SUMMARY. Risk Level *

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SUMMARY. Risk Level *"

Transcription

1 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 $ Week High $ Week Low $10.30 One-Year Return (%) Beta 1.69 Average Daily Volume (sh) 6,616,049 Shares Outstanding (mil) 1,142 Market Capitalization ($mil) $15,034 Short Interest Ratio (days) 1.85 Institutional Ownership (%) 83 Insider Ownership (%) 1 Annual Cash Dividend $0.25 Dividend Yield (%) Yr. Historical Growth Rates Sales (%) 2.1 Earnings Per Share (%) 6.3 Dividend (%) 10.9 using TTM EPS 11.8 using 2015 Estimate 12.4 using 2016 Estimate 11.2 Zacks Rank *: Short Term 1 3 months outlook 4 - Sell * Definition / Disclosure on last page (XRX-NYSE) SUMMARY Xerox reported modest fourth quarter 2014 results as adjusted earnings beat the Zacks Consensus Estimate by $0.03. Xerox remains committed to its 5-plank strategy that is centered on portfolio management, operational excellence, global growth, cost transformation, and analytics. In addition, it is integrating its Managed Print Services with business process and IT outsourcing capabilities to increase revenues from the Services segment to 66% of total revenue by 2017 from 54% at present. However, the presence of a large number of substitutes and strong competition are likely to peg back its profitability to some extent. Nevertheless, we maintain our long-term Neutral recommendation for the stock Risk Level * Below Avg., Type of Stock Large-Value Industry Office Auto&Eqp Zacks Industry Rank * 243 out of 267 ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) ,356 A 5,402 A 5,262 A 5,569 A 21,589 A ,121 A 5,292 A 5,120 A 5,033 A 20,566 A ,630 E 4,852 E 4,745 E 5,022 E 19,249 E ,244 E 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 $0.27 A $0.27 A $0.26 A $0.29 A $1.09 A 2014 $0.27 A $0.27 A $0.27 A $0.31 A $1.12 A 2015 $0.21 E $0.27 E $0.28 E $0.30 E $1.06 E 2016 $1.18 E 2015 Zacks Investment Research, All Rights reserved S. Riverside Plaza, Chicago IL 60606

2 OVERVIEW Founded in 1906, Xerox Corporation is a leader in the development, manufacture, marketing, servicing and financing of document equipment across the world. Headquartered in Norwalk, Connecticut, Xerox has its presence in more than 160 countries. The company offers business process outsourcing and IT outsourcing services, including data processing, healthcare solutions, HR benefits management, finance support, transportation solutions, and customer relationship management services for commercial and government organizations worldwide. The company also provides extensive leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size. The company s financial performance is reported under three segments: Document Technology, Services and Others. The Document Technology segment (43% of fourth quarter 2014 revenues) incorporates the former Production and Office segments, excluding the document outsourcing business. The Production segment provides high-end digital monochrome and color systems designed for customers in the graphic communications industry and large enterprises. The Office segment develops and manufactures a range of color and black-and-white multifunction, printer, copier and fax products. The Services segment (54%) is comprised of two services viz. DO and BPO. The document outsourcing (DO) business is among Xerox s historical business process services and includes Managed Print Services. The company s acquired company, Affiliated Computer Services ( ACS ), is a provider of business process outsourcing (BPO). The Other segment (3%) covers revenues from Xerox Supplies Business Group (predominantly paper scales), wide-format systems, value-added services and Global Imaging Systems network integration solutions, electronic presentation systems, and non-allocated corporate items REASONS TO BUY Xerox continues to grow globally through successful acquisitions and disposal of non-core assets. Recently, Xerox announced its decision to divest the Information Technology Outsourcing (ITO) business to Atos - a leader in digital services provider - for $1.05 billion. The transaction also includes an additional consideration of $50 million on closing, which is expected in the first half of The initial proceeds of the divestiture will be used to boost share buybacks and acquisition spending. Also with this divestiture, Xerox intends to refocus on its Document Outsourcing businesses and other high-margin business services to offset the decline of the document printing business. The company remains focused on enhancing its Services offerings and expanding itself globally as it aims to invest up to $900 million in acquisitions in Xerox is also set to acquire Seattle-based firm Intrepid Learning Solutions to expand its learning portfolio. Post acquisition, Intrepid s cloud-based learning technology business will be excluded from Xerox and marketed under the Intrepid brand. Together, both companies will sign a partnership alliance to benefit their clients with Intrepid s technological expertise and Xerox s e-learning, consulting, administration and classroom training programs. Xerox is looking forward to expand its offerings through inorganic measures and such acquisitions will help the company to add more clients to its portfolio. Xerox also remains committed to its 5-plank strategy that is centered on portfolio management, global growth, cost transformation, operational excellence and analytics. With sustained investments to expand geographical footprint and build its services capabilities in areas that provide significant customer value, Xerox expects to reap benefits in the long run. In order to better adapt to the changing market trends, Xerox is continually shifting its business model by expanding indirect distribution channel and streamlining its supply chain and product portfolio. Going forward, the company expects to maintain its strong market share in Document Equity Research XRX Page 2

