9.7
$1,164.7
$40.37
Hub Group
HUBG
Dec
E
$70.19
$84.00
$5.06
$9.80
$8.40
7.2
8.4
$2,386.3
$38.77
J.B. Hunt Transport Services, Inc.
JBHT
op
Dec
O
$157.30
$230.00
$7.14
$9.45
$10.10
16.6
15.6
$16,482.4
$29.67
Norfolk Southern Corp.
NSC
op
Dec
E
$227.13
$300.00
$12.12
$13.95
$15.40
16.3
14.7
$54,132.5
$56.80
Rush Enterprises, Inc.
RUSHA
op
Dec
O
$48.31
$63.00
$4.17
$5.27
$4.50
9.2
10.7
$2,068.2
$26.42
Ryder System
R
op
Dec
E
$70.49
$86.00
$9.56
$14.40
$11.50
4.9
6.1
$3,604.6
$52.02
Stoneridge Inc.
SRI
op
Dec
O
$17.70
$26.00
($0.58)
($0.15)
$0.90
NM
19.7
$483.5
$10.88
Trinity Industries
TRN
Dec
E
$24.06
$32.00
$0.59
$0.95
$2.00
25.3
12.0
$2,005.2
$12.36
Union Pacific Corp.
UNP
op
Dec
O
$213.15
$292.00
$9.97
$11.80
$13.25
18.1
16.1
$133,863.6
$22.17
Wabtec Corp.
WAB
op
Dec
O
$82.63
$110.00
$4.27
$4.80
$5.40
17.2
15.3
$15,092.2
$54.90
Wabash National Corp.
WNC
op
Dec
E
$13.51
$16.00
$0.57
$1.90
$2.55
7.1
5.3
$662.4
$6.65
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 37
ADVERTISING TECHNOLOGY
NICHOLAS ZANGLER, CFA, 312-292-5753
Nicholas Zangler is a research analyst covering the advertising technology and e-commerce sectors and has been with Stephens since 2014. Prior to joining
Stephens Inc., Nicholas was an investor relations representative at Walgreen Boots Alliance from 2009 to 2014. He graduated from Northern Illinois
University with a B.S. in finance. He earned the Chartered Financial Analyst designation in 2013.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Advertising Technology, Nicholas Zangler 312-292-5753, nicholas.zangler @stephens.com
fuboTV Inc.
FUBO
Dec
E/V
$2.58
$6.00
($2.78)
($3.22)
($2.78)
NM
NM
$477.5
$4.43
LiveRamp, Inc.
RAMP
adj
Mar
O/V
$26.55
$58.00
$0.49
$0.55
$1.00
48.3
26.6
$1,831.1
$15.49
Magnite, Inc.
MGNI
Dec
O/V
$9.44
$21.00
$0.00
($0.55)
$0.17
NM
55.5
$1,247.9
$6.64
Roku, Inc.
ROKU
Dec
O/V
$87.11
$190.00
$1.71
($1.99)
($1.10)
NM
NM
$10,439.9
$20.47
Trade Desk, The
TTD
Dec
O/V
$43.34
$80.00
$0.28
$0.04
$0.12
NM
NM
$19,160.2
$3.16
VIZIO Holdings Corporation
VZIO
Dec
O
$7.04
$27.00
($0.22)
$0.12
$0.43
58.7
16.4
$815.3
$1.74
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 38
COVERAGE LIST BY MARKET CAPITALIZATION
ENTERPRISE & CLOUD INFRASTRUCTURE
BRIAN COLLEY, 214-258-2771
Brian is a research analyst covering the enterprise & cloud infrastructure and security software sectors. Previously, he was a research associate covering
railroads & transportation suppliers and has been with Stephens since June of 2013. Prior to joining Stephens, Brian was an intern in the treasury department
at Tyson Foods, where he assisted in the facilitation of transactions and the asset management of a multimillion dollar lease portfolio. Brian graduated cum
laude with a B.S.B.A. in finance from the Sam M. Walton College of Business at the University of Arkansas.
Sector Overview: Software companies developing technology required for enterprise IT and cloud computing delivered or accessed via a network or the
internet. The technology covers virtual and on-demand applications and services being delivered through the model known as infrastructure as a service
(IaaS), software as a service (SaaS) and platform as a service (PaaS).
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Enterprise & Cloud Infrastructure, Brian Colley, 214-258-2771, brian.colley@stephens.com
Everbridge, Inc.
EVBG
adj
Dec
O/V
$29.54
$58.00
$0.21
$0.24
$0.75
NM
39.4
$1,168.0
$11.75
Genasys Inc.
GNSS
adj
Sep
O
$3.33
$6.00
$0.02
($0.08)
($0.05)
NM
NM
$121.8
$1.81
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 39
COVERAGE LIST BY MARKET CAPITALIZATION
FINANCIAL TECHNOLOGY
CHARLES NABHAN, 617-319-9693
Charles “Chuck” Nabhan is a managing director and research analyst covering the Financial Technology (FinTech) industry, including the payment and bank
technology sectors. Chuck joined Stephens following previous research roles at Wells Fargo and Stifel/KBW, where he also gained experience covering the
specialty finance and banking industries, in addition to FinTech. He holds a BS in Finance from Boston College and an MBS/MS in Accounting from
Northeastern University.
Sector Overview: The FinTech industry encompasses businesses that use technology to automate and enhance processes for the financial services industry,
serving the interests of both corporations and consumers. Our practice largely focuses on corporations within the bank technology, transaction processing,
and software industries across market caps.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Financial Technology, Charles Nabhan, 617-319-9693, charles.nabhan@stephens.com
Block, Inc.
SQ
adj
Dec
O/V
$63.84
$130.00
$1.75
$0.83
$1.63
76.9
39.2
$33,120.7
$7.04
Fidelity National Information ServiceFIS
adj
Dec
O/V
$94.57
$120.00
$6.55
$7.32
$8.31
12.9
11.4
$57,760.6
$77.75
Fiserv, Inc.
FISV
adj
Dec
E
$90.90
$110.00
$5.58
$6.47
$7.43
14.0
12.2
$58,757.2
$47.62
Flywire Corp.
FLYW
adj
Dec
O/V
$17.91
$24.00
($0.39)
($0.30)
($0.07)
NM
NM
$1,813.0
$4.53
Global Payments Inc.
GPN
adj
Dec
O/V
$112.77
$155.00
$8.16
$9.52
$11.24
11.8
10.0
$31,749.2
$90.00
i3 Verticals, Inc.
IIIV
adj
Sep
O/V
$24.64
$30.00
$1.05
$1.43
$1.62
17.2
15.2
$548.1
$9.30
Jack Henry & Associaes
JKHY
Jun
E
$182.12
$190.00
$4.12
$4.83
$5.16
37.7
35.3
$13,269.6
$17.83
nCino, Inc.
NCNO
adj
Jan
O/V
$32.50
$40.00
($0.20)
($0.71)
($0.39)
NM
NM
$3,581.5
$9.73
NCR Corporation
NCR
adj
Dec
O/V
$31.10
$45.00
$2.56
$2.75
$3.60
11.3
8.6
$4,248.3
$9.50
PayPal Holdings, Inc.
PYPL
adj
Dec
E
$71.47
$95.00
$4.79
$3.84
$5.06
18.6
14.1
$82,765.1
$18.60
Q2 Holdings, Inc.
QTWO
adj
Dec
E/V
$39.12
$55.00
$0.33
$0.38
$0.68
NM
57.5
$2,237.7
$10.02
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 40
COVERAGE LIST BY MARKET CAPITALIZATION
MEDIA
KYLE EVANS, 501-377-6376
Kyle leads the Media and Advertising Technology practice in equity research at Stephens. He joined the research department in 1999 as an associate in the
Internet Media and Ad Technology groups, and eventually became lead analyst over the Internet and Business Services groups. In 2009, Kyle took an
operational position as VP of Digital at Stephens Media, a holding company with 13 dailies and over 60 weeklies, magazines and specialty publications. Prior to
joining Stephens, Kyle worked at the Medical College of Virginia in the Neuropsychology department. He graduated with a B.A. in Psychology from Denison
University and an M.A. in Psychology from the University of Richmond.
Sector Overview: Our practice encompasses all media channels, including digital, print, TV, radio, and outdoor. We have a strong interest in hybrid and
transitioning business models, and recommendations are informed by our analysis of industry trends, including consumer use patterns, shifting ad spend,
consolidation, defensibility of markets, and disruptive new products and services.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Media, Kyle Evans, 501-377-6376, kevans@stephens.com, Nicholas Zangler 312-292-5753, nicholas.zangler @stephens.com
Cable One, Inc.
CABO
Dec
E
$1,256.76 $2,000.00
$31.13
$45.62
$48.78
27.5
25.8
$7,531.5
$296.56
E.W. Scripps Co.
SSP
Dec
E
$12.66
$24.00
$1.86
$2.58
$5.20
4.9
2.4
$903.4
$18.90
Gray Television, Inc.
GTN
Dec
O/V
$17.14
$30.00
$3.70
$1.87
$3.50
9.2
4.9
$1,510.3
$18.50
Live Nation Entertainment
LYV
Dec
O/V
$84.00
$85.00
($0.08)
$0.22
$0.34
NM
NM
$19,157.4
-$2.59
Nexstar Media Group
NXST
Dec
O/V
$164.34
$205.00
$18.98
$26.30
$24.08
6.2
6.8
$6,640.0
$69.93
TEGNA Inc.
TGNA
adj
Dec
E
$20.93
$21.00
$2.26
$1.93
$2.73
10.8
7.7
$4,664.3
$11.38
TrueCar, Inc.
TRUE
adj
Dec
O/V
$2.61
$4.00
($0.04)
($0.07)
($0.38)
NM
NM
$236.0
$3.43
WideOpenWest, Inc.
WOW
adj
Dec
O/V
$18.46
$22.00
($0.83)
$0.77
$0.61
24.0
30.3
$1,620.8
$6.53
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 41
COVERAGE LIST BY MARKET CAPITALIZATION
SECURITY SOFTWARE
BRIAN COLLEY, 214-258-2771
Brian is a research analyst covering the security software sector. Previously, he was a research associate covering railroads & transportation suppliers and
has been with Stephens since June of 2013. Prior to joining Stephens, Brian was an intern in the treasury department at Tyson Foods, where he assisted in
the facilitation of transactions and the asset management of a multimillion dollar lease portfolio. Brian graduated cum laude with a B.S.B.A. in finance from
the Sam M. Walton College of Business at the University of Arkansas.
Sector Overview: Security software companies design and sell software used to protect and secure servers, computers, mobile devices, and networks from
unauthorized access, intrusions, viruses, and other threats. Security software can manage access control to IT resources and help defend data, users,
systems, and companies from a wide range of risks. Specific types of security software include (but are not limited to) network security, endpoint security,
identity and access management, web security, cloud security, application security, security and vulnerability management, data security and
email/messaging security.
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS
Security Software, Brian Colley, 214-258-2771, brian.colley@stephens.com
CrowdStrike Holdings, Inc.
CRWD
adj
Jan
O
$175.94
$232.00
$0.67
$1.20
$1.84
NM
NM
$37,548.9
$4.45
CyberArk Software
CYBR
adj
Dec
O
$132.21
$170.00
$0.33
($0.75)
($0.01)
NM
NM
$5,299.7
$18.14
KnowBe4, Inc.
KNBE
adj
Dec
O
$16.69
$25.00
$0.14
$0.13
$0.21
NM
79.5
$1,254.6
$1.25
Okta, Inc.
OKTA
adj
Jan
O
$93.36
$145.00
($0.46)
($1.12)
($0.78)
NM
NM
$14,079.0
$37.81
Ping Identity Holding Corp.
PING
adj
Dec
O
$18.75
$36.00
$0.10
($0.28)
$0.13
NM
NM
$1,599.1
$8.85
Zscaler, Inc.
ZS
adj
Jul
O
$154.95
$200.00
$0.52
$0.64
$1.04
NM
NM
$21,981.6
$3.81
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 42
COVERAGE LIST BY MARKET CAPITALIZATION
Cos.
