GLOBAL RESEARCH | PUBLISHED BY

RAYMOND JAMES & ASSOCIATES

April 2023

© 2023 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.
International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863
 Contents

Consumer Industrial Technology & Communications

  USA ............................   16   USA ..........................   37   USA ..........................   48
  CAN ...........................   19   CAN ..........................   39   CAN ..........................   55

Energy Mining Transportation

  USA ............................   20   CAN ..........................   41   USA ..........................   56
  CAN ...........................   23     CAN ..........................   58

Financial Services Real Estate

  USA ............................   25   USA ..........................   43
  CAN ...........................   31   CAN ..........................   46

Healthcare Sustainability
  USA ............................   32   CAN ..........................   47
  CAN ...........................   36  

Research Coverage Changes  ..............................................   3 Research Analysts and

Sales & Trading Directories
Rating and Suitability Definitions  .......................................   4
USA, Canada and Europe  .....   59
Company Index  ..............................................................   5

2 Raymond James Research Register - April 2023

 Research Coverage Changes

Additions
USA
Organon & Co. (OGN:N)
Select Energy Services, Inc. (WTTR:N)
South Plains Financial, Inc. (SPFI:Q)

USA CAN
Atlas Energy Solutions, Inc. (AESI:N) Savaria Corporation (SIS:T) .
Western Digital Corporation (WDC:Q) .

Exchanges

B -- BATS BZX
NEO -- Aequitas NEO Exchange
EPA -- Euronext Paris
O -- OTC Markets
L -- London Stock exchange
Q -- NASDAQ
M -- NYSE American Stock Exchange
T -- TSX
MAD -- Madrid Stock Exchange
V -- TSX Venture
N -- NYSE

Currencies

p -- British pence
€ -- Euro
£ -- British pound
US$ or $ -- U.S. dollar
C$ -- Canadian dollar

Footnotes

NA -- Not Available R -- Research Restricted

NM -- Not Meaningful UR -- Under Review

Raymond James Research Register - April 2023 3

 Rating and Suitability Definitions

RJA (U.S.) Definitions: Strong Buy (SB1) The security is expected to appreciate, produce a total return of at least 15%, and outperform
the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total
return of at least 15% is expected to be realized over the next 12 months. Outperform (MO2) The security is expected to appreciate or
outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs,
an Outperform rating is used for securities where Raymond James is comfortable with the relative safety of the dividend and expects
a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) The security is expected to
perform generally in line with the S&P 500 over the next 12 months and could potentially be used as a source of funds for more highly
rated securities. Underperform (MU4) The security is expected to underperform the S&P 500 or its sector over the next six to 12 months
and should be sold. Suspended (S) The security’s rating and price target have been suspended temporarily. This action may be due to
market events that made coverage impracticable or to comply with applicable regulations or firm policies in certain circumstances. When
a security’s research coverage has been suspended, the previous rating and price target are no longer in effect for this security, and they
should not be relied upon.
RJL (Canada) Definitions: Strong Buy (SB1) The security is expected to appreciate and produce a total return of at least 15% and
outperform the S&P/TSX Composite Index over the next six to 12 months. Outperform (MO2) The security is expected to appreciate
and outperform the S&P/TSX Composite Index over the next 12-18 months. Market Perform (MP3) The security is expected to perform
generally in line with the S&P/TSX composite Index over the next 12 months and could potentially be used as a source of funds for more
highly rated securities. Underperform (MU4) The security is expected to underperform the S&P/TSX Composite Index or its sector over
the next six to 12 months and should be sold. Suspended (S) The security’s rating and price target have been suspended temporarily.
This action may be due to market events that made coverage impracticable or to comply with applicable regulations or firm policies in
certain circumstances or may otherwise have a perceived conflict of interest. When a security’s research coverage has been suspended, the
previous rating and price target are no longer in effect for this security, and they should not be relied upon.

Coverage Universe Investment Banking Relationships

Rating Distribution*
RJA RJL RJA RJL
Strong Buy and Outperform (Buy) 58% 76% 14% 19%
Market Perform (Hold) 40% 23% 8% 11%
Underperform (Sell) 2% 1% 4% 0%
Total Number of Companies 957 243 110 42
* Columns may not add to 100% due to rounding.

RJA Suitability Ratings (SR)

Moderate Risk/Provide Income (M/INC) Larger capitalization, lower volatility (beta) equities of companies with sound financials,
consistent earnings, and dividend yields meaningfully above that of the S&P 500. Many securities in this category are structured with a
focus on providing a consistent dividend or return of capital. Moderate Risk/Wealth Accumulation (M/ACC) Larger capitalization equities
of companies with sound financials, consistent earnings growth, the potential for long-term price appreciation, and often a dividend yield.
Moderately Aggressive Risk/Provide Income (MA/INC) Generally equities of companies that are structured with a focus on providing a
dividend meaningfully above that of the S&P 500. These companies typically feature sound financials, positive earnings, and the potential
for long-term price appreciation. Moderately Aggressive Risk/Wealth Accumulation (MA/ACC) Generally equities of companies in fast
growing and competitive industries with less predictable earnings (or losses), potentially more leveraged balance sheets, rapidly changing
market dynamics, and potential risk of principal. Aggressive Risk/Provide Income (A/INC) Generally equities of companies that are
structured with a focus on providing a meaningful dividend but may face less predictable earnings (or losses), more leveraged balance
sheets, rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and meaningful risk of loss of
principal. Securities of companies in this category may have a more volatile income stream from dividends or distributions of capital.
Aggressive Risk/Wealth Accumulation (A/ACC) Generally equities of companies with a short or unprofitable operating history, limited
or less predictable revenues, high risk associated with success, high volatility (beta), potential significant financial or legal issues, and the
meaningful risk of loss of principal.
RJL Suitability Ratings
RJL has developed a proprietary algorithm for risk rating individual securities. The algorithm utilizes data from multiple vendors, and
all data is refreshed at least monthly. Accordingly, suitability ratings are updated monthly. The suitability rating shown on this report is
current as of the report's published date. In the event that a suitability rating changes after the published date, the new rating will not be
reflected until the analyst publishes a subsequent report.

