Ironwood Pharmaceuticals, Inc.
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- Jason Gardner
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1 March 11, 2015 Ironwood Pharmaceuticals, Inc. (IRWD-NASDAQ) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 04/13/2014 Current Price (03/10/15) $15.28 Target Price $16.00 SUMMARY Ironwood reported a loss of $0.27 per share in the fourth quarter of 2014, narrower than the year-ago loss of $0.43 but wider than the Zacks Consensus Estimate of a loss of $0.21 per share. Revenues in the quarter came in at $38.1 million. We are encouraged by Linzess uptake rates during the fourth quarter. Ironwood s partnerships with big companies including Actavis among others for the development and commercialization of Linzess in different territories are also encouraging. Ironwood is looking to broaden Linzess label by expanding the targeted patient population and gaining approval for additional indications. However, the company s dependence on a sole product, Linzess, for growth is concerning. SUMMARY DATA 52-Week High $ Week Low $9.75 One-Year Return (%) 9.78 Beta 1.45 Average Daily Volume (sh) 973,420 Shares Outstanding (mil) 140 Market Capitalization ($mil) $2,139 Short Interest Ratio (days) Institutional Ownership (%) Insider Ownership (%) 10 Annual Cash Dividend $0.00 Dividend Yield (%) Yr. Historical Growth Rates Sales (%) 4.0 Earnings Per Share (%) Dividend (%) P/E using TTM EPS P/E using 2015 Estimate P/E using 2016 Estimate 48.6 Zacks Rank *: Short Term 1 3 months outlook 3 - Hold * Definition / Disclosure on last page Risk Level * Above Average Type of Stock Mid-Growth Industry Med-Drugs Zacks Industry Rank * 101 out of 267 ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) A 10 A 5 A 5 A 23 A A 7 A 17 A 38 A 76 A E 41 E 52 E 53 E 179 E E Note: Quarterly numbers may not add to annual figures 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) $0.87 A -$0.57 A -$0.51 A -$0.43 A -$2.35 A $0.38 A -$0.38 A -$0.30 A -$0.27 A -$1.39 A $0.22 E -$0.19 E -$0.11 E -$0.06 E -$0.58 E 2016 $0.24 E Note: Quarterly numbers may not add to annual figures due to rounding off. Projected EPS Growth - Next 5 Years % 2015 Zacks Investment Research, All Rights reserved S. Riverside Plaza, Chicago IL 60606
2 OVERVIEW Cambridge, MA-based Ironwood Pharmaceuticals, Inc. is focused on the development and commercialization of treatments primarily addressing gastrointestinal diseases. The company s sole marketed drug, Linzess (linaclotide), was launched in Dec 2012 in collaboration with Actavis plc for patients suffering from irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). The drug was approved by the FDA in Aug 2012 and is approved in the EU under the trade name Constella. Ironwood is collaborating with Almirall, S.A. in the EU including the Commonwealth of Independent States and Turkey for the drug. The product is available in several EU countries. Ironwood is also working with its Japanese partner, Astellas Pharma Inc. for the development of Linzess in Japan, South Korea, Taiwan, Thailand, the Philippines and Indonesia. AstraZeneca has partnered Ironwood for the co-development and co-commercialization of Linzess in China, Hong Kong and Macau. Ironwood has retained the right to develop Linzess in other territories and is looking for a partnership in these regions. Revenues in 2014 soared 234.1% to $76.4 million, reflecting higher collaboration revenues. REASONS TO BUY Linzess Approval a Milestone: The Aug 2012 FDA approval of Linzess was a major milestone for Ironwood. New patient additions, direct-to-consumer promotion and continued demand should drive sales of the product which was launched in Dec The company is focusing on promoting Linzess to gastroenterologists and primary care physicians. Ironwood is working on expanding managed care access to Linzess and lowering out-of-pocket costs. More than 70% of patients covered by commercial insurance plans and Medicare Part D patients have unrestricted access to Linzess. Meanwhile, approximately 75% had tier II access as of Dec Linzess Label Expansion Efforts: The company is looking to broaden Linzess label by expanding the targeted patient population and gaining approval for additional indications. Ironwood and Actavis intend to evaluate Linzess in pediatric patients and for opioid-induced constipation (OIC, phase II ongoing with data expected in the second half of 2015), both of which represent significant commercial opportunity. Meanwhile, the company has commenced a phase III study evaluating a lower dosage (once-daily 72 mcg) of Linzess in patients suffering from CIC. Data should be out in Meanwhile, the companies also plan to initiate a phase IIb trial for its colonic formulation of Linzess in mid-2015 in patients with IBS-C. Efforts are on to expand in ex-u.s. territories as well. A phase III study in adult patients with IBS-C is ongoing in Japan with the study scheduled to complete in A phase II study in adults with chronic constipation will also be conducted in Japan. Linzess could be launched in China in 2017 a phase III study in adults with IBS-C is being conducted with data due in the second half of Linzess has the potential to be a blockbuster product. Additionally, Linzess is well protected by patents and is unlikely to face generic competition before Ironwood and Actavis are working to strengthen the patent further. Equity Research IRWD Page 2