3 Technology business with innovative products to meet the demands of customized communications in digital printing. These include waterless and inkjet-based solutions that enable print providers to deliver tailor-made services. Xerox is also integrating its market-leading Managed Print Services (MPS) with its business process and IT outsourcing capabilities. MPS enables clients to gain visibility and control of printing to save money, improve productivity, boost environmental sustainability and document security. The integration will automate workflow with technology and consulting services to help clients meet the requirements of mobile workforce. At the same time, Xerox generates significant cash flow and deploys it to maximize shareholders value. All these augur well for its long-term growth. Xerox s Services business, which includes Document Outsourcing (DO) and Business Process Outsourcing (BPO) has been improving. The company expects to increase revenues from the Services segment to 66% of total revenue by 2017 from 54% at present. To achieve this objective, Xerox is focusing more on vertical markets like healthcare. The new Juvo platform is expected to boost Xerox's portfolio of business process management and give it a leading role in the changing healthcare model. Also, Xerox invested in HealthSpot, a pioneer in patient and provider-driven healthcare technology. As its exclusive BPO partner, Xerox will support HealthSpot to provide groundbreaking telehealth patients at convenient neighborhood locations. All these factors bode well for the long term growth of the company. REASONS TO SELL Advancements in IT have replaced the traditional means of sending and storing information by digital media. As a result, Xerox and other document industry firms are grappling with decreased demand for paper-related systems and products. This in turn is hurting its overall profitability. Another major threat involves the availability of a large number of substitutes because of strong peer presence, although there are lesser chances of new entry. Companies like Canon, Hewlett-Packard Lexmark and Toshiba are strong enough to provide tough competition to Xerox. Moreover, they are also broadening their product line and strengthening their global presence in almost the same way as Xerox. This has largely affected the profit margins of the company. A significant portion of the company s revenues are generated from operations outside the United States. Additionally, the company maintains significant operations and acquires or manufactures many of its products outside the United States. Fluctuations in foreign currency exchange rates affect the company s net investment in foreign subsidiaries and may cause instability in cash flows related to foreign denominated transactions. These undermine its long-term growth to some extent. Equity Research XRX Page 3

4 RECENT NEWS Xerox Beats on Q4 Earnings, Revenues Dip Y/Y December 31, 2014 Xerox reported net income (from continuing operations) of $305 million or $0.26 per share in fourth quarter of 2014 compared with $297 million or $0.23 a share in the year-ago quarter. The year-over-year increase in earnings per share was due to lower operating expenses. For full year 2014, the company reported net income (from continuing operations) of $1,084 million or $0.90 per share compared with $1,139 million or $0.89 a share in Excluding non-recurring items, adjusted earnings (from continuing operations) for the reported quarter were $357 million or $0.31 per share versus $344 million or $0.27 per share in the year-earlier quarter. Adjusted earnings for the reported quarter exceeded the Zacks Consensus Estimate of $0.28. Excluding non-recurring items, adjusted earnings (from continuing operations) for full year 2014 were $1,280 million or $1.07 per share versus $1,328 million or $1.04 per share in Adjusted earnings for the full year missed the Zacks Consensus Estimate by $0.01 Total revenues in the reported quarter decreased 3% year over year to $5,033 million. Quarterly revenues beat the Zacks Consensus Estimate of $5,015 million. The decrease in revenues was driven by lower sales in the Document Technology segment. Operating margin for the reported quarter was up 1.0 % year over year to 10.4%, while gross margin was 32.1%. Total revenues for full year 2014 decreased 2% year over year to $19,540 million. Segment Performance Revenues from the Services segment, which include Document Outsourcing (DO) and Business Process Outsourcing (BPO) increased 1% year over year to $2,725 million in the reported quarter (54% of total revenue). BPO revenues increased due to growth from acquisitions along with organic growth in several lines of business. Revenues from DO decreased year over year as growth in the partner print services offerings was offset by decline in Europe and other markets Segment margin increased 0.1% year over year to 9.8%. Total Services sales pipeline declined 5% year over year. The pipeline has been adjusted to remove the ITO business and reflect the realignment of its services go-to-market resources into industry focused business groups. Total contract value of service signings aggregated $3.2 billion with BPO and DO accounting for $2.2 billion and $1.0 billion, respectively. Total contract signings increased 20% in the reported quarter driven by renewals. Revenues in the Document Technology segment dipped 8% year over year to $2,159 million (43% of total revenue) due to a fall in equipment sales and annuity revenues. Segment margin increased 2.8% year over year in the reported quarter to 14.4% owing to benefits from cost initiatives, lower pension expense and positive effects from restructuring. The revenue mix for the segment comprised 56% mid-range, 25% high-end and 19% for entry-level products. Revenues in the Other segment decreased 12% to $149 million (3% of total revenue) due to lower licensing and patent sale revenues. Segment loss of $65 million increased $31 million from the year-ago quarter, primarily driven by lower licensing and patent sale revenues and lower gains on sales of businesses and asset. Equity Research XRX Page 4