4 Raymond James Research Register - April 2023

 Company Index
1stdibs.com, Inc. (DIBS:Q)  .........................................................  52
5N Plus Inc. (VNP:T)  ..................................................................  40
89bio, Inc. (ETNB:Q)  .................................................................   32
ACADIA Pharmaceuticals Inc. (ACAD:Q)  ......................................   32
ACRES Commercial Realty Corp. (ACR:N)  ...................................   44
ACV Auctions Inc. (ACVA:Q)  .......................................................   51
ADMA Biologics, Inc. (ADMA:Q)  ..................................................   35
ADS-TEC Energy PLC (ADSE:Q)  ..................................................   21
ANI Pharmaceuticals, Inc. (ANIP:Q)  ............................................   35
APA Corporation (APA:Q)  ..........................................................   20
ARC Resources Ltd. (ARX:T)  .......................................................   23
ARKO Corp. (ARKO:Q)  ...............................................................   17
AT&T Inc. (T:N)  .........................................................................   53
ATN International, Inc. (ATNI:Q)  ................................................   53
ATS Corporation (ATS:T)  ...........................................................   40
Abbott Laboratories (ABT:N)  .....................................................   34
Absolute Software Corporation (ABST:Q)  ...................................   52
Acadia Healthcare Company, Inc. (ACHC:Q)  ...............................   32
Acadian Timber Corp. (ADN:T)  ...................................................  39
Accolade, Inc. (ACCD:Q)  ............................................................   34
Activision Blizzard, Inc. (ATVI:Q)  ................................................   51
Acushnet Holdings Corp. (GOLF:N)  ............................................   18
Addus HomeCare Corporation (ADUS:Q)  ....................................   32
Advance Auto Parts, Inc. (AAP:N)  ...............................................   17
Advanced Energy Industries, Inc. (AEIS:Q)  ..................................   22
Advanced Micro Devices, Inc. (AMD:Q)  .......................................   52
Advantage Energy Ltd. (AAV:T)  ..................................................   23
Adventus Mining Corp. (ADZN:V)  ................................................  41
Aecon Group Inc. (ARE:T)  ..........................................................   39
AeroVironment, Inc. (AVAV:Q)  ....................................................   48
Aflac Incorporated (AFL:N)  ........................................................   29
Ag Growth International, Inc. (AFN:T)  ........................................   39
Agiliti, Inc. (AGTI:N)  ..................................................................   34
Agios Pharmaceuticals, Inc. (AGIO:Q)  .........................................  32
Agnico Eagle Mines Ltd. (AEM:N)  ...............................................   41
Agree Realty Corporation (ADC:N)  .............................................   44
Air Canada (AC:T)  .....................................................................   56
AirSculpt Technologies, Inc. (AIRS:Q)  .........................................   32
Airbnb, Inc. (ABNB:Q)  ................................................................  51
Akamai Technologies, Inc. (AKAM:Q)  ..........................................  53
Alarm.com Holdings, Inc. (ALRM:Q)  ...........................................   49
Alaska Air Group, Inc. (ALK:N)  ...................................................   56
Alerus Financial Corporation (ALRS:Q)  .......................................   25
Algonquin Power & Utilities (AQN:N)  ..........................................  47
Alignment Healthcare, Inc. (ALHC:Q)  .........................................   34
Alimentation Couche-Tard Inc. (ATD:T)  ......................................   17
Allegiant Travel Company (ALGT:Q)  ...........................................   56
Allied Properties REIT (AP.UN:T)  ................................................   46
Allison Transmission Holdings, Inc. (ALSN:N)  .............................   37
Allogene Therapeutics, Inc. (ALLO:Q)  .........................................   32
Ally Financial Inc. (ALLY:N)  ........................................................   25
Alpha Cognition Inc. (ACOG:V)  ...................................................   36
Alphabet Inc. (GOOG:Q)  ............................................................   52
Alpine Income Property Trust, Inc. (PINE:N)  ...............................   44
Alta Equipment Group Inc. (ALTG:N)  ..........................................   39
AltaGas Ltd. (ALA:T)  ..................................................................   24
Raymond James Research Register - April 2023
Alteryx, Inc. (AYX:N)  ..................................................................   51
Altice USA, Inc. (ATUS:N)  ...........................................................  53
Altius Minerals Corporation (ALS:T)  ...........................................   41
Altius Renewable Royalties Corp. (ARR:T)  ...................................  47
Amazon.com, Inc. (AMZN:Q)  ......................................................  52
Amedisys, Inc. (AMED:Q)  ...........................................................   32
Amerant Bancorp Inc. (AMTB:Q)  ................................................   25
Ameresco, Inc. (AMRC:N)  ...........................................................  22
American Airlines Group Inc. (AAL:Q)  .........................................   56
American Equity Investment Life Holding Company (AEL:N)  ........   29
American Financial Group, Inc. (AFG:N)  ......................................  28
American Homes 4 Rent (AMH:N)  ..............................................   45
American Tower Corporation (AMT:N)  .......................................   53
Americold Realty Trust (COLD:N)  ...............................................   43
Ameris Bancorp (ABCB:Q)  .........................................................   25
Amgen Inc. (AMGN:Q)  ...............................................................   32
Amneal Pharmaceuticals Inc. (AMRX:N)  .....................................   35
Amphastar Pharmaceuticals, Inc. (AMPH:Q)  ...............................   35
Analog Devices, Inc. (ADI:Q)  ......................................................   52
AnaptysBio, Inc. (ANAB:Q)  .........................................................  32
AngioDynamics, Inc. (ANGO:Q)  ..................................................   34
Antero Midstream Corporation (AM:N)  .......................................   20
Antero Resources Corporation (AR:N)  ........................................   20
Aon plc (AON:N)  .......................................................................   28
Apellis Pharmaceuticals, Inc. (APLS:Q)  .......................................  32
Apollo Commercial Real Estate Finance, Inc. (ARI:N)  ...................   44
Apple Inc. (AAPL:Q)  ...................................................................  49
Applied Optoelectronics, Inc. (AAOI:Q)  .......................................  49
Aptiv PLC (APTV:N)  ...................................................................   48
Arbor Realty Trust, Inc. (ABR:N)  .................................................   44
Arch Biopartners Inc. (ARCH:V)  ..................................................   36
Archer Aviation, Inc. (ACHR:N)  ...................................................   56
Archrock, Inc. (AROC:N)  ............................................................   21
Ares Capital Corporation (ARCC:Q)  ............................................   29
Ares Commercial Real Estate Corporation (ACRE:N)  ....................   44
Argo Group International Holdings, Ltd. (ARGO:N)  ......................   29
Aris Water Solutions, Inc. (ARIS:N)  .............................................   21
Arista Networks, Inc. (ANET:N)  ..................................................   49
Arlo Technologies, Inc. (ARLO:N)  ...............................................   49
Armada Hoffler Properties, Inc. (AHH:N)  ....................................   44
Arrow Electronics, Inc. (ARW:N)  .................................................   51
Arthur J. Gallagher & Co. (AJG:N)  ..............................................   28
Ascot Resources (AOT:T)  ...........................................................   41
AssetMark Financial Holdings, Inc. (AMK:N)  ................................   28
Associated Banc-Corp (ASB:N)  ...................................................  25
Atlantic Union Bankshares Corporation (AUB:N)  .........................  25
Atlantica Sustainable Infrastructure plc (AY:Q)  ...........................   47
Atlas Energy Solutions, Inc. (AESI:N)  ..........................................   21
Atlassian Corporation (TEAM:Q)  ................................................   51
AutoZone, Inc. (AZO:N)  .............................................................   17
Automotive Properties REIT (APR.UN:T)  .....................................   46
Avantor, Inc. (AVTR:N)  ...............................................................  34
Aveanna Healthcare Holdings Inc. (AVAH:Q)  ...............................   32
Avery Dennison Corporation (AVY:N)  ..........................................  37
Avidity Biosciences, Inc. (RNA:Q)  ...............................................   32
Avnet, Inc. (AVT:Q)  ....................................................................  51
5
 Company Index
Axon Enterprise, Inc. (AXON:Q)  ..................................................   48
Axos Financial, Inc. (AX:N)  .........................................................   25
Aya Gold & Silver Inc. (AYA:T)  ....................................................   42
Azul S.A. (AZUL:N)  ....................................................................   56
B2Gold Corp. (BTG:N)  ...............................................................   41
BOK Financial Corporation (BOKF:Q)  .........................................   25
BP p.l.c. (BP:N)  .........................................................................   20
BRC Inc. (BRCC:N)  ....................................................................   18
BRP Group, Inc. (BRP:Q)  ...........................................................   28
BRP Inc. (DOO:T)  ......................................................................   18
BSR Real Estate Investment Trust (HOM.U:T)  .............................   46
Backblaze, Inc. (BLZE:Q)  ...........................................................   49
Ballard Power Systems Inc. (BLDP:Q)  ........................................   47
Banc of California, Inc. (BANC:N)  ...............................................   25
Bank OZK (OZK:Q)  ....................................................................   25
Bank of Marin Bancorp (BMRC:Q)  ..............................................   25
Banner Corporation (BANR:Q)  ...................................................   25
Barings BDC, Inc. (BBDC:N)  .......................................................   29
Barrick Gold Corporation (GOLD:N)  ...........................................   41
Base Carbon Inc. (BCBN:NEO)  ...................................................   47
Bath & Body Works, Inc. (BBWI:N)  .............................................   16
Baxter International Inc. (BAX:N)  ...............................................   34
Baylin Technologies Inc. (BYL:T)  ................................................  55
Baytex Energy Corp. (BTE:T)  .....................................................   23
Beacon Roofing Supply, Inc. (BECN:Q)  .......................................   37
Bear Creek Mining Corporation (BCM:V)  .....................................   41
Becton, Dickinson and Company (BDX:N)  ..................................   34
Berry Global Group, Inc. (BERY:N)  ..............................................  37
Best Buy Co., Inc. (BBY:N)  .........................................................   18
BigCommerce Holdings, Inc. (BIGC:Q)  ........................................  48
Biogen Inc. (BIIB:Q)  ..................................................................   32
Birchcliff Energy Ltd. (BIR:T)  .....................................................   23
Bird Construction Inc. (BDT:T)  ...................................................  39
Black Diamond Group Limited (BDI:T)  .......................................   40
Black Knight, Inc. (BKI:N)  ..........................................................   28
Black Stone Minerals, L.P. (BSM:N)  ............................................   20
BlackBerry Limited (BB:N)  .........................................................  55
BlackLine, Inc. (BL:Q)  ................................................................  48
BlackRock TCP Capital Corp. (TCPC:Q)  ......................................   29
Blackbaud, Inc. (BLKB:Q)  ..........................................................   48
Blackline Safety Corp. (BLN:T)  ...................................................  40
Blackstone Mortgage Trust, Inc. (BXMT:N)  ..................................  44
Blackstone Secured Lending Fund (BXSL:N)  ...............................   29
Block, Inc. (SQ:N)  .....................................................................   50
Bloom Energy Corporation (BE:N)  .............................................   22
Bloomin' Brands, Inc. (BLMN:Q)  ................................................   18
Blueprint Medicines Corporation (BPMC:Q)  ................................   32
Bonterra Energy Corp. (BNE:T)  ..................................................   23
Booz Allen Hamilton Holding Corp. (BAH:N)  ...............................   50
Boralex, Inc. (BLX:T)  .................................................................   47
Boston Scientific Corporation (BSX:N)  .......................................   34
Box, Inc. (BOX:N)  ......................................................................   48
Boyd Group Services Inc. (BYD:T)  ..............................................   40
Brainsway Ltd. (BWAY:Q)  ..........................................................   35
Brandywine Realty Trust (BDN:N)  ..............................................   45
Braze, Inc. (BRZE:Q)  ..................................................................  48
6 Raymond James Research Register - April 2023
BridgeBio Pharma, Inc. (BBIO:Q)  ...............................................   32
BrightSpire Capital, Inc. (BRSP:N)  ..............................................  44
Brighthouse Financial, Inc. (BHF:Q)  ...........................................   29
Brilliant Earth Group, Inc. (BRLT:Q)  ...........................................   16
Brinker International, Inc. (EAT:N)  .............................................   18
Bristol-Myers Squibb Company (BMY:N)  .....................................  32
Broadcom Inc. (AVGO:Q)  ...........................................................   52
Broadmark Realty Capital Inc. (BRMK:N)  ....................................   44
Broadridge Financial Solutions, Inc. (BR:N)  ................................   28
Brookfield Infrastructure Partners L.P. (BIP:N)  ...........................   24
Brookfield Renewable Partners L.P. (BEP:N)  ...............................  47
Brookline Bancorp, Inc. (BRKL:Q)  ..............................................   25
Brown & Brown, Inc. (BRO:N)  ....................................................   28
Brunswick Corporation (BC:N)  ...................................................  18
Bumble Inc. (BMBL:Q)  ...............................................................  51
Business First Bancshares, Inc. (BFST:Q)  ....................................   25
Byline Bancorp, Inc. (BY:N)  .......................................................   25
Byrna Technologies Inc. (BYRN:Q)  .............................................   48
C.H. Robinson Worldwide, Inc. (CHRW:Q)  ...................................   56
CACI International Inc (CACI:N)  ..................................................  50
CBRE Group, Inc. (CBRE:N)  ........................................................  28
CCL Industries Inc. (CCL.B:T)  .....................................................   19
CDW Corporation (CDW:Q)  ........................................................   51
CES Energy Solutions Corp. (CEU:T)  ...........................................  23
CGI Inc. (GIB.A:T)  ......................................................................   55
CME Group Inc. (CME:Q)  ............................................................  28
CNX Resources Corporation (CNX:N)  ..........................................   20
CRISPR Therapeutics AG (CRSP:Q)  .............................................   32
CSX Corporation (CSX:Q)  ...........................................................  57
CTO Realty Growth, Inc. (CTO:N)  ...............................................   45
CVB Financial Corp. (CVBF:Q)  ....................................................   25
CVR Energy, Inc. (CVI:N)  ............................................................   20
CVS Health Corporation (CVS:N)  ................................................   34
Cable One, Inc. (CABO:N)  ..........................................................   53
Cadence Bank (CADE:N)  ............................................................  25
Cadre Holdings, Inc. (CDRE:N)  ...................................................   48
Calfrac Well Services (CFW:T)  ....................................................   23
Calibre Mining Corp. (CXB:T)  .....................................................   41
Calumet Specialty Products Partners, L.P. (CLMT:Q)  ...................   20
Cambium Networks Corporation (CMBM:Q)  ...............................   49
Cambridge Bancorp (CATC:Q)  ...................................................   25
Camden National Corporation (CAC:Q)  ......................................   25
Cameco Corporation (CCO:T)  ....................................................   42
Camping World Holdings, Inc. (CWH:N)  ......................................   18
Canaccord Genuity Group Inc. (CF:T)  .........................................   31
Canadian Apartment Properties REIT (CAR.UN:T)  .......................   46
Canadian National Railway (CNR:T)  ...........................................   58
Canadian Pacific Railway Limited (CP:T)  ....................................   58
Canadian Western Bank (CWB:T)  ...............................................   31
Canfor Corp. (CFP:T)  .................................................................   39
Canfor Pulp Products Inc. (CFX:T)  ..............................................  39
Cano Health, Inc. (CANO:N)  .......................................................   32
Capital Power Corporation (CPX:T)  ............................................   47
Capital Southwest Corporation (CSWC:Q)  ..................................   29
Capri Holdings Limited (CPRI:N)  ................................................   17
CarGurus, Inc. (CARG:Q)  ............................................................   51
 Company Index
Carbon Streaming Corporation (NETZ:NEO)  ...............................   47
Cardinal Energy Ltd. (CJ:T)  .......................................................   23
Cardiovascular Systems, Inc. (CSII:Q)  .........................................  35
Cardlytics, Inc. (CDLX:Q)  ...........................................................   52
CareDx, Inc. (CDNA:Q)  ...............................................................   34
CareTrust REIT, Inc. (CTRE:N)  ....................................................   43
Carvana Co. (CVNA:Q)  ...............................................................   17
Casa Systems, Inc. (CASA:Q)  ......................................................  49
Casella Waste Systems, Inc. (CWST:Q)  .......................................   37
Casey's General Stores, Inc. (CASY:Q)  ........................................   17
Catalyst Biosciences, Inc. (CBIO:Q)  ............................................   32
Cboe Global Markets, Inc. (CBOE:B)  ...........................................   28
Centerra Gold Inc. (CG:T)  ..........................................................   41
Centerspace (CSR:N)  .................................................................  45
Central Pacific Financial Corp. (CPF:N)  .......................................  25
Central Valley Community Bancorp (CVCY:Q)  .............................   25
Cerence Inc. (CRNC:Q)  ..............................................................   48
Champion Iron Limited (CIA:T)  ..................................................   41
Chart Industries, Inc. (GTLS:N)  ..................................................   21
Charter Communications, Inc. (CHTR:Q)  ....................................   53
Check Point Software Technologies Ltd. (CHKP:Q)  .....................   52
Cheesecake Factory Inc. (CAKE:Q)  .............................................   18
Chegg, Inc. (CHGG:N)  ................................................................   48
Chemtrade Logistics Income Fund (CHE.UN:T)  ...........................   39
Cheniere Energy Partners, L.P. (CQP:N)  ......................................  21
Cheniere Energy, Inc. (LNG:N)  ...................................................   21
Chesswood Group Limited (CHW:T)  ...........................................   31
Chevron Corporation (CVX:N)  ....................................................   20
Chewy, Inc. (CHWY:N)  ...............................................................   52
Chimera Investment Corporation (CIM:N)  ..................................   44
Chipotle Mexican Grill, Inc. (CMG:N)  ...........................................  18
Chubb Limited (CB:N)  ...............................................................   29
Church & Dwight Co., Inc. (CHD:N)  .............................................  16
Chuy's Holdings, Inc. (CHUY:Q)  ..................................................  18
Ciena Corporation (CIEN:N)  .......................................................  49
Cigna Corporation (CI:N)  ...........................................................  34
Cincinnati Financial Corporation (CINF:Q)  ..................................  29
Cisco Systems, Inc. (CSCO:Q)  ....................................................   49
City Office REIT, Inc. (CIO:N)  ......................................................  45
Clarus Corporation (CLAR:Q)  .....................................................   18
Clean Energy Fuels Corp. (CLNE:Q)  ............................................   21
Clean Harbors, Inc. (CLH:N)  .......................................................  37
Clipper Realty Inc. (CLPR:N)  ......................................................   45
Coastal Financial Corporation (CCB:Q)  ......................................   25
Coeur Mining, Inc. (CDE:N)  ........................................................   42
Cogent Communications Holdings, Inc. (CCOI:Q)  ........................  53
Cognex Corporation (CGNX:Q)  ...................................................  48
Coherent Corp. (COHR:N)  ..........................................................  49
Coinbase Global, Inc. (COIN:Q)  ..................................................   28
Colgate-Palmolive Company (CL:N)  ...........................................   16
Colliers International Group Inc. (CIGI:Q)  ...................................   46
Columbia Banking System, Inc. (COLB:Q)  ...................................  25
Comcast Corporation (CMCSA:Q)  ...............................................  53
Comerica Inc. (CMA:N)  ..............................................................   25
CommScope Holding Company, Inc. (COMM:Q)  ..........................   49
Commerce Bancshares, Inc. (CBSH:Q)  .......................................   25
Raymond James Research Register - April 2023
Community Bank System, Inc. (CBU:N)  ......................................   25
Community Health Systems, Inc. (CYH:N)  ..................................   34
Community Trust Bancorp, Inc. (CTBI:Q)  ...................................   25
Compass Diversified Holdings (CODI:N)  .....................................   30
Compass Therapeutics, Inc. (CMPX:Q)  .......................................   32
Conifex Timber Inc. (CFF:T)  .......................................................   39
ConnectOne Bancorp, Inc. (CNOB:Q)  .........................................   25
Connection (CNXN:Q)  ...............................................................   51
ConocoPhillips (COP:N)  ............................................................   20
Constellation Software Inc. (CSU:T)  ...........................................   55
Construction Partners, Inc. (ROAD:Q)  .........................................  37
Converge Technology Solutions Corp. (CTS:T)  ............................  55
Copa Holdings, S.A. (CPA:N)  ......................................................   56
Corporate Office Properties Trust (OFC:N)  .................................   45
Costco Wholesale Corporation (COST:Q)  ....................................  17
Coterra Energy Inc. (CTRA:N)  .....................................................  20
Coty Inc. (COTY:N)  ....................................................................   16
Coursera, Inc. (COUR:N)  ............................................................   48
Crescent Capital BDC, Inc. (CCAP:Q)  ..........................................   29
Crescent Point Energy Corp. (CPG:T)  .........................................   23
Crestwood Equity Partners LP (CEQP:N)  ....................................   21
Crew Energy Inc. (CR:T)  ............................................................   23
Cronos Group Inc. (CRON:Q)  .....................................................   19
CrossAmerica Partners L.P. (CAPL:N)  .........................................   21
CrossFirst Bankshares, Inc. (CFB:Q)  ...........................................   25
Crown Castle Inc. (CCI:N)  ..........................................................   53
CubeSmart (CUBE:N)  ................................................................   45
CubicFarm Systems Corp. (CUB:T)  .............................................  47
Cullen/Frost Bankers, Inc. (CFR:N)  .............................................   25
Cummins Inc. (CMI:N)  ...............................................................   37
Curis, Inc. (CRIS:Q)  ...................................................................   32
Cushman & Wakefield plc (CWK:N)  ............................................   28
CymaBay Therapeutics, Inc. (CBAY:Q)  ........................................   32
Cytokinetics, Incorporated (CYTK:Q)  ..........................................  32
Cyxtera Technologies, Inc. (CYXT:Q)  ..........................................   53
D.R. Horton, Inc. (DHI:N)  ...........................................................   43
D2L, Inc. (DTOL:T)  ....................................................................   48
DCP Midstream, LP (DCP:N)  ......................................................   21
DISH Network Corporation (DISH:Q)  ..........................................   53
Darden Restaurants, Inc. (DRI:N)  ...............................................   18
Darling Ingredients Inc. (DAR:N)  ................................................   21
Datadog, Inc. (DDOG:Q)  ............................................................   51
Dave & Buster's Entertainment, Inc. (PLAY:Q)  .............................   18
Decibel Cannabis Company Inc. (DB:V)  ......................................   19
Definitive Healthcare Corp. (DH:Q)  ............................................   48
Definity Financial Corporation (DFY:T)  .......................................   31
Delek Logistics Partners, LP (DKL:N)  ..........................................   21
Delek US Holdings, Inc. (DK:N)  ..................................................   20
Dell Technologies Inc. (DELL:N)  .................................................   49
Delta Air Lines, Inc. (DAL:N)  .......................................................  56
Denali Therapeutics Inc. (DNLI:Q)  ..............................................   32
Denison Mines Corp. (DML:T)  ....................................................   42
Deveron Corp. (FARM:V)  ............................................................   47
Devon Energy Corporation (DVN:N)  ...........................................   20
DexCom, Inc. (DXCM:Q)  .............................................................   35
Dexterra Group Inc. (DXT:T)  ......................................................   40
7
 Company Index
DiamondRock Hospitality Company (DRH:N)  .............................   43
Diamondback Energy, Inc. (FANG:Q)  ..........................................   20
Dick's Sporting Goods, Inc. (DKS:N)  ...........................................   18
Digital Realty Trust, Inc. (DLR:N)  ................................................  53
DigitalBridge Group, Inc. (DBRG:N)  ............................................   53
Dime Community Bancshares, Inc. (DCOM:Q)  .............................   25
Dine Brands Global, Inc. (DIN:N)  ................................................   18
Dollar General Corporation (DG:N)  ............................................   17
Dollar Tree, Inc. (DLTR:Q)  ..........................................................  17
Doman Building Materials Group Ltd. (DBM:T)  ............................  58
DoorDash, Inc. (DASH:N)  ...........................................................   51
Douglas Emmett, Inc. (DEI:N)  ....................................................   45
Doximity, Inc. (DOCS:N)  ............................................................   48
Dream Industrial REIT (DIR.UN:T)  ..............................................   46
Dream Residential REIT (DRR.U:T)  .............................................   46
Dun & Bradstreet Holdings, Inc. (DNB:N)  ....................................  28
Duolingo, Inc. (DUOL:Q)  ............................................................   51
Dye & Durham Limited (DND:T)  .................................................   31
Dynatrace, Inc. (DT:N)  ...............................................................  51
Dyne Therapeutics, Inc. (DYN:Q)  ................................................   32
ECN Capital Corp. (ECN:T)  .........................................................  31
EMERGE Commerce Ltd. (ECOM:V)  .............................................  55
EOG Resources, Inc. (EOG:N)  .....................................................   20
EPR Properties (EPR:N)  .............................................................   44
EQB Inc. (EQB:T)  .......................................................................  31
EVERTEC, Inc. (EVTC:N)  .............................................................   50
Eagle Materials Inc. (EXP:N)  ......................................................   37
EastGroup Properties, Inc. (EGP:N)  ............................................   43
Easterly Government Properties, Inc. (DEA:N)  ............................   45
EchoStar Corporation (SATS:Q)  .................................................   53
Edgewell Personal Care Company (EPC:N)  .................................   16
Edgio, Inc. (EGIO:Q)  ..................................................................   53
Editas Medicine, Inc. (EDIT:Q)  ....................................................  33
Edwards Lifesciences Corporation (EW:N)  ..................................   35
Eguana Technologies Inc. (EGT:V)  ..............................................  47
Elanco Animal Health Incorporated (ELAN:N)  .............................   32
Electronic Arts, Inc. (EA:Q)  ........................................................   51
Element Fleet Management Corp. (EFN:T)  ..................................  31
Elme Communities (ELME:N)  .....................................................  45
Emera Incorporated (EMA:T)  .....................................................   24
Emeren Group Ltd. (SOL:N)  .......................................................   22
EnLink Midstream, LLC (ENLC:N)  ...............................................   21
Enbridge Inc. (ENB:T)  ................................................................  21
Encompass Health Corporation (EHC:N)  ....................................   32
Encore Capital Group Inc. (ECPG:Q)  ...........................................   30
Endeavour Mining PLC (EDV:T)  ..................................................   41
Enerflex Ltd. (EFX:T)  .................................................................   23
Energy Recovery, Inc. (ERII:Q)  ...................................................   22
Energy Transfer LP (ET:N)  .........................................................   21
Enerplus Corporation (ERF:N)  ...................................................   23
EngageSmart, Inc. (ESMT:N)  ......................................................  50
Enphase Energy, Inc. (ENPH:Q)  .................................................   22
Ensign Energy Services Inc. (ESI:T)  ............................................   23
Enterprise Financial Services Corp. (EFSC:Q)  ..............................   25
Enterprise Products Partners L.P. (EPD:N)  ..................................  21
Envestnet, Inc. (ENV:N)  .............................................................   28
8 Raymond James Research Register - April 2023
Enviva Inc. (EVA:N)  ...................................................................   22
Equinix, Inc. (EQIX:Q)  ................................................................   53
Equitable Holdings, Inc. (EQH:N)  ...............................................   29
Equity Residential (EQR:N)  ........................................................   45
Ero Copper Corp. (ERO:T)  .........................................................   41
Essential Properties Realty Trust, Inc. (EPRT:N)  ..........................   44
Essex Property Trust, Inc. (ESS:N)  ..............................................  45
Etsy, Inc. (ETSY:Q)  ....................................................................   16
Eupraxia Pharmaceuticals Inc. (EPRX:T)  .....................................  36
European Residential REIT (ERE.UN:T)  .......................................   46
Eve Holding, Inc. (EVEX:N)  .........................................................  56
EverCommerce Inc. (EVCM:Q)  ....................................................  48
EverQuote, Inc. (EVER:Q)  ...........................................................  52
Everbridge, Inc. (EVBG:Q)  ..........................................................  48
Everest Re Group, Ltd. (RE:N)  ....................................................   29
Everi Holdings Inc. (EVRI:N)  .......................................................  50
Evertz Technologies Limited (ET:T)  ............................................  55
Evoqua Water Technologies Corp. (AQUA:N)  ..............................   22
Exact Sciences Corporation (EXAS:Q)  .........................................  34
Excelerate Energy, Inc. (EE:N)  ....................................................  21
Exchange Income Corporation (EIF:T)  ........................................  39
Extra Space Storage Inc. (EXR:N)  ...............................................   45
Exxon Mobil Corporation (XOM:N)  .............................................   20
F.N.B. Corporation (FNB:N)  .......................................................   25
F5 Networks, Inc. (FFIV:Q)  .........................................................   49
FIGS, Inc. (FIGS:N)  ....................................................................   16
FS Bancorp, Inc. (FSBW:Q)  ........................................................   25
FS KKR Capital Corp. (FSK:N)  ....................................................   29
FTAI Aviation Ltd. (FTAI:Q)  ........................................................   30
FTC Solar, Inc. (FTCI:Q)  .............................................................   22
FactSet Research Systems Inc. (FDS:N)  ......................................   28
Farmers Edge Inc. (FDGE:T)  .......................................................  47
Farmers National Banc Corp. (FMNB:Q)  .....................................   25
Farmland Partners Inc. (FPI:N)  ..................................................   43
Fastenal Company (FAST:Q)  ......................................................  37
Fastly, Inc. (FSLY:N)  ..................................................................   53
FedEx Corporation (FDX:N)  .......................................................   57
Federal Realty Investment Trust (FRT:N)  ....................................   45
Federal Signal Corporation (FSS:N)  ...........................................   37
FibroGen, Inc. (FGEN:Q)  ............................................................   33
Fidelity National Information Services, Inc. (FIS:N)  .....................   50
Fidus Investment Corporation (FDUS:Q)  ....................................   29
Finance of America Companies Inc. (FOA:N)  ...............................   44
Finning International (FTT:T)  ....................................................   40
First Bancorp (FBNC:Q)  .............................................................   25
First Busey Corporation (BUSE:Q)  ..............................................  26
First Business Financial Services, Inc. (FBIZ:Q)  ...........................   26
First Commonwealth Financial Corp. (FCF:N)  .............................   26
First Financial Bancorp. (FFBC:Q)  ..............................................   26
First Financial Corporation (THFF:Q)  .........................................   26
First Foundation Inc. (FFWM:Q)  .................................................   26
First Hawaiian, Inc. (FHB:Q)  ......................................................   26
First Horizon National Corporation (FHN:N)  ...............................   26
First Industrial Realty Trust, Inc. (FR:N)  ......................................  44
First Merchants Corporation (FRME:Q)  .......................................   26
First Mid Bancshares, Inc. (FMBH:Q)  ..........................................   26
 Company Index
First Quantum Minerals Ltd. (FM:T)  ............................................  41
First Republic Bank (FRC:N)  ......................................................   26
First Solar, Inc. (FSLR:Q)  ...........................................................   22
First Watch Restaurant Group, Inc. (FWRG:Q)  .............................   18
FirstService Corporation (FSV:Q)  ...............................................   46
Fiserv, Inc. (FISV:Q)  ...................................................................  50
Fisker Inc. (FSR:N)  ....................................................................   22
Flagship Communities REIT (MHC.U:T)  .......................................  46
FleetCor Technologies, Inc. (FLT:N)  ...........................................   50
Flex Ltd. (FLEX:Q)  .....................................................................   50
Fluence Energy, Inc. (FLNC:Q)  ...................................................   22
Flywire Corporation (FLYW:Q)  ...................................................   50
Focus Financial Partners Inc. (FOCS:Q)  ......................................   28
Fortinet, Inc. (FTNT:Q)  ..............................................................   52
Fortis, Inc. (FTS:T)  ....................................................................   24
Fortive Corporation (FTV:N)  ......................................................   48
Forward Air Corporation (FWRD:Q)  ............................................   56
Four Corners Property Trust, Inc. (FCPT:N)  .................................  44
Franco-Nevada Corporation (FNV:N)  ..........................................  41
Freehold Royalties Ltd. (FRU:T)  .................................................   23
Freeport-McMoRan Inc. (FCX:N)  .................................................   41
Freshworks Inc. (FRSH:Q)  ..........................................................  48
Frontier Communications Parent, Inc. (FYBR:Q)  .........................   53
Frontier Group Holdings, Inc. (ULCC:Q)  ......................................  56
Fulgent Genetics, Inc. (FLGT:Q)  .................................................   34
Fulton Financial Corporation (FULT:Q)  ......................................   26
G1 Therapeutics, Inc. (GTHX:Q)  .................................................   33
GDS Holdings Limited (GDS:Q)  ..................................................   53
GFL Environmental Inc. (GFL:N)  .................................................  37
GMS Inc. (GMS:N)  .....................................................................   37
GOL Linhas Aereas Inteligentes S.A. (GOL:N)  ..............................   56
Galapagos NV (GLPG:Q)  ............................................................   33
Gaming and Leisure Properties, Inc. (GLPI:Q)  .............................   44
Genuine Parts Company (GPC:N)  ...............................................  37
German American Bancorp, Inc. (GABC:Q)  .................................   26
Gilead Sciences, Inc. (GILD:Q)  ...................................................   33
Ginkgo Bioworks Holdings Inc. (DNA:N)  .....................................   36
Glacier Bancorp, Inc. (GBCI:N)  ...................................................   26
Gladstone Capital Corporation (GLAD:Q)  ....................................  29
Global Partners LP (GLP:N)  .......................................................   21
Global Payments Inc. (GPN:N)  ...................................................   50
Global-E Online Ltd. (GLBE:Q)  ...................................................   48
GlobalFoundries Inc. (GFS:Q)  ....................................................   52
Globe Life Inc. (GL:N)  ................................................................   29
GoDaddy Inc. (GDDY:N)  .............................................................   51
Gogo Inc. (GOGO:Q)  ..................................................................   53
Gold Royalty Corp. (GROY:N)  .....................................................   41
Goldman Sachs BDC, Inc. (GSBD:N)  ...........................................   29
Golub Capital BDC, Inc. (GBDC:Q)  ..............................................   29
GoodRx Holdings, Inc. (GDRX:Q)  ................................................   35
Gossamer Bio, Inc. (GOSS:Q)  .....................................................   33
Granite Point Mortgage Trust Inc. (GPMT:N)  ...............................   44
Granite REIT (GRT.UN:T)  ...........................................................   46
Graphic Packaging Holding Company (GPK:N)  ...........................   37
Great Ajax Corp. (AJX:N)  ...........................................................   44
Greenlane Renewables Inc. (GRN:T)  ...........................................  47
Raymond James Research Register - April 2023
Greystone Housing Impact Investors LP (GHI:N)  .........................   44
Griffon Corporation (GFF:N)  ......................................................   16
Guaranty Bancshares, Inc. (GNTY:N)  ..........................................   26
Guardant Health, Inc. (GH:Q)  .....................................................  34
H2O Innovation Inc. (HEO:T)  .....................................................   47
HBT Financial, Inc. (HBT:Q)  .......................................................   26
HCA Healthcare, Inc. (HCA:N)  ....................................................   34
HF Sinclair Corporation (DINO:N)  ..............................................   20
HLS Therapeutics Inc. (HLS:T)  ...................................................   36
Haemonetics Corporation (HAE:N)  ............................................   34
Hagerty, Inc. (HGTY:N)  ..............................................................   29
Halliburton Company (HAL:N)  ...................................................   21
Hallmark Financial Services, Inc. (HALL:Q)  .................................   29
Hancock Whitney Corporation (HWC:Q)  .....................................   26
Harley-Davidson, Inc. (HOG:N)  ..................................................   18
Harmonic Inc. (HLIT:Q)  .............................................................   49
Harmony Biosciences Holdings, Inc. (HRMY:Q)  ...........................   33
Headwater Exploration Inc. (HWX:T)  ..........................................   23
Health Catalyst, Inc. (HCAT:Q)  ...................................................   34
HealthEquity, Inc. (HQY:Q)  ........................................................   28
HealthStream, Inc. (HSTM:Q)  ....................................................   34
Healthcare Realty Trust Incorporated (HR:N)  .............................   43
Healthpeak Properties, Inc. (PEAK:N)  .........................................  43
Heartland Financial USA, Inc. (HTLF:Q)  ......................................   26
Helen of Troy Limited (HELE:Q)  .................................................   16
Heritage Commerce Corp (HTBK:Q)  ...........................................   26
Heritage Financial Corporation (HFWA:Q)  ..................................   26
Heroux-Devtek Inc. (HRX:T)  .......................................................   39
Hersha Hospitality Trust (HT:N)  .................................................  43
Heska Corporation (HSKA:Q)  .....................................................   32
Hess Corporation (HES:N)  .........................................................   20
Hewlett Packard Enterprise Company (HPE:N)  ...........................   49
Hillman Solutions Corp. (HLMN:Q)  .............................................  37
Hilltop Holdings Inc. (HTH:N)  ....................................................   26
Hilton Worldwide Holdings Inc. (HLT:N)  .....................................   43
Holley Inc. (HLLY:N)  ..................................................................   18
Holly Energy Partners, L.P. (HEP:N)  ...........................................   21
Hologic, Inc. (HOLX:Q)  ..............................................................   35
Home BancShares, Inc. (HOMB:Q)  .............................................   26
Home Bancorp, Inc. (HBCP:Q)  ...................................................   26
Home Capital Group Inc. (HCG:T)  ..............................................   31
HomeTrust Bancshares, Inc. (HTBI:Q)  ........................................   26
Horace Mann Educators Corporation (HMN:N)  ...........................   29
Horizon Bancorp, Inc. (HBNC:Q)  ................................................   26
Host Hotels & Resorts, Inc. (HST:Q)  ...........................................   43
Hub Group, Inc. (HUBG:Q)  .........................................................  56
HubSpot, Inc. (HUBS:N)  ............................................................   48
Hudbay Minerals, Inc. (HBM:T)  ..................................................   41
Huntington Bancshares Incorporated (HBAN:Q)  .........................   26
Hyatt Hotels Corporation (H:N)  .................................................   43
Hydro One Ltd. (H:T)  ................................................................   24
IAMGOLD Corporation (IAG:N)  ...................................................   41
ICU Medical, Inc. (ICUI:Q)  ..........................................................   35
IDEXX Laboratories, Inc. (IDXX:Q)  ...............................................  32
IPG Photonics Corporation (IPGP:Q)  ..........................................   48
Immunovant, Inc. (IMVT:Q)  .......................................................   33
9
 Company Index
Independent Bank Corp. (INDB:Q)  .............................................   26
Independent Bank Group, Inc. (IBTX:Q)  .....................................   26
Infinera Corporation (INFN:Q)  ...................................................   50
InflaRx N.V. (IFRX:Q)  .................................................................   33
Information Services Corporation (ISV:T)  ...................................   31
Innergex Renewable Energy Inc. (INE:T)  .....................................   47
Insight Enterprises, Inc. (NSIT:Q)  ...............................................   51
Instructure Holdings, Inc. (INST:N)  ............................................   49
Insulet Corporation (PODD:Q)  ...................................................   35
Intact Financial Corporation (IFC:T)  ...........................................   31
Intapp, Inc. (INTA:Q)  .................................................................   49
Integra LifeSciences Holdings Corporation (IART:Q)  ....................  35
Integra Resources Corp. (ITR:V)  .................................................   41
Integral Ad Science Holding Corp. (IAS:Q)  ..................................   52
Intel Corporation (INTC:Q)  ........................................................   52
Intellia Therapeutics, Inc. (NTLA:Q)  ...........................................   33
InterRent Real Estate Investment Trust (IIP.UN:T)  .......................  46
Intercept Pharmaceuticals, Inc. (ICPT:Q)  ....................................  33
Intercontinental Exchange, Inc. (ICE:N)  ......................................   28
Interfor Corporation (IFP:T)  .......................................................  39
International Consolidated Airlines Group, S.A. (IAG:MAD)  ...........  56
Intuitive Surgical, Inc. (ISRG:Q)  ..................................................  35
Investcorp Credit Management BDC, Inc. (ICMB:Q)  .....................   30
Invitae Corporation (NVTA:N)  ....................................................   34
Invitation Homes Inc. (INVH:N)  ..................................................   45
Iridium Communications Inc. (IRDM:Q)  ......................................   53
Itafos (IFOS:V)  ..........................................................................   39
Itron, Inc. (ITRI:Q)  .....................................................................   22
Ivanhoe Electric Inc. (IE:N)  ........................................................   41
Ivanhoe Mines Ltd. (IVN:T)  ........................................................   41
J.B. Hunt Transport Services, Inc. (JBHT:Q)  ................................  56
Jabil Inc. (JBL:N)  ......................................................................   51
Jack Henry & Associates, Inc. (JKHY:Q)  ......................................   50
Jacobs Solutions Inc. (J:N)  ........................................................  50
JetBlue Airways Corporation (JBLU:Q)  .......................................  56
Joby Aviation, Inc. (JOBY:N)  ......................................................  56
Johnson & Johnson (JNJ:N)  ......................................................  35
Jones Lang LaSalle Incorporated (JLL:N)  ...................................   28
Jumia Technologies AG (JMIA:N)  ...............................................   52
Juniper Networks, Inc. (JNPR:N)  ...............................................   50
K-Bro Linen Inc. (KBL:T)  ............................................................  19