3 Strong Partnerships: We are positive on Ironwood s agreement with Actavis for the development and commercialization of Linzess in the U.S. In addition to receiving a licensing fee and milestone payments of $205 million, Ironwood is entitled to additional potential sales-related milestone payments of $100 million. Actavis and Ironwood share Linzess revenues generated in the U.S. equally. Given Actavis expertise and strong presence in the U.S. market, we believe it is a suitable partner for Ironwood. Apart from the partnership with Actavis, the company is collaborating with Almirall for the development and commercialization of Linzess in Europe (including the Commonwealth of Independent States and Turkey). The company has also inked a deal with Astellas for the development of Linzess in Japan, South Korea, Taiwan, Thailand, the Philippines and Indonesia. Ironwood will receive milestone payments and royalties from these collaborations. Ironwood has an agreement with AstraZeneca for Linzess in China, Hong Kong and Macau. The collaborations have not only reduced the cost of developing the drug, these also act as a source of revenue for Ironwood. Additional partnerships in other territories will be a positive for the company. As of Dec 31, 2014, Ironwood had received a total of approximately $376.6 million from partners in the form of licensing fees, milestones, royalties and related equity investments. Lucrative Market: Linzess targets the lucrative IBS-C and CIC market. Ironwood said that IBS-C affects approximately 13 million adults in the U.S., while 35 million may suffer from CIC. However, there is a dearth of treatment options for these conditions. If Linzess succeeds in capturing a portion of the market, it will generate significant revenues. Ironwood plans to evaluate Linzess in pediatrics and for OIC, both of which represent significant commercial opportunity. Pipeline Progress: To capture the lucrative GI market, Ironwood is developing several candidates. Some interesting pipeline candidates include IW-9179 (phase IIa diabetic gastroparesis ongoing with data expected in the first half of 2016) and IW-3718 (phase IIb refractory GERD expected to be initiated shortly). Positive on Cost Control Efforts: We are positive on Ironwood s efforts to reduce the net cash used in operating activities through revenue growth and cost control. Meanwhile, Ironwood reduced its workforce by approximately 10% in the first quarter of We believe that the company s cost control efforts will help offset the impact of Linzess marketing costs. REASONS TO SELL Over-Dependence on Linzess: While we are pleased with the approval of Linzess, we remain concerned about the company s dependence on the product for growth. Any negative news related to Linzess would adversely impact the company and its growth prospects. Performance of Linzess has been uneven, encouraging at times and at times falling below our expectations. Although sales have picked up in recent quarters, the product is still a long way from achieving blockbuster status. Competitive Pressure: Currently approved products for IBS-C and CIC include Sucampo Pharmaceuticals Inc. s Amitiza as well as laxatives and over the counter (OTC) fiber supplements. Additional competition may enter the market in the form of Synergy s plecanatide (phase III ongoing for IBS-C and CIC). We are concerned about stiff competition limiting the sales potential of Linzess. Weak Pipeline: The early/mid-stage nature of the pipeline runs its own risk. Although the company has quite a few early/mid-stage candidates in its pipeline, it will be several years before any of these candidates are close to commercialization. Germany Reimbursement Issues: The commercialization of Constella in Germany was suspended in May The decision was taken after Almirall was unable to reach an agreement with the German Equity Research IRWD Page 3
4 National Association of Statutory Health Insurance Funds regarding a reimbursement price for Constella. This is disappointing considering Germany is one of the major markets in Europe. RECENT NEWS Ironwood, Exact Sciences Ink Cologuard Co-Promotion Deal Mar 9, 2015 Ironwood and Exact Sciences entered into an agreement to co-promote the latter s Cologuard the first and only FDA-approved noninvasive stool DNA screening test for colorectal cancer. The non-exclusive co-promotion agreement covers the U.S. market and is initially for a one-year term with the opportunity for extension thereafter. Terms of the Deal As per the terms of the agreement, Ironwood will co-promote Cologuard to health care practitioners using its existing sales force of 160 representatives, who currently promote Linzess. Ironwood will be compensated from net sales of the product generated from the physicians it calls on. However, Linzess will remain Ironwood s top-most sales priority followed by Cologuard. Under the deal, Exact Sciences will be solely responsible for all other aspects of commercialization of Cologuard. Additionally, both companies will collaborate on medical education initiatives for Cologuard and colorectal cancer screening. Ironwood expects to start promoting Cologuard from the second quarter of this year. We are positive on the deal. The deal will provide Ironwood with a second product and additional funds and expand its reach among primary care physicians and gastroenterologists. Ironwood Commences Dosing in Phase I Study on IW-1973 Mar 5, 2015 Ironwood announced the initiation of a phase I study on its soluble guanylate cyclase (sgc) stimulator, IW Results from the study are expected in the second half of The randomized, double-blind, placebo-controlled phase I study will evaluate the safety, pharmacokinetic profile and pharmacodynamic effects of IW The company also plans to initiate a phase I study on its second sgc stimulator, IW-1701, later this year. The company intends to investigate the potential of sgc stimulators across several therapeutic areas including cardiovascular diseases, fibrosis, muscular dystrophy, glaucoma, dementia and diabetic complications. Ironwood Cuts Loss on Higher Revenues Feb 12, 2015 Ironwood Pharmaceuticals reported a loss of $0.27 per share (excluding a one-time write-down of inventory) in the fourth quarter of 2014, much narrower than the year-ago loss of $0.43 per share but wider than the Zacks Consensus Estimate of a loss of $0.21. Revenues in the quarter came in at $38.1 million compared with $5 million in the year-ago quarter. On a sequential basis, revenues were up around 125.4% due to a higher share of profits from Linzess sales in the U.S. Revenues were also above the Zacks Consensus Estimate of $35 million. In 2014, Ironwood reported a loss of $1.39 per share, narrower than the year-ago loss of $2.35 per share. Revenues in 2014 came in at $76.4 million compared with $22.9 million in Equity Research IRWD Page 4
