AbbVie Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (ABBV-NYSE) SUMMARY. Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec)
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- Franklin White
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1 February 10, 2015 AbbVie Inc. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 02/10/2015 Current Price (02/09/15) $55.48 Target Price $58.00 SUMMARY DATA (ABBV-NYSE) SUMMARY AbbVie s fourth quarter 2014 EPS of $0.89, up 8.5% y-o-y, surpassed the Zacks Consensus Estimate of $0.85. Revenues increased 5.1% to $5.371 billion, in-line with the Zacks Consensus Estimate. Results were boosted by Humira's strong performance. With the company clearing major loss of exclusivity events, key brands like Humira continuing with their strong performance and the mid-and late-stage pipeline progressing, AbbVie looks well-positioned for growth. The approval of Viekira, and pharmacy benefit manager, Express Scripts support are a major boost for the company. However, considering the pricing pressure and intense competition in the HCV market, we are moving back to a Neutral recommendation. We expect investor focus to remain on Viekira s performance. 52-Week High $ Week Low $46.46 One-Year Return (%) Beta 1.86 Average Daily Volume (sh) 10,532,492 Shares Outstanding (mil) 1,593 Market Capitalization ($mil) $88,380 Short Interest Ratio (days) 2.37 Institutional Ownership (%) 78 Insider Ownership (%) 1 Annual Cash Dividend $1.96 Dividend Yield (%) Yr. Historical Growth Rates Sales (%) 4.1 Earnings Per Share (%) 13.7 Dividend (%) N/A using TTM EPS 16.7 using 2015 Estimate 12.6 using 2016 Estimate 10.9 Zacks Rank *: Short Term 1 3 months outlook 3 - Hold * Definition / Disclosure on last page Risk Level * Average Type of Stock Large-Growth Industry Large Cap Pharma Zacks Industry Rank * 181 out of 267 ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) ,329 A 4,692 A 4,658 A 5,111 A 18,790 A ,563 A 4,926 A 5,019 A 5,452 A 19,960 A ,010 E 5,587 E 5,944 E 6,328 E 22,869 E ,053 E Note: Quarterly numbers may not add to annual figs due to rounding off. Earnings Per Share Estimates (EPS is operating earnings before non-recurring items, but including employee stock options expenses) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) 2013 $0.68 A $0.82 A $0.82 A $0.82 A $3.14 A 2014 $0.71 A $0.82 A $0.89 A $0.89 A $3.32 A 2015 $0.84 E $1.07 E $1.20 E $1.29 E $4.40 E 2016 $5.11 E Note: Quarterly numbers may not add to annual figs due to rounding off. Projected EPS Growth - Next 5 Years % Zacks Investment Research, All Rights reserved S. Riverside Plaza, Chicago IL 60606
2 OVERVIEW North Chicago, IL-based AbbVie came into existence on Jan 1, 2013, after Abbott Laboratories divested its pharmaceutical division. AbbVie, a biopharmaceutical company, focuses on the development and marketing of treatments for complex and serious ailments. The company has a presence in the rheumatoid arthritis, psoriasis, Crohn s disease, HIV, cystic fibrosis, testosterone, thyroid disease, Parkinson s disease, ulcerative colitis, and chronic kidney disease markets. AbbVie s flagship product Humira is approved for several indications like rheumatoid arthritis (moderate to severe), moderately to severely active polyarticular juvenile idiopathic arthritis, active psoriatic arthritis, active ankylosing spondylitis, Crohn s disease (moderate to severe), ulcerative colitis (moderate to severe), axial spondyloarthritis, pediatric Crohn s disease and chronic plaque psoriasis (moderate to severe). Other drugs include Viekira Pak (hepatitis C virus HCV), AndroGel (low testosterone), Kaletra (HIV), Niaspan (cholesterol management), Synthroid (hormone therapy for thyroid disease), Creon (pancreatic enzyme replacement therapy for conditions associated with cystic fibrosis and chronic pancreatitis), Zemplar (secondary hyperparathyroidism), Duopa/Duodopa (advanced Parkinson's disease) and TriCor/TriLipix (cholesterol management) among others. The company also has several candidates in different stages of development across a wide range of therapeutic areas like immunology, renal care, HCV, women s health, oncology, and neuroscience (including multiple sclerosis and Alzheimer s disease). Key pipeline candidates include Elagolix (endometriosis and uterine fibroids; being developed with Neurocrine Biosciences), atrasentan (chronic kidney