K92 Mining Inc. (KNT:T)  ............................................................   41
KB Home (KBH:N)  .....................................................................  43
KKR Real Estate Finance Trust Inc. (KREF:N)  ...............................  44
Karooooo Ltd. (KARO:Q)  ...........................................................   49
Kelt Exploration Ltd. (KEL:T)  .....................................................   23
Kemper Corporation (KMPR:N)  ..................................................  29
Killam Apartment REIT (KMP.UN:T)  ...........................................   46
Kimbell Royalty Partners L.P. (KRP:N)  ........................................  20
Kimco Realty Corporation (KIM:N)  .............................................   45
Kinder Morgan, Inc. (KMI:N)  ......................................................   21
Kinross Gold Corporation (KGC:N)  .............................................   41
Kite Realty Group Trust (KRG:N)  ................................................   45
Knight-Swift Transportation Holdings Inc. (KNX:N)  .....................   57
Kymera Therapeutics, Inc. (KYMR:Q)  ..........................................   33
L3Harris Technologies, Inc. (LHX:N)  ...........................................   48
10
LKQ Corporation (LKQ:Q)  ..........................................................   37
LM Ericsson Telephone Company (ERIC:Q)  .................................   50
La-Z-Boy Incorporated (LZB:N)  ..................................................  17
Labrador Iron Ore Royalty Corp. (LIF:T)  .....................................   41
Ladder Capital Corp (LADR:N)  ...................................................   44
Lakeland Financial Corporation (LKFN:Q)  ..................................   26
Landstar System, Inc. (LSTR:Q)  .................................................   56
Lannett Company, Inc. (LCI:N)  ...................................................  35
Leap Therapeutics, Inc. (LPTX:Q)  ...............................................   33
LegalZoom.com, Inc. (LZ:Q)  ......................................................   51
Leggett & Platt, Incorporated (LEG:N)  ........................................   17
Lennar Corporation (LEN:N)  ......................................................   43
LianBio (LIAN:Q)  .......................................................................   33
Life Storage, Inc. (LSI:N)  ...........................................................   45
Lightspeed Commerce Inc. (LSPD:T)  ..........................................   55
Lilium N.V. (LILM:Q)  ..................................................................   56
Limestone Bancorp, Inc. (LMST:Q)  .............................................  26
Linamar Corporation (LNR:T)  ....................................................   19
Lineage Cell Therapeutics Inc. (LCTX:N)  .....................................   33
Live Oak Bancshares, Inc. (LOB:Q)  .............................................   26
Livent Corporation (LTHM:N)  ....................................................   22
Loop Energy Inc. (LPEN:T)  .........................................................  47
Loop Industries, Inc. (LOOP:Q)  ..................................................   47
Lowe's Companies, Inc. (LOW:N)  ...............................................   17
Lucero Energy Corp. (LOU:V)  .....................................................   23
Lumen Technologies, Inc (LUMN:N)  ...........................................   53
Lument Finance Trust, Inc. (LFT:N)  ............................................   44
Lumentum Holdings Inc. (LITE:Q)  ..............................................   50
Lumina Gold Corp. (LUM:V)  .......................................................   41
LumiraDx Limited (LMDX:Q)  ......................................................   34
Lundin Mining Corporation (LUN:T)  ...........................................   41
Lyft, Inc. (LYFT:Q)  .....................................................................   51
M.D.C. Holdings, Inc. (MDC:N)  ....................................................  43
MACOM Technology Solutions Holdings, Inc. (MTSI:Q)  ................   52
MAG Silver Corp. (MAG:T)  ..........................................................   42
MAXIMUS, Inc. (MMS:N)  .............................................................   50
MFA Financial, Inc. (MFA:N)  .......................................................   44
MPLX L.P. (MPLX:N)  ..................................................................   21
MSC Industrial Direct Co., Inc. (MSM:N)  ......................................   37
MSCI Inc. (MSCI:N)  ....................................................................   28
MTY Food Group Inc. (MTY:T)  ....................................................   19
MVB Financial Corp. (MVBF:Q)  ...................................................   26
Madrigal Pharmaceuticals, Inc. (MDGL:Q)  ...................................  33
Magellan Midstream Partners, L.P. (MMP:N)  ...............................   21
Magna International Inc. (MGA:N)  ..............................................   19
Main Street Capital Corporation (MAIN:N)  ..................................   30
Malibu Boats, Inc. (MBUU:Q)  .....................................................   18
Manhattan Associates, Inc. (MANH:Q)  ........................................   49
Marathon Gold Corp. (MOZ:T)  ...................................................   41
Marathon Oil Corporation (MRO:N)  ............................................   20
Marathon Petroleum Corporation (MPC:N)  .................................  20
Marimaca Copper Corp. (MARI:T)  ...............................................  41
MarineMax, Inc. (HZO:N)  ...........................................................   18
MarketAxess Holdings Inc. (MKTX:Q)  ..........................................  28
Marriott International, Inc. (MAR:Q)  ...........................................   43
Marsh & McLennan Companies, Inc. (MMC:N)  .............................   28
Raymond James Research Register - April 2023
 Company Index
Marten Transport, Ltd. (MRTN:Q)  ...............................................  57
Martin Marietta Materials, Inc. (MLM:N)  ......................................  37
Martinrea International Inc. (MRE:T)  ..........................................   19
Marvell Technology, Inc. (MRVL:Q)  .............................................  52
Masco Corporation (MAS:N)  ......................................................   16
Masimo Corporation (MASI:Q)  ...................................................   35
MasterCraft Boat Holdings, Inc. (MCFT:Q)  ..................................   18
Mastercard, Inc. (MA:N)  .............................................................  50
Matador Resources Company (MTDR:N)  .....................................  20
Maxeon Solar Technologies, Ltd. (MAXN:Q)  ................................   22
McDonald's Corporation (MCD:N)  ..............................................   18
Medexus Pharmaceuticals Inc. (MDP:T)  ......................................  36
Medical Properties Trust, Inc. (MPW:N)  ......................................   43
Medtronic Public Limited Company (MDT:N)  ..............................   35
Mercantile Bank Corporation (MBWM:Q)  ....................................   26
Mercer International Inc. (MERC:Q)  ............................................   39
Merchants Bancorp (MBIN:Q)  ....................................................   26
Mercury General Corporation (MCY:N)  .......................................   29
Mercury Systems, Inc. (MRCY:Q)  ................................................   50
Meridian Mining UK Societas (MNO:T)  ........................................  41
MeridianLink, Inc. (MLNK:N)  ......................................................   49
Merit Medical Systems, Inc. (MMSI:Q)  .........................................  35
Mesa Air Group, Inc. (MESA:Q)  ...................................................   56
MetLife, Inc. (MET:N)  .................................................................  29
Meta Platforms, Inc. (META:Q)  ...................................................   52
Methanex (MEOH:Q)  .................................................................   39
MiX Telematics Limited (MIXT:N)  ...............................................   49
Microchip Technology Incorporated (MCHP:Q)  ...........................   52
Micron Technology, Inc. (MU:Q)  .................................................  52
Microsoft Corporation (MSFT:Q)  ................................................   51
Mid-America Apartment Communities, Inc. (MAA:N)  ...................   45
MidCap Financial Investment Corporation (MFIC:Q)  ....................  30
Midland States Bancorp, Inc. (MSBI:Q)  .......................................   26
Minto Apartment REIT (MI.UN:T)  ...............................................   46
Mirum Pharmaceuticals, Inc. (MIRM:Q)  ......................................   33
Mobileye Global Inc. (MBLY:Q)  ...................................................  48
Model N, Inc. (MODN:N)  ............................................................   49
Mogo Inc. (MOGO:T)  .................................................................   31
Mohawk Industries, Inc. (MHK:N)  ...............................................  16
Monolithic Power Systems, Inc. (MPWR:Q)  .................................   52
Monroe Capital Corp. (MRCC:Q)  .................................................  30
Montage Gold Corp. (MAU:V)  .....................................................   41
Moody's Corporation (MCO:N)  ...................................................  28
Motorola Solutions, Inc. (MSI:N)  ................................................   49
Mullen Group Ltd. (MTL:T)  ........................................................   58
Murphy USA Inc. (MUSA:N)  ........................................................   17
Myriad Genetics, Inc. (MYGN:Q)  .................................................   34
NBT Bancorp, Inc. (NBTB:Q)  ......................................................  26
NETGEAR, Inc. (NTGR:Q)  ...........................................................   49
NETSTREIT Corp. (NTST:N)  ........................................................  44
NGL Energy Partners LP (NGL:N)  ...............................................   21
NGM Biopharmaceuticals, Inc. (NGM:Q)  .....................................   33
NIKE, Inc. (NKE:N)  .....................................................................  17
NOV, Inc. (NOV:N)  .....................................................................   21
NVIDIA Corporation (NVDA:Q)  ....................................................  52
NXP Semiconductors N.V. (NXPI:Q)  ............................................   52
Raymond James Research Register - April 2023
NanoXplore Inc. (GRA:T)  ...........................................................   47
Nasdaq, Inc. (NDAQ:Q)  ..............................................................   28
Natera, Inc. (NTRA:Q)  ................................................................  34
National Fuel Gas Company (NFG:N)  .........................................   20
National Retail Properties, Inc. (NNN:N)  .....................................  44
Neo Performance Materials Inc. (NEO:T)  ....................................   47
NeoGenomics, Inc. (NEO:Q)  .......................................................  34
Nerdy Inc. (NRDY:N)  ..................................................................  51
NetApp, Inc. (NTAP:Q)  ...............................................................  50
Netflix, Inc. (NFLX:Q)  .................................................................  51
Neurocrine Biosciences, Inc. (NBIX:Q)  ........................................   33
New Gold Inc. (NGD:N)  ..............................................................  41
New Relic, Inc. (NEWR:N)  ..........................................................   51
New York Community Bancorp, Inc. (NYCB:N)  ............................   26
New York Mortgage Trust, Inc. (NYMT:N)  ....................................   44
Newcore Gold Ltd. (NCAU:V)  .....................................................   41
Newell Brands Inc. (NWL:Q)  ......................................................   16
Newmark Group, Inc. (NMRK:Q)  ................................................   28
Newmont Corporation (NEM:N)  .................................................   41
NewtekOne, Inc. (NEWT:Q)  ........................................................  26
NexGen Energy Ltd. (NXE:T)  ......................................................   42
NexImmune, Inc. (NEXI:Q)  .........................................................   33
NexPoint Real Estate Finance, Inc. (NREF:N)  ...............................  44
NexPoint Residential Trust, Inc. (NXRT:N)  ..................................   45
NexTier Oilfield Solutions Inc. (NEX:N)  .......................................   21
NextEra Energy Partners, L.P. (NEP:N)  .......................................   22
Nexus Industrial REIT (NXR.UN:T)  ..............................................   46
Nkarta, Inc. (NKTX:Q)  ................................................................  33
Nokia Corporation (NOK:N)  .......................................................   50
Norfolk Southern Corporation (NSC:N)  ......................................   57
North American Construction Group (NOA:T)  .............................   39
Northern Oil & Gas Inc. (NOG:N)  ................................................   20
Northland Power Inc. (NPI:T)  ....................................................   47
Northwest Bancshares, Inc. (NWBI:Q)  ........................................   26
NuStar Energy L.P. (NS:N)  .........................................................   21
NuVista Energy Ltd. (NVA:T)  ......................................................   23
Nutanix, Inc. (NTNX:Q)  ..............................................................   50
Nutrien Ltd. (NTR:N)  .................................................................   39
Nuvei Corporation (NVEI:Q)  .......................................................  50
O'Reilly Automotive, Inc. (ORLY:Q)  ............................................   17
ON Semiconductor Corporation (ON:Q)  .....................................   52
ONEOK, Inc. (OKE:N)  .................................................................  21
Oak Street Health, Inc. (OSH:N)  .................................................  32
Obsidian Energy Ltd. (OBE:T)  ....................................................   23
Occidental Petroleum Corporation (OXY:N)  ................................   20
OceanFirst Financial Corp. (OCFC:Q)  ..........................................  26
OceanaGold Corporation (OGC:T)  ..............................................  41
Ocular Therapeutix, Inc. (OCUL:Q)  .............................................   33
Okta, Inc. (OKTA:Q)  ..................................................................   52
Olaplex Holdings, Inc. (OLPX:Q)  .................................................  16
Old Dominion Freight Line, Inc. (ODFL:Q)  ...................................  57
Old National Bancorp (ONB:Q)  ..................................................   26
Old Republic International Corporation (ORI:N)  ..........................  29
Old Second Bancorp, Inc. (OSBC:Q)  ...........................................   26
Omega Healthcare Investors, Inc. (OHI:N)  ..................................   43
OneWater Marine Inc. (ONEW:Q)  ................................................  18
11
 Company Index
Open Lending Corporation (LPRO:Q)  .........................................   50
Open Text Corporation (OTEX:Q)  ...............................................   55
Opsens Inc. (OPS:T)  ..................................................................   36
Optiva Inc. (OPT:T)  ...................................................................   55
OraSure Technologies, Inc. (OSUR:Q)  ........................................   34
Orezone Gold Corporation (ORE:T)  ............................................   42
OrganiGram Holdings Inc. (OGI:T)  ..............................................  19
Organon & Co. (OGN:N)  ............................................................   35
Origin Bancorp, Inc. (OBNK:Q)  ...................................................  26
Origin Materials, Inc. (ORGN:Q)  .................................................   21
Oshkosh Corporation (OSK:N)  ...................................................   37
Osisko Gold Royalties Ltd (OR:T)  ...............................................   42
Osisko Mining Inc. (OSK:T)  ........................................................   42
Overstock.com, Inc. (OSTK:Q)  ...................................................   16
Owl Rock Capital Corporation (ORCC:N)  ....................................   30
PACCAR Inc (PCAR:Q)  ................................................................  37
PBF Energy Inc. (PBF:N)  ............................................................   20
PCB Bancorp (PCB:Q)  ...............................................................   26
PLx Pharma Inc. (PLXP:Q)  .........................................................   35
POINT Biopharma Global Inc. (PNT:Q)  .......................................   36
PRA Group, Inc. (PRAA:Q)  ..........................................................   30
PRO Real Estate Investment Trust (PRV.UN:T)  ............................   46
PROG Holdings, Inc. (PRG:N)  .....................................................   17
PTC Therapeutics, Inc. (PTCT:Q)  ................................................  33
PacWest Bancorp (PACW:Q)  ......................................................   27
Pacific Premier Bancorp, Inc. (PPBI:Q)  .......................................   27
Palantir Technologies Inc. (PLTR:N)  ...........................................  50
Palo Alto Networks, Inc. (PANW:Q)  ............................................   52
Paramount Resources Ltd. (POU:T)  ...........................................   23
Park Hotels & Resorts Inc. (PK:N)  ..............................................   43
Parkit Enterprise Inc. (PKT:V)  ....................................................   46
Parkland Corporation (PKI:T)  ....................................................   39
Parsons Corporation (PSN:N)  ....................................................   50
Passage Bio, Inc. (PASG:Q)  ........................................................   33
Pathward Financial, Inc. (CASH:Q)  .............................................   27
Patterson-UTI Energy, Inc. (PTEN:Q)  ..........................................   21
PayPal Holdings, Inc. (PYPL:Q)  ..................................................   50
Paycor HCM, Inc. (PYCR:Q)  ........................................................   49
Payfare Inc. (PAY:T)  ..................................................................   31
Paylocity Holding Corporation (PCTY:Q)  ....................................   49
Paymentus Holdings, Inc. (PAY:N)  .............................................   50
Pebblebrook Hotel Trust (PEB:N)  ..............................................   43
Peloton Interactive, Inc. (PTON:Q)  .............................................   51
PennantPark Investment Corporation (PNNT:Q)  .........................  30
Peoples Bancorp Inc. (PEBO:Q)  .................................................   27
Perimeter Medical Imaging AI Inc. (PINK:V)  ................................   36
Perion Network Ltd. (PERI:Q)  ....................................................   52
Perrigo Company PLC (PRGO:N)  ................................................   35
PetIQ, Inc. (PETQ:Q)  .................................................................   32
Peyto Exploration & Development Corp. (PEY:T)  .........................  23
Phillips 66 (PSX:N)  ....................................................................   20
Phreesia, Inc. (PHR:N)  ...............................................................  34
Physicians Realty Trust (DOC:N)  ................................................   43
Pinnacle Financial Partners, Inc. (PNFP:Q)  .................................   27
Pioneer Natural Resources Company (PXD:N)  ............................   20
Pipestone Energy (PIPE:T)  .........................................................  23
12
Plains All American Pipeline, L.P. (PAA:Q)  ..................................   21
Plains GP Holdings, L.P. (PAGP:Q)  .............................................   21
Planet Fitness, Inc. (PLNT:N)  .....................................................   18
Plexus Corp. (PLXS:Q)  ...............................................................   51
Polaris Inc. (PII:N)  .....................................................................  18
Polaris Renewable Energy Inc. (PIF:T)  ........................................   47
Pollard Banknote Limited (PBL:T)  .............................................   31
PolyPid Ltd. (PYPD:Q)  ...............................................................   35
PotlatchDeltic Corporation (PCH:Q)  ...........................................  45
PowerSchool Holdings, Inc. (PWSC:N)  .......................................   49
PrairieSky Royalty Ltd. (PSK:T)  ..................................................  23
Precision Drilling Corporation (PD:T)  .........................................   23
Preferred Bank (PFBC:Q)  ...........................................................  27
Premier Financial Corp. (PFC:Q)  ................................................   27
Premier, Inc. (PINC:Q)  ...............................................................   34
Primo Water Corporation (PRMW:N)  ..........................................   22
Princeton Bancorp, Inc. (BPRN:Q)  ..............................................  27
Principal Financial Group, Inc. (PFG:Q)  ......................................   29
ProAssurance Corporation (PRA:N)  ............................................   29
ProQR Therapeutics N.V. (PRQR:Q)  ............................................   33
Profound Medical Corp. (PROF:Q)  ..............................................  36
Prologis, Inc. (PLD:N)  ................................................................   44
Propel Holdings Inc. (PRL:T)  ......................................................  31
Prospect Capital Corporation (PSEC:Q)  ......................................  30
Prosperity Bancshares, Inc. (PB:N)  ............................................   27
Prudential Financial, Inc. (PRU:N)  ..............................................  29
PubMatic, Inc. (PUBM:Q)  ...........................................................   52
Public Storage (PSA:N)  .............................................................   45
PulteGroup, Inc. (PHM:N)  ..........................................................   43
Pure Storage, Inc. (PSTG:N)  ......................................................   50
Purple Innovation, Inc. (PRPL:Q)  ...............................................   17
Q2 Holdings, Inc. (QTWO:N)  ......................................................   49
Q4 Inc. (QFOR:T)  .......................................................................  55
QCR Holdings, Inc. (QCRH:Q)  .....................................................  27
QUALCOMM Incorporated (QCOM:Q)  .........................................   53
Qorvo, Inc. (QRVO:Q)  ................................................................   53
Qualtrics International Inc. (XM:Q)  .............................................  49
Quarterhill Inc. (QTRH:T)  ..........................................................   55
QuidelOrtho Corporation (QDEL:Q)  ...........................................   34
Quipt Home Medical Corp. (QIPT:Q)  ..........................................   36
Quisitive Technology Solutions Inc. (QUIS:V)  ..............................  31
REGENXBIO Inc. (RGNX:Q)  .........................................................   33
RLI Corp. (RLI:N)  .......................................................................   29
RLJ Lodging Trust (RLJ:N)  .........................................................  43
RPT Realty (RPT:N)  ...................................................................   45
RXO, Inc. (RXO:N)  .....................................................................   56
Rackspace Technology, Inc. (RXT:Q)  ..........................................   53
RadNet, Inc. (RDNT:Q)  ..............................................................   32
Radius Global Infrastructure, Inc. (RADI:Q)  .................................   53
Range Resources Corporation (RRC:N)  .......................................  20
Rapid7, Inc. (RPD:Q)  .................................................................   52
Rayonier Inc. (RYN:N)  ................................................................  45
Ready Capital Corporation (RC:N)  .............................................   44
Real Matters Inc. (REAL:T)  .........................................................   55
Realty Income Corporation (O:N)  ..............................................   44
Redwood Trust, Inc. (RWT:N)  ....................................................   44
Raymond James Research Register - April 2023
 Company Index
Regency Centers Corporation (REG:Q)  .......................................   45
Regeneron Pharmaceuticals, Inc. (REGN:Q)  ................................  33
Regions Financial Corporation (RF:N)  ........................................   27
Renasant Corporation (RNST:Q)  ................................................   27
Rent the Runway, Inc. (RENT:Q)  ................................................   17
Republic Services, Inc. (RSG:N)  ..................................................  38
Retail Opportunity Investments Corp. (ROIC:Q)  ..........................   45
Revolve Group, Inc. (RVLV:N)  .....................................................  17
RingCentral, Inc. (RNG:N)  ..........................................................   49
Rio2 Limited (RIO:V)  .................................................................   42
Ritchie Bros. Auctioneers (RBA:N)  ..............................................  40
Rithm Capital Corp. (RITM:N)  ....................................................   44
Riverview Bancorp, Inc. (RVSB:Q)  ..............................................   27
Rocket Pharmaceuticals, Inc. (RCKT:Q)  ......................................   33
Roku, Inc. (ROKU:Q)  .................................................................   51
Roper Technologies (ROP:N)  .....................................................   48
Royal Gold Inc. (RGLD:Q)  ..........................................................   42
Rubellite Energy Inc. (RBY:T)  .....................................................   23
Rubicon Organics Inc. (ROMJ:V)  ................................................   19
Russel Metals Inc. (RUS:T)  .........................................................   40
Ruth's Hospitality Group, Inc. (RUTH:Q)  .....................................   18
Ryanair Holdings Plc (RYAAY:Q)  .................................................   56
Ryman Hospitality Properties, Inc. (RHP:N)  ................................   43
S&P Global Inc. (SPGI:N)  ...........................................................   28
S&T Bancorp, Inc. (STBA:Q)  .......................................................  27
SBA Communications Corporation (SBAC:Q)  ..............................   53
SEI Investments Company (SEIC:Q)  ...........................................   28
SLR Investment Corp. (SLRC:Q)  .................................................   30
SM Energy Company (SM:N)  ......................................................   20
SNC-Lavalin Group Inc. (SNC:T)  .................................................   39
SS&C Technologies Holdings, Inc. (SSNC:Q)  ...............................   28
STAG Industrial, Inc. (STAG:N)  ...................................................   44
STEP Energy Services Ltd. (STEP:T)  ...........................................   24
SVB Financial Group (SIVBQ:O)  ..................................................  27
Sabra Health Care REIT, Inc. (SBRA:Q)  .......................................   43
Safehold Inc. (SAFE:N)  ..............................................................   44
Sage Therapeutics, Inc. (SAGE:Q)  ..............................................   33
Saia, Inc. (SAIA:Q)  .....................................................................   57
Salesforce, Inc. (CRM:N)  ............................................................   49
Sally Beauty Holdings, Inc. (SBH:N)  ...........................................   16
Sandstorm Gold Ltd. (SAND:N)  ..................................................   42
Saratoga Investment Corp. (SAR:N)  ...........................................   30
Sarepta Therapeutics, Inc. (SRPT:Q)  ..........................................   33
Saul Centers, Inc. (BFS:N)  .........................................................   45
Savaria Corporation (SIS:T)  .......................................................   40
ScanSource, Inc. (SCSC:Q)  ........................................................   51
Schlumberger Limited (SLB:N)  ..................................................   21
Schneider National, Inc. (SNDR:N)  .............................................   57
Seacoast Banking Corporation of Florida (SBCF:Q)  .....................   27
Seagen Inc. (SGEN:Q)  ................................................................  33
Sealed Air Corporation (SEE:N)  ..................................................  37
Secure Energy Services Inc. (SES:T)  ...........................................   23
Select Energy Services, Inc. (WTTR:N)  ........................................   21
Senseonics Holdings, Inc. (SENS:N)  ...........................................   35
Service Corporation International (SCI:N)  ..................................   33
Shake Shack Inc. (SHAK:N)  ........................................................  18
Raymond James Research Register - April 2023
Shenandoah Telecommunications Company (SHEN:Q)  ...............  54
Shift4 Payments, Inc. (FOUR:N)  .................................................   50
Shopify Inc. (SHOP:N)  ...............................................................   49
SiTime Corporation (SITM:Q)  .....................................................  53
Sierra Bancorp (BSRR:Q)  ...........................................................  27
Signal Gold Inc. (SGNL:T)  ..........................................................   42
Signature Bank (SBNY:O)  ..........................................................   27
Silgan Holdings Inc. (SLGN:N)  ...................................................   37
SilverCrest Metals Inc. (SIL:T)  ....................................................   42
Silvercorp Metals Inc. (SVM:T)  ...................................................   42
Simmons First National Corporation (SFNC:Q)  ...........................   27
Simulations Plus, Inc. (SLP:Q)  ...................................................   34
Sixth Street Specialty Lending, Inc. (TSLX:N)  ..............................   30
Skechers U.S.A., Inc. (SKX:N)  .....................................................   17
Skeena Resources Ltd. (SKE:T)  ..................................................   42
SkyWest, Inc. (SKYW:Q)  .............................................................   56
Skyward Specialty Insurance Group, Inc. (SKWD:Q)  ....................   29
Skyworks Solutions, Inc. (SWKS:Q)  ............................................   53
Slate Grocery REIT (SGR.U:T)  .....................................................  46
Slate Office REIT (SOT.UN:T)  .....................................................   46
Sleep Number Corporation (SNBR:Q)  .........................................  17
SmartFinancial, Inc. (SMBK:Q)  ...................................................  27
Snap Inc. (SNAP:N)  ...................................................................   52
Snap One Holdings Corp. (SNPO:Q)  ...........................................   49
Snowflake Inc. (SNOW:N)  ..........................................................   50
Sol-Gel Technologies Ltd. (SLGL:Q)  ...........................................   35
Sonos, Inc. (SONO:Q)  ................................................................   49
South Plains Financial, Inc. (SPFI:Q)  ..........................................   27
South State Corporation (SSB:Q)  ...............................................  27
Southwest Airlines Co. (LUV:N)  ..................................................  56
Southwestern Energy Company (SWN:N)  ...................................   20
Spartan Delta Corp. (SDE:T)  ......................................................   23
Spectrum Brands Holdings, Inc. (SPB:N)  ....................................   16
Spire Global, Inc. (SPIR:N)  .........................................................  53
Spirit Airlines, Inc. (SAVE:N)  ......................................................   56
Spirit Realty Capital, Inc. (SRC:N)  ..............................................   44
Splunk Inc. (SPLK:Q)  .................................................................  51
Spotify Technology S.A. (SPOT:N)  ..............................................  51
Squarespace, Inc. (SQSP:N)  .......................................................  51
Stanley Black & Decker, Inc. (SWK:N)  .........................................   16
Stantec Inc. (STN:T)  ..................................................................  39
Starwood Property Trust Inc. (STWD:N)  .....................................   44
Stellar Bancorp, Inc. (STEL:Q)  ...................................................   27
Stellus Capital Investment Corporation (SCM:N)  .........................  30
Stock Yards Bancorp, Inc. (SYBT:Q)  ...........................................   27
StorageVault Canada Inc. (SVI:T)  ...............................................   46
Stryker Corporation (SYK:N)  ......................................................  35
Summit Hotel Properties, Inc. (INN:N)  .......................................   43
SunPower Corporation (SPWR:Q)  ..............................................   22
Sunnova Energy International Inc. (NOVA:N)  ..............................   22
Sunoco LP (SUN:N)  ...................................................................  21
Sunstone Hotel Investors, Inc. (SHO:N)  ......................................   43
Superior Plus Corp. (SPB:T)  ......................................................   39
Surge Copper Corp. (SURG:V)  ....................................................   41
Surge Energy Inc. (SGY:T)  ..........................................................  23
Symbotic Inc. (SYM:Q)  ..............................................................   48
13
 Company Index
Synovus Financial Corp. (SNV:N)  ...............................................   27
T-Mobile US Inc. (TMUS:Q)  ........................................................   53
TC Energy Corporation (TRP:T)  ..................................................  21
TD SYNNEX (SNX:N)  ..................................................................   51
THOR Industries, Inc. (THO:N)  ...................................................   18
TPG RE Finance Trust, Inc. (TRTX:N)  ..........................................   44
TPI Composites, Inc. (TPIC:Q)  ....................................................  22
TXO Energy Partners, L.P. (TXO:N)  .............................................   20
Take-Two Interactive Software, Inc. (TTWO:Q)  ...........................   51
Tamarack Valley Energy Ltd. (TVE:T)  ..........................................  23
Tandem Diabetes Care, Inc. (TNDM:Q)  .......................................   35
Tapestry, Inc. (TPR:N)  ...............................................................   17
Targa Resources Corp. (TRGP:N)  ...............................................   21
Target Corporation (TGT:N)  ......................................................   17
Tarsus Pharmaceuticals, Inc. (TARS:Q)  .......................................  33
TechTarget, Inc. (TTGT:Q)  .........................................................   52
Teck Resources Limited (TECK.B:T)  ...........................................   41
Tecnoglass Inc. (TGLS:N)  ..........................................................   16
Tecsys Inc. (TCS:T)  ...................................................................   55
Teleflex Incorporated (TFX:N)  ....................................................  35
Telephone and Data Systems, Inc. (TDS:N)  .................................  53
Tempur Sealy International, Inc. (TPX:N)  ...................................   17
Tenet Healthcare Corporation (THC:N)  ......................................   34
Teva Pharmaceutical Industries Ltd. (TEVA:N)  ............................   35
Texas Capital Bancshares, Inc. (TCBI:Q)  .....................................   27
Texas Instruments Incorporated (TXN:Q)  ...................................   53
Texas Roadhouse, Inc. (TXRH:Q)  ................................................  18
The Aaron's Company, Inc. (AAN:N)  ...........................................   18
The Allstate Corporation (ALL:N)  ...............................................   29
The Bancorp, Inc. (TBBK:Q)  .......................................................  27
The Bank of N.T. Butterfield & Son Limited (NTB:N)  ....................   27
The Beauty Health Company (SKIN:Q)  .......................................   16
The Charles Schwab Corporation (SCHW:N)  ...............................   28
The Clorox Company (CLX:N)  ....................................................   16
The Descartes Systems Group Inc. (DSGX:Q)  ..............................   55
The Estee Lauder Companies Inc. (EL:N)  ....................................   16
The Hartford Financial Services Group, Inc. (HIG:N)  ....................   29
The Home Depot, Inc. (HD:N)  ....................................................   17
The Lion Electric Company (LEV:N)  ............................................  47
The PNC Financial Services Group, Inc. (PNC:N)  .........................   27
The Procter & Gamble Company (PG:N)  .....................................   16
The Progressive Corporation (PGR:N)  ........................................   29
The RealReal, Inc. (REAL:Q)  .......................................................   17
The Scotts Miracle-Gro Company (SMG:N)  .................................   16
The Shyft Group, Inc. (SHYF:Q)  ..................................................   37
The Toro Company (TTC:N)  .......................................................  16
The Trade Desk, Inc. (TTD:Q)  .....................................................  52
The Travelers Companies, Inc. (TRV:N)  ......................................   29
The Williams Companies, Inc. (WMB:N)  ......................................   21
Third Coast Bancshares, Inc. (TCBX:Q)  .......................................   27
ThredUp Inc. (TDUP:Q)  .............................................................   17
Toll Brothers, Inc. (TOL:N)  .........................................................  43
Topaz Energy Corp. (TPZ:T)  ......................................................   23
Topgolf Callaway Brands Corp. (MODG:N)  ..................................   18
Toromont Industries Ltd. (TIH:T)  ...............................................   40
Tourmaline Oil Corp. (TOU:T)  ....................................................  23
14
TowneBank (TOWN:Q)  ..............................................................   27
Tractor Supply Company (TSCO:Q)  ............................................  17
Tradeweb Markets Inc. (TW:Q)  ..................................................   28
TransAlta Renewables Inc. (RNW:T)  ...........................................   47
Tremor International Ltd. (TRMR:Q)  ...........................................  52
TriCo Bancshares (TCBK:Q)  .......................................................   27
Trican Well Service Ltd. (TCW:T)  ................................................   24
Tricon Residential Inc. (TCN:N)  ..................................................  46
Trilogy Metals Inc. (TMQ:T)  .......................................................   41
Trimble Inc. (TRMB:Q)  ...............................................................  48
Triple Flag Precious Metals Corp. (TFPM:T)  ................................   42
Trisura Group Ltd. (TSU:T)  ........................................................   31
Tritium DCFC Limited (DCFC:Q)  .................................................   22
Triumph Financial, Inc. (TFIN:Q)  ................................................   27
True North Commercial REIT (TNT.UN:T)  ...................................   46
Truist Financial Corporation (TFC:N)  .........................................   27
Trupanion, Inc. (TRUP:Q)  ..........................................................   32
Trustmark Corporation (TRMK:Q)  ..............................................   27
U.S. Bancorp (USB:N)  ...............................................................   27
U.S. Xpress Enterprises, Inc. (USX:N)  ..........................................  57
UMB Financial Corporation (UMBF:Q)  ........................................   27
USCB Financial Holdings, Inc. (USCB:Q)  .....................................   27
Uber Technologies, Inc. (UBER:N)  ..............................................  52
Ulta Beauty, Inc. (ULTA:Q)  ........................................................   16
Under Armour, Inc. (UAA:N)  ......................................................   17
Union Pacific Corporation (UNP:N)  ............................................   57
United Airlines Holdings, Inc. (UAL:Q)  ........................................   56
United Bankshares, Inc. (UBSI:Q)  ..............................................   27
United Community Banks, Inc. (UCBI:Q)  ....................................   27
United Parcel Service, Inc. (UPS:N)  ............................................   57
United States Cellular Corporation (USM:N)  ...............................   53
UnitedHealth Group Incorporated (UNH:N)  ................................   34
Uniti Group Inc. (UNIT:Q)  ..........................................................   54
Universal Health Services, Inc. (UHS:N)  ......................................  34
Unum Group (UNM:N)  ...............................................................  29
Upbound Group, Inc. (UPBD:Q)  .................................................   18
Upland Software, Inc. (UPLD:Q)  .................................................  49
V2X, Inc. (VVX:N)  .......................................................................   50
VBI Vaccines Inc. (VBIV:Q)  .........................................................   33
VICI Properties Inc. (VICI:N)  .......................................................   44
VMware, Inc. (VMW:N)  ...............................................................   50
Valero Energy Corporation (VLO:N)  ............................................  20
Valley National Bancorp (VLY:Q)  ................................................   27
Vecima Networks Inc. (VCM:T)  ...................................................   55
Veeva Systems Inc. (VEEV:N)  .....................................................   49
Velocity Financial, Inc. (VEL:N)  ..................................................   44
Ventas, Inc. (VTR:N)  ..................................................................   43
Veracyte, Inc. (VCYT:Q)  ..............................................................  34
Verisk Analytics, Inc. (VRSK:Q)  ...................................................   28
Veritex Holdings, Inc. (VBTX:Q)  ..................................................   27
Verizon Communications Inc. (VZ:N)  ..........................................  54
Vermilion Energy Inc. (VET:T)  ....................................................   23
VersaBank (VBNK:Q)  .................................................................   27
Vertex Pharmaceuticals Incorporated (VRTX:Q)  ..........................   33
Vertex, Inc. (VERX:Q)  .................................................................   49
Vertical Aerospace Ltd. (EVTL:N)  ................................................  56
Raymond James Research Register - April 2023
 Company Index
VerticalScope Holdings Inc. (FORA:T)  .........................................  55 Xilio Therapeutics, Inc. (XLO:Q)  .................................................   33
ViaSat, Inc. (VSAT:Q)  .................................................................   53 Xponential Fitness, Inc. (XPOF:N)  ..............................................   18
Viant Technology Inc. (DSP:Q)  ...................................................   52 Xylem Inc. (XYL:N)  ....................................................................   22
Viatris Inc. (VTRS:Q)  ..................................................................   35 YETI Holdings, Inc. (YETI:N)  .......................................................   18
View, Inc. (VIEW:Q)  ...................................................................   22 Yamana Gold Inc. (AUY:N)  .........................................................   42
Viking Therapeutics, Inc. (VKTX:Q)  .............................................   33 Yangarra Resources Ltd. (YGR:T)  ................................................  23
Village Farms International Inc. (VFF:Q)  .....................................   19 Yatsen Holding Limited (YSG:N)  .................................................  16
Viper Energy Partners LP (VNOM:Q)  ...........................................   20 Zimmer Biomet Holdings, Inc. (ZBH:N)  ......................................   35
Visa Inc. (V:N)  ...........................................................................   50 Zions Bancorporation, N.A. (ZION:Q)  .........................................   28
Visteon Corporation (VC:Q)  .......................................................   48 ZipRecruiter, Inc. (ZIP:N)  ...........................................................  51
Vital Energy, Inc. (VTLE:N)  .........................................................   20 Zoetis Inc. (ZTS:N)  ....................................................................   32
Vivid Seats Inc. (SEAT:Q)  ...........................................................   51 ZoomInfo Technologies Inc. (ZI:Q)  .............................................  49
Vizsla Silver Corp. (VZLA:V)  ........................................................  42 argenx SE (ARGX:Q)  ..................................................................   33
Voya Financial, Inc. (VOYA:N)  .....................................................  29 bluebird bio, Inc. (BLUE:Q)  ........................................................  33
Voyager Therapeutics, Inc. (VYGR:Q)  ..........................................   33 e.l.f. Beauty, Inc. (ELF:N)  ...........................................................   16
Vulcan Materials Company (VMC:N)  ...........................................   37 eBay Inc. (EBAY:Q)  ....................................................................   52
W. P. Carey Inc. (WPC:N)  ...........................................................   44 frontdoor, inc. (FTDR:Q)  ............................................................  52
W.W. Grainger, Inc. (GWW:N)  .....................................................   37 goeasy Ltd. (GSY:T)  ...................................................................  31
WESCO International, Inc. (WCC:N)  ............................................   37 i3 Verticals, Inc. (IIIV:Q)  .............................................................   50
WEX Inc. (WEX:N)  ......................................................................   50 iRobot Corporation (IRBT:Q)  .....................................................   48
WSP Global Inc. (WSP:T)  ...........................................................   39 kneat.com, inc. (KSI:T)  ..............................................................  55
Wabash National Corporation (WNC:N)  ......................................  37 loanDepot, Inc. (LDI:N)  .............................................................   50
Wajax Corporation (WJX:T)  .......................................................   40 lululemon athletica inc. (LULU:Q)  ..............................................  17
Waldencast plc (WALD:Q)  ..........................................................  16 nCino, Inc. (NCNO:Q)  ................................................................   49
Walgreens Boots Alliance, Inc. (WBA:Q)  ......................................  34 nLIGHT, Inc. (LASR:Q)  ...............................................................   48
Walmart Inc. (WMT:N)  ...............................................................   17 uniQure N.V. (QURE:Q)  ..............................................................  33
Waste Connections, Inc. (WCN:N)  ..............................................   38
Waste Management, Inc. (WM:N)  ...............................................   38
Wayfair, Inc. (W:N)  ....................................................................   18
Weave Communications, Inc. (WEAV:N)  .....................................   49
Webster Financial Corporation (WBS:N)  .....................................   27
Wells Fargo & Company (WFC:N)  ...............................................   28
Welltower Inc. (WELL:N)  ............................................................  43
WesBanco, Inc. (WSBC:Q)  ..........................................................  28
West Fraser Timber Co. Ltd. (WFG:T)  ..........................................  39
Western Digital Corporation (WDC:Q)  ........................................   53
Western Forest Products Inc. (WEF:T)  ........................................   39
Westhaven Gold Corp. (WHN:V)  .................................................   42
Westinghouse Air Brake Technologies Corporation (WAB:N)  ........   37
Weyerhaeuser Company (WY:N)  ................................................   45
Wheaton Precious Metals Corp. (WPM:N)  ...................................   42
Wheels Up Experience Inc. (UP:N)  ..............................................  52
Whirlpool Corporation (WHR:N)  .................................................  16
WhiteHorse Finance, Inc. (WHF:Q)  .............................................   30
Whitecap Resources Inc. (WCP:T)  ..............................................   23
WideOpenWest, Inc. (WOW:N)  ...................................................   54
Willis Towers Watson Public Limited Company (WTW:Q)  .............   28
Wingstop Inc. (WING:Q)  .............................................................  18
Winnebago Industries, Inc. (WGO:N)  ..........................................   18
Wintrust Financial Corporation (WTFC:Q)  ...................................  28
Wix.com Ltd. (WIX:Q)  ................................................................   51
Workiva Inc. (WK:N)  ..................................................................   49
XPO Logistics, Inc. (XPO:N)  ........................................................  56
Xencor, Inc. (XNCR:Q)  ...............................................................   33
Xenia Hotels & Resorts, Inc. (XHR:N)  ..........................................   43
Xenon Pharmaceuticals Inc. (XENE:Q)  ........................................   33