5 Linzess Update Ironwood s sole marketed product is Linzess (EU trade name: Constella) indicated for irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Ironwood co-markets the drug with Actavis. Net sales of the drug, as reported by Actavis, were $93.8 million in the fourth quarter of 2014, up 18% sequentially. In the reported quarter, the company s inventory levels were higher towards the end of the quarter but were within the expected range of 2 to 3 weeks. The number of prescriptions filled increased 12% sequentially to approximately 440,000 driven by continued demand for Linzess. Ironwood has launched a direct-to-consumer campaign which boosted Linzess prescription growth in the reported quarter. Prescriptions grew 12% sequentially. More than 70% of the patients who are covered by commercial insurance plans and Medicare Part D patients have unrestricted access to Linzess. Meanwhile, approximately 75% had tier II ($30 co-pay or less) access as of Dec Meanwhile, Ironwood s EU partner Almirall has launched the product in 10 European countries including the UK, Spain and Italy. Ironwood said that during the fourth quarter Almirall lowered its inventory demand forecast in Europe due to higher commercial challenges. Ironwood is looking to broaden Linzess label by expanding the targeted patient population and gaining approval for additional indications including chronic idiopathic constipation (phase III study, data expected in 2016) and opioid-induced constipation (phase II study, data expected in the second half of 2015). Some other interesting pipeline candidates at Ironwood include IW-9179 (functional dyspepsia and gastroparesis, phase IIa study with data expected in the first half of 2016) and IW-3718 (refractory GERD, the company intends to start a phase IIb study). During the fourth quarter of 2014, selling, general and administrative (SG&A) expenses were up 6.4% to $30.6 million. Research and development (R&D) expenses amounted to $27.5 million, up 22.1% Guidance For 2015, Ironwood expects operating expenses in the range of $220 million to $250 million (R&D expenses of $105 million to $120 million and SG&A expenses of $115 million to $130 million). Ironwood estimates total investment (including Actavis share) in sales and marketing for Linzess to be in the range of $230 million to $260 million. VALUATION Ironwood reported a loss of $0.27 per share in the fourth quarter of 2014, narrower than the year-ago loss of $0.43 but wider than the Zacks Consensus Estimate of a loss of $0.21 per share. Revenues in the quarter came in at $38.1 million. We are encouraged by Linzess uptake rates during the quarter. Ironwood s partnerships with big pharma companies for the development and commercialization of Linzess in different territories are also encouraging. Ironwood is looking to broaden Linzess label by expanding the targeted patient population and gaining approval for additional indications. However, we are concerned about the company s high Equity Research IRWD Page 5
6 dependence on Linzess for growth. Based on the above factors, we maintain a Neutral recommendation on the stock. Ironwood s current trailing 12-month P/S multiple is 28.1, compared to the 7.3 average for its peer group. The stock is trading at 11.9x our 2015 sales estimate, as compared to its peer group multiple of 8.2. Our target price of $16 per share is based on 12.5x our 2015 sales estimate. Key Indicators P/S F1 P/S F2 Est. 5-Yr EPS Gr% P/CF P/S Ironwood Pharmaceuticals, Inc. (IRWD) Peer Group Average P/E 5-Yr High P/E 5-Yr Low Natural Alternatives International Inc. (NAII) Ariad Pharmaceuticals Inc. (ARIA) CTI BioPharma Corp. (CTIC) ImmunoGen, Inc. (IMGN) 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 Ironwood Pharmaceuticals, Inc. (IRWD) Industry Average S&P Equity Research IRWD Page 6
7 Earnings Surprise and Estimate Revision History Equity Research IRWD Page 7
8 DISCLOSURES & DEFINITIONS The analysts contributing to this report do not hold any shares of IRWD. 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 7.2%. 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 Kanchan Khanna Copy Editor - Content Editor Arpita Dutt QCA & Lead Analyst Arpita Dutt Last Updated By Arpita Dutt Reason for Update 4Q14 Equity Research IRWD Page 8
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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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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)
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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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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
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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
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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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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 informationUltra Petroleum Corp.