5 Financial Position Xerox had cash and cash equivalents of $1,411 million as of Dec 31, 2014, compared with $1,764 million as of Dec 31, Long-term debt at the end of the reported quarter stood at $6,314 million versus $6,904 million as of Dec 31, Net cash provided by operating activities for the year ended Dec 31, 2014 stood at $2,063 million versus $2,375 million in the year-ago period. The company repurchased $1.07 billion worth of shares for full year Xerox increased the quarterly cash dividend by 12% to 7 cents per share, with the dividend payable on Apr 30, Other Recently, Xerox entered into an agreement to sell its Information Technology Outsourcing (ITO) business to Atos S.E. for $1.05 billion to focus on building up faster-growing units, business process outsourcing (BPO) and document outsourcing. The transaction is expected to close in the first half of Outlook For first quarter 2015, Xerox expects GAAP earnings between $0.16 to $0.18 per share, while adjusted earnings are expected to be within $0.20 to $0.22. For full-year 2015, Xerox expects adjusted earnings to be in the range of $1.00 to $1.06 per share. GAAP earnings from continuing operations are expected in the range of $0.83 to $0.89 per share. Xerox expects cash flow from operations to be in the range of $1.7 to $1.9 billion and free cash flow in the range of $1.3 to $1.5 billion, reflecting a negative $200 million impact to cash flow from operations and a negative $100 million impact to free cash flow. Xerox expects to offset the impact from the ITO sale on free cash flow by Equity Research XRX Page 5

6 VALUATION Xerox s current trailing 12-month earnings multiple is 11.8x, compared with the 11.4x average for the peer group and 18.6x for the S&P 500. Over the last five years, shares of Xerox have traded in a range of 6.0x to 15.1x trailing 12-months earnings. The stock is also trading at a discount to the peer group, based on forward earnings estimates. Our long-term Neutral recommendation on the stock indicates that it will perform in line with the broader market. Our $14.00 target price, 13.2x our 2015 EPS estimate, reflects this view. Key Indicators F1 F2 Est. 5-Yr EPS Gr% P/CF 5-Yr High 5-Yr Low Xerox Corporation (XRX) Industry Average S&P Ricoh Company Ltd ADR (RICOY) Canon Inc ADR (CAJ) Seiko Epson Corp (SEKEY) Konica Minolta, Inc (KNCAY) TTM is trailing 12 months; F1 is 2015 and F2 is 2016, 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 Xerox Corporation (XRX) Industry Average S&P Equity Research XRX Page 6

7 Earnings Surprise and Estimate Revision History Equity Research XRX Page 7

8 DISCLOSURES & DEFINITIONS The analysts contributing to this report do not hold any shares of XRX. 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 1117 companies covered: Outperform %, Neutral %, Underperform 6.4%. 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: Meenu Goyal Lead Analyst: Supriyo Bose Content Editor: Supriyo Bose QCA: Supriyo Bose Reasons for Update: 4Q14 & FY14 Earnings Update Equity Research XRX Page 8

Navigant Consulting Inc.

Navigant Consulting Inc. February 17, 2015 Navigant Consulting Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/15/2013 Current Price (02/16/15) $14.99 Target Price $16.00

More information

Dover Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (DOV-NYSE) SUMMARY

Dover Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (DOV-NYSE) SUMMARY March 09, 2015 Dover Corporation Current Recommendation Prior Recommendation Outperform Date of Last Change 01/11/2011 Current Price (03/06/15) $70.71 Target Price $74.00 NEUTRAL SUMMARY (DOV-NYSE) In

More information

Pentair plc NEUTRAL ZACKS CONSENSUS ESTIMATES (PNR-NYSE)

Pentair plc NEUTRAL ZACKS CONSENSUS ESTIMATES (PNR-NYSE) March 20, 2015 Pentair plc (PNR-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/12/2014 Current Price (03/19/15) $64.38 Target Price $68.00 52-Week

More information

Cincinnati Financial Corp.

Cincinnati Financial Corp. February 06, 2015 Cincinnati Financial Corp. NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 02/10/2014 Current Price (02/05/15) $51.89 Target Price $54.00 (CINF-NASDAQ)

More information

(SEIC-NASDAQ) Risk Level *

(SEIC-NASDAQ) Risk Level * March 20, 2015 SEI Investments Co. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 09/30/2013 Current Price (03/19/15) $43.74 Target Price $46.00 SUMMARY DATA (SEIC-NASDAQ)

More information

Invesco Ltd. NEUTRAL ZACKS CONSENSUS ESTIMATES (IVZ-NYSE)

Invesco Ltd. NEUTRAL ZACKS CONSENSUS ESTIMATES (IVZ-NYSE) March 10, 2015 Invesco Ltd. (IVZ-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 10/03/2012 Current Price (03/09/15) $40.40 Target Price $42.00 52-Week

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * 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 information

Avon Products Inc. UNDERPERFORM ZACKS CONSENSUS ESTIMATES (AVP-NYSE)

Avon Products Inc. UNDERPERFORM ZACKS CONSENSUS ESTIMATES (AVP-NYSE) February 19, 2015 Avon Products Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 02/19/2015 Current Price (02/18/15) $9.10 Target Price $8.25 SUMMARY DATA UNDERPERFORM 52-Week

More information

SVB Financial Group NEUTRAL ZACKS CONSENSUS ESTIMATES (SIVB-NASDAQ) SUMMARY

SVB Financial Group NEUTRAL ZACKS CONSENSUS ESTIMATES (SIVB-NASDAQ) SUMMARY January 02, 2015 SVB Financial Group Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 01/02/2015 Current Price (01/01/15) $116.07 Target Price $122.00 SUMMARY DATA (SIVB-NASDAQ)

More information

Allscripts Healthcare Solutions, Inc.