Market Cap.
Average Market Cap $12.0 Billion
139 > $5 Billion
Median Market Cap $2.7 Billion
75 $2 Billion-$5 Billion
117 $500 Million $2 Billion
53 Under $500 Million
384
Active Companies
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE
Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
UnitedHealth Group
UNH
adj
Dec
O
$515.71
$580.00
$19.02
$21.70
$24.85
23.8
20.8
$483,824.5
$76.26
Walmart Inc.
WMT
pf
Jan
O
$121.92
$160.00
$6.45
$6.40
$6.79
19.1
18.0
$334,201.0
$30.15
Union Pacific Corp.
UNP
op
Dec
O
$213.15
$292.00
$9.97
$11.80
$13.25
18.1
16.1
$133,863.6
$22.17
United Parcel Service
UPS
adj
Dec
E
$181.13
$220.00
$12.13
$12.75
$13.15
14.2
13.8
$133,028.7
$16.38
Elevance Health, Inc.
ELV
adj
Dec
O
$485.57
$575.00
$25.98
$28.50
$32.65
17.0
14.9
$117,063.5
$149.15
American Express Co.
AXP
adj
Dec
E/V
$139.47
$197.00
$9.79
$9.64
$11.37
14.5
12.3
$105,029.3
$29.14
Cigna Corp.
CI
adj
Dec
O
$267.34
$295.00
$20.47
$22.70
$25.30
11.8
10.6
$84,819.9
$145.88
PayPal Holdings, Inc.
PYPL
adj
Dec
E
$71.47
$95.00
$4.79
$3.84
$5.06
18.6
14.1
$82,765.1
$18.60
Canadian National Railway
CNI
op/c
Dec
E
$112.55
$136.00
$5.94
$7.05
$8.05
16.0
14.0
$77,794.6
$25.69
U.S. Bancorp
USB
op
Dec
E
$46.12
$62.00
$5.04
$4.55
$4.85
10.1
9.5
$68,522.3
$32.72
Canadian Pacific Railway
CP
op/c
Dec
E
$70.97
$76.00
$3.76
$3.75
$4.55
18.9
15.6
$65,993.1
$28.81
PNC Financial Services Group
PNC
op
Dec
E
$157.37
$210.00
$15.88
$13.80
$15.80
11.4
10.0
$65,085.2
$120.68
CSX Corp.
CSX
op
Dec
O
$29.12
$42.00
$1.56
$1.82
$1.95
16.0
14.9
$63,314.5
$6.13
Truist Financial Corp.
TFC
op
Dec
O
$47.40
$64.00
$5.50
$4.80
$5.40
9.9
8.8
$63,109.0
$47.14
FedEx Corp.
FDX
adj
May
O
$233.81
$295.00
$20.67
$22.50
$24.50
10.4
9.5
$60,598.5
#N/A
Humana Inc.
HUM
adj
Dec
O
$468.33
$510.00
$20.64
$24.60
$27.85
19.0
16.8
$59,240.7
$124.84
Fiserv, Inc.
FISV
adj
Dec
E
$90.90
$110.00
$5.58
$6.47
$7.43
14.0
12.2
$58,757.2
$47.62
Fidelity National Information ServiceFIS
adj
Dec
O/V
$94.57
$120.00
$6.55
$7.32
$8.31
12.9
11.4
$57,760.6
$77.75
Norfolk Southern Corp.
NSC
op
Dec
E
$227.13
$300.00
$12.12
$13.95
$15.40
16.3
14.7
$54,132.5
$56.80
Boston Scientific Corp.
BSX
cs
Dec
O
$37.80
$50.00
$1.63
$1.78
$2.03
21.2
18.6
$54,037.8
$11.66
HCA Healthcare
HCA
Dec
O
$175.67
$245.00
$21.26
$17.17
$18.80
10.2
9.3
$51,907.8
-$3.05
Schlumberger NV
SLB
adj
Dec
O
$36.18
$50.00
$1.28
$1.88
$2.55
19.2
14.2
$51,139.0
$10.69
Emerson Electric Co.
EMR
adj
Sep
O
$80.51
$120.00
$4.51
$5.10
$5.62
15.8
14.3
$50,077.1
$16.59
Centene Corp.
CNC
adj
Dec
O
$84.94
$106.00
$5.15
$5.65
$6.45
15.0
13.2
$49,680.3
$46.00
Archer Daniels Midland Co.
ADM
op
Dec
E/V
$77.24
$95.00
$5.19
$6.21
$5.68
12.4
13.6
$43,463.6
$40.14
O'Reilly Automotive, Inc.
ORLY
adj
Dec
O/V
$637.13
$765.00
$31.10
$33.05
$36.34
19.3
17.5
$41,875.6
-$0.99
AutoZone Inc.
AZO
adj
Aug
O/V
$2,140.00 $2,285.00
$95.65
$116.34
$113.15
18.4
18.9
$41,703.5
-$85.04
Capital One Financial Corp.
COF
adj
Dec
E/V
$105.61
$193.00
$27.11
$19.90
$19.32
5.3
5.5
$41,510.1
$147.46
CrowdStrike Holdings, Inc.
CRWD
adj
Jan
O
$175.94
$232.00
$0.67
$1.20
$1.84
NM
NM
$37,548.9
$4.45
Kroger Co.
KR
op
Jan
E/V
$48.11
$57.00
$3.70
$3.91
$4.06
12.3
11.8
$35,012.2
$13.00
Alcon, Inc.
ALC
pf
Dec
O
$69.22
$92.00
$2.16
$2.45
$2.84
28.3
24.4
$34,589.2
$39.29
Block, Inc.
SQ
adj
Dec
O/V
$63.84
$130.00
$1.75
$0.83
$1.63
76.9
39.2
$33,120.7
$7.04
Global Payments Inc.
GPN
adj
Dec
O/V
$112.77
$155.00
$8.16
$9.52
$11.24
11.8
10.0
$31,749.2
$90.00
Trane Technologies
TT
adj
Dec
E
$130.08
$165.00
$6.09
$7.03
$7.68
18.5
16.9
$30,420.6
$26.60
Carrier Corp.
CARR
adj
Dec
O
$35.79
$55.00
$2.26
$2.30
$2.58
15.6
13.9
$30,358.6
$7.84
DexCom, Inc.
DXCM
pf
Dec
O/V
$75.45
$87.00
$0.67
$0.75
$1.11
NM
68.0
$29,614.4
$5.80
Baker Hughes
BKR
Dec
O
$29.63
$40.00
$0.65
$1.11
$1.58
26.7
18.8
$29,173.0
$16.31
Halliburton Company
HAL
adj
Dec
E
$32.18
$40.00
$1.08
$1.87
$2.40
17.2
13.4
$29,025.6
$7.49
July 2022, Page 43
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Old Dominion Freight Line
ODFL
op
Dec
O
$255.29
$385.00
$8.89
$11.55
$11.70
22.1
21.8
$28,938.1
$32.00
Fastenal Company
FAST
adj
Dec
O
$49.71
$70.00
$1.60
$1.97
$2.19
25.2
22.7
$28,613.4
$5.29
Discover Financial Services
DFS
adj
Dec
E/V
$95.59
$137.00
$16.21
$14.13
$13.23
6.8
7.2
$26,857.5
$42.84
First Republic Bank
FRC
op
Dec
O
$145.86
$204.00
$7.76
$8.55
$9.85
17.1
14.8
$26,196.9
$68.34
Hormel Foods
HRL
op
Oct
E
$47.96
$50.00
$1.72
$1.87
$2.06
25.6
23.3
$26,188.8
$12.86
Copart, Inc.
CPRT
adj
Jul
O
$109.08
$145.00
$3.70
$4.43
$4.83
24.6
22.6
$25,925.3
$14.89
Tyson Foods
TSN
op
Sep
O
$86.30
$115.00
$8.28
$9.49
$8.35
9.1
10.3
$25,159.8
$49.51
Enphase Energy, Inc.
ENPH
adj
Dec
O
$184.64
$280.00
$2.41
$3.62
$5.07
51.0
36.4
$24,931.6
$3.21
CoStar Group, Inc.
CSGP
pf
Dec
O
$60.21
$84.00
$1.14
$1.02
$1.33
59.0
45.3
$23,856.7
$14.46
SVB Financial Group
SIVB
op
Dec
E
$402.56
$660.00
$33.67
$34.34
$44.23
11.7
9.1
$23,691.1
$214.30
Fifth Third Bancorp
FITB
op
Dec
O
$34.21
$53.00
$3.80
$3.65
$4.30
9.4
8.0
$23,471.1
$29.43
W.W. Grainger, Inc.
GWW
adj
Dec
E
$453.95
$565.00
$19.84
$26.52
$29.38
17.1
15.5
$23,197.6
$36.59
Rockwell Automation Inc.
ROK
adj
Sep
E
$197.17
$250.00
$9.43
$9.60
$10.96
20.5
18.0
$22,923.3
$20.60
West Pharmaceutical Services
WST
pf
Dec
E/V
$299.52
$370.00
$8.62
$9.31
$10.26
32.2
29.2
$22,187.1
$31.47
Zscaler, Inc.
ZS
adj
Jul
O
$154.95
$200.00
$0.52
$0.64
$1.04
NM
NM
$21,981.6
$3.81
Tractor Supply Co.
TSCO
adj
Dec
O/V
$195.56
$257.00
$8.61
$9.70
$10.82
20.2
18.1
$21,879.6
$17.70
STERIS plc
STE
pf
Mar
O
$208.33
$295.00
$7.92
$8.78
$10.09
23.7
20.6
$20,849.7
$65.28
Trade Desk, The
TTD
Dec
O/V
$43.34
$80.00
$0.28
$0.04
$0.12
NM
NM
$19,160.2
$3.16
Live Nation Entertainment
LYV
Dec
O/V
$84.00
$85.00
($0.08)
$0.22
$0.34
NM
NM
$19,157.4
-$2.59
Align Technology
ALGN
pf
Dec
O/V
$242.15
$500.00
$11.23
$11.97
$14.66
20.2
16.5
$19,082.8
$46.03
Vulcan Materials Company
VMC
op
Dec
O
$143.28
$225.00
$5.04
$6.21
$7.79
23.1
18.4
$19,041.3
$49.32
Catalent, Inc.
CTLT
pf
Jun
O/V
$106.15
$154.00
$3.04
$3.76
$4.08
28.2
26.0
$19,023.5
$22.96
Genuine Parts Company
GPC
adj
Dec
E
$133.51
$143.00
$6.91
$7.89
$8.45
16.9
15.8
$18,904.4
$24.55
Martin Marietta Materials
MLM
op
Dec
O
$300.28
$455.00
$12.25
$13.43
$16.43
22.4
18.3
$18,727.1
$104.73
Regions Financial Corp.
RF
op
Dec
E
$19.24
$24.00
$2.62
$2.30
$2.55
8.4
7.5
$17,979.8
$17.69
Citizens Financial Group
CFG
op
Dec
O
$36.13
$48.00
$5.34
$4.70
$5.40
7.7
6.7
$17,900.5
$50.71
Huntington Bancshares Inc.
HBAN
op
Dec
O
$12.24
$17.00
$1.52
$1.50
$1.55
8.2
7.9
$17,615.5
$11.91
Molina Healthcare
MOH
adj
Dec
E
$281.46
$335.00
$13.54
$17.25
$19.75
16.3
14.3
$16,521.7
$45.34
J.B. Hunt Transport Services, Inc.
JBHT
op
Dec
O
$157.30
$230.00
$7.14
$9.45
$10.10
16.6
15.6
$16,482.4
$29.67
Expeditors International
EXPD
Dec
E
$98.05
$120.00
$8.27
$7.70
$6.00
12.7
16.3
$16,448.3
$20.90
KeyCorp.
KEY
op
Dec
E
$17.49
$25.00
$2.62
$2.20
$2.45
8.0
7.1
$16,308.9
$16.71
Cooper Companies, The
COO
pf
Oct
O
$317.71
$460.00
$13.24
$13.22
$14.89
24.0
21.3
$15,674.7
$140.81
Zebra Technologies, Inc.
