Danaher Corporation (DHR-NYSE) Analyst Note
|
|
- Marjory Moore
- 6 years ago
- Views:
Transcription
1 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 SUMMARY Danaher s fourth-quarter 2014 earnings came in line with the Zacks Consensus Estimate and above the prior-year figure. Core revenue growth, driven by the company s operating culture Danaher Business System remained the primary driver. The system has been effectively augmenting the company s margins and cash flow. Also, the company s balance sheet position is improving, which promises significant acquisition capacity and is likely to drive growth, going forward. However, sluggish economic conditions across some key regions and unfavorable currency translations continue to bother the company s financials. Hence, we maintain our longterm Neutral recommendation on the stock. SUMMARY DATA 52-Week High $ Week Low $71.70 One-Year Return (%) Beta 1.18 Average Daily Volume (sh) 3,057,567 Shares Outstanding (mil) 703 Market Capitalization ($mil) $58,244 Short Interest Ratio (days) 2.92 Institutional Ownership (%) 77 Insider Ownership (%) 14 Annual Cash Dividend $0.40 Dividend Yield (%) Yr. Historical Growth Rates Sales (%) 13.4 Earnings Per Share (%) 15.3 Dividend (%) 38.2 using TTM EPS 22.4 using 2015 Estimate 19.3 using 2016 Estimate 17.9 Zacks Rank *: Short Term 1 3 months outlook 3 - Hold * Definition / Disclosure on last page Risk Level * Low, Type of Stock Large-Blend Industry Diversified Ops Zacks Industry Rank * 212 out of 267 ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) ,445 A 4,738 A 4,669 A 5,267 A 19,118 A ,663 A 4,964 A 4,870 A 5,417 A 19,914 A ,857 E 5,190 E 5,123 E 5,747 E 20,917 E ,955 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 $0.75 A $0.87 A $0.84 A $0.96 A $3.42 A 2014 $0.81 A $0.95 A $0.90 A $1.04 A $3.70 A 2015 $0.92 E $1.09 E $1.07 E $1.22 E $4.30 E 2016 $4.62 E Projected EPS Growth - Next 5 Years % Zacks Investment Research, All Rights reserved S. Riverside Plaza, Chicago IL 60606
2 RECENT NEWS Danaher Q4 Earnings Meet, Revenues Miss Estimates Jan 27, 2015 Danaher reported adjusted earnings of $1.04 a share in fourth-quarter 2014, in line with the Zacks Consensus Estimate. Adjusted earnings increased 8.3% compared with the prior-year figure of $0.96 per share. Also, Danaher s full-year 2014 earnings of $3.68 per share increased 7.6% as compared to $3.42 per share reported year ago. The increase in the bottom line was mainly attributable to core revenue growth, driven by the company s operating culture Danaher Business System. The system has been effectively augmenting the company s margins and cash flow. On a GAAP basis, the company s fourth-quarter 2014 earnings came in at $0.92 per share (including $0.09 related to gain on the sale of marketable securities), which decreased 17.1% on a year-over-year basis. Moreover, the company s full-year 2014 earnings of $3.63 per share on a GAAP basis came 4.5% below the year-ago figure. Inside the Headlines Danaher reported total sales of $5,417.2 million, an increase of 3.0% year over year. However, reported revenues fell short of the Zacks Consensus Estimate of $5,420 million. This was attributable to core and acquisitions revenues increases of 4.0% and 2.5%, respectively, on a year-over-year basis, which was partially offset by unfavorable currency translation effect of 3.5%. On the other hand, Danaher s operating margin dipped to 16.4% from 16.9% in the quarter. For the full year, the company s operating margin rose to 17.2% from 17.1% on a year-over-year basis. As per the segments, revenues in the Test & Measurement segment increased 1.7% year over year to $913.4 million. The segment operating margin rose yearly to 17.9% from 16.6%. Revenues in the Environmental segment were up 5.6% to $988.5 million. The segment reported an operating margin of 19.2%, a decline from 22.5% in the year-ago quarter. Life Sciences and Diagnostics segment revenues were up 2.9% year over year to $1,994.9 million. The operating margin for the quarter decreased yearly to 16.6% from 16.7%. Revenues from the Dental segment grew 6.2% year over year to $626.9 million with operating margin dropping to 9.5% from 13.7%. In the Industrial Technologies segment, revenues dipped 1% to $893.5 million, while the operating margin increased to 20.4% from 17.3% on a year-over-year basis. Liquidity Danaher exited the year 2014 with cash and equivalents balance of $3,005.6 million versus $3,115.2 million as the end of The company had a long-term debt of $3,401.5 million at the end of the year, as compared to $3,436.7 million as on Dec 31, At the end of 2014, Danaher s cash flow from operating activities increased to $3,758.4 million from $ million in the prior-year period. Equity Research DHR Page 2