Allscripts Healthcare Solutions, Inc. December 01, 2014 Allscripts Healthcare Solutions, Inc. Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Outperform Date of Last Change 05/17/2012 Current Price (11/28/14) $12.02 Target

More information

Marathon Petroleum Corporation

Marathon Petroleum Corporation January 19, 2015 Marathon Petroleum Corporation (MPC-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/07/2014 Current Price (01/16/15) $77.56 Target

More information

O'Reilly Automotive Inc.

O'Reilly Automotive Inc. February 05, 2015 O'Reilly Automotive Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 06/15/2011 Current Price (02/03/15) $193.28 Target Price $203.00

More information

Symmetry Medical, Inc.

Symmetry 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 information

Interactive Brokers Group, Inc.

Interactive Brokers Group, Inc. 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

More information

Equity Residential NEUTRAL ZACKS CONSENSUS ESTIMATES (EQR-NYSE) SUMMARY

Equity Residential NEUTRAL ZACKS CONSENSUS ESTIMATES (EQR-NYSE) SUMMARY March 16, 2015 Equity Residential Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/15/2009 Current Price (03/13/15) $77.02 Target Price $81.00 52-Week

More information

Dillard s Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (DDS-NYSE)

Dillard 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

More information

Kirkland s Inc OUTPERFORM ZACKS CONSENSUS ESTIMATES (KIRK-NASDAQ) SUMMARY

Kirkland s Inc OUTPERFORM ZACKS CONSENSUS ESTIMATES (KIRK-NASDAQ) SUMMARY 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 information

Osiris Therapeutics, Inc.

Osiris Therapeutics, Inc. March 17, 2015 Osiris Therapeutics, Inc. NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 08/31/2014 Current Price (03/16/15) $17.48 Target Price $18.00 (OSIR-NASDAQ)

More information

McDermott International Inc.

McDermott 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

More information

Canadian Natural Resources Ltd.

Canadian 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

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * March 20, 2015 Aon Plc NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 06/18/2012 Current Price (03/19/15) $98.91 Target Price $104.00 SUMMARY (AON-NYSE) Aon s fourth-quarter

More information

BancorpSouth, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (BXS-NYSE) SUMMARY

BancorpSouth, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (BXS-NYSE) SUMMARY December 22, 2014 BancorpSouth, Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 09/23/2013 Current Price (12/19/14) $22.12 Target Price $23.00 NEUTRAL SUMMARY (BXS-NYSE)

More information

Harman International Industries Inc.

Harman International Industries Inc. February 02, 2015 Harman International Industries Inc. (HAR-NYSE) Current Recommendation Earnings Update: Harman International Reports Q2 Results SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date

More information

Bed Bath & Beyond Inc.

Bed Bath & Beyond Inc. January 21, 2015 Bed Bath & Beyond Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/23/2009 Current Price (01/20/15) $73.31 Target Price $77.00 52-Week

More information

Hibbett Sports, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (HIBB-NASDAQ)

Hibbett Sports, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (HIBB-NASDAQ) 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 information

Liberty Property Trust

Liberty Property Trust December 29, 2014 Liberty Property Trust Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/27/2014 Current Price (12/26/14) $37.95 Target Price $40.00

More information

SUMMARY A 543 A 524 A 593 A 2,166 A A 556 A 542 A 608 A 2,237 A E 569 E 562 E 636 E 2,306 E ,424 E

SUMMARY A 543 A 524 A 593 A 2,166 A A 556 A 542 A 608 A 2,237 A E 569 E 562 E 636 E 2,306 E ,424 E 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 information

Archer Daniels Midland Company

Archer Daniels Midland Company February 26, 2015 Archer Daniels Midland Company (ADM-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 12/04/2014 Current Price (02/25/15) $48.10 Target

More information

Intuitive Surgical Inc.

Intuitive Surgical Inc. March 17, 2015 Intuitive Surgical Inc. Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Outperform Date of Last Change 03/21/2013 Current Price (03/16/15) $506.82 Target Price $532.00 52-Week

More information

The Gap, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (GPS-NYSE)

The Gap, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (GPS-NYSE) March 19, 2015 The Gap, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 03/19/2013 Current Price (03/18/15) $42.33 Target Price $44.00 52-Week High

More information

Molina Healthcare Inc.

Molina Healthcare Inc. February 10, 2015 Molina Healthcare Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 08/24/2014 Current Price (02/09/15) $50.48 Target Price $53.00 NEUTRAL SUMMARY (MOH-NYSE)

More information

Campbell Soup Company

Campbell Soup Company December 24, 2014 Campbell Soup Company Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 03/12/2014 Current Price (12/23/14) $44.62 Target Price $47.00 SUMMARY DATA

More information

Barrick Gold Corporation

Barrick Gold Corporation March 18, 2015 Barrick Gold Corporation Current Recommendation Prior Recommendation Underperform Date of Last Change 06/18/2014 Current Price (03/17/15) $10.33 Target Price $11.00 NEUTRAL (ABX-NYSE) SUMMARY

More information

Monster Beverage Corporation

Monster Beverage Corporation January 07, 2015 Monster Beverage Corporation (MNST-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 07/08/2013 Current Price (01/06/15) $112.28

More information

American Eagle Outfitters Inc.