disease), ABT-199 (cancer; partnered with Roche), veliparib (cancer), elotuzumab (multiple myeloma; partnered with Bristol-Myers Squibb) and Zinbryta (daclizumab - relapsing remitting multiple sclerosis; partnered with Biogen). The company has an agreement with Infinity Pharmaceuticals for the development and commercialization of the latter s oncology candidate duvelisib (IPI-145). AbbVie reported total sales of $19.9 billion in 2014, up 5.8%. REASONS TO BUY Humira Going Strong: AbbVie s flagship product, Humira, continues to drive revenues. Humira, an anti-inflammatory product, is the anti-tumor necrosis factor (TNF) drug of choice. Currently approved for several indications, Humira sales increased 17.7% to $12.5 billion in The product continues to see strong growth in the dermatology and gastroenterology markets. The worldwide launch for the ulcerative colitis (UC) indication also drove revenues. Growing awareness, favorable clinical data, additional indications and expansion into new markets like China and Japan should help the product to continue contributing significantly to the top-line. Humira also has the potential to treat other diseases and is in development for additional indications like moderate-to-severe hidradenitis suppurativa (under review with decisions expected later this year), uveitis (phase III to be completed this year) and fingernail psoriasis (phase III ongoing). Approval for additional indications could add another $1 billion to peak sales forecasts for Humira. The company expects Humira to continue exhibiting mid-teens operational growth. Collaborations and Agreements to Strengthen Pipeline: We are positive on AbbVie s efforts to strengthen its pipeline. The company has been actively pursuing partnership deals and collaborations for candidates across several therapeutic areas including oncology, immunology, oncology, neuroscience, and infectious diseases. Some partners include Roche (ABT-199 Equity Research ABBV Page 2
3 oncology), Biogen (Zinbryta multiple sclerosis), Bristol-Myers (elotuzumab multiple myeloma), Ablynx (ALX-0061 inflammatory diseases including rheumatoid arthritis and systemic lupus erythematosus), Galapagos (cystic fibrosis treatments), Alvine Pharmaceuticals (celiac disease) and Infinity (duvelisib cancer) among others. We believe the company will continue pursuing such deals to grow its pipeline. Promising Pipeline: AbbVie has a deep pipeline consisting of several interesting late-stage candidates. Promising candidates include elagolix (phase III ongoing for the treatment of endometriosis with top-line data from the first phase III study reported in January and data from the second study expected in late 2015; phase IIb for uterine fibroids with data expected in 2015), atrasentan (phase III for the treatment of chronic kidney disease with the study scheduled to complete in 2017), ABT-199 (phase II ongoing in relapsed refractory CLL patients with a 17p deletion initial results due in 2015; phase III study in first-line CLL ongoing), veliparib (four phase III studies ongoing in indications including triple negative breast cancer and previously treated squamous NSCLC), elotuzumab (multiple myeloma phase III studies ongoing with results due in 2015), Zinbryta (relapsing remitting multiple sclerosis regulatory filings in the first half of 2015) and GLPG0364 (rheumatoid arthritis and Crohn s disease). Duopa, for advanced Parkinson s disease, gained FDA approval early this year. REASONS TO SELL HCV a Focus Area: We are also positive on the company s progress with the development of interferon-free treatments for HCV. The approval of Viekira, AbbVie s all-oral, interferon-free therapy with/without ribavirin (RBV), is a major positive for the company. The high rates of response and tolerability coupled with low discontinuation rates as well as Express Scripts support should help this treatment gain share rapidly. On its fourth quarter call, AbbVie said that it expects a global annualized sales run rate of more than $3 billion dollars for Viekira by year end. Meanwhile, AbbVie expects to file for approval of its 12-week, two-pill, once-daily combination HCV treatment in Japan, the second largest HCV market in the world, in the first quarter of AbbVie is also moving ahead with the development of its next-generation HCV program which includes ABT-493, a potent protease inhibitor, and ABT-530, a new NS5A