3 Guidance The company expects first-quarter 2015 adjusted earnings per share to be in the range of $0.90 $0.94. Also, Danaher expects its 2015 adjusted earnings per share to be in the range of $4.30 $4.40 per share. VALUATION Currently, Danaher s shares are trading at 22.4x TTM earnings, compared with the peer group average of 26.6x and the S&P 500 average of 18.6x. Over the last five years, shares have traded in the range of 15.5x to 23.2x trailing 12-month earnings. Therefore, it is currently trading towards the high point of its historical range, which indicates a chance of limited upward movement. Our target price is $87.00 or 20.2x 2015 EPS, which indicates a very limited chance of upside movement. Hence, we have maintained our Neutral recommendation. Key Indicators F1 F2 Est. 5-Yr EPS Gr% P/CF 5-Yr High 5-Yr Low Danaher Corp. (DHR) Industry Average S&P Icahn Enterprises, L.P. (IEP) M Company (MMM) Leucadia National Corporation (LUK) Keppel Corporation Limited (KPELY) 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 Danaher Corp. (DHR) Industry Average S&P Equity Research DHR Page 3
4 Earnings Surprise and Estimate Revision History NOTE THIS IS A NEWS-ONLY UPDATE; THE REST OF THIS REPORT HAS NOT BEEN UPDATED YET. Equity Research DHR Page 4
5 OVERVIEW Danaher Corporation (DHR) is a global conglomerate that designs, manufactures and markets diverse lines of industrial and consumer products. The company was initiated as a Massachusetts based real estate investment trust. In 1978 it was reorganized as a Florida corporation under the name Diversified Mortgage Investors, Inc. which, in a second reorganization in 1980, became a subsidiary of a newly created holding company named DMG, Inc. It adopted the name Danaher in 1984 and was reincorporated as a Delaware corporation following the 1986 annual meeting of its shareholders. Danaher derives its sales from the design, manufacture and marketing of professional, medical, industrial, commercial and consumer products. Danaher organizes its businesses into five operating segments: The Test & Measurement segment (17.9% for the full year 2013 revenues came from this segment). This segment is a leading global provider of electronic measurement instruments, monitoring, management and optimization tools for communications networks and related services that are used in the design, development, manufacture, installation, deployment and operation of electronics equipment and communications networks and services. The Environmental segment (17.3% for the full year 2013 revenues came from this segment) provides products that help protect the water supply and air quality and serves two primary markets: water quality and retail/commercial petroleum. The Life Sciences & Diagnostics segment (35.9% for the full year 2013 revenues came from this segment) offers a broad range of research and clinical tools that are used by scientists to study cells and the components of cells to gain a better understanding of complex biological matters. Pharmaceutical and biotechnology companies, universities, medical schools and research institutions use these tools and this information to study the causes of disease, identify new therapies and test new drugs and vaccines. The Diagnostics businesses offer a broad range of analytical instruments, reagents, consumables, software and services that are used to diagnose diseases, make treatment decisions and monitor patients in hospitals and other critical care settings. The Dental segment (11.0% for the full year 2013 revenues came from this segment) is a leading worldwide provider of a broad range of equipment and consumables for the dental market, focused on developing, manufacturing and marketing innovative solutions for dental professionals around the world. The global dental market encompasses the diagnosis, treatment and prevention of diseases and ailments of the teeth, gums and supporting bone. Industrial Technologies segment (18.0% for the full year 2013 revenues came from this segment) manufactures products and sub-systems that are typically incorporated by customers and systems integrators into production and packaging lines as well as incorporated by original equipment manufacturers (OEMs) into various end-products. Many of the businesses also provide services to support their products, including helping customers integrate and install the products and ensure product uptime. Equity Research DHR Page 5
6 REASONS TO BUY In order to achieve sales growth, better financial performance and upper quartile cash flow, Danaher uses a set of tools and processes called the Danaher Business System (DBS). This is especially designed to continuously improve business performance in the critical areas of quality, delivery, cost and innovation. Within the DBS framework, the company follows a number of strategic initiatives with respect to idea generation, product development and commercialization, global sourcing of materials and services, manufacturing improvement and sales and marketing. DBS has allowed Danaher s various operating companies like Hach, Fluke, Veeder-Root, AB Sciex, Implant Direct, Radiometer as well as Esko to gain an edge over their peers. The company follows an