Raymond James Research Register - April 2023 15

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Consumer - USA
 

Joseph Altobello, CFA  joe.altobello@raymondjames.com Mitch Ingles, CFA  mitch.ingles@raymondjames.com

Sam Darkatsh  sam.darkatsh@raymondjames.com Rick Patel, CFA  rick.patel@raymondjames.com
Bobby Griffin, CFA  bobby.griffin@raymondjames.com Olivia Tong, CFA  olivia.tong@raymondjames.com
Brian M. Vaccaro, CFA  brian.vaccaro@raymondjames.com
 
Beauty, Personal Care & Household Products
Bath & Body Works, Inc. BBWI N SB1 MA/ACC 36.58 50.00 58.17 25.75 Jan $8,413 2.2% OT
Church & Dwight Co., Inc. CHD N MU4 M/ACC 88.41 NM 105.28 70.16 Dec $21,476 1.2% OT
Colgate-Palmolive Company CL N MP3 M/INC 75.15 NM 83.81 67.84 Dec $63,081 2.6% OT
Coty Inc. COTY N MO2 MA/ACC 12.06 13.00 12.16 5.90 Jun $10,695 0.0% OT
Edgewell Personal Care Company EPC N MP3 MA/ACC 42.42 NM 45.31 32.00 Sep $2,306 1.4% OT
Helen of Troy Limited HELE Q MP3 MA/ACC 95.17 NM 221.71 82.94 Feb $2,289 0.0% OT
Newell Brands Inc. NWL Q SB1 MA/ACC 12.44 17.00 24.70 11.25 Dec $5,144 7.4% OT
Olaplex Holdings, Inc. OLPX Q MP3 A/ACC 4.27 NM 18.23 3.68 Dec $2,771 0.0% OT
Sally Beauty Holdings, Inc. SBH N MU4 MA/ACC 15.58 NM 18.42 10.95 Sep $1,705 0.0% OT
Spectrum Brands Holdings, Inc. SPB N MP3 MA/ACC 66.22 NM 93.19 38.93 Sep $2,700 2.5% OT
The Beauty Health Company SKIN Q MP3 A/ACC 12.63 NM 17.77 8.25 Dec $1,745 0.0% OT
The Clorox Company CLX N MO2 M/INC 158.24 165.00 160.59 120.50 Jun $19,476 3.0% OT
The Estee Lauder Companies Inc. EL N SB1 MA/ACC 246.46 315.00 285.79 186.47 Jun $88,072 1.1% OT
The Procter & Gamble Company PG N MO2 M/INC 148.69 170.00 164.90 122.18 Jun $375,189 2.5% OT
The Scotts Miracle-Gro Company SMG N SB1 MA/ACC 69.74 92.00 129.95 39.06 Sep $3,868 3.8% JA
Ulta Beauty, Inc. ULTA Q SB1 MA/ACC 545.67 600.00 546.47 330.80 Jan $28,276 0.0% OT
Waldencast plc WALD Q MO2 A/ACC 8.15 11.00 12.10 6.56 Dec $919 0.0% OT
Yatsen Holding Limited YSG N MP3 A/ACC 1.48 NM 2.20 0.39 Dec $835 0.0% OT
e.l.f. Beauty, Inc. ELF N MO2 MA/ACC 82.35 80.00 83.94 20.49 Mar $4,305 0.0% OT
Building Products
Appliances and Other Building Products
Masco Corporation MAS N MP3 MA/ACC 49.72 NM 58.18 42.33 Dec $11,286 2.3% SD
Tecnoglass Inc. TGLS N SB1 MA/ACC 41.96 47.00 43.84 16.05 Dec $2,000 0.9% SD
Whirlpool Corporation WHR N MP3 MA/ACC 132.02 NM 199.07 124.10 Dec $7,221 5.3% SD
Floor Covering
Mohawk Industries, Inc. MHK N MP3 MA/ACC 100.22 NM 159.00 87.02 Dec $6,393 0.0% SD
Tools & Outdoor Power Equipment
Griffon Corporation GFF N SB1 MA/ACC 32.01 50.00 43.74 17.56 Sep $1,770 1.2% SD
Stanley Black & Decker, Inc. SWK N MP3 M/ACC 80.58 NM 147.37 70.24 Dec $11,843 4.0% SD
The Toro Company TTC N MO2 MA/ACC 111.16 130.00 117.66 71.86 Oct $11,736 1.2% SD
Digital Commerce, Global Brands & Softlines Retail
Digital Commerce
Brilliant Earth Group, Inc. BRLT Q MO2 MA/ACC 3.91 7.00 10.32 3.45 Dec $378 0.0% RP
Etsy, Inc. ETSY Q MO2 MA/ACC 111.33 155.00 149.91 67.01 Dec $16,029 0.0% RP
FIGS, Inc. FIGS N MO2 MA/ACC 6.19 10.00 23.93 5.55 Dec $1,120 0.0% RP
Overstock.com, Inc. OSTK Q MP3 MA/ACC 20.27 NM 45.90 17.05 Dec $921 0.0% RP