American Eagle Outfitters Inc. March 19, 2015 American Eagle Outfitters Inc. (AEO-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 06/19/2014 Current Price (03/18/15) $17.04 Target

More information

BioMarin Pharmaceutical Inc. (BMRN-NASDAQ)

BioMarin Pharmaceutical Inc. (BMRN-NASDAQ) February 26, 2015 BioMarin Pharmaceutical Inc. (BMRN-NASDAQ) Analyst Note Current Recommendation Prior Recommendation Neutral Date of Last Change 02/22/2015 Current Price (02/26/15) $108.84 Target Price

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * March 17, 2015 XL Group plc (XL-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 08/22/2013 Current Price (03/16/15) $36.78 Target Price $39.00 SUMMARY XL Group

More information

Goldcorp Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (GG-NYSE)

Goldcorp Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (GG-NYSE) March 19, 2015 Goldcorp Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 09/25/2014 Current Price (03/18/15) $18.97 Target Price $20.00 NEUTRAL (GG-NYSE) SUMMARY We are reaffirming

More information

Caterpillar Inc. UNDERPERFORM ZACKS CONSENSUS ESTIMATES (CAT-NYSE)

Caterpillar Inc. UNDERPERFORM ZACKS CONSENSUS ESTIMATES (CAT-NYSE) February 25, 2015 Caterpillar Inc. (CAT-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 02/22/2015 Current Price (02/24/15) $84.50 Target Price $77.00 SUMMARY DATA UNDERPERFORM

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * March 12, 2015 Chevron Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/19/2011 Current Price (03/11/15) $103.54 Target Price $109.00 52-Week

More information

Allergan, Inc. NEUTRAL. ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) (AGN-NYSE)

Allergan, Inc. NEUTRAL. ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) (AGN-NYSE) December 22, 2014 Allergan, Inc. (AGN-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 10/19/2014 Current Price (12/19/14) $212.63 Target Price $223.00

More information

Hanesbrands Inc (HBI-NYSE)

Hanesbrands Inc (HBI-NYSE) January 23, 2015 Hanesbrands Inc (HBI-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/23/2015 Current Price (01/22/15) $113.04 Target Price $119.00

More information

(PPG-NYSE) SUMMARY. Risk Level *

(PPG-NYSE) SUMMARY. Risk Level * January 19, 2015 PPG Industries Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/19/2015 Current Price (01/16/15) $230.38 Target Price $276.00 SUMMARY DATA OUTPERFORM (PPG-NYSE)

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * January 29, 2015 Kohl s Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 07/22/2013 Current Price (01/28/15) $60.80 Target Price $64.00 52-Week

More information

Calgon Carbon Corporation

Calgon Carbon Corporation March 04, 2015 Calgon Carbon Corporation Current Recommendation Prior Recommendation Underperform Date of Last Change 06/05/2014 Current Price (03/03/15) $20.64 Target Price $22.00 NEUTRAL (CCC-NYSE) SUMMARY

More information

Michael Kors Holdings Limited

Michael Kors Holdings Limited December 29, 2014 Michael Kors Holdings Limited (KORS-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 12/29/2014 Current Price (12/26/14) $75.21 Target

More information

Vodafone Group PLC ADS

Vodafone Group PLC ADS February 19, 2015 Vodafone Group PLC ADS Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 02/27/2014 Current Price (02/18/15) $34.85 Target Price $37.00

More information

Wal-Mart Stores (WMT-NYSE)

Wal-Mart Stores (WMT-NYSE) February 23, 2015 Wal-Mart Stores (WMT-NYSE) NEUTRAL Current Recommendation Prior Recommendation N/A Date of Last Change 04/07/2000 Current Price (02/20/15) $84.30 Target Price $89.00 SUMMARY Wal-Mart

More information

Freeport-McMoRan Inc.

Freeport-McMoRan Inc. February 05, 2015 Freeport-McMoRan Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 11/05/2014 Current Price (02/03/15) $18.98 Target Price $17.00 UNDERPERFORM (FCX-NYSE) SUMMARY

More information

Canadian Pacific Railway Limited

Canadian Pacific Railway Limited January 28, 2015 Canadian Pacific Railway Limited (CP-NYSE) Current Recommendation Analyst Note SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 05/27/2013 Current Price (01/27/15)

More information

Financial Overview. Leslie Varon

Financial Overview. Leslie Varon Financial Overview Leslie Varon Xerox Investment Proposition Global Market Leader Attractive Market Opportunities Disciplined Operator Strong Annuity- Driven Cash Flow Sustainable Shareholder Returns Strong

More information

XEROX REPORTS FIRST-QUARTER EARNINGS OF 24 CENTS PER SHARE

XEROX REPORTS FIRST-QUARTER EARNINGS OF 24 CENTS PER SHARE News from Xerox Public Relations Office: 800 Long Ridge Road Stamford, CT 06904 203-968-4644 FOR IMMEDIATE RELEASE XEROX REPORTS FIRST-QUARTER EARNINGS OF 24 CENTS PER SHARE Earnings per share up 20 percent;

More information

News from Xerox. Xerox Reports Fourth-Quarter 2008 Results

News from Xerox. Xerox Reports Fourth-Quarter 2008 Results News from Xerox For Immediate Release Xerox Reports Fourth-Quarter 2008 Results Xerox Corporation 45 Glover Avenue P.O. Box 4505 Norwalk, CT 06856-4505 tel +1-203-968-3000 NORWALK, Conn., Jan. 23, 2009