aggressive acquisition strategy and is on a constant lookout for business that strategically fits its existing business portfolio and helps the company expand and diversify into new and attractive business avenues. The company s acquisition of Videojet in 2002 has proved to be one of its most important strategic moves. At present, Videojet is the leader of the coding, marking and printing market. Since the beginning of this year, the company has announced acquisitions worth $3.3 billion. In the last quarter, the company closed the acquisition of the clinical microbiology business of Siemens Healthcare Diagnostics under its Beckman Coulter division. Recently, Danaher announced the merger of its Communications business with NetScout Systems, Inc. (NTCT), valued at about $2.6 billion. Danaher's Tektronix Communications, Fluke Networks and Arbor Networks form part of its Communications business. Post Merger, the combined entity will become a leading network management tools and security solutions provider across the globe. Danaher, gradually evolving as a healthcare company, has broadened its presence in the healthcare and dental markets which are expected to grow in the long term owing to rise in the aging population and increased spending on healthcare and fitness. The aged population is believed to be one of the fastest-growing age groups over the next couple of decades and therefore we believe this will lead to a rising demand for health care products and services in Danaher's Dental and Life Science & Diagnostic businesses. In 2013, approximately 36% of revenues were derived from Life Sciences & Diagnostics and Dental segments. The company is increasing its investment in the commercial and innovation area in this segment. In 2013, the company s business in the segment grew significantly in developing nations like China (more than 20% growth) driven by the increased government spending on the healthcare industry. Moreover, the company s Beckman Couture Diagnostics, Leica Biosystems and AB SCIEX businesses has been performing impressively well in the recent times. The company has strategically diversified its business geographically and expects to witness robust growth in diverse economies including Japan, China, and Western Europe. Danaher has more than half of its revenues coming from outside the U.S with more than 25% of the revenues coming from highgrowth markets like China. While the U.S. markets are forecasted to grow at the rate of 2%-4%, the emerging markets like India and China have the potential to grow twice as much. In 2013, most of In the quarter, the company s businesses like Test & Measurement, Instruments, Gilbarco Veeder-Root, Diagnostics and Dental witnessed strong growth in China. REASONS TO SELL The company s business strategy hinges on acquiring companies and making investments that complement its existing businesses. These acquisitions and investments consume significant resources, which could adversely affect its operating results. Also, acquisitions entail huge integration costs, which Equity Research DHR Page 6
7 often become a drag on the profitability of the company. In the quarter, the company also narrowed its guidance, anticipating the integration costs for the recent acquisitions, especially the Siemens microbiology unit is likely to weigh on company s financials. The company operates in a highly competitive market. The company s businesses operate in industries that are intensely competitive and have been subject to increasing consolidation. Owing to the range of the products and services Danaher sells and the variety of markets it serves, the company deals with a variety of competitors. The ongoing economic weakness across the globe, especially the uncertainty in Europe owing to the slowdown in Germany, may have an adverse impact on the company s business. This apart, prevailing weakness in Russia and parts of Latin America including Brazil also remains a concern going ahead. The company is highly prone to be impacted by adverse foreign currency translations as a significant portion of its revenues is derived from regions outside the U.S. the recent strengthening of dollar can also pose headwinds for Danaher. Equity Research DHR Page 7
8 DISCLOSURES & DEFINITIONS The analysts contributing to this report do not hold any shares of DHR. 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 1116 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. Coverage Team QCA Lead Analyst Analyst Copy Editor Content Ed. Reasons for Update 6B Supriyo Bose Lekha Gupta Lekha Gupta N/A Lekha Gupta Analyst Note Equity Research DHR Page 8
3M Company NEUTRAL ZACKS CONSENSUS ESTIMATES (MMM-NYSE)
January 29, 2015 3M Company Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 04/27/2010 Current Price (01/28/15) $163.94 Target Price $172.00 52-Week High
More informationTE Connectivity Ltd. (TEL-NYSE) Analyst Note
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
More informationDENTSPLY International Inc.