16 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Consumer - USA
 
Rent the Runway, Inc. RENT Q MO2 A/ACC 2.85 8.00 7.10 1.10 Jan $184 0.0% RP
Revolve Group, Inc. RVLV N MO2 MA/ACC 26.30 30.00 58.00 20.17 Dec $1,954 0.0% RP
The RealReal, Inc. REAL Q MP3 A/ACC 1.26 NM 8.44 1.04 Dec $124 0.0% RP
ThredUp Inc. TDUP Q MO2 A/ACC 2.53 4.00 8.99 0.73 Dec $256 0.0% RP
Global Brands & Softlines Retail
Capri Holdings Limited CPRI N MO2 MA/ACC 47.00 60.00 69.25 36.90 Mar $6,127 0.0% RP
NIKE, Inc. NKE N MO2 MA/ACC 122.64 135.00 139.14 82.22 May $191,907 1.1% RP
Skechers U.S.A., Inc. SKX N MO2 MA/ACC 47.52 55.00 49.56 31.28 Dec $7,426 0.0% RP
Tapestry, Inc. TPR N MO2 M/ACC 43.11 50.00 47.48 26.39 Jun $10,489 2.8% RP
Under Armour, Inc. UAA N MP3 MA/ACC 9.49 NM 17.20 6.38 Mar $4,356 0.0% RP
lululemon athletica inc. LULU Q SB1 MA/ACC 364.19 438.00 410.70 251.51 Jan $46,544 0.0% RP
Furniture & Furnishings Suppliers
Bedding & Residential Furniture
La-Z-Boy Incorporated LZB N MP3 MA/ACC 29.08 NM 33.06 21.92 Apr $1,253 2.5% BGr
Leggett & Platt, Incorporated LEG N MP3 MA/INC 31.88 NM 41.94 30.05 Dec $4,227 5.5% BGr
Purple Innovation, Inc. PRPL Q MP3 MA/ACC 2.64 NM 6.76 2.32 Dec $282 0.0% BGr
Sleep Number Corporation SNBR Q MP3 MA/ACC 30.41 NM 54.27 23.60 Dec $677 0.0% BGr
Tempur Sealy International, Inc. TPX N SB1 MA/ACC 39.49 49.00 44.28 20.03 Dec $6,729 1.1% BGr
Hardline Retail
Auto Parts Retail
Advance Auto Parts, Inc. AAP N SB1 MA/ACC 121.61 180.00 231.43 109.05 Dec $7,343 4.9% BGr
AutoZone, Inc. AZO N MO2 M/ACC 2,458.15 2,650.00 2,610.05 1,703.32 Aug $45,395 0.0% BGr
O'Reilly Automotive, Inc. ORLY Q MP3 M/ACC 848.98 NM 873.94 562.90 Dec $52,937 0.0% BGr
Convenience Stores
ARKO Corp. ARKO Q SB1 A/ACC 8.49 13.00 10.81 7.49 Dec $1,020 1.4% BGr
Alimentation Couche-Tard Inc. ATD T SB1 M/ACC C$67.95 75.00 68.18 49.58 Apr C$67,298 0.8% BGr
Casey's General Stores, Inc. CASY Q MP3 MA/ACC 216.46 NM 249.90 181.40 Apr $8,065 0.7% BGr
Murphy USA Inc. MUSA N MO2 MA/ACC 258.05 305.00 323.00 199.87 Dec $5,600 0.6% BGr
Digital Auto
Carvana Co. CVNA Q MP3 A/ACC 9.79 NM 134.68 3.55 Dec $1,857 0.0% MI, BGr
Discount/Value/Warehouse Retail
Costco Wholesale Corporation COST Q MO2 M/ACC 496.87 570.00 612.27 406.51 Aug $219,947 0.7% BGr
Dollar General Corporation DG N SB1 MA/ACC 210.46 255.00 262.21 183.25 Jan $46,870 1.1% BGr
Dollar Tree, Inc. DLTR Q MP3 MA/ACC 143.55 NM 177.19 124.76 Jan $31,854 0.0% BGr
Target Corporation TGT N SB1 M/ACC 165.63 195.00 254.87 137.16 Jan $76,247 2.6% BGr
Walmart Inc. WMT N MO2 M/ACC 147.45 160.00 160.77 117.27 Jan $397,643 1.5% BGr
Home/Land Improvement Retail
Lowe's Companies, Inc. LOW N MP3 M/ACC 199.97 NM 223.31 170.12 Jan $120,982 2.1% BGr
The Home Depot, Inc. HD N MP3 M/ACC 295.12 NM 347.25 264.51 Jan $300,432 2.8% BGr
Tractor Supply Company TSCO Q SB1 M/ACC 235.04 255.00 241.40 166.49 Dec $25,963 1.8% BGr
Rent-to-Own
PROG Holdings, Inc. PRG N MP3 MA/ACC 23.79 NM 29.52 12.11 Dec $1,143 0.0% BGr

Raymond James Research Register - April 2023 17

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Consumer - USA
 
The Aaron's Company, Inc. AAN N MP3 MA/ACC 9.66 NM 22.43 7.64 Dec $296 5.2% BGr
Upbound Group, Inc. UPBD Q MO2 MA/ACC 24.51 31.00 31.91 16.82 Dec $1,364 5.5% BGr
Specialty Retail
Best Buy Co., Inc. BBY N MP3 M/ACC 78.27 NM 98.18 60.78 Jan $17,360 4.7% BGr
Dick's Sporting Goods, Inc. DKS N MP3 MA/ACC 141.89 NM 152.61 63.45 Jan $12,488 2.8% BGr
Wayfair, Inc. W N MP3 MA/ACC 34.34 NM 121.35 28.11 Dec $3,743 0.0% BGr
Leisure Products
Acushnet Holdings Corp. GOLF N MP3 MA/ACC 50.94 NM 54.11 37.46 Dec $3,696 1.5% JA
BRC Inc. BRCC N MP3 MA/ACC 5.14 NM 34.00 4.86 Dec $1,087 0.0% JA
BRP Inc. DOO T SB1 MA/ACC C$105.76 139.00 120.51 76.72 Jan C$8,345 0.7% JA
Brunswick Corporation BC N MO2 MA/ACC 82.00 100.00 93.15 61.89 Dec $5,946 2.0% JA
Camping World Holdings, Inc. CWH N MO2 MA/ACC 20.87 28.00 33.99 18.69 Dec $1,745 12.0% JA
Clarus Corporation CLAR Q MP3 MA/ACC 9.45 NM 29.32 6.86 Dec $350 1.1% JA
Harley-Davidson, Inc. HOG N MP3 MA/ACC 37.97 NM 51.77 29.80 Dec $5,551 1.7% JA
Holley Inc. HLLY N MO2 A/ACC 2.74 3.50 14.12 1.88 Dec $324 0.0% JA
Malibu Boats, Inc. MBUU Q MO2 MA/ACC 56.45 70.00 70.87 46.30 Jun $1,190 0.0% JA
MarineMax, Inc. HZO N MO2 MA/ACC 28.75 40.00 45.84 26.23 Sep $624 0.0% JA
MasterCraft Boat Holdings, Inc. MCFT Q MO2 MA/ACC 30.43 40.00 35.29 18.49 Jun $541 0.0% JA
OneWater Marine Inc. ONEW Q MO2 MA/ACC 27.97 40.00 43.96 23.68 Sep $421 0.0% JA
Planet Fitness, Inc. PLNT N SB1 MA/ACC 77.67 95.00 88.31 54.15 Dec $6,956 0.0% JA
Polaris Inc. PII N SB1 MA/ACC 110.63 130.00 123.87 91.86 Dec $6,412 2.4% JA
THOR Industries, Inc. THO N MU4 MA/ACC 79.64 NM 105.36 66.26 Jul $4,262 2.3% JA
Topgolf Callaway Brands Corp. MODG N MO2 MA/ACC 21.62 35.00 25.96 16.80 Dec $3,996 0.0% JA
Winnebago Industries, Inc. WGO N MP3 MA/ACC 57.70 NM 70.53 43.05 Aug $1,762 1.9% JA
Xponential Fitness, Inc. XPOF N SB1 MA/ACC 30.39 32.00 30.70 11.20 Dec $1,739 0.0% JA
YETI Holdings, Inc. YETI N MO2 MA/ACC 40.00 45.00 61.95 27.86 Dec $3,450 0.0% JA
Restaurants
Bloomin' Brands, Inc. BLMN Q SB1 MA/ACC 25.65 33.00 28.46 15.89 Dec $2,336 3.7% BV
Brinker International, Inc. EAT N MO2 MA/ACC 38.00 46.00 42.12 21.47 Jun $1,702 0.0% BV
Cheesecake Factory Inc. CAKE Q MP3 MA/ACC 35.05 NM 41.28 26.05 Dec $1,716 3.1% BV
Chipotle Mexican Grill, Inc. CMG N MO2 MA/ACC 1,708.29 1,900.00 1,754.56 1,196.28 Dec $47,660 0.0% BV
Chuy's Holdings, Inc. CHUY Q MP3 MA/ACC 35.85 NM 39.96 18.64 Dec $673 0.0% BV
Darden Restaurants, Inc. DRI N MO2 MA/ACC 155.16 165.00 155.90 110.96 May $19,100 3.1% BV
Dave & Buster's Entertainment, Inc. PLAY Q SB1 MA/ACC 36.79 55.00 50.17 29.60 Jan $1,793 0.0% BV
Dine Brands Global, Inc. DIN N MP3 MA/ACC 67.64 NM 82.43 61.02 Dec $1,040 3.0% BV
First Watch Restaurant Group, Inc. FWRG Q MO2 MA/ACC 16.06 22.00 18.95 11.80 Dec $972 0.0% BV
McDonald's Corporation MCD N MP3 M/ACC 279.61 NM 281.67 228.34 Dec $206,772 2.2% BV
Ruth's Hospitality Group, Inc. RUTH Q MP3 MA/ACC 16.42 NM 23.19 14.65 Dec $540 3.9% BV
Shake Shack Inc. SHAK N MP3 MA/ACC 55.49 NM 70.82 37.72 Dec $2,339 0.0% BV
Texas Roadhouse, Inc. TXRH Q MO2 MA/ACC 108.06 110.00 109.30 68.58 Dec $7,269 2.0% BV
Wingstop Inc. WING Q MP3 MA/ACC 183.58 NM 193.74 67.67 Dec $5,508 0.4% BV

18 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Consumer - CAN
 

Michael Glen, CFA  michael.glen@raymondjames.ca
Rahul Sarugaser, PhD, MASc  rahul.sarugaser@raymondjames.ca
Michael Freeman, MASc (Associate Analyst)  michael.freeman@raymondjames.ca
 
Auto Parts
Linamar Corporation LNR T MO2 MA/ACC C$65.03 84.00 77.69 45.46 Dec C$4,025 1.4% MG
Magna International Inc. MGA N MP3 M/INC 53.57 56.00 68.92 45.58 Dec $15,316 3.4% MG
Martinrea International Inc. MRE T MO2 A/ACC C$14.57 20.00 15.37 7.43 Dec C$1,171 1.4% MG
Cannabis
Cronos Group Inc. CRON Q MO2 A/ACC 1.94 3.00 4.05 1.85 Dec $735 0.0% MF, RS
Decibel Cannabis Company Inc. (can) DB V MO2 A/ACC C$0.13 0.40 0.19 0.06 Dec C$48 0.0% MF, RS
OrganiGram Holdings Inc. OGI T MO2 A/ACC C$0.86 2.00 2.28 0.81 Aug C$306 0.0% MF, RS
Rubicon Organics Inc. (can) ROMJ V MO2 A/ACC C$0.61 3.00 1.31 0.55 Dec C$34 0.0% MF, RS
Village Farms International Inc. VFF Q MP3 A/ACC 0.83 2.50 5.62 0.80 Dec $91 0.0% MF, RS
Consumer & Retail
CCL Industries Inc. CCL.B T MO2 M/ACC C$67.14 71.00 69.38 53.36 Dec C$11,884 1.4% MG
K-Bro Linen Inc. KBL T MO2 A/INC C$27.88 37.50 33.90 26.53 Dec C$300 4.3% MG
MTY Food Group Inc. MTY T MP3 MA/ACC C$60.74 65.00 73.50 45.20 Dec C$1,486 1.6% MG

(can) Not for distribution to US Persons, other than Institutional Accounts (as defined in FINRA Rule 4512(c)). Prior to making any decision to invest in a company involved in the cultivation, possession or distribution of
cannabis products, investors should seek their own legal advice and be aware of any legal considerations relevant to making, maintaining or divesting such investment.

Raymond James Research Register - April 2023 19

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Energy - USA
 

John Freeman, CFA  john.freeman@raymondjames.com Pavel Molchanov  pavel.molchanov@raymondjames.com

Justin Jenkins  justin.jenkins@raymondjames.com James Rollyson  jim.rollyson@raymondjames.com
J.R. Weston, CFA  j.r.weston@raymondjames.com
 
Exploration and Production
APA Corporation APA Q SB1 MA/ACC 36.06 49.00 51.95 30.15 Dec $13,626 2.8% JF
Antero Resources Corporation AR N MP3 A/ACC 23.09 NM 48.80 20.65 Dec $7,476 0.0% JF
Black Stone Minerals, L.P. BSM N MO2 A/INC 15.69 19.00 20.24 12.81 Dec $3,248 12.1% JF
CNX Resources Corporation CNX N MU4 MA/ACC 16.02 NM 24.21 14.47 Dec $3,520 0.0% JF
ConocoPhillips COP N SB1 MA/ACC 99.21 135.00 138.49 78.30 Dec $123,963 5.1% JF
Coterra Energy Inc. CTRA N MP3 MA/ACC 24.54 NM 36.55 22.25 Dec $19,966 3.3% JF
Devon Energy Corporation DVN N SB1 MA/ACC 50.61 67.00 79.40 44.03 Dec $34,066 10.0% JF
Diamondback Energy, Inc. FANG Q SB1 MA/ACC 135.17 165.00 168.95 103.71 Dec $24,000 2.4% JF
EOG Resources, Inc. EOG N SB1 MA/ACC 114.63 140.00 150.88 92.16 Dec $66,893 2.9% JF
Hess Corporation HES N MO2 A/ACC 132.34 170.00 160.52 90.34 Dec $40,774 1.3% JF
Kimbell Royalty Partners L.P. KRP N SB1 A/INC 15.23 19.00 20.08 13.85 Dec $978 13.1% JF
Marathon Oil Corporation MRO N SB1 A/ACC 23.96 43.00 33.42 19.42 Dec $17,539 1.7% JF
Matador Resources Company MTDR N MO2 MA/ACC 47.65 57.00 73.78 41.17 Dec $5,613 1.3% JF
National Fuel Gas Company NFG N MP3 MA/ACC 57.74 NM 75.97 53.94 Sep $5,264 3.3% JF
Northern Oil & Gas Inc. NOG N SB1 A/ACC 30.35 47.00 39.10 21.45 Dec $1,819 4.5% JF
Occidental Petroleum Corporation OXY N SB1 A/ACC 62.43 75.00 77.13 51.53 Dec $58,157 1.2% JF
Pioneer Natural Resources Company PXD N SB1 MA/ACC 204.24 241.00 288.46 177.26 Dec $49,835 13.3% JF
Range Resources Corporation RRC N MP3 A/ACC 26.47 NM 37.44 22.61 Dec $6,347 1.2% JF
SM Energy Company SM N MO2 A/ACC 28.16 38.00 54.97 24.66 Dec $3,231 2.1% JF
Southwestern Energy Company SWN N MP3 A/ACC 5.00 NM 9.87 4.60 Dec $3,372 0.0% JF
TXO Energy Partners, L.P. TXO N SB1 A/INC 23.11 34.00 25.00 21.28 Dec $693 0.0% JF
Viper Energy Partners LP VNOM Q MO2 A/INC 28.00 38.00 36.10 23.51 Dec $4,617 7.0% JF
Vital Energy, Inc. VTLE N MO2 A/ACC 45.54 59.00 120.86 39.74 Dec $733 0.0% JF
Independent Refiners
CVR Energy, Inc. CVI N MP3 MA/ACC 32.78 NM 43.61 23.50 Dec $3,294 6.1% JJ
Calumet Specialty Products Partners, LP CLMT Q MP3 A/ACC 17.38 NM 20.50 8.40 Dec $1,382 0.0% JJ
Delek US Holdings, Inc. DK N MO2 A/ACC 22.95 32.00 35.45 20.63 Dec $1,577 3.8% JJ
HF Sinclair Corporation DINO N MP3 A/ACC 48.38 NM 66.19 34.90 Dec $9,650 0.0% JJ
Marathon Petroleum Corporation MPC N SB1 MA/INC 134.83 165.00 136.46 77.62 Dec $63,100 2.2% JJ
PBF Energy Inc. PBF N MP3 A/ACC 43.36 NM 49.00 23.58 Dec $5,728 1.8% JJ
Phillips 66 PSX N MO2 MA/INC 101.38 135.00 113.53 74.02 Dec $48,967 4.1% JJ
Valero Energy Corporation VLO N SB1 MA/INC 139.60 174.00 150.39 96.71 Dec $53,188 2.9% JJ
Integrated Oil and Gas
BP p.l.c. BP N MO2 M/INC 37.94 40.00 41.38 25.36 Dec $117,041 4.2% JJ
Chevron Corporation CVX N MO2 M/INC 163.16 212.00 189.68 132.54 Dec $313,223 3.7% JJ
Exxon Mobil Corporation XOM N MP3 M/INC 109.66 NM 119.63 79.29 Dec $453,773 3.3% JJ
Midstream Suppliers
Antero Midstream Corporation AM N MP3 A/INC 10.49 NM 11.61 8.56 Dec $5,019 8.6% JRW, JJ

20 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Energy - USA
 
Aris Water Solutions, Inc. ARIS N MO2 A/ACC 7.79 15.00 23.58 7.50 Dec $444 4.6% JJ, JRW
Cheniere Energy Partners, L.P. CQP N MU4 MA/INC 47.32 NM 62.08 40.20 Dec $22,903 6.6% JJ, JRW
Cheniere Energy, Inc. LNG N SB1 MA/ACC 157.60 205.00 182.35 120.09 Dec $39,936 1.0% JJ, JRW
Crestwood Equity Partners LP CEQP N MO2 A/INC 24.93 32.00 32.96 22.11 Dec $2,609 10.5% JRW, JJ
CrossAmerica Partners L.P. CAPL N MP3 A/INC 21.49 NM 23.29 18.32 Dec $815 9.8% JJ, JRW
DCP Midstream, LP DCP N MP3 A/INC 41.72 NM 42.15 26.44 Dec $8,694 4.1% JRW, JJ
Delek Logistics Partners, LP DKL N MP3 A/INC 47.42 NM 64.46 42.60 Dec $2,061 8.6% JJ, JRW
EnLink Midstream, LLC ENLC N MO2 A/INC 10.84 15.00 13.58 7.77 Dec $5,157 4.6% JRW, JJ
Enbridge Inc. ENB T MO2 M/INC C$51.53 60.00 59.69 48.88 Dec C$104,348 6.9% JJ, JRW
Energy Transfer LP ET N SB1 MA/INC 12.47 17.00 13.67 9.15 Dec $38,587 9.8% JJ, JRW
Enterprise Products Partners L.P. EPD N SB1 M/INC 25.90 32.00 28.65 22.90 Dec $56,954 7.6% JJ, JRW
Excelerate Energy, Inc. EE N MO2 A/ACC 22.14 30.00 31.13 18.31 Dec $2,397 0.5% JJ, JRW
Global Partners LP GLP N MP3 A/INC 31.02 NM 39.24 20.23 Dec $1,053 8.1% JJ, JRW
Holly Energy Partners, L.P. HEP N MO2 A/INC 17.37 23.00 20.00 15.12 Dec $2,200 8.1% JJ, JRW
Kinder Morgan, Inc. KMI N MP3 M/INC 17.51 NM 20.20 15.78 Dec $39,362 6.3% JRW, JJ
MPLX L.P. MPLX N MO2 MA/INC 34.45 41.00 35.49 27.46 Dec $34,717 9.0% JJ, JRW
Magellan Midstream Partners, L.P. MMP N MO2 M/INC 54.26 58.00 60.55 44.79 Dec $11,118 7.7% JJ, JRW
NGL Energy Partners LP NGL N MP3 A/ACC 2.90 NM 4.03 1.00 Mar $379 0.0% JRW, JJ
NuStar Energy L.P. NS N MP3 A/INC 15.64 NM 17.75 12.80 Dec $1,727 10.2% JJ, JRW
ONEOK, Inc. OKE N MO2 MA/INC 63.54 72.00 75.07 50.50 Dec $28,412 6.0% JRW, JJ
Plains All American Pipeline, L.P. PAA Q MO2 MA/INC 12.47 16.00 13.50 9.10 Dec $8,704 8.6% JJ, JRW
Plains GP Holdings, L.P. PAGP Q MO2 MA/INC 13.12 16.00 14.17 9.38 Dec $9,158 8.2% JJ, JRW
Sunoco LP SUN N MO2 MA/INC 43.89 52.00 48.59 34.26 Dec $3,689 7.5% JJ, JRW
TC Energy Corporation TRP T MO2 M/INC C$52.57 62.00 74.44 50.70 Dec C$53,752 6.8% JJ, JRW
Targa Resources Corp. TRGP N SB1 A/ACC 72.95 95.00 81.50 55.56 Dec $16,490 1.9% JRW, JJ
The Williams Companies, Inc. WMB N SB1 M/INC 29.86 40.00 37.97 27.80 Dec $37,415 6.0% JRW, JJ
Oilfield Services
Archrock, Inc. AROC N MO2 MA/INC 9.77 13.00 11.49 6.28 Dec $1,502 6.1% JMR
Atlas Energy Solutions, Inc. AESI N SB1 MA/ACC 16.96 25.00 17.86 15.06 Dec $1,696 0.0% JMR
Halliburton Company HAL N SB1 M/ACC 31.64 52.00 43.99 23.30 Dec $28,286 2.0% JMR
NOV, Inc. NOV N MO2 MA/ACC 18.51 29.00 24.83 13.98 Dec $7,274 1.1% JMR
NexTier Oilfield Solutions Inc. NEX N SB1 MA/ACC 7.95 19.00 12.50 6.66 Dec $1,971 0.0% JMR
Patterson-UTI Energy, Inc. PTEN Q SB1 MA/ACC 11.70 24.00 20.53 10.40 Dec $2,572 2.7% JMR
Schlumberger Limited SLB N MO2 MA/ACC 49.10 64.00 59.45 30.65 Dec $70,655 2.0% JMR
Select Energy Services, Inc. WTTR N SB1 MA/ACC 6.96 12.00 9.84 5.52 Dec $881 2.9% JMR
Renewable Energy and Clean Technology
Fuels and Chemicals
Chart Industries, Inc. GTLS N SB1 A/ACC 125.40 160.00 242.58 101.44 Dec $6,123 0.0% PM
Clean Energy Fuels Corp. CLNE Q MP3 MA/ACC 4.36 NM 8.65 3.84 Dec $970 0.0% PM
Darling Ingredients Inc. DAR N SB1 MA/ACC 58.40 95.00 87.59 51.77 Dec $9,549 0.0% JJ
Origin Materials, Inc. ORGN Q MP3 A/ACC 4.27 NM 7.71 3.81 Dec $607 0.0% PM
Power
ADS-TEC Energy PLC ADSE Q MP3 A/ACC 2.70 NM 8.96 2.35 Dec $132 0.0% PM