ZBRA
adj
Dec
O
$298.33
$600.00
$18.45
$19.36
$23.45
15.4
12.7
$15,666.4
$55.86
Insulet Corp.
PODD
pf
Dec
E/V
$221.94
$243.00
$0.22
$1.39
$1.83
NM
NM
$15,389.2
$8.04
Wabtec Corp.
WAB
op
Dec
O
$82.63
$110.00
$4.27
$4.80
$5.40
17.2
15.3
$15,092.2
$54.90
CarMax, Inc.
KMX
Feb
O
$93.57
$113.00
$6.87
$5.84
$6.25
16.0
15.0
$15,021.5
$32.51
SolarEdge Technologies
SEDG
adj
Dec
O
$262.96
$490.00
$4.81
$7.33
$9.76
35.9
26.9
$14,564.6
$24.80
Synchrony Financial
SYF
adj
Dec
E/V
$28.53
$47.00
$7.01
$4.67
$5.23
6.1
5.5
$14,307.5
$24.53
July 2022, Page 44
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Okta, Inc.
OKTA
adj
Jan
O
$93.36
$145.00
($0.46)
($1.12)
($0.78)
NM
NM
$14,079.0
$37.81
Pool Corp.
POOL
op
Dec
E
$349.98
$460.00
$15.97
$18.68
$19.17
18.7
18.3
$14,007.9
$26.66
LKQ Corp.
LKQ
op
Dec
O/V
$49.14
$64.00
$3.96
$3.91
$4.09
12.6
12.0
$13,898.4
$20.11
Bunge Ltd.
BG
adj
Dec
O/V
$91.48
$150.00
$12.94
$13.68
$11.23
6.7
8.1
$13,880.4
$49.48
Generac Holdings, Inc.
GNRC
adj
Dec
O
$214.61
$450.00
$9.63
$11.97
$17.50
17.9
12.3
$13,698.5
$34.74
Bio-Techne Corp.
TECH
pf
Jun
O/V
$348.50
$500.00
$6.75
$7.95
$9.15
43.8
38.1
$13,672.9
$40.12
Jack Henry & Associaes
JKHY
Jun
E
$182.12
$190.00
$4.12
$4.83
$5.16
37.7
35.3
$13,269.6
$17.83
C.H. Robinson Worldwide, Inc.
CHRW
op
Dec
E
$101.45
$115.00
$6.30
$7.45
$5.30
13.6
19.1
$12,911.2
$15.65
Teleflex Inc.
TFX
adj
Dec
O
$256.83
$413.00
$13.33
$14.11
$15.01
18.2
17.1
$12,045.3
$78.34
Abiomed, Inc.
ABMD
Mar
O/V
$256.49
$390.00
$2.97
$4.42
$5.43
58.0
47.2
$11,686.7
$33.01
Signature Bank
SBNY
op
Dec
O
$184.00
$325.00
$14.08
$21.54
$27.75
8.5
6.6
$11,578.8
$129.31
Charles River Laboratories
CRL
pf
Dec
O/V
$219.46
$315.00
$10.32
$11.46
$13.03
19.2
16.8
$11,149.6
$50.21
Ally Financial Inc.
ALLY
adj
Dec
E/V
$34.08
$56.00
$8.61
$7.58
$7.00
4.5
4.9
$11,009.4
$43.58
Advance Auto Parts
AAP
adj
Dec
E/V
$176.72
$215.00
$12.05
$13.72
$15.83
12.9
11.2
$10,716.3
$50.45
Roku, Inc.
ROKU
Dec
O/V
$87.11
$190.00
$1.71
($1.99)
($1.10)
NM
NM
$10,439.9
$20.47
Fidelity National Financial, Inc.
FNF
pf/cs
Dec
O
$36.81
$54.00
$7.94
$5.99
$5.74
6.1
6.4
$10,332.7
$33.17
Darling Ingredients
DAR
Dec
O
$63.45
$95.00
$3.90
$5.57
$6.52
11.4
9.7
$10,248.1
$20.41
Black Knight, Inc.
BKI
adj
Dec
O/V
$65.46
$92.00
$2.38
$2.64
$3.06
24.8
21.4
$10,209.5
$13.46
Comerica Inc.
CMA
op
Dec
O
$75.99
$108.00
$8.42
$7.90
$10.55
9.6
7.2
$9,936.5
$57.41
AerCap Holdings
AER
adj
Dec
O/V
$40.34
$68.00
$8.71
$6.51
$6.98
6.2
5.8
$9,899.3
$67.53
Hubbell Inc.
HUBB
Dec
O
$179.52
$260.00
$8.05
$9.30
$10.41
19.3
17.2
$9,633.3
$40.90
Repligen Corp.
RGEN
pf
Dec
O/V
$165.85
$220.00
$3.06
$3.08
$3.59
53.8
46.2
$9,193.6
$31.63
Builders FirstSource, Inc.
BLDR
op
Dec
O
$52.67
$100.00
$10.32
$12.63
$10.76
4.2
4.9
$9,099.5
$26.71
Penske Automotive Group, Inc.
PAG
op
Dec
O
$110.05
$131.00
$15.28
$17.58
$15.85
6.3
6.9
$8,351.8
$52.47
Lithia Motors, Inc.
LAD
op
Dec
O
$286.66
$430.00
$40.01
$46.76
$43.30
6.1
6.6
$8,294.1
$156.83
Watsco, Inc.
WSO
Dec
O
$237.98
$400.00
$10.78
$16.08
$18.09
14.8
13.2
$7,892.6
$42.91
Western Alliance Bancorp.
WAL
op
Dec
O
$72.65
$115.00
$8.76
$9.88
$11.84
7.4
6.1
$7,866.7
$43.78
Zions Bancorporation
ZION
op
Dec
E
$51.97
$64.00
$6.34
$5.65
$6.45
9.2
8.1
$7,866.1
$46.32
Webster Financial Corp.
WBS
op
Dec
O
$43.45
$73.00
$4.39
$5.44
$6.14
8.0
7.1
$7,738.5
$36.36
Cognex Corp.
CGNX
adj
Dec
O
$43.96
$80.00
$1.50
$1.66
$1.80
26.5
24.4
$7,637.5
$8.15
Pilgrim's Pride Corp.
PPC
op
Dec
O/V
$31.74
$35.00
$2.28
$3.78
$2.94
8.4
10.8
$7,628.1
$10.58
Cullen/Frost Bankers, Inc.
CFR
op
Dec
E
$117.59
$150.00
$6.67
$7.76
$8.81
15.2
13.3
$7,537.2
$67.11
Cable One, Inc.
CABO
Dec
E
$1,256.76 $2,000.00
$31.13
$45.62
$48.78
27.5
25.8
$7,531.5
$296.56
Knight-Swift Transportation Holding KNX
op
Dec
O
$45.92
$66.00
$4.71
$5.35
$4.50
8.6
10.2
$7,526.6
$39.36
Lennox International Inc.
LII
adj
Dec
E
$202.59
$275.00
$12.60
$13.94
$16.39
14.5
12.4
$7,274.8
-$7.34
Universal Health Services
UHS
Dec
E
$107.24
$135.00
$11.81
$11.73
$13.30
9.1
8.1
$7,198.8
$78.99
TFI International
TFII-CA
op/c
Dec
O
$100.52
$130.00
$5.24
$6.80
$7.30
14.8
13.8
$7,150.7
$30.43
Floor & Décor Holdings
FND
op
Dec
O
$66.27
$135.00
$2.44
$2.86
$3.72
23.2
17.8
$7,015.2
$12.51
July 2022, Page 45
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Casey's General Stores
CASY
adj
Apr
O
$186.45
$230.00
$9.10
$8.55
$10.67
21.8
17.5
$6,919.4
$60.38
AutoNation, Inc.
AN
op
Dec
E
$116.58
$120.00
$18.12
$22.96
$21.92
5.1
5.3
$6,799.5
$37.96
Nexstar Media Group
NXST
Dec
O/V
$164.34
$205.00
$18.98
$26.30
$24.08
6.2
6.8
$6,640.0
$69.93
Acadia Healthcare Co.
ACHC
adj
Dec
E
$70.20
$78.00
$2.70
$3.06
$3.42
22.9
20.5
$6,355.0
$28.28
Trex Company
TREX
op
Dec
O
$55.85
$90.00
$2.11
$2.48
$2.86
22.5
19.5
$6,322.2
$6.30
Prosperity Bancshares, Inc.
PB
op
Dec
E
$68.38
$74.00
$5.60
$5.62
$5.70
12.2
12.0
$6,303.4
$69.73
Credit Acceptance Corp.
CACC
adj
Dec
E/V
$471.21
$519.00
$59.52
$51.62
$45.87
9.1
10.3
$6,191.5
$128.96
Tenet Healthcare
THC
Dec
E/V
$56.58
$88.00
$8.41
$4.72
$5.57
12.0
10.2
$6,094.9
$9.59
Ingredion Inc.
INGR
op
Dec
E/V
$89.31
$90.00
$6.68
$7.19
$7.31
12.4
12.2
$5,914.1
$46.51
Encompass Health Corp.
EHC
adj
Dec
O
$56.99
$74.00
$4.24
$3.95
$4.30
14.4
13.3
$5,687.8
$19.21
Murphy USA Inc.
MUSA
adj
Dec
O/V
$232.68
$290.00
$15.23
$18.46
$19.01
12.6
12.2
$5,631.2
$32.37
First Financial Bankshares
FFIN
op
Dec
E
$39.39
$43.00
$1.58
$1.56
$1.61
25.3
24.5
$5,621.7
$12.42
First American Financial Corp.
FAF
op
Dec
E
$52.26
$69.00
$8.20
$6.52
$6.74
8.0
7.8
$5,613.0
$52.57
Flowers Foods, Inc.
FLO
Adj
Dec
E
$26.41
$30.00
$1.23
$1.29
$1.29
20.5
20.5
$5,600.0
$6.68
XPO Logistics Inc.
XPO
op
Dec
E
$48.36
$75.00
$4.30
$5.85
$6.55
8.3
7.4
$5,562.3
$9.90
Pinnacle Financial Partners
PNFP
op
Dec
O
$72.79
$104.00
$6.75
$7.07
$7.45
10.3
9.8
$5,560.1
$66.89
TopBuild Corp.
BLD
op
Dec
E
$166.42
$225.00
$10.86
$14.35
$15.42
11.6
10.8
$5,454.9
$49.70
WESCO International
WCC
adj
Dec
O
$107.44
$200.00
$9.98
$14.50
$16.08
7.4
6.7
$5,448.9
$74.94
Landstar System, Inc.
LSTR
Dec
E
$145.00
$180.00
$9.99
$11.90
$9.65
12.2
15.0
$5,383.5
$22.87
Azenta, Inc.
AZTA
pf
Sep
O/V
$71.57
$98.00
$0.49
$0.51
$1.07
NM
66.9
$5,366.9
$17.83
Valley National Bancorp
VLY
op
Dec
O
$10.56
$14.50
$1.01
$1.10
$1.26
9.6
8.4
$5,346.6
$11.57
CyberArk Software
CYBR
adj
Dec
O
$132.21
$170.00
$0.33
($0.75)
($0.01)
NM
NM
$5,299.7
$18.14
Glacier Bancorp
GBCI
op
Dec
E
$47.53
$53.00
$3.20
$2.80
$3.38
17.0
14.1
$5,264.6
$28.71
Descartes Systems Group
DSGX
Jan
O
$62.09
$80.00
$1.00
$1.10
$1.38
56.4
45.0
$5,264.1
$11.80
BOK Financial
BOKF
op
Dec
E
$76.00
$98.00
$8.23
$6.29
$7.39
12.1
10.3
$5,175.9
$78.34
Sanderson Farms
SAFM
op
Oct
E/V
$218.61
$203.00
$20.67
$44.44
$35.95
4.9
6.1
$4,879.4
$82.86
Wintrust Financial Corp.