More information

For Immediate Release Xerox Corporation 45 Glover Avenue P.O. Box 4505 Norwalk, CT tel

For Immediate Release Xerox Corporation 45 Glover Avenue P.O. Box 4505 Norwalk, CT tel News from Xerox For Immediate Release Xerox Corporation 45 Glover Avenue P.O. Box 4505 Norwalk, CT 06856-4505 tel +1-203-968-3000 Xerox Reports Second-Quarter 2015 Earnings Second Quarter 2015 Summary:

More information

Small-Cap Research. SMTP Inc. (SMTP-NASDAQ) SMTP: Announces Secondary to Raise Cash and Accelerate Marketing, Cutting Earnings Forecast OUTLOOK

Small-Cap Research. SMTP Inc. (SMTP-NASDAQ) SMTP: Announces Secondary to Raise Cash and Accelerate Marketing, Cutting Earnings Forecast OUTLOOK Small-Cap Research August 5, 2015 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 SMTP Inc. (SMTP-NASDAQ) SMTP: Announces Secondary to Raise Cash and

More information

Dominos Pizza, Inc.(NYSE: DPZ)

Dominos Pizza, Inc.(NYSE: DPZ) May 27, 2016 Dominos Pizza, Inc.(NYSE: DPZ) $123.00 USD ( As of 05/26/16 ) Data Overview 52 Week High-Low $140.01 - $101.62 20 Day Average Volume 895,341 Beta 0.61 Market Cap 6.17 B Dividend / Div Yld

More information

In the third quarter, total revenue of $5.3 billion was flat from the prior year or down 1 percent in constant currency.

In the third quarter, total revenue of $5.3 billion was flat from the prior year or down 1 percent in constant currency. News from Xerox For Immediate Release Xerox Corporation 45 Glover Avenue P.O. Box 4505 Norwalk, CT 06856-4505 tel +1-203-968-3000 Xerox Reports Third-Quarter 2013 Earnings GAAP EPS from continuing operations

More information

Small-Cap Research. O2Micro International Ltd (OIIM-NASDAQ)

Small-Cap Research. O2Micro International Ltd (OIIM-NASDAQ) Small-Cap Research January 26, 2017 Lisa Thompson 312-265-9517 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 O2Micro International Ltd (OIIM-NASDAQ) Q4 Revenues Up 19% and

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Jan 17, 2018 Page 1 OF 5 Citigroup is one of world's largest banks, with global consumer banking, corporate banking, and investment banking operations. Of the largest U.S. banks, Citigroup

More information

Small-Cap Research. Atossa Genetics (ATOS-NASDAQ) ATOS: Zacks Company Report OUTLOOK

Small-Cap Research. Atossa Genetics (ATOS-NASDAQ) ATOS: Zacks Company Report OUTLOOK Small-Cap Research March 17, 2017 Grant Zeng, CFA 312-265-9466 gzeng@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Atossa Genetics (ATOS-NASDAQ) ATOS: Zacks Company Report ATOS: A pure

More information

Small-Cap Research. Integral Technologies, Inc. (ITKG-OTC) ITKG: Upcoming Revenue Catalysts OUTLOOK SUMMARY DATA ZACKS ESTIMATES

Small-Cap Research. Integral Technologies, Inc. (ITKG-OTC) ITKG: Upcoming Revenue Catalysts OUTLOOK SUMMARY DATA ZACKS ESTIMATES Small-Cap Research November 24, 2015 M. Marin 312-265-9211 scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Integral Technologies, Inc. (ITKG-OTC) ITKG: Upcoming Revenue Catalysts Current Recommendation

More information

Boston Scientific Corporation

Boston Scientific Corporation March 06, 2015 Boston Scientific Corporation Current Recommendation Prior Recommendation Outperform Date of Last Change 10/16/2011 Current Price (03/05/15) $16.97 Target Price $18.00 NEUTRAL SUMMARY (BSX-NYSE)

More information

Small-Cap Research. scr.zacks.com 10 S. Riverside Plaza, Chicago, IL OUTLOOK ZACKS ESTIMATES

Small-Cap Research. scr.zacks.com 10 S. Riverside Plaza, Chicago, IL OUTLOOK ZACKS ESTIMATES Small-Cap Research September 19, 2017 David Bautz, PhD 312-265-9471 dbautz@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Opiant Pharmaceuticals Inc. (OPNT-NASDAQ) OPNT: Estimating When

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Jan 24, 2018 Page 1 OF 5 General Electric is one of the largest publicly traded companies in the world and is classified as a diversified industrials business. The stock is a component of

More information

XEROX REPORTS FIRST-QUARTER EARNINGS OF 20 CENTS PER SHARE

XEROX REPORTS FIRST-QUARTER EARNINGS OF 20 CENTS PER SHARE News from Xerox Public Relations Office: 800 Long Ridge Road Stamford, CT 06904 203-968-4644 FOR IMMEDIATE RELEASE XEROX REPORTS FIRST-QUARTER EARNINGS OF 20 CENTS PER SHARE Total revenue down 2 percent,

More information

Consolidated Results for Nine Months Ended December 31, February 1, 2018 Ricoh Company, Ltd.