Raymond James Research Register - April 2023 21

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Energy - USA
 
Advanced Energy Industries, Inc. AEIS Q MO2 MA/ACC 98.00 105.00 101.00 67.55 Dec $3,693 0.4% PM
Ameresco, Inc. AMRC N MO2 MA/ACC 49.22 70.00 82.00 40.73 Dec $2,625 0.0% PM
Bloom Energy Corporation BE N SB1 A/ACC 19.93 29.00 31.47 11.47 Dec $4,010 0.0% PM
Emeren Group Ltd. SOL N SB1 MA/ACC 4.45 9.00 7.50 3.46 Dec $271 0.0% PM
Enphase Energy, Inc. ENPH Q MO2 MA/ACC 210.28 225.00 339.92 128.67 Dec $29,646 0.0% PM
Enviva Inc. EVA N SB1 MA/INC 28.88 65.00 91.06 26.34 Dec $2,133 12.5% PM
FTC Solar, Inc. FTCI Q SB1 A/ACC 2.25 5.00 6.14 1.78 Dec $234 0.0% PM
First Solar, Inc. FSLR Q MP3 MA/ACC 217.50 NM 219.55 59.60 Dec $23,187 0.0% PM
Fisker Inc. FSR N MP3 A/ACC 6.14 NM 14.74 5.54 Dec $1,933 0.0% PM
Fluence Energy, Inc. FLNC Q MP3 MA/ACC 20.25 NM 26.78 4.96 Sep $3,537 0.0% PM
Itron, Inc. ITRI Q SB1 MA/ACC 55.45 60.00 60.61 39.38 Dec $2,518 0.0% PM
Livent Corporation LTHM N MO2 MA/ACC 21.72 35.00 36.38 18.26 Dec $4,548 0.0% PM
Maxeon Solar Technologies, Ltd. MAXN Q MO2 A/ACC 26.54 24.00 28.95 8.85 Dec $1,094 0.0% PM
NextEra Energy Partners, L.P. NEP N MP3 MA/INC 60.75 NM 86.06 57.50 Dec $12,278 5.3% PM
SunPower Corporation SPWR Q MO2 A/ACC 13.84 25.00 28.42 12.03 Dec $2,429 0.0% PM
Sunnova Energy International Inc. NOVA N SB1 A/ACC 15.62 30.00 31.47 12.46 Dec $1,795 0.0% PM
TPI Composites, Inc. TPIC Q MO2 A/ACC 13.05 24.00 25.05 8.46 Dec $548 0.0% PM
Tritium DCFC Limited DCFC Q MO2 A/ACC 1.28 4.00 10.55 1.00 Jun $196 0.0% PM
View, Inc. VIEW Q MP3 A/ACC 0.50 NM 2.74 0.37 Dec $109 0.0% PM
Water
Energy Recovery, Inc. ERII Q MO2 MA/ACC 23.05 23.00 26.34 16.92 Dec $1,324 0.0% PM
Evoqua Water Technologies Corp. AQUA N MP3 MA/ACC 49.72 NM 51.35 30.44 Sep $6,200 0.0% PM
Primo Water Corporation PRMW N SB1 MA/ACC 15.35 21.00 16.47 12.15 Dec $2,472 2.1% PM
Xylem Inc. XYL N MU4 MA/ACC 104.70 NM 118.58 72.08 Dec $25,239 1.3% PM

22 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Energy - CAN
 

Frederic Bastien, CFA  frederic.bastien@raymondjames.ca Jeremy McCrea, CFA  jeremy.mccrea@raymondjames.ca

Andrew Bradford, CFA  andrew.bradford@raymondjames.ca David Quezada, CFA  david.quezada@raymondjames.ca
 
Intermediate Oil & Gas
ARC Resources Ltd. ARX T MO2 A/INC C$15.33 20.00 22.88 13.65 Dec C$9,518 3.9% JM
Advantage Energy Ltd. AAV T MO2 MA/ACC C$7.81 12.00 12.19 7.27 Dec C$1,341 0.0% JM
Baytex Energy Corp. BTE T MP3 MA/ACC C$5.07 5.50 9.16 4.18 Dec C$4,377 0.0% JM
Birchcliff Energy Ltd. BIR T MO2 MA/ACC C$7.66 12.00 12.48 7.49 Dec C$2,038 10.4% JM
Crescent Point Energy Corp. CPG T MO2 MA/ACC C$9.54 12.50 13.74 7.57 Dec C$5,255 4.2% JM
Enerplus Corporation ERF N MO2 MA/ACC 19.48 23.00 25.72 14.48 Dec $4,233 1.5% JM
Freehold Royalties Ltd. FRU T MO2 A/INC C$14.53 21.00 17.78 11.66 Dec C$2,189 7.4% JM
Kelt Exploration Ltd. KEL T MP3 MA/ACC C$4.59 6.00 8.32 4.29 Dec C$881 0.0% JM
NuVista Energy Ltd. NVA T MO2 MA/ACC C$10.93 16.50 14.66 8.11 Dec C$2,397 0.0% JM
Paramount Resources Ltd. POU T MO2 MA/ACC C$29.60 40.00 40.73 22.16 Dec C$4,203 5.1% JM
Peyto Exploration & Development Corp PEY T MP3 MA/ACC C$12.11 17.00 17.13 9.71 Dec C$2,101 10.9% JM
PrairieSky Royalty Ltd. PSK T MO2 A/INC C$21.40 30.00 23.55 15.08 Dec C$5,112 4.5% JM
Tamarack Valley Energy Ltd. TVE T MO2 MA/ACC C$3.95 5.50 6.48 3.28 Dec C$2,198 3.8% JM
Topaz Energy Corp. TPZ T SB1 A/INC C$19.11 28.00 24.80 17.76 Dec C$2,801 6.3% JM
Tourmaline Oil Corp. TOU T SB1 MA/ACC C$56.32 90.00 84.33 52.34 Dec C$19,277 1.8% JM
Vermilion Energy Inc. VET T MO2 MA/ACC C$17.53 31.00 39.21 16.41 Dec C$2,861 2.3% JM
Whitecap Resources Inc. WCP T SB1 A/INC C$10.45 16.00 12.71 7.70 Dec C$6,361 5.6% JM
Junior Oil & Gas
Bonterra Energy Corp. BNE T MO2 A/ACC C$6.60 10.00 13.75 5.43 Dec C$244 0.0% JM
Cardinal Energy Ltd. CJ T MP3 A/ACC C$7.12 9.00 9.96 6.26 Dec C$1,109 10.1% JM
Crew Energy Inc. CR T MO2 A/ACC C$4.74 7.00 6.99 3.80 Dec C$732 0.0% JM
Headwater Exploration Inc. HWX T MO2 MA/ACC C$6.31 9.00 8.18 4.79 Dec C$1,476 4.6% JM
Lucero Energy Corp. LOU V MO2 A/ACC C$0.52 0.90 0.97 0.40 Dec C$344 0.0% JM
Obsidian Energy Ltd. OBE T MO2 A/ACC C$8.63 13.50 15.67 7.75 Dec C$711 0.0% JM
Pipestone Energy PIPE T MO2 MA/ACC C$2.77 4.00 6.72 2.47 Dec C$773 4.3% JM
Rubellite Energy Inc. RBY T MO2 A/ACC C$2.35 3.00 5.14 1.58 Dec C$145 0.0% JM
Spartan Delta Corp. SDE T MO2 MA/ACC C$14.10 19.00 16.04 9.43 Dec C$2,417 0.0% JM
Surge Energy Inc. SGY T MO2 A/ACC C$8.79 14.00 13.68 7.15 Dec C$848 5.5% JM
Yangarra Resources Ltd. YGR T MO2 MA/ACC C$1.83 3.50 4.07 1.68 Dec C$173 0.0% JM
Oil & Gas Energy Services
Blended Production/Midstream/Wellsite
CES Energy Solutions Corp. CEU T SB1 MA/ACC C$2.68 4.75 3.27 2.02 Dec C$714 3.0% AB
Enerflex Ltd. EFX T MO2 MA/ACC C$8.05 15.00 10.19 4.99 Dec C$996 1.2% AB
Secure Energy Services Inc. SES T SB1 MA/ACC C$6.31 10.00 8.76 5.19 Dec C$1,956 6.3% AB
Contract Drillers
Ensign Energy Services Inc. ESI T MP3 A/ACC C$3.04 6.25 5.00 2.09 Dec C$558 0.0% AB
Precision Drilling Corporation PD T SB1 A/ACC C$69.45 135.00 116.60 61.79 Dec C$937 0.0% AB
Pressure Pumpers
Calfrac Well Services CFW T MP3 A/ACC C$4.07 10.00 7.90 3.90 Dec C$160 0.0% AB

Raymond James Research Register - April 2023 23

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Energy - CAN
 
STEP Energy Services Ltd. STEP T SB1 A/ACC C$3.36 10.00 6.85 2.80 Dec C$240 0.0% AB
Trican Well Service Ltd. TCW T MO2 A/ACC C$3.08 5.25 4.90 2.66 Dec C$684 2.6% AB
Oil Sands
Power & Energy Infrastructure
Diversified & Utilities
Brookfield Infrastructure Partners L.P. BIP N MO2 M/INC 33.77 45.00 46.01 30.03 Dec $26,047 4.5% FB, DQ
Emera Incorporated EMA T MO2 M/INC C$55.52 61.00 65.23 48.63 Dec C$14,935 5.0% DQ
Fortis, Inc. FTS T MO2 M/INC C$57.45 58.00 65.26 48.45 Dec C$27,519 3.9% DQ
Hydro One Ltd. H T MP3 M/INC C$38.48 35.50 39.31 30.87 Dec C$23,111 2.9% DQ
Pipelines & Midstream
AltaGas Ltd. ALA T MO2 M/ACC C$22.53 35.00 31.16 21.25 Dec C$6,383 5.0% DQ

24 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Financial Services - USA

 

Wilma Burdis  wilma.burdis@raymondjames.com Steve Moss  steve.moss@raymondjames.com
Robert Dodd, Ph.D.  robert.dodd@raymondjames.com Patrick O'Shaughnessy  patrick.oshaughnessy@raymondjames.com
David P. Feaster, Jr., CFA  david.feaster@raymondjames.com C. Gregory Peters  greg.peters@raymondjames.com
David J. Long, CFA  david.j.long@raymondjames.com Michael Rose  michael.rose@raymondjames.com
Daniel Tamayo, CFA  daniel.tamayo@raymondjames.com
Joseph Yanchunis  joe.yanchunis@raymondjames.com
 
Banking
Alerus Financial Corporation ALRS Q MP3 MA/ACC 16.05 NM 27.72 15.31 Dec $275 4.5% DF
Ally Financial Inc. ALLY N MP3 MA/ACC 25.49 NM 45.42 21.58 Dec $7,630 4.7% DJL
Amerant Bancorp Inc. AMTB Q MO2 MA/ACC 21.76 36.00 32.24 21.16 Dec $736 0.4% MR
Ameris Bancorp ABCB Q MP3 MA/ACC 36.58 NM 54.24 34.28 Dec $2,538 1.6% DF
Associated Banc-Corp ASB N MP3 MA/ACC 17.98 NM 25.50 17.00 Dec $2,705 4.7% DT
Atlantic Union Bankshares Corporation AUB N MO2 MA/ACC 35.05 43.00 41.04 30.26 Dec $2,619 3.4% SM
Axos Financial, Inc. AX N MO2 MA/ACC 36.92 55.00 51.46 33.14 Jun $2,215 0.0% DF
BOK Financial Corporation BOKF Q MP3 MA/ACC 84.41 NM 110.85 70.21 Dec $5,674 2.6% MR
Banc of California, Inc. BANC N MP3 MA/ACC 12.53 NM 20.49 11.85 Dec $740 3.2% DF
Bank OZK OZK Q MP3 MA/INC 34.20 NM 49.52 31.48 Dec $4,042 4.0% MR
Bank of Marin Bancorp BMRC Q MP3 MA/ACC 21.89 NM 36.78 21.53 Dec $351 4.6% DF
Banner Corporation BANR Q MO2 MA/ACC 54.37 68.00 75.72 49.28 Dec $1,859 3.5% DF
Brookline Bancorp, Inc. BRKL Q MP3 MA/INC 10.50 NM 16.03 10.12 Dec $807 5.1% SM
Business First Bancshares, Inc. BFST Q MP3 MA/ACC 17.13 NM 25.03 16.45 Dec $424 2.8% MR
Byline Bancorp, Inc. BY N MP3 MA/ACC 21.62 NM 26.93 19.40 Dec $811 1.7% DJL
CVB Financial Corp. CVBF Q MP3 MA/ACC 16.68 NM 29.25 16.34 Dec $2,332 4.8% DF
Cadence Bank CADE N SB1 MA/ACC 20.76 30.00 29.75 19.24 Dec $3,815 4.5% MR
Cambridge Bancorp CATC Q MP3 MA/ACC 64.81 NM 93.00 62.28 Dec $505 4.1% SM
Camden National Corporation CAC Q MP3 MA/INC 36.19 NM 49.10 34.62 Dec $527 4.6% SM
Central Pacific Financial Corp. CPF N MP3 MA/ACC 17.90 NM 28.75 17.47 Dec $484 5.8% DF
Central Valley Community Bancorp CVCY Q MP3 MA/ACC 20.58 NM 25.99 14.16 Dec $242 2.3% DF
Coastal Financial Corporation CCB Q SB1 MA/ACC 36.01 57.00 54.53 29.91 Dec $474 0.0% DF
Columbia Banking System, Inc. COLB Q MO2 MA/INC 21.42 34.00 35.53 19.59 Dec $1,685 5.6% DF
Comerica Inc. CMA N MO2 MA/INC 43.42 84.00 93.96 29.17 Dec $5,756 6.5% MR
Commerce Bancshares, Inc. CBSH Q MP3 MA/ACC 58.35 NM 72.60 55.72 Dec $7,294 1.9% DJL
Community Bank System, Inc. CBU N MP3 MA/ACC 52.49 NM 72.86 48.99 Dec $2,821 3.4% SM
Community Trust Bancorp, Inc. CTBI Q MP3 MA/ACC 37.95 NM 48.05 37.31 Dec $680 4.6% DT
ConnectOne Bancorp, Inc. CNOB Q MP3 MA/ACC 17.68 NM 32.40 16.02 Dec $694 3.5% DT
CrossFirst Bankshares, Inc. CFB Q MP3 MA/ACC 10.48 NM 16.21 10.20 Dec $515 0.0% MR
Cullen/Frost Bankers, Inc. CFR N MP3 MA/ACC 105.34 NM 160.60 95.75 Dec $6,796 3.3% MR
Dime Community Bancshares, Inc. DCOM Q MO2 MA/ACC 22.72 34.00 36.82 21.63 Dec $876 4.4% SM
Enterprise Financial Services Corp. EFSC Q MO2 MA/ACC 44.59 59.00 56.35 39.64 Dec $1,661 2.2% DJL
F.N.B. Corporation FNB N MO2 MA/INC 11.60 16.00 14.71 10.48 Dec $4,181 4.1% DT
FS Bancorp, Inc. FSBW Q MP3 MA/ACC 30.01 NM 37.39 26.80 Dec $228 3.3% DF
Farmers National Banc Corp. FMNB Q MP3 MA/ACC 12.64 NM 17.28 11.56 Dec $430 5.4% DT
First Bancorp FBNC Q MO2 MA/ACC 35.52 45.00 49.00 32.90 Dec $1,268 2.5% DT

Raymond James Research Register - April 2023 25

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Financial Services - USA

 
First Busey Corporation BUSE Q MO2 MA/INC 20.34 26.00 27.98 19.80 Dec $1,124 4.7% DT
First Business Financial Services, Inc. FBIZ Q MO2 MA/ACC 30.51 41.00 39.88 29.61 Dec $255 3.0% DT
First Commonwealth Financial Corp. FCF N MP3 MA/INC 12.43 NM 16.53 12.14 Dec $1,161 3.9% DT
First Financial Bancorp. FFBC Q MP3 MA/INC 21.77 NM 26.72 18.75 Dec $2,066 4.2% DT
First Financial Corporation THFF Q MP3 MA/ACC 37.48 NM 49.90 36.61 Dec $452 2.9% DJL
First Foundation Inc. FFWM Q MO2 MA/ACC 7.45 18.00 24.72 6.51 Dec $420 5.9% DF
First Hawaiian, Inc. FHB Q MP3 MA/INC 20.63 NM 28.44 19.68 Dec $2,628 5.0% DF
First Horizon National Corporation FHN N MP3 MA/INC 17.78 NM 24.92 13.40 Dec $9,637 3.4% MR
First Merchants Corporation FRME Q MO2 MA/ACC 32.95 50.00 45.04 32.16 Dec $1,950 3.9% DT
First Mid Bancshares, Inc. FMBH Q MO2 MA/ACC 27.22 38.00 39.60 24.91 Dec $557 3.3% DT
First Republic Bank FRC N MP3 M/ACC 13.99 NM 171.09 11.52 Dec $2,564 7.7% DJL
Fulton Financial Corporation FULT Q MP3 MA/ACC 13.82 NM 18.91 13.40 Dec $2,316 4.3% DT
German American Bancorp, Inc. GABC Q MP3 MA/ACC 33.37 NM 40.70 32.02 Dec $984 3.0% DJL
Glacier Bancorp, Inc. GBCI N MO2 MA/ACC 42.01 51.00 59.70 37.07 Dec $4,654 3.1% DF
Guaranty Bancshares, Inc. GNTY N MP3 MA/ACC 27.87 NM 37.91 26.62 Dec $337 3.3% MR
HBT Financial, Inc. HBT Q MP3 MA/ACC 19.72 NM 23.49 16.09 Dec $567 3.4% DT
Hancock Whitney Corporation HWC Q SB1 MA/INC 36.40 58.00 57.00 34.42 Dec $3,139 3.3% MR
Heartland Financial USA, Inc. HTLF Q MP3 MA/ACC 38.36 NM 51.60 36.25 Dec $1,629 3.1% DJL
Heritage Commerce Corp HTBK Q MO2 MA/INC 8.33 13.00 14.87 8.02 Dec $507 6.2% DF
Heritage Financial Corporation HFWA Q MP3 MA/ACC 21.40 NM 34.34 20.93 Dec $751 4.1% DF
Hilltop Holdings Inc. HTH N MU4 MA/ACC 29.67 NM 34.86 24.18 Dec $1,922 2.2% MR
Home BancShares, Inc. HOMB Q MP3 MA/ACC 21.71 NM 26.20 19.83 Dec $4,231 3.3% MR
Home Bancorp, Inc. HBCP Q MP3 MA/ACC 33.03 NM 43.45 31.86 Dec $271 3.0% JY, MR
HomeTrust Bancshares, Inc. HTBI Q MO2 MA/ACC 24.59 30.00 30.79 21.55 Jun $385 1.6% DT
Horizon Bancorp, Inc. HBNC Q MO2 MA/INC 11.06 18.00 20.64 10.15 Dec $482 5.8% DJL
Huntington Bancshares Incorporated HBAN Q SB1 MA/INC 11.20 18.00 15.74 9.94 Dec $16,162 5.5% DJL
Independent Bank Corp. INDB Q MP3 MA/ACC 65.62 NM 91.65 63.72 Dec $2,995 3.4% SM
Independent Bank Group, Inc. IBTX Q MP3 MA/ACC 46.35 NM 76.00 42.94 Dec $1,914 3.3% MR
Lakeland Financial Corporation LKFN Q MO2 MA/ACC 62.64 78.00 83.57 59.55 Dec $1,600 2.9% DJL
Limestone Bancorp, Inc. LMST Q MP3 MA/ACC 22.31 NM 27.71 18.32 Dec $170 0.9% DT
Live Oak Bancshares, Inc. LOB Q MP3 MA/ACC 24.37 NM 53.16 17.30 Dec $1,067 0.5% DF
MVB Financial Corp. MVBF Q MO2 MA/INC 20.64 29.00 44.22 20.00 Dec $267 3.3% DF
Mercantile Bank Corporation MBWM Q MP3 MA/INC 30.58 NM 39.03 29.26 Dec $486 4.3% DT
Merchants Bancorp MBIN Q SB1 MA/ACC 26.04 38.00 31.36 21.52 Dec $1,123 1.1% DT
Midland States Bancorp, Inc. MSBI Q MP3 MA/INC 21.42 NM 29.86 20.47 Dec $476 5.6% DT
NBT Bancorp, Inc. NBTB Q SB1 MA/ACC 33.71 49.00 48.68 33.00 Dec $1,445 3.6% SM
New York Community Bancorp, Inc. NYCB N SB1 MA/INC 9.04 13.00 11.02 5.81 Dec $6,158 7.5% SM
NewtekOne, Inc. NEWT Q MP3 A/INC 12.80 NM 27.18 11.19 Dec $315 5.6% RD
Northwest Bancshares, Inc. NWBI Q MP3 MA/ACC 12.03 NM 15.35 11.73 Dec $1,528 6.7% DT
OceanFirst Financial Corp. OCFC Q MP3 MA/ACC 18.48 NM 24.93 17.72 Dec $1,093 4.3% DT
Old National Bancorp ONB Q MP3 MA/INC 14.42 NM 20.19 13.69 Dec $4,224 3.9% DJL
Old Second Bancorp, Inc. OSBC Q SB1 MA/ACC 14.06 20.00 17.80 12.91 Dec $627 1.4% DJL
Origin Bancorp, Inc. OBNK Q MO2 MA/ACC 32.15 43.00 47.28 30.41 Dec $992 1.9% MR
PCB Bancorp PCB Q MP3 MA/INC 14.49 NM 23.26 13.60 Dec $212 4.1% DF

