GLOBAL RESEARCH | PUBLISHED BY RAYMOND JAMES & …

GLOBAL RESEARCH | PUBLISHED BY RAYMOND JAMES & ASSOCIATES

October 2020

? 2020 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

Contents

Consumer USA ............................ 18 CAN ........................... 21

Energy USA ............................ 23 CAN ........................... 26

Financial Services USA ............................ 30 CAN ........................... 36

Healthcare USA .......................... 38 CAN .......................... 42

Industrial USA .......................... 44 CAN .......................... 45

Mining & Natural Resources CAN .......................... 48

Real Estate USA .......................... 51 CAN .......................... 54

Technology & Communications USA .......................... 56 CAN .......................... 62

Transportation USA .......................... 64 CAN .......................... 66

Analyst Index ................................................................. 3 Upcoming Events ............................................................ 4 Research Coverage Changes ............................................. 4 About This Publication .................................................... 5 Company Index .............................................................. 7 Companies Under Coverage ............................................ 18

Research Analysts and Sales & Trading Directories

USA, Canada and Europe .... 67

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Raymond James Research Register - October 2020

Analyst Index

Joseph Altobello, CFA (JA) ......................... 18 Stephen Laws (SLa) .................................. 51 Brian M. Vaccaro, CFA (BV) ......................... 18 Nicholas Bacchus (NB) .............................. 56 Dane Leone, CFA (DL) ............................ 38,42 William J. Wallace IV (WW) ......................... 30 Frederic Bastien, CFA (FB) ..................26,45,54 Simon Leopold (SL) ...................................56 J.R. Weston, CFA (JRW) ..........................23,26 Jayson Bedford (JB) .................................. 38 Steven Li, CFA (SLi) ............................... 36,62 Elliot Wilbur, CFA (EW) ............................... 38 Felix Boeschen (FB) ...............................44,64 David J. Long, CFA (DJL) ............................ 30 Joshua Wilson, CFA (JW) ........................ 18,44 Stephen Boland, CFA (SB) .......................... 36 Frank G. Louthan, IV (FGL) ......................... 56 Andrew Bradford, CFA (AB) .........................26 Brian MacArthur, CFA (BMa) ....................... 48 Danielle Brill, PharmD (DB) ........................ 38 Robert Majek (RM) .................................... 56 Patrick Tyler Brown, CFA (TB) ................. 44,64 Andrew Marok, CFA (AM) ............................ 56 Chris Caso (CC) ......................................... 56 Matthew McClintock (MM) .......................... 18 Ben Cherniavsky (BC) ............................ 45,66 Jeremy McCrea, CFA (JM) ........................... 26 Andrew Cooper (AC) .................................. 38 Pavel Molchanov (PM) ............................... 23 Chris Cox, CFA (CC) ............................... 23,26 David Novak, MSc (DN) .............................. 42 William A. Crow (WAC) ............................... 51 Patrick O'Shaughnessy (PO) ....................... 30 Sam Darkatsh (SD) ................................18,44 C. Gregory Peters (CGP) ............................. 30 John Davis (JD) ........................................ 56 Brian Peterson, CFA (BP) ............................56 Robert Dodd, Ph.D. (RD) ............................ 30 Ric Prentiss (RP) ....................................... 56 Melissa Fairbanks (MF) .............................. 56 David Quezada, CFA (DQ) ....................... 26,45 David P. Feaster, Jr., CFA (DF) ..................... 30 John W. Ransom (JWR) ......................... 30,38 John Freeman, CFA (JF) ............................. 23 Michael Rose (MR) .................................... 30 Brian Gesuale (BG) .................................... 56 Ammar M. Samma (AS) .............................. 30 Michael Glen, CFA (MG) .......................... 21,45 Rahul Sarugaser, PhD, MASc (RS) ................ 42 Bobby Griffin, CFA (BG) .............................. 18 Steven Seedhouse, Ph.D. (SS) ..................... 38 Farooq Hamed, CA (FH) ............................. 48 Alexander Sklar, CPA, CFA (AS) ....................56 Steve Hansen, CFA, CPA, CMA (SH) ...... 45,48,66 Craig Stanley, M.Sc. Geo (CS) ...................... 48 Buck Horne, CFA (BH) ................................ 51 Brad Sturges, CFA (BS) .............................. 54 Jonathan Hughes, CFA (JH) ........................ 51 Daryl Swetlishoff, CFA (DS) ................ 45,48,66 Justin Jenkins (JJ) ................................ 23,26 Savanthi Syth, CFA (SS) ............................. 64 Aaron Kessler, CFA (AK) ............................. 56 Daniel Tamayo, CFA (DT) ........................... 30 Lawrence Keusch (LK) ............................... 38 Adam Tindle, CFA (AT) ............................... 56

Raymond James Research Register - October 2020

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Upcoming Events

Raymond James Insurance Symposium (USA) November 9, 2020; Virtual

Research Coverage Changes

SMID Cap Company Showcase (USA) November 12-13, 2020; Virtual

Technology Investors Conference (USA) December 7-9, 2020; Virtual

.

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Raymond James Research Register - October 2020

About This Publication

The Equity Research Register is a monthly statistical summary of financial data. It is compiled from information from each of the contributing entities. Following are some general notes about the information contained in this publication.

Symbol and Exchange = the stock exchange where the largest volume of the equity trades and the company's ticker on that exchange. Specific exchange abbreviations are defined on the following page.

Currency = U.S. dollars unless otherwise noted. Currencies are defined on the following page.

Closing Price = last price from indicated date on the indicated stock exchange.

Target Price = Raymond James & Associates (USA) has target prices only for stocks with Strong Buy 1 or Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Projected 12-month price targets may not reflect recent stronger price action in a specific stock.

Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price unless otherwise denoted. In situations where the currency for the closing price differs from the currency for earnings, a currency adjustment factor has been employed. See Footnotes on the following page.

Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable.

Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this publication.

International investments involve additional risks such as currency fluctuations, differing financial accounting standards, andpossiblepoliticalandeconomicinstability. Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. This report is being provided for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for solicitation in your state.

LimitedPartnershipsmaygenerateUnrelatedBusinessTaxableIncome(UBTI),whichcancreateataxliabilitythatmustbe paidfromaretirementaccount. You should receive a Schedule K-1 from the partnership annually that would include UBTI and other financial information. Please consult with your tax advisor to determine whether you must file and pay tax from your account.

Companies Under Coverage USA

October 2020

873

October 2019

891

Canada 224 213

Raymond James Research Register - October 2020

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