March 18, 2015 DENTSPLY International Inc. Current Recommendation Prior Recommendation NEUTRAL Outperform Date of Last Change 02/19/2012 Current Price (03/17/15) $51.13 Target Price $54.00 SUMMARY (XRAY-NASDAQ)
More information(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 informationPentair 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 informationSVB 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 informationPitney Bowes Inc. (PBI-NYSE) Analyst Note
February 03, 2015 Pitney Bowes Inc. (PBI-NYSE) Analyst Note Current Recommendation Prior Recommendation Outperform Date of Last Change 05/01/2014 Current Price (02/02/15) $22.26 Target Price $23.00 NEUTRAL
More informationAvery Dennison Corporation
March 20, 2015 Avery Dennison Corporation Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 09/26/2013 Current Price (03/19/15) $53.00 Target Price $56.00 SUMMARY DATA
More informationAllscripts 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 informationJones Lang LaSalle Inc.
February 13, 2015 Jones Lang LaSalle Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 11/07/2013 Current Price (02/12/15) $160.97 Target Price $169.00
More informationSnap-On Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES RECENT NEWS (SNA-NYSE) SUMMARY
February 09, 2015 Snap-On Inc. (SNA-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 09/26/2011 Current Price (02/06/15) $140.99 Target Price $148.00 SUMMARY Keeping
More informationCRA International Inc.
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)
More informationInvesco 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 informationPrudential Financial Inc.
February 06, 2015 Prudential Financial Inc. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 04/03/2014 Current Price (02/05/15) $75.32 Target Price $79.00 SUMMARY DATA
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 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 informationRockwell Automation Inc.
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
More informationDover 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 informationInterpublic Group of Companies Inc.
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 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)
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
More information(RHI-NYSE) SUMMARY. Risk Level *
March 04, 2015 Robert Half International Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/19/2012 Current Price (03/03/15) $62.70 Target Price $66.00
More informationNavigant 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 informationUnited Parcel Service Inc.
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
More informationSUMMARY. Risk Level *
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 informationAmerican Axle & Manufacturing Holdings Inc.
January 22, 2015 American Axle & Manufacturing Holdings Inc. (AXL-NYSE) NEUTRAL Current Recommendation Prior Recommendation Underperform Date of Last Change 05/07/2013 Current Price (01/21/15) $24.14 Target
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
More informationFirst Republic Bank NEUTRAL ZACKS CONSENSUS ESTIMATES (FRC-NYSE) SUMMARY
March 06, 2015 First Republic Bank Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Neutral Date of Last Change 04/14/2011 Current Price (03/05/15) $57.70 Target Price $61.00 52-Week High
More informationItron, Inc. UNDERPERFORM ZACKS CONSENSUS ESTIMATES (ITRI-NASDAQ) SUMMARY
February 13, 2015 Itron, Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 02/08/2015 Current Price (02/12/15) $35.87 Target Price $33.00 SUMMARY DATA UNDERPERFORM 52-Week High
More informationHoneywell International Inc.
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 informationMagna International Inc.
February 26, 2015 Magna International Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/09/2014 Current Price (02/25/15) $110.01 Target Price $116.00
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 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 informationCincinnati 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 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
More informationInteractive 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 informationVistaprint N.V. NEUTRAL ZACKS CONSENSUS ESTIMATES (VPRT-NASDAQ) SUMMARY
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
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-
More informationTorchmark Corp. NEUTRAL ZACKS CONSENSUS ESTIMATES (TMK-NYSE) SUMMARY
March 12, 2015 Torchmark Corp. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 07/20/2006 Current Price (03/11/15) $53.41 Target Price $56.00 SUMMARY DATA (TMK-NYSE)
More informationathenahealth Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (ATHN-NASDAQ) SUMMARY
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
More informationSUMMARY. Risk Level *
January 09, 2015 Fred s Inc (FRED-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 07/17/2014 Current Price (01/08/15) $17.13 Target Price $18.00
More informationHSBC Holdings plc ADR (HSBC-NYSE)
February 24, 2015 HSBC Holdings plc ADR (HSBC-NYSE) Analyst Note NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 12/21/2014 Current Price (02/23/15) $44.68 Target Price
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
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 informationCH Robinson Worldwide Inc.
March 20, 2015 CH Robinson Worldwide Inc. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 08/22/2013 Current Price (03/19/15) $75.16 Target Price $79.00 SUMMARY DATA
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 informationPrecision Castparts Corp.
February 19, 2015 Precision Castparts Corp. Current Recommendation Prior Recommendation Neutral Date of Last Change 02/19/2015 Current Price (02/18/15) $210.97 Target Price $192.00 UNDERPERFORM (PCP-NYSE)
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
More informationEquity 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 informationFlowserve Corporation
March 17, 2015 Flowserve Corporation Current Recommendation Prior Recommendation Underperform Date of Last Change 12/18/2014 Current Price (03/16/15) $56.96 Target Price $60.00 NEUTRAL (FLS-NYSE) SUMMARY
More informationSUMMARY. 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 informationThe Clorox Company NEUTRAL ZACKS CONSENSUS ESTIMATES (CLX-NYSE)
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 informationZoetis Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (ZTS-NYSE) SUMMARY. Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec)
March 06, 2015 Zoetis Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 06/03/2014 Current Price (03/05/15) $46.46 Target Price $49.00 52-Week High
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 informationCanadian Natural Resources Ltd.