26 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Financial Services - USA

 
PacWest Bancorp PACW Q MP3 MA/INC 9.73 NM 44.82 5.00 Dec $1,170 10.3% DJL
Pacific Premier Bancorp, Inc. PPBI Q SB1 MA/INC 24.02 34.00 37.50 23.20 Dec $2,282 5.5% DF
Pathward Financial, Inc. CASH Q MP3 MA/ACC 41.49 NM 55.52 31.16 Sep $1,338 0.5% DF
Peoples Bancorp Inc. PEBO Q MP3 MA/ACC 25.75 NM 32.24 25.09 Dec $728 5.9% DT
Pinnacle Financial Partners, Inc. PNFP Q MP3 MA/ACC 55.16 NM 94.18 51.41 Dec $4,203 1.6% MR
Preferred Bank PFBC Q MP3 MA/ACC 54.81 NM 77.75 51.91 Dec $787 4.0% DF
Premier Financial Corp. PFC Q MP3 MA/ACC 20.73 NM 30.80 19.91 Dec $738 6.0% DJL
Princeton Bancorp, Inc. BPRN Q MP3 MA/ACC 31.72 NM 37.60 26.57 Dec $198 3.8% SM
Prosperity Bancshares, Inc. PB N MO2 MA/ACC 61.52 85.00 78.76 58.25 Dec $5,636 3.6% MR
QCR Holdings, Inc. QCRH Q MO2 MA/ACC 43.91 58.00 62.85 42.15 Dec $738 0.5% DT
Regions Financial Corporation RF N MP3 M/INC 18.56 NM 24.33 13.94 Dec $17,484 4.3% MR
Renasant Corporation RNST Q MO2 MA/ACC 30.58 39.00 41.77 27.61 Dec $1,723 2.9% MR
Riverview Bancorp, Inc. RVSB Q MO2 MA/INC 5.34 8.00 8.00 5.20 Mar $115 4.5% DF
S&T Bancorp, Inc. STBA Q MP3 MA/INC 31.45 NM 38.43 26.51 Dec $1,227 4.1% DT
SVB Financial Group SIVBQ O MP3 MA/ACC 0.90 NM 578.63 0.01 Dec $54 0.0% DJL
Seacoast Banking Corporation of Florida SBCF Q MO2 MA/ACC 23.70 35.00 36.92 20.66 Dec $1,697 2.9% DF
Sierra Bancorp BSRR Q MP3 MA/INC 17.22 NM 25.15 17.03 Dec $261 5.3% DF
Signature Bank SBNY O MP3 MA/ACC 0.18 NM 302.71 0.09 Dec $12 1530.1% DJL
Simmons First National Corporation SFNC Q MP3 MA/ACC 17.49 NM 27.00 16.95 Dec $2,222 4.6% DF
SmartFinancial, Inc. SMBK Q MP3 MA/ACC 23.14 NM 30.50 20.11 Dec $391 1.4% SM
South Plains Financial, Inc. SPFI Q MO2 MA/ACC 21.41 26.00 31.96 21.03 Dec $386 2.4% JY, MR
South State Corporation SSB Q MO2 MA/ACC 71.26 95.00 91.74 66.56 Dec $5,439 2.8% MR
Stellar Bancorp, Inc. STEL Q MO2 MA/ACC 24.61 31.00 36.09 23.41 Dec $1,303 2.1% DF
Stock Yards Bancorp, Inc. SYBT Q MP3 MA/ACC 55.14 NM 78.71 49.54 Dec $1,613 2.1% DJL
Synovus Financial Corp. SNV N MO2 MA/INC 30.83 46.00 50.23 27.08 Dec $4,516 4.9% MR
Texas Capital Bancshares, Inc. TCBI Q SB1 MA/ACC 48.96 73.00 69.26 45.81 Dec $2,462 0.0% MR
The Bancorp, Inc. TBBK Q MO2 MA/ACC 27.85 38.00 37.58 16.59 Dec $1,604 0.0% DF
The Bank of N.T. Butterfield & Son NTB N MO2 MA/INC 27.00 41.00 38.31 26.22 Dec $1,342 6.5% DF
The PNC Financial Services Group, Inc. PNC N MP3 M/ACC 127.10 NM 188.59 119.27 Dec $51,348 4.7% MR
Third Coast Bancshares, Inc. TCBX Q MP3 MA/ACC 15.71 NM 26.75 14.00 Dec $216 0.0% MR
TowneBank TOWN Q MO2 MA/ACC 26.65 34.00 33.42 26.01 Dec $1,941 3.5% SM
TriCo Bancshares TCBK Q MO2 MA/ACC 41.59 53.00 58.62 37.41 Dec $1,386 2.9% DF
Triumph Financial, Inc. TFIN Q MO2 MA/ACC 58.06 67.00 95.61 45.08 Dec $1,444 0.0% MR
Truist Financial Corporation TFC N MP3 M/INC 34.10 NM 57.50 28.70 Dec $45,603 6.1% MR
Trustmark Corporation TRMK Q MO2 MA/ACC 24.70 34.00 38.47 23.86 Dec $1,511 3.7% MR
U.S. Bancorp USB N MU4 M/INC 36.05 NM 53.88 32.72 Dec $55,193 5.3% DJL
UMB Financial Corporation UMBF Q MO2 MA/ACC 57.72 104.00 99.27 51.28 Dec $2,789 2.6% DJL
USCB Financial Holdings, Inc. USCB Q MO2 MA/ACC 9.89 15.00 14.99 9.81 Dec $200 0.0% MR
United Bankshares, Inc. UBSI Q MO2 MA/INC 35.20 44.00 44.15 33.11 Dec $4,743 4.1% SM
United Community Banks, Inc. UCBI Q MP3 MA/ACC 28.12 NM 39.50 25.13 Dec $3,006 3.3% MR
Valley National Bancorp VLY Q SB1 MA/ACC 9.24 13.00 13.30 8.80 Dec $4,679 4.8% SM
Veritex Holdings, Inc. VBTX Q MP3 MA/ACC 18.26 NM 38.77 16.86 Dec $1,000 4.4% MR
VersaBank VBNK Q MO2 MA/ACC 7.37 9.00 11.99 6.55 Oct $195 1.4% DF
Webster Financial Corporation WBS N MO2 MA/ACC 39.42 60.00 57.27 36.49 Dec $6,859 4.1% DT

Raymond James Research Register - April 2023 27

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Financial Services - USA

 
Wells Fargo & Company WFC N MO2 M/ACC 37.38 52.00 50.19 35.25 Dec $143,307 3.2% DJL
WesBanco, Inc. WSBC Q MP3 MA/ACC 30.70 NM 41.37 29.50 Dec $1,817 4.6% DT
Wintrust Financial Corporation WTFC Q SB1 MA/ACC 72.95 110.00 98.54 57.48 Dec $4,435 1.9% DJL
Zions Bancorporation ZION Q MP3 MA/INC 29.93 NM 67.25 22.55 Dec $4,450 5.5% DJL
Capital Markets
Brokerages & Exchanges
CBRE Group, Inc. CBRE N SB1 MA/ACC 72.81 101.00 92.80 66.31 Dec $23,243 0.0% PO
CME Group Inc. CME Q MP3 M/ACC 191.52 NM 247.02 166.54 Dec $68,792 2.1% PO
Cboe Global Markets, Inc. CBOE B MP3 MA/ACC 134.24 NM 134.24 103.82 Dec $14,297 1.5% PO
Coinbase Global, Inc. COIN Q MU4 A/ACC 67.57 NM 193.07 31.55 Dec $16,767 0.0% PO
Cushman & Wakefield plc CWK N SB1 MA/ACC 10.54 23.00 20.94 9.26 Dec $2,387 0.0% PO
Intercontinental Exchange, Inc. ICE N SB1 M/ACC 104.29 126.00 133.52 88.60 Dec $58,402 1.6% PO
Jones Lang LaSalle Incorporated JLL N MO2 MA/ACC 145.49 239.00 242.49 132.91 Dec $7,022 0.0% PO
MarketAxess Holdings Inc. MKTX Q MP3 MA/ACC 391.29 NM 397.27 217.44 Dec $14,702 0.7% PO
Nasdaq, Inc. NDAQ Q MP3 M/ACC 54.67 NM 69.22 46.77 Dec $27,171 1.5% PO
Newmark Group, Inc. NMRK Q MO2 A/ACC 7.08 10.00 16.18 6.28 Dec $1,673 1.7% PO
The Charles Schwab Corporation SCHW N MP3 M/ACC 52.38 NM 86.63 45.00 Dec $98,108 1.9% PO
Tradeweb Markets Inc. TW Q MO2 M/ACC 79.02 79.00 92.29 51.47 Dec $18,185 0.5% PO
Markets Technology & Services
AssetMark Financial Holdings, Inc. AMK N SB1 MA/ACC 31.45 32.00 32.06 16.88 Dec $2,326 0.0% PO
Black Knight, Inc. BKI N MP3 MA/ACC 57.56 NM 79.78 53.84 Dec $8,968 0.0% PO
Broadridge Financial Solutions, Inc. BR N MO2 M/ACC 146.57 183.00 183.33 131.35 Jun $17,266 2.0% PO
Dun & Bradstreet Holdings, Inc. DNB N MO2 MA/ACC 11.74 18.00 17.83 10.54 Dec $5,078 1.7% PO
Envestnet, Inc. ENV N MO2 MA/ACC 58.67 71.00 84.58 41.72 Dec $3,879 0.0% PO
FactSet Research Systems Inc. FDS N MU4 M/ACC 415.09 NM 474.13 345.92 Aug $16,181 0.9% PO
Focus Financial Partners Inc. FOCS Q MP3 A/ACC 51.87 NM 52.62 30.27 Dec $4,316 0.0% PO
MSCI Inc. MSCI N MO2 M/ACC 559.69 549.00 572.50 376.41 Dec $45,013 1.0% PO
Moody's Corporation MCO N MP3 M/ACC 306.02 NM 346.22 230.16 Dec $56,277 0.9% PO
S&P Global Inc. SPGI N MO2 M/ACC 344.77 402.00 417.37 279.32 Dec $112,119 1.0% PO
SEI Investments Company SEIC Q MP3 MA/ACC 57.55 NM 64.69 46.30 Dec $7,816 1.5% PO
SS&C Technologies Holdings, Inc. SSNC Q SB1 MA/ACC 56.47 74.00 75.87 45.25 Dec $14,479 1.4% PO
Insurance
Brokerage & Technology
Aon plc AON N MU4 MA/ACC 315.29 NM 341.98 246.21 Dec $71,249 0.7% CGP
Arthur J. Gallagher & Co. AJG N SB1 M/ACC 191.31 215.00 202.37 148.24 Dec $37,064 1.1% CGP
BRP Group, Inc. BRP Q MO2 MA/ACC 25.46 34.00 33.34 17.08 Dec $2,882 0.0% CGP
Brown & Brown, Inc. BRO N MO2 MA/ACC 57.42 70.00 73.86 52.82 Dec $16,198 0.8% CGP
HealthEquity, Inc. HQY Q MO2 MA/ACC 58.71 85.00 79.20 52.27 Jan $4,956 0.0% CGP
Marsh & McLennan Companies, Inc. MMC N MO2 M/ACC 166.55 185.00 183.14 143.33 Dec $84,639 1.4% CGP
Verisk Analytics, Inc. VRSK Q MO2 MA/ACC 191.86 195.00 222.11 156.05 Dec $31,233 0.7% CGP
Willis Towers Watson Public Ltd Company WTW Q SB1 MA/ACC 232.38 275.00 258.93 187.89 Dec $29,975 1.4% CGP
Commercial Lines
American Financial Group, Inc. AFG N MP3 MA/ACC 121.50 NM 152.29 113.84 Dec $10,498 2.1% CGP

28 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Financial Services - USA

 
Argo Group International Holdings, Ltd. ARGO N MU4 MA/ACC 29.29 NM 45.26 19.00 Dec $1,016 4.2% CGP
Chubb Limited CB N SB1 M/ACC 194.18 270.00 231.37 173.78 Dec $87,424 1.7% CGP
Cincinnati Financial Corporation CINF Q MP3 M/INC 112.08 NM 143.22 88.66 Dec $17,888 2.7% CGP
Hallmark Financial Services, Inc. HALL Q MP3 MA/ACC 6.50 NM 37.70 4.21 Dec $118 0.0% CGP
Old Republic International Corporation ORI N MO2 MA/INC 24.97 29.00 26.72 20.28 Dec $7,595 3.9% CGP
ProAssurance Corporation PRA N MP3 MA/ACC 18.48 NM 27.55 16.90 Dec $996 1.1% CGP
RLI Corp. RLI N MP3 M/INC 132.91 NM 140.69 100.96 Dec $6,021 0.8% CGP
Skyward Specialty Insurance Group, Inc. SKWD Q SB1 MA/ACC 21.87 23.00 22.04 17.50 Dec $822 0.0% CGP
The Hartford Financial Services Group, Inc. HIG N MO2 M/ACC 69.69 85.00 79.44 60.16 Dec $24,915 2.4% CGP
The Travelers Companies, Inc. TRV N SB1 M/ACC 171.41 220.00 194.51 149.65 Dec $43,231 2.2% CGP
Life/Health
Aflac Incorporated AFL N MO2 M/ACC 64.52 77.00 74.02 52.07 Dec $6,317 2.6% WB
American Equity Investment Life Holding AEL N SB1 MA/ACC 36.49 48.00 48.36 28.05 Dec $3,232 1.0% WB
Brighthouse Financial, Inc. BHF Q MP3 MA/ACC 44.11 NM 60.54 38.38 Dec $3,092 0.0% WB
Equitable Holdings, Inc. EQH N MP3 MA/ACC 25.39 NM 33.24 22.58 Dec $9,394 3.2% WB
Globe Life Inc. GL N SB1 MA/ACC 110.02 138.00 123.85 87.87 Dec $10,885 0.8% WB
MetLife, Inc. MET N MP3 M/INC 57.94 NM 77.36 52.83 Dec $46,236 3.5% WB
Principal Financial Group, Inc. PFG Q MP3 M/INC 74.32 NM 96.17 61.05 Dec $18,573 3.4% WB
Prudential Financial, Inc. PRU N MP3 M/INC 82.74 NM 122.54 75.37 Dec $31,267 6.0% WB
Unum Group UNM N MP3 MA/INC 39.56 NM 46.64 30.21 Dec $7,908 3.3% WB
Voya Financial, Inc. VOYA N SB1 MA/ACC 71.46 84.00 78.11 56.20 Dec $6,997 1.1% WB
Personal Lines
Hagerty, Inc. HGTY N MP3 A/ACC 8.74 NM 13.58 7.23 Dec $2,915 0.0% CGP
Horace Mann Educators Corporation HMN N MP3 MA/ACC 33.48 NM 42.62 32.02 Dec $1,387 3.9% CGP
Kemper Corporation KMPR N SB1 MA/ACC 54.66 80.00 68.15 40.64 Dec $3,577 2.3% CGP
Mercury General Corporation MCY N SB1 MA/INC 31.74 45.00 56.21 27.89 Dec $1,757 4.0% CGP
The Allstate Corporation ALL N SB1 M/ACC 110.81 155.00 144.46 103.20 Dec $33,561 3.2% CGP
The Progressive Corporation PGR N MO2 MA/ACC 143.06 150.00 146.50 106.35 Dec $83,797 0.3% CGP
Reinsurance
Everest Re Group, Ltd. RE N MO2 MA/ACC 358.02 415.00 395.00 244.58 Dec $13,926 1.8% CGP
Specialty Finance
Business Development Companies
Ares Capital Corporation ARCC Q MO2 MA/INC 18.28 20.50 22.65 16.53 Dec $9,393 10.5% RD
Barings BDC, Inc. BBDC N MO2 A/INC 7.94 11.00 11.00 7.46 Dec $857 12.6% RD
BlackRock TCP Capital Corp. TCPC Q MO2 A/INC 10.30 13.00 14.44 9.60 Dec $595 12.4% RD
Blackstone Secured Lending Fund BXSL N MO2 A/INC 24.93 27.00 29.47 22.00 Dec $3,996 11.2% RD
Capital Southwest Corporation CSWC Q MO2 A/INC 17.78 23.00 24.40 16.28 Mar $512 11.9% RD
Crescent Capital BDC, Inc. CCAP Q MO2 A/INC 13.62 18.00 18.63 12.55 Dec $421 12.0% RD
FS KKR Capital Corp. FSK N MP3 A/INC 18.50 NM 23.22 16.70 Dec $5,245 13.8% RD
Fidus Investment Corporation FDUS Q MO2 A/INC 19.07 21.50 21.25 16.40 Dec $468 9.4% RD
Gladstone Capital Corporation GLAD Q MP3 A/INC 9.40 NM 12.78 8.21 Sep $323 9.6% RD
Goldman Sachs BDC, Inc. GSBD N MP3 A/INC 13.65 NM 20.50 13.28 Dec $1,404 13.2% RD
Golub Capital BDC, Inc. GBDC Q MP3 A/INC 13.56 NM 15.58 11.94 Sep $2,317 9.7% RD

Raymond James Research Register - April 2023 29

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Financial Services - USA

 
Investcorp Credit Management BDC, Inc. ICMB Q MP3 A/INC 3.65 NM 5.41 3.24 Jun $53 14.2% RD
Main Street Capital Corporation MAIN N MP3 A/INC 39.46 NM 45.67 31.66 Dec $3,070 4.9% RD
MidCap Financial Investment Corporation MFIC Q MP3 A/INC 11.40 NM 13.73 10.01 Dec $746 13.3% RD
Monroe Capital Corp. MRCC Q MP3 A/INC 7.65 NM 11.07 7.10 Dec $166 13.1% RD
Owl Rock Capital Corporation ORCC N MO2 A/INC 12.61 15.00 15.33 10.18 Dec $4,965 10.5% RD
PennantPark Investment Corporation PNNT Q MO2 A/INC 5.28 6.50 8.02 4.98 Sep $344 14.0% RD
Prospect Capital Corporation PSEC Q MP3 A/INC 6.96 NM 8.63 6.09 Jun $2,776 10.3% RD
SLR Investment Corp. SLRC Q MO2 A/INC 15.04 16.50 18.37 12.08 Dec $822 10.9% RD
Saratoga Investment Corp. SAR N MO2 A/INC 25.28 28.00 28.44 20.16 Feb $306 10.9% RD
Sixth Street Specialty Lending, Inc. TSLX N MO2 A/INC 18.30 22.00 23.68 16.02 Dec $1,484 10.1% RD
Stellus Capital Investment Corporation SCM N MP3 A/INC 14.09 NM 16.08 11.02 Dec $276 11.4% RD
WhiteHorse Finance, Inc. WHF Q MO2 A/INC 12.52 15.00 15.50 10.57 Dec $291 11.3% RD
Investment Companies
Compass Diversified Holdings CODI N MP3 A/INC 19.08 NM 25.94 16.32 Dec $1,378 5.2% RD
FTAI Aviation Ltd. FTAI Q MO2 A/INC 27.96 28.00 28.24 14.29 Dec $2,779 4.3% RD
Specialty Consumer Finance
Encore Capital Group Inc. ECPG Q MP3 MA/ACC 50.45 NM 72.73 43.65 Dec $1,188 0.0% RD
PRA Group, Inc. PRAA Q MP3 MA/ACC 38.96 NM 45.70 29.68 Dec $1,526 0.0% RD

30 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Financial Services - CAN

 

Stephen Boland, CFA  stephen.boland@raymondjames.ca
Steven Li, CFA  steven.li@raymondjames.ca
 
Diversified Financials
Canaccord Genuity Group Inc. CF T R MA/INC C$10.95 R 12.58 6.24 Mar C$1,119 3.1% SB
Canadian Western Bank CWB T MO2 M/ACC C$24.76 34.00 36.55 21.21 Dec C$2,383 5.2% SB
Chesswood Group Limited CHW T MO2 MA/ACC C$9.10 16.00 15.25 8.51 Dec C$177 6.6% SB
Definity Financial Corporation DFY T MP3 MA/ACC C$35.27 39.00 40.95 29.83 Dec C$4,098 1.6% SB
Dye & Durham Limited DND T MO2 MA/ACC C$17.98 26.00 25.87 11.62 Jun C$1,009 0.4% SB
ECN Capital Corp. ECN T MO2 A/ACC C$2.80 4.00 7.28 2.34 Dec C$689 1.4% SB
EQB Inc. EQB T MO2 A/ACC C$58.30 87.00 72.80 44.81 Dec C$2,206 2.4% SB
Element Fleet Management Corp. EFN T SB1 M/ACC C$17.75 24.00 20.21 10.99 Dec C$7,258 2.3% SB
Home Capital Group Inc. HCG T MP3 MA/ACC C$41.30 44.00 43.02 23.82 Dec C$1,586 1.5% SB
Information Services Corporation ISV T MP3 M/INC C$22.00 27.00 25.36 19.12 Dec C$397 4.2% SB
Intact Financial Corporation IFC T MO2 M/INC C$193.42 233.00 209.57 170.82 Dec C$33,898 2.1% SB
Mogo Inc. MOGO T MO2 MA/ACC C$0.90 1.25 3.94 0.58 Dec C$69 0.0% SLi
Payfare Inc. PAY T MO2 A/ACC C$7.12 16.00 7.59 3.77 Dec C$331 0.0% SB
Pollard Banknote Limited PBL T MO2 MA/ACC C$24.70 24.00 27.41 15.77 Dec C$673 0.6% SB
Propel Holdings Inc. PRL T MO2 A/INC C$6.90 15.00 10.00 6.03 Dec C$237 5.5% SB
Quisitive Technology Solutions Inc. QUIS V MO2 MA/ACC C$0.55 1.50 1.06 0.48 Dec C$202 0.0% SB
Trisura Group Ltd. TSU T MO2 MA/ACC C$33.09 52.00 47.90 29.37 Dec C$1,548 0.0% SB
goeasy Ltd. GSY T MO2 MA/ACC C$95.49 136.00 144.19 88.43 Dec C$1,606 4.0% SB