inhibitor. The goal is to bring a ribavirin-free oncedaily pan-genotypic combination to the market. HCV Pricing Pressure: With Viekira gaining approval recently, investor focus will primarily be on the treatment s ability to gain share rapidly given the strong presence of HCV treatments like Gilead s Sovaldi and Harvoni and Johnson & Johnson s Olysio. Pricing pressure in the HCV market is increasing with Gilead signing up with several pharmacy benefit managers. Intense Competition for Key Products: While Humira sales continue to be impressive, we are concerned about intense competition in the market in the form of Johnson and Johnson s Simponi and UCB s Cimzia among others. The entry of new competition in the market could lead to a slowdown in Humira s market share gains. Meanwhile, Kaletra faces intense competition in the HIV market from players like Gilead Sciences, Bristol-Myers Squibb, and Johnson and Johnson. Pipeline and Regulatory Setbacks: While we believe that AbbVie has an impressive pipeline, we note that clinical development involves a high degree of risk. Gaining approval for pipeline candidates has become more difficult given the tough regulatory environment. Development and regulatory setbacks for late-stage pipeline candidates would be a major disappointment for the company. With quite a few data presentations and regulatory events slated for 2015, disappointing updates would lead us to revisit our recommendation. Equity Research ABBV Page 3
4 RECENT NEWS AbbVie Beats on Earnings on Humira Strength Jan 30 AbbVie Inc. (ABBV) reported fourth quarter 2014 earnings of $0.89 per share, up 8.5% from the year-ago earnings and surpassing the Zacks Consensus Estimate of $0.85. Revenues increased 5.1% to $5.371 billion in the fourth quarter of 2014, in-line with the Zacks Consensus Estimate. Results were boosted by Humira's strong performance. Including one-time items, the company reported a loss of $0.51 in the fourth quarter of 2014 compared to earnings of $0.70 per share in the year-ago period. Reported quarter figure includes charges related to the cancelled Shire deal. The company s full year 2014 earnings increased 5.7% to $3.32 per share. Revenues increased 6.2% to $19.9 billion. Humira Remains the Growth Driver Key drug Humira recorded growth of 10.6% with revenues coming in at $3.363 billion. U.S. sales increased 15.8% ($1.932 billion). Ex-U.S. sales increased 4.3% to $1.431 billion. Growing awareness, favorable clinical data, additional indications and expansion into new markets should help the product to continue contributing significantly to the top-line. Other products that performed well include Creon (up 30.6% to $151 million), and Duodopa (up 14.7% to $56 million). Recently launched hepatitis C virus (HCV) product Viekira Pak recorded sales of $48 million. Dyslipidemia franchise (comprising products like TriCor/TriLipix and Niaspan) revenues increased 13.6% to $104 million. Confirms Outlook AbbVie confirmed its earnings guidance of $4.25 to $4.45 per share. While Humira global sales growth is expected in the mid-teens, Synagis performance will remain similar to AndroGel will continue declining refelcting market declines as well as a negative impact from the recent entry of generic competition for the 1% formulation. AndroGel sales are expected to be less than $500 million in Lupron sales will be roughly in line with 2014 levels. Synthroid sales are expected to remain flat. While Creon should exhibit low double-digit growth, Duodopa sales are expected to continue growing in doubledigits. U.S. sales should ramp up as physicians grow familiar with the product. The lipid franchise and HIV products should continue recording a decline in sales. VALUATION AbbVie reported fourth quarter 2014 earnings of $0.89 per share, up 8.5% from the year-ago earnings and surpassing the Zacks Consensus Estimate of $0.85. Revenues increased 5.1% to $5.371 billion in the fourth quarter of 2014, in-line with the Zacks Consensus Estimate. Results were boosted by Humira's strong performance. With the company clearing major LOE events, key brands like Humira continuing with their strong performance and the mid-and late-stage pipeline progressing, AbbVie looks well-positioned for growth. Viekira s approval and pharmacy benefit manager, Express Scripts support are a major boost for the company. However, considering the pricing pressure and intense competition in the HCV market, we are moving back to a Neutral recommendation. We expect investor focus to remain on Viekira s performance. Equity Research ABBV Page 4