WTFC
op
Dec
O
$80.65
$116.00
$7.62
$8.05
$8.65
10.0
9.3
$4,860.7
$71.62
Saia, Inc.
SAIA
op
Dec
O
$183.75
$330.00
$9.36
$12.95
$13.30
14.2
13.8
$4,852.5
$46.50
LHC Group, Inc.
LHCG
adj
Dec
E
$155.25
$170.00
$5.72
$5.90
$6.19
26.3
25.1
$4,817.1
$51.13
OneMain Holdings, Inc.
OMF
adj
Dec
O/V
$37.83
$87.00
$10.81
$8.89
$8.58
4.3
4.4
$4,736.7
$24.20
TEGNA Inc.
TGNA
adj
Dec
E
$20.93
$21.00
$2.26
$1.93
$2.73
10.8
7.7
$4,664.3
$11.38
Bank OZK
OZK
op
Dec
E
$37.64
$51.00
$4.44
$4.20
$4.30
9.0
8.8
$4,576.2
$35.85
IAA, Inc.
IAA
adj
Dec
O
$33.62
$43.00
$2.39
$2.36
$2.48
14.2
13.6
$4,505.3
$2.49
Dick's Sporting Goods
DKS
adj
Jan
E/V
$76.48
$102.00
$15.70
$11.53
$11.26
6.6
6.8
$4,352.2
$27.80
Old National Bancorp.
ONB
op
Dec
O
$14.85
$19.00
$1.72
$1.70
$1.95
8.7
7.6
$4,350.4
$18.21
Cadence Bank
CADE
op
Dec
O
$23.59
$35.00
$2.92
$2.76
$3.16
8.5
7.5
$4,349.4
$26.98
SLM Corp.
SLM
adj
Dec
E/V
$16.03
$19.00
$3.67
$2.94
$2.77
5.5
5.8
$4,315.5
$6.81
Affirm Holdings, Inc.
AFRM
adj
Jun
U/V
$19.02
$18.00
$0.09
($0.34)
($0.14)
NM
NM
$4,303.7
$9.58
July 2022, Page 46
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Home BancShares, Inc.
HOMB
op
Dec
O
$20.84
$26.00
$1.83
$1.77
$1.98
11.8
10.5
$4,285.5
$16.90
NCR Corporation
NCR
adj
Dec
O/V
$31.10
$45.00
$2.56
$2.75
$3.60
11.3
8.6
$4,248.3
$9.50
New York Community Bancorp
NYCB
op
Dec
U
$9.06
$9.00
$1.25
$1.29
$1.20
7.0
7.6
$4,231.4
$14.07
Ensign Group, The
ENSG
Dec
O
$75.58
$98.00
$3.42
$3.77
$4.22
20.0
17.9
$4,193.0
$18.50
Eagle Materials
EXP
op
Mar
O
$109.39
$185.00
$9.42
$11.97
$13.31
9.1
8.2
$4,178.6
$29.28
First Interstate BancSystem
FIBK
op
Dec
E
$38.14
$41.00
$3.26
$3.36
$3.86
11.4
9.9
$4,176.1
$31.93
Simply Good Foods Co.
SMPL
Adj
Aug
O
$41.20
$45.00
$1.26
$1.50
$1.74
27.5
23.7
$4,135.2
$12.41
Asbury Automotive Group, Inc.
ABG
op
Dec
O
$174.27
$265.00
$27.36
$35.50
$32.86
4.9
5.3
$3,856.8
$91.43
Hancock Whitney Corp.
HWC
op
Dec
E
$44.53
$58.00
$5.55
$5.74
$5.68
7.8
7.8
$3,846.0
$42.31
Wayfair Inc.
W
op
Dec
E
$48.17
$75.00
$2.38
($8.00)
($4.20)
NM
NM
$3,832.2
-$15.44
Callaway Golf Company
ELY
adj
Dec
O/V
$20.44
$38.00
$0.79
$0.86
$1.06
23.8
19.3
$3,775.2
$19.88
Umpqua Holdings Corp.
UMPQ
op
Dec
E
$16.99
NE
$2.00
NE
NE
NM
NM
$3,687.6
$12.69
Kirby Corp.
KEX
op
Dec
O
$60.98
$85.00
$0.56
$2.00
$3.15
30.5
19.4
$3,677.1
$48.02
Air Lease Corp.
AL
Dec
O/V
$32.95
$55.00
$3.57
($1.29)
$5.35
NM
6.2
$3,652.8
$61.48
Ryder System
R
op
Dec
E
$70.49
$86.00
$9.56
$14.40
$11.50
4.9
6.1
$3,604.6
$52.02
Amedisys, Inc.
AMED
adj
Dec
E
$110.14
$125.00
$5.93
$5.30
$5.70
20.8
19.3
$3,587.6
$28.65
nCino, Inc.
NCNO
adj
Jan
O/V
$32.50
$40.00
($0.20)
($0.71)
($0.39)
NM
NM
$3,581.5
$9.73
MSC Industrial Direct
MSM
Aug
O
$75.32
$100.00
$4.81
$6.17
$6.23
12.2
12.1
$3,554.2
$20.75
Natera, Inc.
NTRA
Dec
O/V
$36.87
$54.00
($5.21)
($5.70)
($4.98)
NM
NM
$3,551.1
$6.87
STAAR Surgical Co.
STAA
pf
Dec
O/V
$73.54
$99.00
$0.87
$0.90
$1.44
81.7
51.1
$3,516.0
$5.42
Beacon Roofing Supply, Inc.
BECN
op
Sep
E
$50.98
$72.00
$4.99
$6.21
$6.39
8.2
8.0
$3,504.5
$24.86
Community Bank System
CBU
op
Dec
E
$63.22
$81.50
$3.22
$3.36
$3.62
18.8
17.5
$3,408.2
$38.99
BellRing Brands, Inc.
BRBR
Adj
Sep
O/V
$24.82
$35.00
$0.93
$1.19
$1.42
20.9
17.5
$3,384.5
-$77.52
Dorman Products
DORM
adj
Dec
E/V
$107.18
$105.00
$4.64
$5.57
$6.17
19.2
17.4
$3,370.6
$29.51
GATX Corp.
GATX
adj
Dec
O
$94.28
$135.00
$5.18
$5.75
$6.10
16.4
15.5
$3,356.4
$57.00
FirstCash, Inc.
FCFS
adj
Dec
E/V
$70.39
$83.00
$3.94
$5.36
$6.92
13.1
10.2
$3,341.0
$37.30
PacWest Bancorp
PACW
op
Dec
O
$27.18
$48.00
$5.20
$4.18
$4.58
6.5
5.9
$3,192.2
$34.11
Academy Sports and Outdoors
ASO
adj
Jan
O/V
$35.90
$72.00
$7.61
$7.03
$7.67
5.1
4.7
$3,055.0
$16.85
Acushnet Holdings Corp.
GOLF
adj
Dec
E/V
$41.51
$47.00
$2.43
$2.82
$2.91
14.7
14.3
$2,998.0
$14.38
Matson Inc.
MATX
op
Dec
E
$73.63
$105.00
$21.62
$30.00
$15.50
2.5
4.8
$2,985.1
$40.67
Group 1 Automotive
GPI
op
Dec
O
$176.57
$285.00
$34.93
$41.75
$37.88
4.2
4.7
$2,930.4
$106.27
Hostess Brands
TWNK
Adj
Dec
O
$20.85
$28.00
$0.88
$0.99
$1.09
21.1
19.1
$2,883.3
$12.43
Independent Bank Group
IBTX
op
Dec
O
$67.50
$82.00
$5.24
$5.24
$5.52
12.9
12.2
$2,853.5
$60.26
Sprouts Farmers Market
SFM
adj
Dec
E/V
$25.62
$28.00
$2.10
$2.15
$2.29
11.9
11.2
$2,808.5
$8.64
Simmons First National Corp.
SFNC
op
Dec
E
$21.30
$28.00
$2.41
$2.30
$2.26
9.3
9.4
$2,782.9
$28.82
Associated Banc-Corp
ASB
op
Dec
E
$18.54
$24.00
$2.15
$1.85
$2.20
10.0
8.4
$2,781.8
$25.66
Pacific Premier Bancorp
PPBI
op
Dec
E
$29.11
$39.00
$3.47
$2.87
$3.18
10.1
9.2
$2,763.4
$30.58
Upstart Holdings, Inc.
UPST
adj
Dec
U/V
$32.19
$28.00
$2.37
$1.73
$2.78
18.6
11.6
$2,728.9
$9.65
July 2022, Page 47
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Texas Capital Bancshares
TCBI
op
Dec
O
$53.29
$72.00
$4.69
$3.18
$4.78
16.8
11.1
$2,703.0
$57.48
Summit Materials LLC
SUM
op
Dec
O
$22.61
$42.00
$1.12
$1.31
$1.81
17.3
12.5
$2,670.2
$15.28
AZEK Company, The
AZEK
op
Sep
O
$17.05
$20.00
$0.97
$1.05
$1.10
16.2
15.5
$2,645.4
$9.22
Freshpet, Inc.
FRPT
Dec
O/V
$54.80
$120.00
($0.69)
($0.41)
$0.24
NM
NM
$2,620.1
$16.57
Cactus, Inc.
WHD
adj
Dec
O
$41.84
$65.00
$0.72
$1.49
$1.91
28.1
21.9
$2,529.3
$7.94
Werner Enterprises, Inc.
WERN
Dec
E
$38.24
$49.00
$3.46
$4.25
$3.50
9.0
10.9
$2,487.8
$20.18
Carvana Co.
CVNA
op
Dec
E/V
$23.11
$38.00
($1.63)
($7.20)
($4.27)
NM
NM
$2,443.7
$3.40
Forward Air
FWRD
op
Dec
O
$90.24
$150.00
$4.25
$6.30
$6.70
14.3
13.5
$2,424.0
$22.01
Hub Group
HUBG
Dec
E
$70.19
$84.00
$5.06
$9.80
$8.40
7.2
8.4
$2,386.3
$38.77
Installed Building Products
IBP
op
Dec
E
$81.11
$100.00
$5.40
$6.87
$7.42
11.8
10.9
$2,376.2
$14.03
Fulton Financial Corp.
FULT
op
Dec
O
$14.74
$20.50
$1.30
$1.67
$1.88
8.8
7.8
$2,369.5
$15.70
Columbia Banking System
COLB
op
Dec
E
$28.80
$34.00
$3.09
$3.10
$3.41
9.3
8.4
$2,264.9
$32.97
Q2 Holdings, Inc.
QTWO
adj
Dec
E/V
$39.12
$55.00
$0.33
$0.38
$0.68
NM
57.5
$2,237.7
$10.02
Itron, Inc.
ITRI
ad
Dec
O
$49.17
$65.00
$1.75
$1.50
$2.90
32.8
17.0
$2,215.7
$24.72
Arcosa, Inc.
ACA
op
Dec
O
$45.73
$65.00
$1.93
$1.88
$2.52
24.3
18.1
$2,209.7
$40.44
Cal-Maine Foods, Inc.
CALM
op
May
O/V
$50.05
$65.00
$0.09
$2.00
$4.15
25.0
12.1
$2,209.2
$20.73
Air Transport Services Group
ATSG
op
Dec
O
$29.23
$40.00
$1.69
$2.20
$2.50
13.3
11.7
$2,173.9
$17.84
Glaukos Corp.
GKOS
pf
Dec
O
$45.75
$70.00
($1.41)
($1.71)
($1.87)
NM
NM
$2,165.5
$12.50
Schneider National Inc.
SNDR
op
Dec
E
$22.42
$30.00
$2.29
$2.70
$2.50
8.3
9.0
$2,127.5
$13.64
First Merchants Corp.
FRME
op
Dec
O
$35.77
$52.00
$3.73
$3.70
$4.40
9.7
8.1
$2,127.0
$35.81
Hilltop Holdings Inc.
HTH
op
Dec
E
$26.75
$31.00
$4.50
$1.67
$2.39
16.0
11.2
$2,125.0
$31.95
Navient Corp.