January 21, 2015 Ultra Petroleum Corp. Current Recommendation Prior Recommendation Neutral Date of Last Change 11/16/2014 Current Price (01/20/15) $13.57 Target Price $12.00 SUMMARY DATA UNDERPERFORM 52-Week
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February 11, 2015 KB Home (KBH-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 02/11/2015 Current Price (02/10/15) $13.61 Target Price $12.00 UNDERPERFORM SUMMARY We are downgrading
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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 informationCullen/Frost Bankers, Inc.
December 26, 2014 Cullen/Frost Bankers, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Neutral Date of Last Change 11/30/2001 Current Price (12/25/14) $70.74 Target Price $74.00
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March 06, 2015 Exelon Corporation Current Recommendation Prior Recommendation NEUTRAL Underperform Date of Last Change 06/28/2009 Current Price (03/05/15) $32.97 Target Price $35.00 (EXC-NYSE) SUMMARY
More informationLincoln Electric Holdings Inc.
January 22, 2015 Lincoln Electric Holdings Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/22/2015 Current Price (01/21/15) $67.15 Target Price $81.00 OUTPERFORM SUMMARY
More informationArmstrong World Industries, Inc.
December 11, 2014 Armstrong World Industries, Inc. (AWI-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 08/24/2014 Current Price (12/10/14) $47.71 Target Price $43.00 SUMMARY
More informationCabot Oil & Gas Corporation
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
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
More informationMeritor, Inc. OUTPERFORM ZACKS CONSENSUS ESTIMATES (MTOR-NYSE)
January 08, 2015 Meritor, Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/08/2015 Current Price (01/07/15) $15.10 Target Price $18.00 SUMMARY DATA OUTPERFORM 52-Week High
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
More informationAvnet, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (AVT-NYSE) SUMMARY
January 30, 2015 Avnet, Inc. Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Underperform Date of Last Change 04/02/2013 Current Price (01/29/15) $42.26 Target Price $44.00 52-Week High
More informationMindray Medical International Limited
January 22, 2015 Mindray Medical International Limited Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 06/26/2014 Current Price (01/21/15) $26.73 Target Price $28.00
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February 26, 2015 The Home Depot, Inc. Current Recommendation Earnings Update: Home Depot Tops Q4 Earnings & Revenues, Guides FY15 SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change
More informationCanadian Natural Resources Ltd.
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February 16, 2015 Interpublic Group of Companies Inc. (IPG-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 05/28/2012 Current Price (02/13/15) $22.10
More informationAvon 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 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
More informationCONMED Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (CNMD-NASDAQ) SUMMARY
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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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 informationHealth Care REIT Inc.
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
More informationDeere & Company NEUTRAL ZACKS CONSENSUS ESTIMATES (DE-NYSE)
February 13, 2015 Deere & Company Current Recommendation Prior Recommendation Outperform Date of Last Change 12/09/2010 Current Price (02/12/15) $89.37 Target Price $94.00 NEUTRAL (DE-NYSE) SUMMARY Deere
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March 13, 2015 Big Lots Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 03/24/2014 Current Price (03/11/15) $49.95 Target Price $52.00 52-Week High
More informationTransocean Ltd. NEUTRAL ZACKS CONSENSUS ESTIMATES (RIG-NYSE)
January 14, 2015 Transocean Ltd. (RIG-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 02/14/2012 Current Price (01/13/15) $15.52 Target Price $16.00 NEUTRAL SUMMARY We
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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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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 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
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More informationAllergan, 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
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More informationMcDermott International Inc.
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More informationTC PipeLines, L.P. (TCP-NYSE)
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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
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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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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)
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