5 AbbVie s current trailing 12-month earnings multiple is 16.7, compared to the 20.3 average for the industry and 18.9 for the S&P 500. The stock is currently trading at 12.6x our 2015 EPS estimate. Our target price of $58 is based on 13.2x our 2015 EPS estimate. Key Indicators F1 F2 Est. 5-Yr EPS Gr% P/CF 5-Yr High 5-Yr Low AbbVie Inc. (ABBV) Industry Average S&P Abbott Laboratories (ABT) AstraZeneca plc (AZN) Eli Lilly & Co. (LLY) Bristol-Myers Squibb Company (BMY) TTM is trailing 12 months; F1 is 2014 and F2 is 2015, CF is operating cash flow P/B Last Qtr. P/B 5-Yr High P/B 5-Yr Low ROE D/E Last Qtr. Div Yield Last Qtr. EV/EBITDA AbbVie Inc. (ABBV) Industry Average S&P Equity Research ABBV Page 5
6 Earnings Surprise and Estimate Revision History Equity Research ABBV Page 6
7 DISCLOSURES & DEFINITIONS The analysts contributing to this report do not hold any shares of ABBV. The EPS and revenue forecasts are the Zacks Consensus estimates. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts personal views as to the subject securities and issuers. Zacks certifies that no part of the analysts compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. This report is not to be construed as an offer or the solicitation of an offer to buy or sell the securities herein mentioned. Zacks or its officers, employees or customers may have a position long or short in the securities mentioned and buy or sell the securities from time to time. Zacks uses the following rating system for the securities it covers. Outperform- Zacks expects that the subject company will outperform the broader U.S. equity market over the next six to twelve months. Neutral- Zacks expects that the company will perform in line with the broader U.S. equity market over the next six to twelve months. Underperform- Zacks expects the company will under perform the broader U.S. Equity market over the next six to twelve months. The current distribution of Zacks Ratings is as follows on the 1121 companies covered: Outperform %, Neutral %, Underperform 7.1%. Data is as of midnight on the business day immediately prior to this publication. Our recommendation for each stock is closely linked to the Zacks Rank, which results from a proprietary quantitative model using trends in earnings estimate revisions. This model is proven most effective for judging the timeliness of a stock over the next 1 to 3 months. The model assigns each stock a rank from 1 through 5. Zacks Rank 1 = Strong Buy. Zacks Rank 2 = Buy. Zacks Rank 3 = Hold. Zacks Rank 4 = Sell. Zacks Rank 5 = Strong Sell. We also provide a Zacks Industry Rank for each company which provides an idea of the near-term attractiveness of a company s industry group. We have 264 industry groups in total. Thus, the Zacks Industry Rank is a number between 1 and 264. In terms of investment attractiveness, the higher the rank the better. Historically, the top half of the industries has outperformed the general market. In determining Risk Level, we rely on a proprietary quantitative model that divides the entire universe of stocks into five groups, based on each stock s historical price volatility. The first group has stocks with the lowest values and are deemed Low Risk, while the 5 th group has the highest values and are designated High Risk. Designations of Below-Average Risk, Average Risk, and Above-Average Risk correspond to the second, third, and fourth groups of stocks, respectively. Analyst QCA & Lead Analyst Reason for Update Arpita Dutt Arpita Dutt 4Q14+Rec Change Equity Research ABBV Page 7
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January 14, 2015 Cablevision Systems Corporation. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/10/2014 Current Price (01/13/15) $20.00 Target Price
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February 27, 2015 CRA International Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 02/09/2015 Current Price (02/26/15) $30.11 Target Price $32.00 NEUTRAL (CRAI-NASDAQ)
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December 12, 2014 Hibbett Sports, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 06/17/2014 Current Price (12/11/14) $48.16 Target Price $51.00 52-Week
More informationHudson City Bancorp, Inc.