Consolidated Results for Nine Months Ended December 31, February 1, 2018 Ricoh Company, Ltd. Consolidated Results for Nine Months Ended December 31, 2017 Ricoh Company, Ltd. Forward-Looking Statements The plans, prospects, strategies and other statements, except for the historical events, mentioned

More information

Small-Cap Research. ADMA Biologics, Inc. (ADMA - NASDAQ) ZACKS ESTIMATES

Small-Cap Research. ADMA Biologics, Inc. (ADMA - NASDAQ) ZACKS ESTIMATES Small-Cap Research August 22, 2017 John D. Vandermosten, CFA 312-265-9588 / jvandermosten@zacks.com scr.zacks.com 10 S. Riverside Plaza, Suite 1600, Chicago, IL 60606 ADMA Biologics, Inc. (ADMA - NASDAQ)

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Dec 29, 2011 Page 1 OF 5 United Technologies is an aerospace-industrial conglomerate whose portfolio includes Climate Control & Security (which now combines UTC Fire Security with Carrier),

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Nov 22, 2017 Page 1 OF 5 Based in London, BP is one of the world's five super majors. BP's operations are fully integrated, consisting of upstream, transportation, trading, refining, petrochemicals,

More information

Detailed Stock Report

Detailed Stock Report Updated March 8, 2013 ROSS STORES INCORPORATED (-O) Retailers / Other Specialty Retailers / Apparel Retailers Description The Average Score combines the quantitative analysis of six widely-used investment

More information

CIF Stock Recommendation Report (Fall 2012)

CIF Stock Recommendation Report (Fall 2012) Date: 10/13/2012 Analyst Name: Ryan Ellingsen CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: Colgate-Palmolive Company (CL) Section (A) Summary Recommendation Buy: Hold Target Price:

More information

Procter & Gamble (PG-NYSE)

Procter & Gamble (PG-NYSE) March 4, 2015 Procter & Gamble (PG-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 10/04/2012 Current Price (03/03/15) $85.16 Target Price $89.00 NEUTRAL SUMMARY P&G

More information

Market Capitalization $4.6 Billion

Market Capitalization $4.6 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 04/08/2011 TARGET PRICE $180.12 BUSINESS DESCRIPTION Fair Isaac Corporation develops analytic, software,

More information

Market Capitalization $116.0 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years

Market Capitalization $116.0 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide.

More information

Market Capitalization $1.5 Billion

Market Capitalization $1.5 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 02/07/2012 TARGET PRICE $51.84 BUSINESS DESCRIPTION CSG Systems International, Inc. provides business support

More information

52-Week High Trailing PE Week Low Forward PE Buy 15 Analysts. 1-Year Return: 26.7% 5-Year Return: -1.

52-Week High Trailing PE Week Low Forward PE Buy 15 Analysts. 1-Year Return: 26.7% 5-Year Return: -1. MANULIFE FINANCIAL (-T) Last Close 21.74 (CAD) Avg Daily Vol 3.8M 52-Week High 22.73 Trailing PE 10.2 Annual Div 0.62 ROE 16.3% LTG Forecast 11.1% 1-Mo -2.0% September 24, TORONTO Exchange Market Cap (Consol)

More information

Market Capitalization $39.0 Billion

Market Capitalization $39.0 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate SELL SELL RATING SINCE 04/18/2013 BUSINESS DESCRIPTION Deutsche Bank Aktiengesellschaft provides investment, financial, and

More information

Market Capitalization $2.0 Billion

Market Capitalization $2.0 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 11/02/2016 BUSINESS DESCRIPTION Pitney Bowes Inc. offers customer information management, location intelligence,

More information

Market Capitalization $12.8 Billion

Market Capitalization $12.8 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 11/21/2017 BUSINESS DESCRIPTION Nielsen Holdings plc operates as an information and measurement company.

More information

Shareholder Value. Larry Zimmerman Senior Vice President & CFO

Shareholder Value. Larry Zimmerman Senior Vice President & CFO Shareholder Value Larry Zimmerman Senior Vice President & CFO 1 Today s Discussion Shareholder Value Investment Thesis Financial Strategy Year-to-date Results Revenue Dynamics Balance Sheet and Cash Flow

More information

Zacks Small-Cap Research

Zacks Small-Cap Research Zacks Small-Cap Research Sponsored Impartial - Comprehensive January 23, 2018 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 ShiftPixy, Inc. (PIXY-NASDAQ)

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Jan 12, 2018 Page 1 OF 5 JPMorgan Chase is one of world's largest diversified banking firms. The company operates a leading global corporate and investment bank and is the second-largest

More information

Small-Cap Research. Antares Pharma, Inc. May 11, 2017 John D. Vandermosten, CFA (ATRS - NASDAQ)

Small-Cap Research. Antares Pharma, Inc. May 11, 2017 John D. Vandermosten, CFA (ATRS - NASDAQ) Small-Cap Research May 11, 2017 John D. Vandermosten, CFA 312-265-9588 / jvandermosten@zacks.com scr.zacks.com 10 S. Riverside Plaza, Suite 1600, Chicago, IL 60606 Antares Pharma, Inc. Milestones Continue

More information

Xerox Investor Handout

Xerox Investor Handout Xerox Investor Handout Xerox Strategy Overview Quarter 2 2017 Earnings As of Q3 2017 http://www.xerox.com/investor Forward Looking Statements This presentation contains forward-looking statements as defined

More information

Market Capitalization $5.4 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years BUY HOLD BUY HOLD BUY