NAVI
adj
Dec
E/V
$14.09
$19.00
$4.20
$3.23
$2.81
4.4
5.0
$2,083.8
$16.89
Rush Enterprises, Inc.
RUSHA
op
Dec
O
$48.31
$63.00
$4.17
$5.27
$4.50
9.2
10.7
$2,068.2
$26.42
Trinity Industries
TRN
Dec
E
$24.06
$32.00
$0.59
$0.95
$2.00
25.3
12.0
$2,005.2
$12.36
Zillow, Inc.
ZG
adj
Dec
O/V
$33.00
$65.00
($0.49)
$1.94
$2.40
17.0
13.8
$1,983.9
$21.31
GMS Inc.
GMS
op
Apr
O
$45.49
$60.00
$7.49
$7.53
$6.83
6.0
6.7
$1,940.0
$24.89
Banner Corp.
BANR
op
Dec
O
$55.80
$67.00
$5.93
$5.63
$6.73
9.9
8.3
$1,918.2
$49.35
Bread Financial Holdings
BFH
adj
Dec
E/V
$38.12
$72.00
$15.97
$11.14
$11.97
3.4
3.2
$1,897.5
$41.80
Fortress Transportation
FTAI
Dec
O
$18.78
$35.00
($1.46)
($2.27)
$1.45
NM
13.0
$1,862.8
$11.33
KAR Auction Services
KAR
op
Dec
E
$15.21
$15.00
$0.65
$0.35
$0.62
43.5
24.5
$1,848.5
$12.49
Appfolio, Inc.
APPF
adj
Dec
E/V
$91.97
$100.00
$0.36
($0.40)
($0.06)
NM
NM
$1,845.2
$8.54
First Financial Bancorp.
FFBC
op
Dec
E
$19.44
$26.00
$2.29
$2.00
$2.15
9.7
9.0
$1,836.0
$23.99
FB Financial Corporation
FBK
op
Dec
O
$38.77
$49.00
$3.80
$3.24
$3.53
12.0
11.0
$1,831.3
$30.13
LiveRamp, Inc.
RAMP
adj
Mar
O/V
$26.55
$58.00
$0.49
$0.55
$1.00
48.3
26.6
$1,831.1
$15.49
eXp World Holdings
EXPI
adj
Dec
O/V
$12.07
$30.00
$0.72
$0.69
$1.30
17.5
9.3
$1,815.5
$1.49
Flywire Corp.
FLYW
adj
Dec
O/V
$17.91
$24.00
($0.39)
($0.30)
($0.07)
NM
NM
$1,813.0
$4.53
Heartland Financial USA
HTLF
op
Dec
O
$41.69
$59.00
$4.95
$4.50
$5.50
9.3
7.6
$1,766.4
$49.00
Stock Yards Bancorp
SYBT
op
Dec
E
$59.31
$57.00
$3.57
$3.80
$3.80
15.6
15.6
$1,733.3
$25.41
July 2022, Page 48
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Masonite International
DOOR
op
Dec
O
$75.69
$135.00
$8.19
$10.30
$11.45
7.3
6.6
$1,707.9
$29.13
ESCO Technologies Inc.
ESE
Sep
O
$66.06
$100.00
$2.59
$3.20
$3.41
20.6
19.4
$1,707.7
$39.13
ArcBest Corp.
ARCB
op
Dec
O
$69.69
$135.00
$8.41
$13.65
$11.70
5.1
6.0
$1,706.3
$37.36
Lakeland Financial Corp.
LKFN
op
Dec
E
$65.96
$79.00
$3.72
$4.00
$4.00
16.5
16.5
$1,671.8
$27.86
Cannae Holdings, Inc.
CNNE
Dec
O/V
$19.52
$41.00
($3.17)
($2.32)
$0.56
NM
34.9
$1,657.6
$38.39
Renasant Corp.
RNST
op
Dec
E
$29.09
$38.00
$3.13
$2.75
$2.85
10.6
10.2
$1,626.1
$39.63
WideOpenWest, Inc.
WOW
adj
Dec
O/V
$18.46
$22.00
($0.83)
$0.77
$0.61
24.0
30.3
$1,620.8
$6.53
Northwest Bancshares, Inc.
NWBI
op
Dec
E
$12.73
$13.50
$0.99
$0.90
$1.06
14.1
12.0
$1,613.0
$12.51
NBT Bancorp
NBTB
op
Dec
E
$37.47
$42.50
$3.23
$3.33
$3.38
11.3
11.1
$1,604.7
$28.97
Ping Identity Holding Corp.
PING
adj
Dec
O
$18.75
$36.00
$0.10
($0.28)
$0.13
NM
NM
$1,599.1
$8.85
Griffon Corp.
GFF
op
Sep
O
$27.99
$40.00
$1.70
$3.78
$3.99
7.4
7.0
$1,596.3
$14.26
Veritex Holdings, Inc.
VBTX
op
Dec
O
$29.47
$46.00
$2.81
$3.04
$3.51
9.7
8.4
$1,590.3
$26.64
Triumph Bancorp, Inc.
TBK
op
Dec
E
$62.57
$95.00
$4.67
$3.59
$3.54
17.4
17.7
$1,574.2
$32.35
Cryoport, Inc.
CYRX
pf
Dec
O/V
$31.61
$45.00
($0.66)
($0.79)
($0.39)
NM
NM
$1,560.8
$12.73
TriCo Bancshares
TCBK
op
Dec
O
$45.69
$48.00
$3.97
$4.23
$4.75
10.8
9.6
$1,536.6
$33.64
Gray Television, Inc.
GTN
Dec
O/V
$17.14
$30.00
$3.70
$1.87
$3.50
9.2
4.9
$1,510.3
$18.50
Green Plains Inc.
GPRE
op
Dec
O/V
$27.84
$50.00
($1.31)
($0.57)
$1.92
NM
14.5
$1,498.4
$17.73
Franchise Group, Inc.
FRG
adj
Dec
E/V
$36.86
$45.00
$3.82
$4.85
$5.02
7.6
7.3
$1,487.5
$18.93
Monro, Inc.
MNRO
op
Mar
E
$43.74
$41.00
$1.85
$1.77
$1.94
24.7
22.5
$1,467.8
$23.34
Veracyte, Inc.
VCYT
Dec
O/V
$19.97
$30.00
($1.11)
($0.82)
($0.49)
-24.4
-40.8
$1,426.8
$15.42
Marten Transport, Ltd.
MRTN
op
Dec
O
$16.74
$22.00
$1.02
$1.28
$1.30
13.1
12.9
$1,371.8
$7.85
Addus HomeCare Corp.
ADUS
adj
Dec
O
$85.06
$101.00
$3.52
$3.92
$4.36
21.7
19.5
$1,367.0
$36.03
Establishment Labs
ESTA
pf
Dec
O/V
$56.43
$89.00
($1.72)
($1.30)
($1.05)
NM
NM
$1,365.5
$2.11
Talos Energy
TALO
adj
Dec
O
$16.43
$28.00
$0.07
$3.70
$4.98
4.4
3.3
$1,356.1
$9.29
Open Lending Corp.
LPRO
adj
Dec
O/V
$10.72
$47.00
$0.72
$0.81
$1.01
13.2
10.6
$1,353.1
$1.26
Stewart Information Services
STC
op
Dec
O/V
$49.22
$72.00
$11.43
$8.05
$7.21
6.1
6.8
$1,329.8
$47.67
Avanos Medical
AVNS
pf
Dec
E
$27.18
$43.00
$1.15
$1.71
$2.18
15.9
12.5
$1,286.3
$26.22
First Commonwealth Financial
FCF
op
Dec
O
$13.44
$16.00
$1.24
$1.34
$1.58
10.0
8.5
$1,267.6
$11.77
First Busey Corp.
BUSE
op
Dec
O
$22.84
$28.00
$2.42
$2.15
$2.40
10.6
9.5
$1,262.5
$23.80
KnowBe4, Inc.
KNBE
adj
Dec
O
$16.69
$25.00
$0.14
$0.13
$0.21
NM
79.5
$1,254.6
$1.25
Magnite, Inc.
MGNI
Dec
O/V
$9.44
$21.00
$0.00
($0.55)
$0.17
NM
55.5
$1,247.9
$6.64
Vericel Corporation
VCEL
Dec
O
$25.32
$53.00
($0.17)
($0.18)
$0.38
NM
66.6
$1,193.1
$3.64
Southside Bancshares, Inc.
SBSI
op
Dec
E
$37.08
$42.00
$3.40
$3.12
$3.03
11.9
12.2
$1,191.1
$28.20
EarthstoneEnergy, Inc.
ESTE
adj
Dec
E
$14.93
$15.00
$1.25
$4.73
$4.96
3.2
3.0
$1,180.8
$10.45
CareDX, Inc.
CDNA
adj
Dec
O/V
$22.09
$50.00
$0.29
($0.30)
$0.14
NM
NM
$1,175.7
$8.80
Dime Community Bancshares
DCOM
op
Dec
E
$29.82
$34.50
$3.69
$3.26
$3.40
9.1
8.8
$1,170.2
$26.98
First Foundation Inc.
FFWM
op
Dec
O
$20.68
$28.00
$2.59
$2.28
$2.47
9.1
8.4
$1,168.7
$18.86
Everbridge, Inc.
EVBG
adj
Dec
O/V
$29.54
$58.00
$0.21
$0.24
$0.75
NM
39.4
$1,168.0
$11.75
July 2022, Page 49
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Anywhere Real Estate Inc.
HOUS
adj
Dec
E/V
$9.86
$13.00
$3.04
$2.00
$2.00
4.9
4.9
$1,165.0
$18.75
Greenbrier Companies
GBX
Aug
O
$35.74
$59.00
$1.10
$2.00
$3.70
17.9
9.7
$1,164.7
$40.37
Rent-A-Center
RCII
adj
Dec
E/V
$19.62
$42.00
$5.57
$4.52
$5.33
4.3
3.7
$1,160.4
$7.76
National Bank Holdings
NBHC
op
Dec
E
$38.36
$46.00
$2.91
$2.89
$4.19
13.3
9.2
$1,152.7
$28.04
Customers Bancorp, Inc.
CUBI
op
Dec
E
$34.85
$62.50
$4.23
$4.63
$6.85
7.5
5.1
$1,149.4
$37.32
OceanFirst Financial Corp.
OCFC
op
Dec
E
$19.19
$24.00
$1.84
$2.34
$3.00
8.2
6.4
$1,139.7
$25.63
Andersons, The
ANDE
op
Dec
O/V
$32.81
$55.00
$3.06
$2.51
$3.15
13.1
10.4
$1,110.0
$31.67
Utz Brands, Inc.
UTZ
Adj
Dec
E
$13.73
$15.00
$0.56
$0.48
$0.55
28.6
25.0
$1,108.4
$8.75
S&T Bancorp, Inc.
STBA
op
Dec
E
$27.61
$32.50
$2.48
$2.94
$3.12
9.4
8.8
$1,085.4
$30.66
Heartland Express, Inc.
HTLD
Dec
E
$13.75
$15.00
$1.00
$0.90
$0.85
15.3
16.2
$1,085.3
$9.21
CTS Corp.
CTS
op
Dec
E
$33.65
$39.00
$1.93
$2.40
$2.55
14.0
13.2
$1,079.8
$14.41
Banc of California
BANC
op
Dec
E
$17.53
$22.00
$1.36
$2.14
$2.12
8.2
8.3
$1,067.8
$15.48
NOW Inc.
DNOW
adj
Dec
O
$9.63
$13.00
$0.08
$0.66
$0.85
14.6
11.3
$1,066.1
$6.44
ECN Capital
ECN-CA adj/c
Dec
O/V
$5.51
$7.50
$0.17
$0.30
$0.36
18.4
15.3
$1,058.1
$0.78
Neogenomics Inc.
NEO
pf
Dec
E/V
$8.33
$12.00
($0.27)
($0.79)
($0.66)
NM
NM
$1,039.2
$8.93
Sonic Automotive, Inc.
SAH
op
Dec
O
$37.65
$67.00
$8.47
$10.41
$9.75
3.6
3.9
$1,036.5
$26.43
Mission Produce, Inc.