March 20, 2015 Hudson City Bancorp, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 03/20/2015 Current Price (03/19/15) $10.31 Target Price $11.00 52-Week
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March 16, 2015 Rockwell Automation Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/31/2011 Current Price (03/13/15) $111.52 Target Price $117.00
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January 05, 2015 Health Care REIT Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 07/20/2004 Current Price (01/02/15) $76.95 Target Price $81.00 52-Week
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January 30, 2015 TE Connectivity Ltd. (TEL-NYSE) Analyst Note Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/30/2012 Current Price (01/29/15) $67.57
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January 16, 2015 Cabot Oil & Gas Corporation Current Recommendation Prior Recommendation Neutral Date of Last Change 01/16/2015 Current Price (01/15/15) $28.78 Target Price $26.00 UNDERPERFORM SUMMARY
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October 30, 2014 Vistaprint N.V. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/07/2013 Current Price (10/29/14) $55.06 Target Price $58.00 52-Week High
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February 02, 2015 Xerox Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 10/18/2012 Current Price (01/30/15) $13.17 Target Price $14.00 52-Week
More informationSuncor Energy UNDERPERFORM ZACKS CONSENSUS ESTIMATES (SU-NYSE)
March 11, 2015 Suncor Energy (SU-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 12/18/2014 Current Price (03/10/15) $28.03 Target Price $25.00 UNDERPERFORM SUMMARY Amid weak
More informationTerex Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (TEX-NYSE) SUMMARY
February 19, 2015 Terex Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/04/2015 Current Price (02/18/15) $26.80 Target Price $28.00 52-Week
More informationWells Fargo & Company
March 04, 2015 Wells Fargo & Company Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation N/A Date of Last Change 04/07/2000 Current Price (03/03/15) $55.45 Target Price $58.00 52-Week High
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February 10, 2015 athenahealth Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 10/23/2011 Current Price (02/09/15) $136.28 Target Price $143.00 52-Week
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March 11, 2015 The Clorox Company Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 11/11/2012 Current Price (03/10/15) $107.83 Target Price $113.00 SUMMARY DATA (CLX-NYSE)
More informationEndo International plc
January 23, 2015 Endo International plc Current Recommendation Prior Recommendation Neutral Date of Last Change 01/23/2015 Current Price (01/22/15) $80.02 Target Price $96.00 SUMMARY DATA OUTPERFORM 52-Week
More informationSimon Property Group Inc. (SPG-NYSE) Analyst Note
February 02, 2015 Simon Property Group Inc. (SPG-NYSE) Analyst Note NEUTRAL Current Recommendation Prior Recommendation Underperform Date of Last Change 09/11/2014 Current Price (01/30/15) $198.66 Target
More informationCONSOL Energy Inc. (CNX-NYSE)
March 17, 2015 CONSOL Energy Inc. (CNX-NYSE) Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 08/20/2013 Current Price (03/16/15) $27.02 Target Price $28.00 SUMMARY
More informationSymmetry Medical, Inc.
November 28, 2014 Symmetry Medical, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/28/2014 Current Price (11/27/14) $9.11 Target Price $9.50 52-Week
More informationDillard s Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (DDS-NYSE)
March 12, 2015 Dillard s Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/05/2014 Current Price (03/11/15) $130.28 Target Price $137.00 52-Week High
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March 18, 2015 Progressive Corp. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 05/19/2013 Current Price (03/17/15) $27.03 Target Price $28.00 SUMMARY DATA (PGR-NYSE)
More informationLiberty Interactive Corporation
September 11, 2014 Liberty Interactive Corporation (LINTA-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 09/11/2014 Current Price (09/10/14) $29.41 Target Price $27.00
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February 09, 2015 Kirkland s Inc (KIRK-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 02/09/2015 Current Price (02/06/15) $25.66 Target Price $31.00 OUTPERFORM SUMMARY
More informationCIT Group Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (CIT-NYSE)
February 24, 2015 CIT Group Inc. (CIT-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/18/2015 Current Price (02/23/15) $46.13 Target Price $48.50
More informationAmerican Capital Agency Corp.
January 15, 2015 American Capital Agency Corp. (AGNC-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 10/15/2014 Current Price (01/14/15) $21.53 Target Price $26.00 SUMMARY
More informationFederated Investors, Inc.