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 informationAGCO Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (AGCO-NYSE) SUMMARY
February 05, 2015 AGCO Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/28/2014 Current Price (02/03/15) $48.96 Target Price $51.00 52-Week
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
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
More informationNuStar Energy, L.P. NEUTRAL ZACKS CONSENSUS ESTIMATES (NS-NYSE) SUMMARY
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)
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 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
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
More informationSallie Mae NEUTRAL ZACKS CONSENSUS ESTIMATES (SLM-NASDAQ)
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 information(PGR-NYSE) Risk Level *
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 informationThe Tjx Companies Inc
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)
More informationMarathon 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 informationPenske Automotive Group, Inc. (PAG-NYSE)
February 13, 2015 Penske Automotive Group, Inc. (PAG-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 07/16/2014 Current Price (02/12/15) $47.96 Target Price $58.00 SUMMARY
More informationHibbett 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 informationBig Lots Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (BIG-NYSE) SUMMARY
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 informationO'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 informationHealthways Inc. OUTPERFORM ZACKS CONSENSUS ESTIMATES (HWAY-NASDAQ) SUMMARY
October 28, 2014 Healthways Inc. Current Recommendation Prior Recommendation Earnings Update SUMMARY DATA Healthways report Q3 OUTPERFORM Neutral Date of Last Change 08/06/2014 Current Price (10/27/14)
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 informationKB Home UNDERPERFORM ZACKS CONSENSUS ESTIMATES (KBH-NYSE)
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
More informationOsiris 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 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 informationAXIS Capital Holdings Ltd.
March 20, 2015 AXIS Capital Holdings Ltd. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/24/2013 Current Price (03/19/15) $51.45 Target Price $54.00
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 informationLegg Mason Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (LM-NYSE)
March 12, 2015 Legg Mason Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 09/22/2013 Current Price (03/11/15) $55.03 Target Price $58.00 52-Week High
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 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 informationSUMMARY. Risk Level *
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 informationCerner Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (CERN-NASDAQ) SUMMARY
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
More informationZACKS CONSENSUS ESTIMATES
March 06, 2015 VIVUS Inc. (VVUS-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 03/06/2015 Current Price (03/05/15) $2.87 Target Price $3.00 52-Week
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 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
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 informationKirkland 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 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 information(MOS-NYSE) Risk Level *
March 09, 2015 The Mosaic Company Current Recommendation Prior Recommendation Neutral Date of Last Change 03/09/2015 Current Price (03/06/15) $49.03 Target Price $59.00 OUTPERFORM (MOS-NYSE) SUMMARY We
More informationThe PNC Financial Services Group, Inc.
February 16, 2015 The PNC Financial Services Group, Inc. (PNC-NYSE) Current Recommendation Prior Recommendation Outperform Date of Last Change 05/04/2010 Current Price (02/13/15) $92.38 Target Price $97.00
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
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 informationBancorpSouth, 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 informationCitrix Systems Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (CTXS-NASDAQ) SUMMARY
January 13, 2015 Citrix Systems Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 7/09/2014 Current Price (01/12/15) $61.15 Target Price $64.00 NEUTRAL SUMMARY (CTXS-NASDAQ)
More informationCablevision Systems Corporation.
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
More informationTime Warner Inc. OUTPERFORM ZACKS CONSENSUS ESTIMATES (TWX-NYSE)
January 07, 2015 Time Warner Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/07/2015 Current Price (01/06/15) $82.30 Target Price $90.00 SUMMARY DATA OUTPERFORM 52-Week
More informationIDEX Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (IEX-NYSE)
February 03, 2015 IDEX Corporation Current Recommendation Prior Recommendation Neutral Date of Last Change 08/01/2011 Current Price (02/02/15) $73.51 Target Price $77.00 NEUTRAL (IEX-NYSE) SUMMARY IDEX
More informationUbiquiti Networks, Inc.
January 07, 2015 Ubiquiti Networks, Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/07/ 2015 Current Price (01/06/15) $27.86 Target Price $25.00 UNDERPERFORM (UBNT-NASDAQ)
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
More information