AVO
op
Oct
O
$14.33
$17.00
$0.74
$0.51
$0.84
28.1
17.1
$1,012.5
$7.56
Preferred Bank
PFBC
op
Dec
O
$67.67
$90.00
$6.41
$7.55
$8.60
9.0
7.9
$1,008.4
$39.97
ConnectOne Bancorp
CNOB
op
Dec
O
$24.75
$35.00
$3.02
$3.00
$3.22
8.3
7.7
$978.2
$25.61
Nicolet Bankshares
NIC
op
Dec
O
$72.62
$113.00
$6.73
$7.20
$7.90
10.1
9.2
$972.5
$63.73
Standard Motor Products
SMP
adj
Dec
O/V
$44.31
$61.00
$4.45
$4.81
$5.11
9.2
8.7
$967.3
$27.31
Cerus Corp.
CERS
pf
Dec
O/V
$5.34
$7.50
($0.32)
($0.29)
($0.28)
NM
NM
$944.6
$0.49
Enova International
ENVA
adj
Dec
E/V
$29.01
$47.00
$7.57
$6.50
$7.79
4.5
3.7
$944.6
$32.01
Avid Bioservices, Inc.
CDMO
Apr
O/V
$15.17
$28.00
$1.81
$0.05
$0.27
NM
NM
$936.7
$2.82
Origin Bancorp, Inc.
OBNK
op
Dec
O
$39.14
$53.00
$4.59
$3.52
$4.40
11.1
8.9
$930.3
$30.75
Redfin Corp.
RDFN
adj
Dec
E
$8.60
$15.00
($0.58)
($0.86)
$0.00
NM
NM
$921.7
$2.91
Camping World Holdings
CWH
Dec
O/V
$21.76
$44.00
$6.63
$8.80
$8.22
2.5
2.6
$907.2
$3.58
E.W. Scripps Co.
SSP
Dec
E
$12.66
$24.00
$1.86
$2.58
$5.20
4.9
2.4
$903.4
$18.90
PROG Holdings, Inc.
PRG
adj
Dec
E/V
$16.70
$21.00
$3.94
$2.56
$3.60
6.5
4.6
$902.5
$12.04
Byline Bancorp, Inc.
BY
op
Dec
E
$23.81
$26.00
$2.66
$2.30
$2.30
10.4
10.4
$900.0
$21.07
Kimbell Royalty Partners
KRP
Dec
O
$15.53
$22.00
$0.51
$1.04
$1.26
14.9
12.3
$890.4
$6.99
Heritage Financial Corp.
HFWA
op
Dec
E
$25.24
$29.00
$2.63
$2.08
$2.35
12.1
10.7
$886.0
$24.34
Dole plc
DOLE
op
Dec
O
$8.70
$14.00
$1.36
$1.26
$1.26
6.9
6.9
$825.4
$11.39
Digi International
DGII
adj
Sep
O
$23.52
$36.00
$1.08
$1.49
$1.82
15.8
12.9
$825.2
$13.79
MRC Global Inc.
MRC
adj
Dec
O
$9.79
$17.00
$0.27
$0.74
$1.13
13.2
8.7
$817.3
$3.89
VIZIO Holdings Corporation
VZIO
Dec
O
$7.04
$27.00
($0.22)
$0.12
$0.43
58.7
16.4
$815.3
$1.74
Horizon Bancorp
HBNC
op
Dec
O
$17.57
$23.00
$2.00
$2.30
$2.40
7.6
7.3
$765.6
$16.61
Allegiance Bancshares, Inc.
ABTX
op
Dec
Susp
$37.55
NE
$2.20
NE
NE
NM
NM
$765.2
$40.15
July 2022, Page 50
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Peoples Bancorp
PEBO
op
Dec
E
$26.66
$33.00
$2.83
$3.30
$3.45
8.1
7.7
$755.7
$29.93
Univest Financial Corp.
UVSP
op
Dec
O
$25.53
$34.00
$2.68
$2.55
$3.10
10.0
8.2
$755.5
$26.23
World Acceptanc Corp.
WRLD
adj
Mar
U/V
$114.03
$159.00
$8.47
$4.05
$7.30
28.2
15.6
$746.5
$58.76
First Mid Bancshares, Inc.
FMBH
op
Dec
O
$35.94
$42.00
$3.98
$3.80
$3.75
9.5
9.6
$734.9
$35.06
Calavo Growers Inc.
CVGW
op
Oct
E/V
$41.25
$40.00
$0.35
$0.95
$2.07
43.4
19.9
$731.9
$12.75
ACV Auctions Inc.
ACVA
adj
Dec
O/V
$6.47
$17.00
($0.63)
($0.61)
($0.37)
NM
NM
$730.3
$3.56
Cutera, Inc.
CUTR
pf
Dec
O/V
$40.16
$78.00
$0.73
($0.45)
$1.23
NM
32.7
$729.4
$3.14
Codexis, Inc.
CDXS
pf
Dec
O/V
$11.12
$22.00
($0.10)
($0.14)
($0.33)
NM
NM
$726.2
$2.52
Cadre Holdings, Inc.
CDRE
adj
Dec
O/V
$18.95
$27.00
$0.82
$0.44
$1.03
43.1
18.4
$701.8
$2.58
Wabash National Corp.
WNC
op
Dec
E
$13.51
$16.00
$0.57
$1.90
$2.55
7.1
5.3
$662.4
$6.65
CrossFirst Bankshares, Inc.
CFB
op
Dec
E
$13.31
$17.00
$1.39
$1.41
$1.53
9.4
8.7
$660.8
$13.23
America's Car-Mart
CRMT
adj
Apr
O/V
$101.92
$113.00
$13.67
$11.30
$9.46
9.0
10.8
$656.3
$73.66
CBTX, Inc.
CBTX
op
Dec
E
$26.55
$34.00
$1.70
$2.13
$3.10
12.5
8.6
$653.3
$22.96
Heritage Commerce Corp.
HTBK
op
Dec
O
$10.71
$16.00
$0.86
$1.05
$1.39
10.2
7.7
$647.3
$9.91
Camden National Corp.
CAC
op
Dec
O
$43.52
$50.00
$4.19
$4.23
$4.38
10.3
9.9
$637.9
$36.72
BioLife Solutions, Inc.
BLFS
pf
Dec
O/V
$14.56
$40.00
($0.53)
($0.69)
($0.34)
NM
NM
$617.5
$11.48
P.A.M. Transportation
PTSI
op
Dec
E
$27.19
$40.00
$3.54
$4.50
$3.65
6.0
7.4
$605.4
$9.67
Castle Biosciences, Inc.
CSTL
Dec
O/V
$23.01
$36.00
($1.24)
($3.71)
($3.30)
NM
NM
$604.3
$16.22
LendingTree, Inc.
TREE
adj
Dec
O/V
$46.70
$140.00
$1.55
$2.50
$4.44
18.7
10.5
$596.2
$34.21
First Bancshares Inc.
FBMS
op
Dec
O
$28.91
$41.00
$3.03
$3.01
$3.41
9.6
8.5
$593.6
$32.17
DXP Enterprises, Inc.
DXPE
adj
Dec
O
$30.31
$40.00
$0.83
$2.50
$3.06
12.1
9.9
$565.1
$19.30
i3 Verticals, Inc.
IIIV
adj
Sep
O/V
$24.64
$30.00
$1.05
$1.43
$1.62
17.2
15.2
$548.1
$9.30
QuinStreet, Inc.
QNST
adj
Jun
O/V
$9.90
$14.00
$0.66
$0.35
$0.59
28.3
16.8
$542.6
$5.49
Midland States Bancorp
MSBI
op
Dec
E
$24.33
$31.00
$3.70
$3.75
$3.80
6.5
6.4
$536.6
$30.11
Excelerate Energy, Inc.
EE
Dec
O
$20.36
$36.00
NA
$0.48
$1.13
42.4
18.0
$534.5
$10.58
Titan Machinery
TITN
op
Jan
O/V
$22.75
$41.00
$3.03
$3.13
$3.00
7.3
7.6
$513.4
$19.27
Bank of Marin Bancorp
BMRC
op
Dec
E
$31.69
$37.00
$2.64
$2.84
$3.00
11.2
10.6
$507.0
$28.27
Coastal Financial Corp.
CCB
op
Dec
O
$37.90
$60.00
$1.99
$2.46
$3.69
15.4
10.3
$490.1
$15.63
MaxCyte, Inc.
MXCT
Dec
O/V
$4.82
$15.00
($0.23)
($0.29)
($0.31)
NM
NM
$489.4
$2.60
Stoneridge Inc.
SRI
op
Dec
O
$17.70
$26.00
($0.58)
($0.15)
$0.90
NM
19.7
$483.5
$10.88
Business First Bancshares
BFST
op
Dec
O
$21.34
$31.00
$2.61
$2.21
$2.56
9.7
8.3
$481.5
$21.24
fuboTV Inc.
FUBO
Dec
E/V
$2.58
$6.00
($2.78)
($3.22)
($2.78)
NM
NM
$477.5
$4.43
Equity Bancshares, Inc.
EQBK
Dec
O
$29.20
$38.00
$3.75
$3.25
$3.35
9.0
8.7
$475.3
$29.87
MidWestOne Financial Group
MOFG
op
Dec
E
$29.60
$34.00
$4.42
$3.90
$3.70
7.6
8.0
$464.1
$33.66
RE/MAX Holdings Inc.
RMAX
adj
Dec
O/V
$23.90
$32.00
$2.41
$2.50
$2.60
9.6
9.2
$460.5
$27.03
Aaron's Company, Inc., The
AAN
adj
Dec
E/V
$14.79
$19.00
$3.75
$2.67
$3.15
5.5
4.7
$454.2
$23.18
Five Star Bancorp
FSBC
op
Dec
O
$25.88
$33.00
$2.71
$2.41
$2.84
10.7
9.1
$446.3
$13.65
Aveanna Healthcare
AVAH
adj
Dec
E/V
$2.38
$3.50
$0.41
$0.33
$0.40
7.2
6.0
$439.7
$3.44
July 2022, Page 51
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
Farmers & Merchants Bancorp
FMAO
op
Dec
E
$33.46
$39.00
$2.25
$2.60
$2.60
12.9
12.9
$437.2
$22.74
Guaranty Bancshares, Inc.
GNTY
op
Dec
O
$36.09
$41.00
$3.27
$3.33
$3.40
10.8
10.6
$433.1
$24.93
Mid Penn Bancorp
MPB
op
Dec
O
$26.72
$34.50
$2.12
$2.88
$3.75
9.3
7.1
$426.5
$30.71
SmartFinancial, Inc.
SMBK
op
Dec
O
$23.72
$33.00
$2.38
$2.48
$2.75
9.6
8.6
$400.8
$25.56
RBB Bancorp
RBB
op
Dec
E
$20.76
$26.00
$2.81
$3.26
$3.48
6.4
6.0
$398.4
$23.98
Peoples Financial Services Corp.
PFIS
op
Dec
O
$55.49
$55.00
$3.92
$5.27
$5.98
10.5
9.3
$398.0
$47.44
P10 Holdings
PX
adj
Dec
O
$10.97
$15.00
$0.55
$0.78
$0.95
14.1
11.5
$392.1
$3.37
Red River Bancshares, Inc.
RRBI
op
Dec
O
$54.43
$69.00
$4.50
$4.91
$5.31
11.1
10.3
$390.6
$41.52
Pennant Group, The
PNTG
adj
Dec
E/V
$12.97
$17.00
$0.46
$0.67
$0.75
19.4
17.3
$370.1
$3.87
Regional Management
RM
adj
Dec
E/V
$38.04
$61.00
$8.33
$7.85
$7.64
4.8
5.0
$367.9
$28.89
DMC Global
BOOM
adj
Dec
O
$18.21
$40.00
$0.16
$0.52
$1.88
35.0
9.7
$355.0
$18.63
Covenant Logistics Group
CVLG
op
Dec
E
$24.84
$25.00
$3.60
$4.20
$3.00
5.9
8.3
$329.1
$20.86
Anika Th3erapeutics, Inc.