Market Capitalization $5.4 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years BUY HOLD BUY HOLD BUY BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate OHI BUSINESS DESCRIPTION Omega is a real estate investment trust investing in and providing financing to the long-term care

More information

Market Capitalization $371.0 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years

Market Capitalization $371.0 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION organ Chase & Co. operates as a financial services company worldwide. It operates through Consumer & Community

More information

Zacks Small-Cap Research

Zacks Small-Cap Research Zacks Small-Cap Research Sponsored Impartial - Comprehensive January 24, 2018 David Bautz, PhD 312-265-9471 dbautz@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Neurocrine Biosciences,

More information

For Immediate Release Xerox Corporation 201 Merritt 7 Norwalk, CT Tel

For Immediate Release Xerox Corporation 201 Merritt 7 Norwalk, CT Tel News from Xerox For Immediate Release Xerox Corporation 201 Merritt 7 Norwalk, CT 06851-1056 Tel +1-203-968-3000 Xerox Reports Strong Fourth-Quarter 2017 Results; Delivers on Full-Year Commitments Total

More information

Market Capitalization $75.3 Billion

Market Capitalization $75.3 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 11/19/2015 BUSINESS DESCRIPTION Salesforce.com, inc. develops enterprise cloud computing solutions with

More information

Avery Dennison Jefferies Industrials Conference

Avery Dennison Jefferies Industrials Conference Avery Dennison Jefferies Industrials Conference August 9, 2016 Anne Bramman SVP and Chief Financial Officer 1 Avery Dennison Investor Presentation Forward-Looking Statements Certain statements contained

More information

Quad/Graphics Reports Second Quarter and Year-to-Date 2017 Results

Quad/Graphics Reports Second Quarter and Year-to-Date 2017 Results FOR IMMEDIATE RELEASE Quad/Graphics Reports Second Quarter and Year-to-Date 2017 Results Consistent Execution of Strategic Objectives Drives Increased Net Earnings and Margins SUSSEX, WI, August 1, 2017

More information

Market Capitalization $3.2 Billion

Market Capitalization $3.2 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 08/15/2017 TARGET PRICE $33.32 BUSINESS DESCRIPTION Stantec Inc. provides professional consulting services

More information

Xerox Investor Handout as of Q4 2017

Xerox Investor Handout as of Q4 2017 Xerox Investor Handout as of Q4 2017 Xerox Strategy Overview Third Quarter 2017 Earnings http://www.xerox.com/investor Forward Looking Statements This presentation contains forward-looking statements as

More information

Third quarter earnings are expected to increase 8.4% from Q Excluding the Energy sector, the earnings growth estimate declines to 6.1%.

Third quarter earnings are expected to increase 8.4% from Q Excluding the Energy sector, the earnings growth estimate declines to 6.1%. PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: David Aurelio December 15, 2017 Media Questions/Earnings Hotline: 617-856 2459 david.aurelio@thomsonreuters.com PR team: 646-223-5985 AGGREGATE

More information

CASH & INVESTMENT QUARTERLY

CASH & INVESTMENT QUARTERLY CASH & INVESTMENT QUARTERLY Key Metrics: + Aggregate Cash Grew 18%: The S&P 5 (ex-financials) cash and marketable securities balance grew 18.% year-over-year to a balance of $1.36 trillion at the end Q3.

More information

Market Capitalization $7.4 Billion

Market Capitalization $7.4 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY December 31, 2017 BUY RATING SINCE 05/06/2016 TARGET PRICE $80.00 WPC BUSINESS DESCRIPTION W. P. Carey Inc. is a leading internally-managed net

More information

Trailing PE Forward PE Buy 5 Analysts. 1-Year Return: 16.8% 5-Year Return: 204.7%

Trailing PE Forward PE Buy 5 Analysts. 1-Year Return: 16.8% 5-Year Return: 204.7% AIRS OF AMERICA CORP (-T) Last Close 14.20 (CAD) Avg Daily Vol 28,574 52-Week High 14.35 Trailing PE 21.6 Annual Div 0.28 ROE 11.1% LTG Forecast -- 1-Mo 11.9% 2018 April 26 TORONTO Exchange Market Cap

More information

Market Capitalization $153.0 Billion BUY HOLD BUY HOLD

Market Capitalization $153.0 Billion BUY HOLD BUY HOLD BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 05/18/2017 BUSINESS DESCRIPTION General Electric Company operates as an infrastructure and technology

More information

scr.zacks.com 10 S. Riverside Plaza, Suite 1600, Chicago, IL (MNOV - Nasdaq) OUTLOOK ZACKS ESTIMATES

scr.zacks.com 10 S. Riverside Plaza, Suite 1600, Chicago, IL (MNOV - Nasdaq) OUTLOOK ZACKS ESTIMATES Small-Cap Research December 13, 2017 David Bautz, PhD 312-265-9471 dbautz@zacks.com scr.zacks.com 10 S. Riverside Plaza, Suite 1600, Chicago, IL 60606 MediciNova, Inc. MNOV: Positive Topline Results for

More information

Allscripts Healthcare Solutions, Inc.

Allscripts Healthcare Solutions, Inc. HEALTHCARE: Healthcare Technology Company Update / Estimates Change Allscripts Healthcare Solutions, Inc. MDRX: Continuing the String of Bookings We reiterate our SW rating on Allscripts (MDRX) due to

More information