March 04, 2015 Federated Investors, Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 11/30/2014 Current Price (03/03/15) $33.52 Target Price $35.00 NEUTRAL SUMMARY (FII-NYSE)
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December 30, 2014 Sallie Mae (SLM-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/08/2013 Current Price (12/29/14) $10.32 Target Price $11.00
More informationCanadian Natural Resources Ltd.
March 12, 2015 Canadian Natural Resources Ltd. (CNQ-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 06/30/2013 Current Price (03/11/15) $28.82 Target Price $30.00 NEUTRAL
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January 29, 2015 CONMED Corporation Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 11/21/2012 Current Price (01/28/15) $47.14 Target Price $49.00 Earnings Update-
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February 26, 2015 The Tjx Companies Inc Current Recommendation Prior Recommendation Underperform Date of Last Change 04/29/2010 Current Price (02/25/15) $69.38 Target Price $73.00 NEUTRAL SUMMARY (TJX-NYSE)
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More informationThe Cheesecake Factory Incorporated
March 20, 2015 The Cheesecake Factory Incorporated (CAKE-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/12/2011 Current Price (03/19/15) $48.82
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September 11, 2009 Canadian Natural Resources Ltd. SUMMARY DATA NEUTRAL Current Recommendation Prior Recommendation OUTPERFORM Date of Last Change 08/18/2009 Current Price (09/10/09) $62.91 Target Price
More informationDanaher Corporation (DHR-NYSE) Analyst Note
January 29, 2015 Danaher Corporation (DHR-NYSE) Analyst Note NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 05/15/2005 Current Price (01/28/15) $82.85 Target Price $87.00
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December 25, 2014 United Parcel Service Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/04/2009 Current Price (12/24/14) $112.41 Target Price $118.00
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March 13, 2015 NuStar Energy, L.P. Current Recommendation Prior Recommendation Underperform Date of Last Change 09/26/2013 Current Price (03/12/15) $60.71 Target Price $63.00 NEUTRAL SUMMARY (NS-NYSE)
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January 29, 2015 Cerner Corporation Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Outperform Date of Last Change 08/01/2012 Current Price (01/28/15) $66.87 Target Price $70.00 52-Week
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February 03, 2015 PerkinElmer Inc. Current Recommendation Prior Recommendation NEUTRAL Underperform Date of Last Change 09/18/2013 Current Price (02/02/15) $45.59 Target Price $48.00 SUMMARY (PKI-NYSE)
More informationCompanhia Paranaense De Energia
January 21, 2015 Companhia Paranaense De Energia (ELP-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/21/2015 Current Price (01/20/15) $12.20
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February 13, 2015 NetApp, Inc. Current Recommendation Earnings Update: NetApp Reports Q3 Results SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/19/2013 Current Price (02/12/15)
More informationPlum Creek Timber Co. Inc.
February 19, 2015 Plum Creek Timber Co. Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 11/23/2014 Current Price (02/18/15) $43.04 Target Price $45.00 NEUTRAL (PCL-NYSE)
More informationBorgWarner Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (BWA-NYSE)
February 13, 2015 BorgWarner Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 03/24/2013 Current Price (02/12/15) $61.38 Target Price $64.00 NEUTRAL (BWA-NYSE) SUMMARY
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March 18, 2013 Sinopec Shanghai Petrochemical Co. Ltd. (SHI-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 06/10/2008 Current Price (03/15/13) $42.10 Target Price
More informationMcDermott International Inc.
January 12, 2015 McDermott International Inc. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 03/04/2013 Current Price (01/09/15) $2.85 Target Price $3.00 SUMMARY DATA
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January 29, 2015 Honeywell International Inc. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 07/18/2012 Current Price (01/28/15) $99.82 Target Price $105.00 SUMMARY
More informationGenworth Financial Inc.
February 12, 2015 Genworth Financial Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 08/22/2014 Current Price (02/11/15) $8.33 Target Price $7.50 SUMMARY DATA UNDERPERFORM
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January 06, 2015 Interactive Brokers Group, Inc. (IBKR-NASDAQ) Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 07/08/2014 Current Price (01/05/15) $28.88 Target Price
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