ANIK
Dec
E
$22.51
$29.00
$0.28
($0.92)
$0.07
NM
NM
$327.4
$19.88
Civista Bancshares, Inc.
CIVB
op
Dec
O
$21.26
$28.00
$2.74
$2.30
$2.70
9.2
7.9
$310.1
$23.75
Third Coast Bancshares
TCBX
op
Dec
O
$21.60
$30.00
$1.40
$1.51
$2.96
14.3
7.3
$290.7
$22.31
USA Truck, Inc.
USAK
op
Dec
E
$31.40
$31.72
$2.87
$5.10
$3.00
6.2
10.5
$282.8
$12.53
Provident Bancorp, Inc.
PVBC
op
Dec
O
$15.48
$20.00
$0.85
$1.26
$1.68
12.3
9.2
$275.7
$13.09
Porch Group
PRCH
adj
Dec
O/V
$2.68
$16.00
($0.48)
($0.69)
($0.49)
NM
NM
$265.7
$2.22
Limoneira Company
LMNR
op
Oct
O/V
$14.44
$15.00
($0.24)
($0.12)
$0.38
NM
38.0
$255.9
$9.98
Alpha Teknova, Inc.
TKNO
Dec
O/V
$8.60
$26.00
($0.38)
($0.94)
($1.04)
NM
NM
$241.2
$5.11
TrueCar, Inc.
TRUE
adj
Dec
O/V
$2.61
$4.00
($0.04)
($0.07)
($0.38)
NM
NM
$236.0
$3.43
CURO Group Holdings
CURO
adj
Dec
E/V
$5.74
$13.00
$0.97
$0.27
$2.22
21.3
2.6
$231.0
$3.93
Bank7 Corp.
BSVN
op
Dec
E
$22.75
$28.00
$2.62
$3.24
$3.45
7.0
6.6
$207.0
$14.04
Conn's, Inc.
CONN
op
Jan
E/V
$8.46
$13.00
$3.71
$0.77
$2.05
11.0
4.1
$201.2
$22.83
OraSure Technologies, Inc.
OSUR
pf
Dec
E/V
$2.74
$7.00
($0.32)
($0.54)
($0.36)
NM
NM
$198.5
$5.28
MainStreet Bancshares, Inc.
MNSB
op
Dec
O
$23.00
$29.00
$2.04
$2.72
$3.48
8.5
6.6
$173.8
$21.27
DermTech Inc.
DMTK
Dec
O/V
$5.61
$20.00
($2.71)
($3.96)
($3.81)
NM
NM
$168.0
$7.72
Private Bancorp of America
PBAM
op
Dec
O
$28.99
$39.00
$3.82
$3.80
$3.89
7.6
7.5
$163.1
$22.81
Finward Bancorp
FNWD
op
Dec
O/V
$37.49
$52.00
$4.08
$4.60
$4.75
8.2
7.9
$161.0
$45.00
Yellow Corporation
YELL
op
Dec
E/V
$3.01
$6.00
($1.09)
$0.85
$1.40
3.5
2.2
$155.1
-$7.13
Apollo Endosurgery, Inc.
APEN
Dec
O/V
$3.75
$9.00
($0.46)
($0.64)
($0.54)
NM
NM
$150.9
$1.55
Hanover Bancorp, Inc.
HNVR
op
Dec
O
$20.31
$25.50
$3.64
$3.31
$3.33
6.1
6.1
$148.2
$22.02
Avidbank Holdings, Inc.
AVBH
op
Dec
O
$20.33
$34.00
$1.92
$3.15
$3.77
6.5
5.4
$124.9
$21.91
SmileDirectClub, Inc.
SDC
Dec
E/V
$1.01
$3.00
($0.87)
($0.50)
($0.37)
NM
NM
$121.9
$1.44
Genasys Inc.
GNSS
adj
Sep
O
$3.33
$6.00
$0.02
($0.08)
($0.05)
NM
NM
$121.8
$1.81
Zevia PBC
ZVIA
Adj
Dec
O
$2.91
$10.00
($2.52)
($1.13)
($1.03)
NM
NM
$113.7
$3.73
Oncocyte Corporation
OCX
Dec
E/V
$0.86
$1.25
($0.72)
($0.48)
($0.48)
NM
NM
$101.9
$0.71
U.S. Xpress
USX
op
Dec
E
$2.67
$3.75
$0.16
$0.30
$0.30
8.9
8.9
$94.4
$5.48
July 2022, Page 52
COVERAGE LIST BY MARKET CAPITALIZATION
ANNUAL
P/E
P/E
Market
Ftnt.
Rating/
6/29/2022
Price
EARNINGS PER SHARE
Ratio
Ratio
Cap
Company
Tkr
Code
FYE Volatility
Price
Target
LFYA
FY1E
FY2E
FY1E
FY2E
($ Mil)
BVPS
FreightCar America
RAIL
op
Dec
E
$3.52
$4.00
($1.17)
($0.20)
$0.30
NM
11.7
$58.2
-$0.10
Pulse Biosciences, Inc.
PLSE
Dec
E/V
$1.56
$5.00
($2.28)
($1.81)
($1.70)
NM
NM
$57.9
$1.20
Sientra, Inc.
SIEN
Dec
O/V
$0.84
$6.00
($1.10)
($0.93)
($0.97)
NM
NM
$52.5
$0.66
Societal CDMO
SCTL
pf
Dec
O/V
$0.76
$3.00
($0.26)
($0.25)
($0.23)
NM
NM
$43.0
$0.90
Source: Stephens Inc. and FactSet Research Systems
July 2022, Page 53
APPENDIX
Investment Ratings
OVERWEIGHT (O) – The stock’s total return is expected to be greater than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.
EQUAL-WEIGHT (E) – The stock’s total return is expected to be equivalent to the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.
UNDERWEIGHT (U) – The stock’s total return is expected to be less than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.
VOLATILE (V) – The stock’s price volatility is potentially higher than that of the company’s industry sector. The company stock ratings may reflect the analyst’s subjective assessment of risk factors
that could impact the company’s business.
Distribution of Stephens Inc.'s Ratings (as of 06/30/22)
% Investment Banking Clients
Rating
%
(Past 12 Months)
BUY
61.1
21.4
HOLD
37.9
15.9
SELL
1.0
0
Codes
NA-Not Applicable
NR-Not Rated
ADJ-Adjusted EPS
CS-Cash EPS
NM-Not Meaningful
Susp-Rating Suspended
ADJE-Adjusted EBITDA Per Share
OP-Operating EPS
NE-No Estimate
UR-Under Review
C-Canadian Dollars
PF-Pro forma EPS
Certain investment programs offered by Stephens to clients sometimes engage in purchases or sales of securities that are consistent or inconsistent with Research Analyst recommendations. These programs are managed
on a discretionary basis, or provide investment recommendations, by program managers in the exercise of their independent judgment and analysis. Stephens’ directors, officers and employees are allowed to participate
in these programs subject to established account minimums and applicable compliance restrictions.
This report has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets
or developments referred to in the material. Information included in the report was obtained from internal and external sources which we consider reliable, but we have not
independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the report, and all expressions of opinion apply on the
date of issuance of the report. No subsequent publication or distribution of this report shall mean or imply that any such information or opinion remains current at any time after the stated date of the report. We do not
undertake to advise you of any changes in any such information or opinion. Additional risk factors as identified by the Subject Company and filed with the Securities and Exchange Commission may be found on EDGAR at
www.sec.gov. Prices, yields, and availability are subject to change with the market. Nothing in this report is intended, or should be construed, as legal, accounting, regulatory or tax advice. Any discussion of tax attributes is
provided for informational purposes only, and each investor should consult his/her/its own tax advisors regarding any and all tax implications or tax consequences of any investment in securities discussed in this report.
From time to time, our research reports may include discussions about potential short-term trading opportunities or market movements that may or may not be consistent with Stephens’ long-term investment thesis,
rating, or price target. Please note that we provide supplemental news and analysis in Quick Take blogs available to clients on our website. If applicable, when reading research on Business Development Companies, you
should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing. The prospectus, and, if available, the summary prospectus, contain this and other
information about the investment company. You can obtain a current prospectus, and, if available, a summary prospectus, by calling your financial consultant. Please read the prospectus, and, if available, the summary
prospectus, carefully before investing as it contains information about the previous referenced factors and other important information. Also, please note other reports filed with the Securities and Exchange Commission
by the relevant investment company at www.sec.gov. Please also note that the report may include one or more links to external or third-party websites. Stephens Inc. has not independently verified the information
contained on such websites and can provide no assurance as to the reliability of such information, and there can be no assurance that any opinions expressed on such websites reflect the opinions of Stephens Inc. or its
management. Additional information available upon request.
Each analyst primarily responsible for the preparation of a portion or portions of this report certifies that (i) all views expressed by the analyst accurately reflect the analyst’s personal views about the
subject companies and their securities, and (ii) no part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the analyst in
this report. This report constitutes a compendium report (covers six or more subject companies). As such, Stephens Inc. chooses to provide specific disclosures for the companies mentioned by
reference. To access current disclosures for the companies in this report, clients should refer to https://stephens2.bluematrix.com/sellside/Disclosures.action or contact your Stephens Inc.
representative for additional information.
July 2022, Page 54
REIT COMPANY RISKS
Kimbell Royalty Partner Risks
KRP does not intend to retain cash from KRP’s operations for replacement capital expenditures. Unless KRP replenishes KRP’s oil and natural gas reserves, KRP’s cash generated from operations and
KRP’s ability to pay distributions to KRP’s unitholders could be materially adversely affected.
KRP relies on a few key individuals whose absence or loss could materially adversely affect KRP’s business.
Loss of KRP’s or KRP’s operators’ information and computer systems could materially adversely affect KRP’s business.
Title to the properties in which KRP has an interest may be impaired by title defects.
The potential drilling locations identified by the operators of KRP’s properties are susceptible to uncertainties that could materially alter the occurrence or timing of their drilling.
Acreage must be drilled before lease expiration, generally within three to five years, in order to hold the acreage by production. KRP’s operators’ failure to drill sufficient wells to hold acreage may
result in loss of the lease and prospective drilling opportunities.
The unavailability, high cost, or shortages of rigs, equipment, raw materials, supplies or personnel may restrict or result in increased costs for operators related to developing and operating KRP’s
properties.
Operating hazards and uninsured risks may result in substantial losses to the operators of KRP’s properties, and any losses could materially adversely affect KRP’s results of operations and cash
available for distribution on common units.
If the operators of KRP’s properties suspend KRP’s right to receive royalty payments due to title or other issues, KRP’s business, financial condition, results of operations and cash available for
distribution on common units may be adversely affected.
KRP will be required to take write-downs of the carrying values of KRP’s properties if commodity prices decrease to a level such that KRP’s future undiscounted cash flows from KRP’s properties are
less than their carrying value.
KRP may incur substantial income tax liabilities on KRP’s allocable share of income from the Operating Company.
Taxable gain or loss on the sale of KRP’s common units could be more or less than expected.
KRP’s tax liability may be greater than expected if KRP does not generate sufficient depletion deductions to offset KRP’s taxable income and reduce KRP’s tax liability.
Future tax legislation could have an adverse impact on KRP’s cash tax liabilities, results of operations and financial condition, which could affect KRP’s cash available for distribution on common units
and the value of KRP’s common units.
Certain decreases in the price of KRP’s common units could adversely affect KRP’s amount of cash available for distribution on common units.
The IRS Form 1099-DIV that you receive from your broker may over-report your dividend income with respect to KRP’s units for United States federal income tax purposes, and failure to report your
dividend income in a manner consistent with the IRS Form 1099-DIV that you receive from your broker may cause the IRS to assert audit adjustments to your United States federal income tax return.
The portion of KRP’s distributions taxable as dividends may be greater than expected.
If the Operating Company were to become a publicly traded partnership taxable as a corporation for United States federal income tax purposes, KRP and the Operating Company might be subject to
potentially significant tax inefficiencies.
Oil and natural gas operations are subject to various governmental laws and regulations. Compliance with these laws and regulations can be burdensome and expensive, and failure to comply could
result in significant liabilities, which could reduce KRP’s cash available for distribution on common units.
The operators of KRP’s properties are subject to complex and evolving environmental and occupational health and safety laws and regulations. As a result, they may incur significant delays, costs and
liabilities that could materially adversely affect KRP’s business and financial condition.
Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
The adoption of climate change legislation and regulations could result in increased operating costs and reduced demand for the oil and natural gas that KRP’s operators produce.
Increased costs of capital could materially adversely affect KRP’s business.
If KRP fails to maintain an effective system of internal controls, KRP may not be able to accurately report KRP’s financial results or prevent fraud. As a result, current and potential unitholders could
lose confidence in KRP’s financial reporting, which would harm KRP’s business and the trading price of KRP’s units.
TGR may not be able to complete its initial business combination within the prescribed time frame, in which case it would cease all operations except for the purpose of winding up and it would
redeem its public shares and liquidate. In that circumstance, KRP would lose KRP’s entire investment in TGR, including the Private Placement Warrants.
Resources could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business.
KRP and TGR have overlapping directors and management, which may lead to conflicting interests.
July 2022, Page 55
INSTITUTIONAL SALES & TRADING
BOSTON
MIDWEST
Doug Sichol, Team Leader, MD
617.239.7548
Jason Bowman, Team Leader, MD
312.292.5761
Matt Gorgol, VP
617-239-7522
Will Greutzmacher, MD
312.292.5783
CANADA
NEW YORK
Jason Bowman, Team Leader, MD
312.292.5761
Frank Chiou, MD
212.891.1773
Will Greutzmacher, MD
312.292.5783
Sawyer Dunigan, MD
501.377.8376
Katie Huff, MD
501.377.2432
Brett Katzner, MD
212.891.1774
EUROPE
Jack Mikeska
501.377.8303
Joe Dacus, Team Leader, MD
501.377.6381
Jackson Ratcliff, MD
501.377.2107
Brittany Morgan, SVP
501.377.3725
Tyler Vierengel, VP
312.292.5767
Matt Williams
501.377.2618
MID-SOUTH & SOUTHWEST
Joe Dacus, Team Leader, MD
501.377.6381
MID-ATLANTIC
Brittany Morgan, SVP
501.377.3725
Jackson Ratcliff, MD
501.377.2107
Matt Williams
501.377.2618
WEST COAST
Andy Rogers, Team Leader, MD
501.377.2256
Billy Sherrill, MD
501.377.8513
ANTHONY PIGNIO-PRODUCING HEAD OF SALES TRADING & EQUITY TRADING
SALES TRADING LITTLE ROCK
TRADING NEW YORK
Adam Raines, MD
501.377.2076
Edward DeBiasi, MD – Industrial
212.891.1701
Gray Standridge, MD
501.377.2078
James Law, MD – Consumer
212.891.1757
Jake Morton, MD - Financial
212-891-1758
SALES TRADING BOSTON
Brendan O’Brien, MD
617.239.7518
TRADING LITTLE ROCK
SALES TRADING CHICAGO
Anthony Pignio, Producing Head of Equity Trading
Brian Kowieski, MD
312.292.5765
MD - Technology
501.377.3460
Jason Jarcho, MD – Energy
501.377.2074
SALES TRADING NEW YORK
Leon Lants, Director of Trading Ops, MD
501.377.6394
Matt Delia, MD
212.891.1731
Brian Wardle, MD – Healthcare
501.377.3468
Greg Gaffney, MD
212.891.1741
Pete McCorry, MD
212.891-1768
John McGoldrick, MD
212.891.1724
July 2022, Page 56
BRANCH OFFICES
ATLANTA
3344 Peachtree Road, Suite 1650
Atlanta, GA 30326
800-862-1690
AUSTIN
100 Congress Avenue, Suite 750
Austin, TX 78701
800-892-7518
BIRMINGHAM
1728 3rd Avenue North, Suite 320
Birmingham, AL 35203
205-847-3900
BOSTON
1 International Place
100 Oliver Street, Floor 29
Boston, MA 02110
617-239-7500
CHARLOTTE
4521 Sharon Road, Suite 200
Charlotte, NC 28211
888-731-3830
CHICAGO
191 North Wacker, Suite 925
Chicago, IL 60606
800-633-8354
COLUMBIA
1320 Main Street, Suite 550
Columbia, SC 29201
800-717-5605
CONWAY
703 Chestnut
Conway, AR 72032
800-827-5841
DALLAS
300 Crescent Court, Suite 600
Dallas, TX 75201
877-749-9991
FAYETTEVILLE
3425 N. Futrall Drive, Suite 201
Fayetteville, AR 72703
800-205-8613
FT. LAUDERDALE
110 SE 6th Street
Ft. Lauderdale, FL 33301
HOT SPRINGS
161 Television Hill Road
Hot Springs, AR 71913
800-392-8593
HOUSTON
9 Greenway Plaza, Suites 1200, 1905, 1910
Houston, TX 77046
855-407-9850
JACKSON
140 Township Avenue, Suite 202
Ridgeland, MS 39157
888-721-0025
JONESBORO
2479 Browns Lane
Jonesboro, AR 72401
800-755-1493
MEMPHIS
6075 Poplar Avenue, Suite 200
Memphis, TN 38119
901-681-1375
NASHVILLE
3100 West End Avenue, Suite 630
Nashville, TN 37203
800-732-6847
NEW YORK
65 East 55th Street, 22nd Floor
New York, NY 10022
800-378-3337
PORTLAND
225 Commercial Avenue, Suite 500
Portland, ME 04101
207-808-5025
ROGERS
3100 Market Street, Suite 301
Rogers, AR 72758
800-553-0234
SAN FRANCISCO
101 2nd Street, Suite 850
San Francisco, CA 94105
415-548-6900
SHREVEPORT
401 Edwards Street, Suite 1100
Shreveport, LA 71101
855-803-4600
ST. PETERSBURG
150 2nd Avenue North, Suite 700
St. Petersburg, FL 33701
800-755-1476
WASHINGTON
601 13th Street NW, Suite 710 North
Washington, DC 20005
202-807-0600
WINSTON-SALEM
101 South Stratford Road, Suite 200
Winston-Salem, NC 27104
877-301-0501
Stephens Inc.
111 Center Street • Little Rock, Arkansas 72201 • 800-643-9691 •stephens.com
Stephens
Research Department Directory
Director of Research: Kyle Evans (501) 377-6376
CONSUMER
Consumer Staples
Food and Agribusiness
Grocery & C-Store
Ben Bienvenu, Analyst
(501) 377-8511
Jim Salera, Senior Associate
(501) 377-8079
Jack Hardin, Associate
(501) 377-8065
Jonathan Ricketts, Associate
(501) 377-8362
Cai Lane, Assistant
(501) 377-2250
e-commerce
Nicholas Zangler, CFA, Analyst
(312) 292-5753
Dean Sublett, Associate
(501) 377-6372
Cai Lane, Assistant
(501) 377-2250
Retail: Automotive, Hardlines, and
Leisure Products
Daniel Imbro, Analyst
(501) 377-2055
Joe Enderlin, Associate
(501) 377-2108
Seay, Reed, Associate
(501) 377-2259
Cai Lane, Assistant
(501) 377-2250
FINANCIAL SERVICES
Banks-East Coast/Northeast
Matt Breese, Analyst
(401) 658-1114
Paul Smith, Associate
(501) 377-2220
Samuel Varga, Associate
(207) 808-5026
Katie Cartwright, Assistant
(501) 377-2057
Banks-Southern
Matt Olney, CFA, Analyst
(501) 377-2101
Jordan Ghent, Associate
(501) 377-3740
Thomas Wendler, Senior Associate
(501) 377-2265
Katie Cartwright, Assistant
(501) 377-2057
Banks-Super-Regional & Midwest
Terry McEvoy, CFA, Analyst
(207) 808-5025
Brandon Rud, Associate
(207) 808-5902
Daniel Thomas, Associate
(207) 228-1707
Katie Cartwright, Assistant
(501) 377-2057
Banks-West Coast
Andrew Terrell, CFA, Analyst
(501) 377-2303
Katie Cartwright, Assistant
(501) 377-2057
Real Estate Services
John Campbell, Analyst
(501) 377-6362
Jonathan Bass, Associate
(501) 377-3717
AJ Hayes, Associate
(501) 377-8519
Katie Cartwright, Assistant
(501) 377-2057
Specialty Finance
Vincent Caintic, CFA, Analyst
(646) 620-7702
Morgan O’Donovan, CFA, Sr. Assoc.
(954) 540-8186
Katie Cartwright, Assistant
(501) 377-2057
HEALTHCARE
Diagnostics
Mason Carrico, Analyst
(214) 258-2712
Jacob Krahenbuhl, Associate
(501) 377-2562
Katie Cartwright, Assistant
(501) 377-2057
Life Science Tools and Pharma Services
Jacob Johnson, CFA, Analyst
(615) 279-4355
Mac Etoch, Associate
(214) 258-2797
Hannah Hefley, Associate
(501) 377-2345
Katie Cartwright, Assistant
(501) 377-2057
Healthcare Services
Scott Fidel, Analyst
(212) 891-1788
Jordan Bernstein, Associate
(212) 891-1706
Raj Kumar, Associate
(501) 377-8033
Katie Cartwright, Assistant
(501) 377-2057
Medical Devices & Hospital Supply
Chris Cooley, CFA, Analyst
(501) 377-2516
Benjamin Mee, Associate
(501) 377-8082
Katie Cartwright, Assistant
(501) 377-2057
INDUSTRIALS and ENERGY
Building Materials
Trey Grooms, Analyst
(501) 377-2318
Noah Merkousko, Senior Associate
(501) 377-8506
Sid Ramesh, Associate
(501) 377-2539
Katie Cartwright, Assistant
(501) 377-2057
Electrical Equipment/Multi-Industry/Distribution
Tommy Moll, Analyst
(501) 377-6306
Cole Couzens, Associate
(501) 377-8056
Max Kane, Associate
(501) 377-8078
Katie Cartwright, Assistant
(501) 377-2057
Oil and Gas
Renewables
Cameron Lochridge, Analyst
(713) 993-4212
Collin Nieman, Associate
(501) 377-8520
Katie Cartwright, Assistant
(501) 377-2057
Transportation/Airfreight &
Surface Transportation
Jack Atkins, Analyst
(501) 377-2298
Grant Smith, Associate
(501) 377-6353
Katie Cartwright, Assistant
(501) 377-2057
Transportation/Railroads and
Equipment Suppliers
Justin Long, Analyst
(501) 377-2036
George Sellers, Senior Associate
(501) 377-2065
Katie Cartwright, Assistant
(501) 377-2057
TECHNOLOGY, MEDIA AND
TELECOMMUNICATIONS
Enterprise & Cloud Infrastructure
Security Software
Brian Colley, Analyst
(214) 258-2771
Hassan Saleem, Associate
(212) 891-1778
Katie Cartwright, Assistant
(501) 377-2057
Financial Technology
Charles Nabhan, Analyst
(617) 319-9693
Alex Neumann, Associate
(330) 780-4944
Katie Cartwright, Assistant
(501) 377-2057
Media/Advertising Technology
Kyle Evans, Analyst
(501) 377-6376
Brady Lierz, Associate
(501) 377-2668
Allie Ryan, Associate
(501) 377-8183
Katie Cartwright, Assistant
(501) 377-2057
Nicholas Zangler, CFA, Analyst
(312) 292-5753
Dean Sublett, Associate
(501) 377-6372
Katie Cartwright, Assistant
(501) 377-2057
EDITORIAL
Kelley Wilkins
Managing Director
(501) 377-2020
Martha Graham, Supervisory Analyst
(501) 377-2260
Natacha Hammerstad,
Supervisory Analyst
(713) 993-4233
Jennifer Keeling, Supervisory Analyst
(501) 377-8004
Kat Waldo, Editor
(817) 900-5700
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