Raymond James Research Register - April 2023 31

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Healthcare - USA
 

Jayson Bedford  jayson.bedford@raymondjames.com Dane Leone, CFA  dane.leone@raymondjames.com

Danielle Brill, PharmD  danielle.brill@raymondjames.com John W. Ransom  john.ransom@raymondjames.com
Andrew Cooper  andrew.cooper@raymondjames.com Steven Seedhouse, Ph.D.  steve.seedhouse@raymondjames.com
Timur Ivannikov, CFA  timur.ivannikov@raymondjames.com Elliot Wilbur, CFA  elliot.wilbur@raymondjames.com
 
Alternate Site Healthcare Providers
Acadia Healthcare Company, Inc. ACHC Q SB1 MA/ACC 72.25 100.00 89.85 63.20 Dec $6,638 0.0% JWR
Addus HomeCare Corporation ADUS Q MO2 MA/ACC 106.76 125.00 114.99 73.66 Dec $1,736 0.0% JWR
AirSculpt Technologies, Inc. AIRS Q MO2 MA/ACC 5.04 8.00 14.29 2.69 Dec $294 0.0% JWR
Amedisys, Inc. AMED Q MP3 MA/ACC 73.55 NM 176.38 69.36 Dec $2,398 0.0% JWR
Aveanna Healthcare Holdings Inc. AVAH Q SB1 MA/ACC 1.04 3.00 3.49 0.67 Dec $194 0.0% JWR
Cano Health, Inc. CANO N MP3 A/ACC 0.91 NM 9.75 0.76 Dec $487 0.0% JWR
Encompass Health Corporation EHC N SB1 MA/ACC 54.10 72.00 64.90 42.16 Dec $5,453 1.1% JWR
Oak Street Health, Inc. OSH N MP3 MA/ACC 38.68 NM 38.79 13.29 Dec $8,993 0.0% JWR
RadNet, Inc. RDNT Q MO2 MA/ACC 25.03 30.00 25.78 12.03 Dec $1,428 0.0% JWR
Animal Health
Elanco Animal Health Incorporated ELAN N MP3 MA/ACC 9.40 NM 26.89 8.68 Dec $4,625 0.0% EW
Heska Corporation HSKA Q MP3 MA/ACC 97.62 NM 149.17 57.83 Dec $1,020 0.0% EW
IDEXX Laboratories, Inc. IDXX Q MP3 MA/ACC 500.08 NM 558.01 317.06 Dec $42,436 0.0% EW
PetIQ, Inc. PETQ Q MO2 MA/ACC 11.44 16.00 25.40 6.66 Dec $334 0.0% EW
Trupanion, Inc. TRUP Q MP3 MA/ACC 42.89 NM 97.26 36.14 Dec $1,750 0.0% EW
Zoetis Inc. ZTS N MP3 MA/ACC 166.44 NM 201.32 124.15 Dec $77,694 0.9% EW
Biotechnology
89bio, Inc. ETNB Q SB1 A/ACC 15.23 50.00 18.03 2.00 Dec $774 0.0% SSe, TI
ACADIA Pharmaceuticals Inc. ACAD Q MP3 A/ACC 18.82 NM 28.06 12.24 Dec $3,042 0.0% DB
Agios Pharmaceuticals, Inc. AGIO Q MP3 A/ACC 22.97 NM 34.76 16.75 Dec $1,258 0.0% DB
Allogene Therapeutics, Inc. ALLO Q MP3 A/ACC 4.94 NM 17.49 4.83 Dec $695 0.0% DL
Amgen Inc. AMGN Q MP3 MA/ACC 241.75 NM 296.67 223.30 Dec $139,628 3.5% DL
AnaptysBio, Inc. ANAB Q MP3 A/ACC 21.76 NM 32.44 18.20 Dec $619 0.0% TI, SSe
Apellis Pharmaceuticals, Inc. APLS Q SB1 A/ACC 65.96 139.00 70.76 33.32 Dec $7,297 0.0% SSe, TI
Avidity Biosciences, Inc. RNA Q SB1 A/ACC 15.35 71.00 25.74 9.83 Dec $879 0.0% SSe, TI
Biogen Inc. BIIB Q MP3 A/ACC 278.03 NM 311.88 187.16 Dec $41,037 0.0% DB
Blueprint Medicines Corporation BPMC Q SB1 A/ACC 44.99 85.00 79.40 37.82 Dec $2,608 0.0% DL
BridgeBio Pharma, Inc. BBIO Q MO2 A/ACC 16.58 29.00 19.94 4.98 Dec $2,470 0.0% DL
Bristol Myers Squibb Company BMY N MP3 MA/ACC 69.31 NM 81.44 65.28 Dec $155,287 3.3% DL
CRISPR Therapeutics AG CRSP Q MU4 A/ACC 45.23 NM 86.95 38.94 Dec $3,543 0.0% SSe, TI
Catalyst Biosciences, Inc. CBIO Q MP3 A/ACC 0.21 NM 0.40 0.06 Dec $7 0.0% TI, SSe
Compass Therapeutics, Inc. CMPX Q MO2 A/ACC 3.27 8.00 5.65 1.30 Dec $321 0.0% DL
Curis, Inc. CRIS Q MP3 A/ACC 0.60 NM 2.46 0.47 Dec $55 0.0% DL
CymaBay Therapeutics, Inc. CBAY Q SB1 A/ACC 8.72 17.00 10.05 1.67 Dec $766 0.0% SSe, TI
Cytokinetics, Incorporated CYTK Q MO2 A/ACC 35.19 63.00 55.80 32.96 Dec $2,502 0.0% DL
Denali Therapeutics Inc. DNLI Q MP3 A/ACC 23.04 NM 39.43 20.24 Dec $2,892 0.0% DB
Dyne Therapeutics, Inc. DYN Q SB1 A/ACC 11.52 27.00 15.63 4.30 Dec $608 0.0% SSe, TI

32 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Healthcare - USA
 
Editas Medicine, Inc. EDIT Q MP3 A/ACC 7.25 NM 21.60 7.00 Dec $499 0.0% SSe, TI
FibroGen, Inc. FGEN Q MO2 A/ACC 18.66 35.00 25.69 7.81 Dec $1,744 0.0% DB
G1 Therapeutics, Inc. GTHX Q MO2 A/ACC 2.68 24.00 17.49 2.55 Dec $112 0.0% DL
Galapagos NV GLPG Q MP3 A/ACC 38.64 NM 72.11 36.16 Dec $2,527 0.0% DL
Gilead Sciences, Inc. GILD Q MP3 MA/ACC 82.97 NM 89.74 57.16 Dec $104,874 3.6% SSe, TI
Gossamer Bio, Inc. GOSS Q MP3 A/ACC 1.26 NM 15.20 0.96 Dec $119 0.0% TI, SSe
Harmony Biosciences Holdings, Inc. HRMY Q MO2 A/ACC 32.65 62.00 62.08 29.81 Dec $1,994 0.0% DB
Immunovant, Inc. IMVT Q MP3 A/ACC 15.51 NM 20.24 3.14 Mar $1,994 0.0% DB
InflaRx N.V. IFRX Q SB1 A/ACC 1.94 8.00 3.28 0.78 Dec $86 0.0% SSe, TI
Intellia Therapeutics, Inc. NTLA Q MO2 A/ACC 37.27 94.00 77.38 32.44 Dec $3,027 0.0% SSe, TI
Intercept Pharmaceuticals, Inc. ICPT Q MO2 A/ACC 13.43 28.00 21.86 10.81 Dec $557 0.0% SSe, TI
Kymera Therapeutics, Inc. KYMR Q MP3 A/ACC 29.63 NM 43.67 13.15 Dec $1,715 0.0% TI, SSe
Leap Therapeutics, Inc. LPTX Q MO2 A/ACC 0.34 2.00 1.95 0.27 Dec $39 0.0% TI, SSe
LianBio LIAN Q MO2 A/ACC 1.96 15.00 6.24 1.07 Dec $206 0.0% DL
Lineage Cell Therapeutics Inc. LCTX N MP3 A/ACC 1.50 NM 1.79 1.02 Dec $225 0.0% DL
Madrigal Pharmaceuticals, Inc. MDGL Q MP3 A/ACC 242.26 NM 315.45 57.15 Dec $4,176 0.0% SSe, TI
Mirum Pharmaceuticals, Inc. MIRM Q SB1 A/ACC 24.02 83.00 30.54 17.32 Dec $888 0.0% SSe, TI
NGM Biopharmaceuticals, Inc. NGM Q MO2 A/ACC 4.08 6.00 18.25 2.92 Dec $334 0.0% SSe, TI
Neurocrine Biosciences, Inc. NBIX Q MO2 MA/ACC 101.22 135.00 129.29 75.25 Dec $9,692 0.0% DB
NexImmune, Inc. NEXI Q MP3 A/ACC 0.38 NM 4.89 0.19 Dec $10 0.0% TI, SSe
Nkarta, Inc. NKTX Q MO2 A/ACC 3.55 32.00 20.35 3.28 Dec $117 0.0% DL
Ocular Therapeutix, Inc. OCUL Q SB1 A/ACC 5.27 14.00 6.52 2.57 Dec $397 0.0% DL
PTC Therapeutics, Inc. PTCT Q MO2 MA/ACC 48.44 55.00 55.58 25.01 Dec $3,457 0.0% DB
Passage Bio, Inc. PASG Q MO2 A/ACC 0.96 10.00 3.56 0.95 Dec $52 0.0% DB
ProQR Therapeutics N.V. PRQR Q MO2 A/ACC 2.13 5.00 3.85 0.53 Dec $154 0.0% SSe, TI
REGENXBIO Inc. RGNX Q SB1 A/ACC 18.91 65.00 35.73 17.82 Dec $804 0.0% DL
Regeneron Pharmaceuticals, Inc. REGN Q MP3 MA/ACC 821.67 NM 835.00 538.01 Dec $88,025 0.0% DL
Rocket Pharmaceuticals, Inc. RCKT Q MO2 A/ACC 17.13 33.00 23.48 7.56 Dec $1,249 0.0% TI, SSe
Sage Therapeutics, Inc. SAGE Q MP3 MA/ACC 41.96 NM 49.56 27.36 Dec $2,496 0.0% DB
Sarepta Therapeutics, Inc. SRPT Q MP3 MA/ACC 137.83 NM 159.84 61.28 Dec $12,068 0.0% DB
Seagen Inc. SGEN Q MP3 A/ACC 202.47 NM 204.41 105.43 Dec $37,271 0.0% DL
Tarsus Pharmaceuticals, Inc. TARS Q SB1 A/ACC 12.57 65.00 19.66 10.80 Dec $255 0.0% DL
VBI Vaccines Inc. VBIV Q MO2 A/ACC 0.30 2.00 1.85 0.24 Dec $78 0.0% SSe, TI
Vertex Pharmaceuticals Inc. VRTX Q MP3 MA/ACC 315.07 NM 325.19 233.01 Dec $81,509 0.0% DB
Viking Therapeutics, Inc. VKTX Q MO2 A/ACC 16.65 35.00 17.60 2.02 Dec $1,275 0.0% SSe, TI
Voyager Therapeutics, Inc. VYGR Q MP3 A/ACC 7.71 NM 10.82 4.61 Dec $290 0.0% DL
Xencor, Inc. XNCR Q SB1 MA/ACC 27.89 58.00 38.20 19.36 Dec $1,616 0.0% DL
Xenon Pharmaceuticals Inc. XENE Q MO2 MA/ACC 35.79 52.00 41.39 24.94 Dec $2,471 0.0% DB
Xilio Therapeutics, Inc. XLO Q MO2 A/ACC 3.17 13.00 8.00 1.95 Dec $85 0.0% DL
argenx SE ARGX Q SB1 MA/ACC 372.58 455.00 407.93 267.34 Dec $20,628 0.0% DB
bluebird bio, Inc. BLUE Q MO2 A/ACC 3.18 10.00 8.58 2.86 Dec $327 0.0% DL
uniQure N.V. QURE Q MO2 A/ACC 20.14 58.00 28.26 12.52 Dec $941 0.0% DB
Death Care
Service Corporation International SCI N MO2 MA/ACC 68.78 80.00 75.12 56.85 Dec $10,755 1.6% JWR

Raymond James Research Register - April 2023 33

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Healthcare - USA
 

Diagnostics & Clinical Laboratories

CareDx, Inc. CDNA Q MP3 MA/ACC 9.14 NM 40.10 8.10 Dec $518 0.0% AC
Exact Sciences Corporation EXAS Q MP3 MA/ACC 67.81 NM 76.94 29.27 Dec $12,042 0.0% AC
Fulgent Genetics, Inc. FLGT Q MO2 MA/ACC 31.22 45.00 65.17 28.53 Dec $950 0.0% AC
Guardant Health, Inc. GH Q MP3 MA/ACC 23.44 NM 77.72 22.39 Dec $2,403 0.0% AC
Invitae Corporation NVTA N MP3 MA/ACC 1.35 NM 9.11 1.17 Dec $349 0.0% AC
LumiraDx Limited LMDX Q MO2 A/ACC 0.46 2.00 6.32 0.44 Dec $172 0.0% AC
Myriad Genetics, Inc. MYGN Q MO2 MA/ACC 23.23 27.00 28.18 13.92 Dec $1,940 0.0% AC
Natera, Inc. NTRA Q MO2 MA/ACC 55.52 68.00 59.75 27.35 Dec $6,570 0.0% AC
NeoGenomics, Inc. NEO Q MO2 MA/ACC 17.41 19.00 19.51 6.00 Dec $2,415 0.0% AC
OraSure Technologies, Inc. OSUR Q MP3 MA/ACC 6.05 NM 7.22 2.62 Dec $449 0.0% AC
QuidelOrtho Corporation QDEL Q SB1 MA/ACC 89.09 130.00 120.61 66.88 Dec $5,960 0.0% AC
Veracyte, Inc. VCYT Q MP3 MA/ACC 22.30 NM 32.40 14.85 Dec $1,602 0.0% AC
Healthcare Information Technology
Accolade, Inc. ACCD Q MO2 MA/ACC 14.38 15.00 19.39 4.61 Feb $1,024 0.0% JWR
Health Catalyst, Inc. HCAT Q SB1 MA/ACC 11.67 18.00 27.98 6.40 Dec $636 0.0% JWR
HealthStream, Inc. HSTM Q MP3 MA/ACC 27.10 NM 27.27 18.81 Dec $832 0.4% JWR
Phreesia, Inc. PHR N MO2 MA/ACC 32.29 40.00 40.00 13.19 Jan $1,707 0.0% JWR
Simulations Plus, Inc. SLP Q MO2 MA/ACC 43.94 70.00 67.59 32.58 Sep $877 0.5% DL
Healthcare Supply Chain Services
Premier, Inc. PINC Q MO2 MA/ACC 32.37 40.00 38.98 30.62 Jun $3,873 2.6% JWR
Walgreens Boots Alliance, Inc. WBA Q MP3 M/ACC 34.58 NM 47.28 30.39 Aug $29,856 5.6% JWR
Hospital Supplies & Equipment
Agiliti, Inc. AGTI N MO2 MA/ACC 15.98 20.00 23.26 14.15 Dec $2,221 0.0% JWR
Avantor, Inc. AVTR N MO2 MA/ACC 21.14 30.00 34.37 17.91 Dec $14,314 0.0% AC
Haemonetics Corporation HAE N MO2 MA/ACC 82.75 100.00 91.39 48.67 Mar $4,238 0.0% AC
Hospitals
Community Health Systems, Inc. CYH N MP3 A/ACC 4.90 NM 12.23 1.88 Dec $637 0.0% JWR
HCA Healthcare, Inc. HCA N MO2 MA/ACC 263.68 300.00 279.02 164.47 Dec $75,324 0.9% JWR
Tenet Healthcare Corporation THC N SB1 MA/ACC 59.42 72.00 91.83 36.69 Dec $6,320 0.0% JWR
Universal Health Services, Inc. UHS N MP3 M/ACC 127.10 NM 158.28 82.50 Dec $9,125 0.6% JWR
Integrated Benefits Management
Alignment Healthcare, Inc. ALHC Q MP3 A/ACC 6.36 NM 19.17 5.49 Dec $1,161 0.0% JWR
CVS Health Corporation CVS N MO2 M/ACC 74.31 110.00 107.73 72.10 Dec $98,015 3.3% JWR
Cigna Corporation CI N MO2 M/ACC 255.53 350.00 340.11 240.11 Dec $78,042 1.9% JWR
UnitedHealth Group Incorporated UNH N MO2 M/ACC 472.59 615.00 558.10 449.70 Dec $447,543 1.4% JWR
Medical Technology
Abbott Laboratories ABT N MO2 MA/ACC 101.26 123.00 124.36 93.25 Dec $178,623 2.0% JB
AngioDynamics, Inc. ANGO Q SB1 MA/ACC 10.34 14.00 24.87 8.60 May $409 0.0% JB
Baxter International Inc. BAX N MP3 MA/ACC 40.56 NM 80.58 37.34 Dec $20,564 2.9% JB
Becton, Dickinson and Company BDX N MP3 MA/ACC 247.54 NM 277.29 215.90 Sep $70,623 1.5% JB
Boston Scientific Corporation BSX N SB1 M/ACC 50.03 56.00 50.20 34.98 Dec $72,143 0.0% JB

34 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Healthcare - USA
 
Brainsway Ltd. BWAY Q MO2 A/ACC 1.76 3.75 9.18 1.64 Dec $29 0.0% JB
Cardiovascular Systems, Inc. CSII Q MP3 MA/ACC 19.86 NM 23.47 12.26 Jun $779 0.0% JB
DexCom, Inc. DXCM Q MO2 MA/ACC 116.18 127.00 134.76 66.89 Dec $47,274 0.0% JB
Edwards Lifesciences Corporation EW N MP3 M/ACC 82.73 NM 131.10 67.13 Dec $50,978 0.0% JB
GoodRx Holdings, Inc. GDRX Q MP3 A/ACC 6.25 NM 20.59 3.82 Dec $2,583 0.0% JWR
Hologic, Inc. HOLX Q MO2 M/ACC 80.70 95.00 86.65 59.78 Sep $20,117 0.0% AC
ICU Medical, Inc. ICUI Q MP3 MA/ACC 164.96 NM 233.88 128.90 Dec $4,009 0.0% JB
Insulet Corporation PODD Q MO2 MA/ACC 318.96 334.00 326.74 181.00 Dec $22,334 0.0% JB
Integra LifeSciences Corp. IART Q MP3 MA/ACC 57.41 NM 66.59 40.66 Dec $4,788 0.0% JB
Intuitive Surgical, Inc. ISRG Q MO2 MA/ACC 255.47 270.00 308.97 180.07 Dec $91,203 0.0% JB
Johnson & Johnson JNJ N MO2 MA/INC 155.00 185.00 186.69 150.11 Dec $410,766 2.9% JB
Masimo Corporation MASI Q MO2 MA/ACC 184.54 198.00 184.96 108.88 Dec $9,984 0.0% JB
Medtronic plc MDT N MP3 M/ACC 80.62 NM 114.31 75.76 Apr $107,386 3.4% JB
Merit Medical Systems, Inc. MMSI Q MO2 MA/ACC 73.95 80.00 76.14 50.46 Dec $4,286 0.0% JB
Senseonics Holdings, Inc. SENS N MU4 A/ACC 0.71 NM 2.44 0.67 Dec $332 0.0% JB
Stryker Corporation SYK N MP3 MA/ACC 285.47 NM 285.68 188.84 Dec $109,135 1.1% JB
Tandem Diabetes Care, Inc. TNDM Q MO2 MA/INC 40.61 47.00 123.96 33.52 Dec $2,609 0.0% JB
Teleflex Incorporated TFX N MO2 MA/ACC 253.31 259.00 356.72 182.65 Dec $11,956 0.5% JB
Zimmer Biomet Holdings, Inc. ZBH N MO2 M/ACC 129.20 144.00 135.05 100.39 Dec $27,197 0.7% JB
Specialty Pharmaceuticals
ADMA Biologics, Inc. ADMA Q SB1 A/ACC 3.31 5.00 3.98 1.43 Dec $650 0.0% EW
ANI Pharmaceuticals, Inc. ANIP Q MO2 MA/ACC 39.72 48.00 45.99 22.31 Dec $678 0.0% EW
Amneal Pharmaceuticals Inc. AMRX N MP3 A/ACC 1.39 NM 4.60 1.24 Dec $423 0.0% EW
Amphastar Pharmaceuticals, Inc. AMPH Q MP3 MA/ACC 37.50 NM 44.46 26.76 Dec $1,996 0.0% EW
Lannett Company, Inc. LCI N MP3 A/ACC 1.74 NM 3.72 1.54 Jun $72 0.0% EW
Organon & Co. OGN N MO2 MA/INC 23.52 33.00 39.09 20.96 Dec $6,011 4.8% EW
PLx Pharma Inc. PLXP Q UR NM 0.13 UR 4.43 0.12 Dec $4 0.0% EW
Perrigo Company PLC PRGO N MO2 MA/ACC 35.87 43.00 43.90 30.78 Dec $4,885 3.0% EW
PolyPid Ltd. PYPD Q MO2 A/ACC 0.46 4.00 6.90 0.38 Dec $9 0.0% EW
Sol-Gel Technologies Ltd. SLGL Q SB1 A/ACC 3.88 10.00 7.58 3.24 Dec $107 0.0% EW
Teva Pharmaceutical Industries Ltd. TEVA N MP3 MA/ACC 8.85 NM 11.44 6.78 Dec $9,921 0.0% EW
Viatris Inc. VTRS Q MP3 MA/ACC 9.62 NM 12.40 8.42 Dec $11,718 5.0% EW

Raymond James Research Register - April 2023 35

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Healthcare - CAN
 

Rahul Sarugaser, PhD, MASc  rahul.sarugaser@raymondjames.ca

Michael Freeman, MASc (Associate Analyst)  michael.freeman@raymondjames.ca
 
Biotechnology
Alpha Cognition Inc. ACOG V MP3 A/ACC C$0.23 1.00 1.03 0.21 Dec C$29 0.0% RS
Arch Biopartners Inc. ARCH V MP3 A/ACC C$2.27 3.50 4.25 2.01 Sep C$141 0.0% RS
Eupraxia Pharmaceuticals Inc. EPRX T MO2 A/ACC C$4.23 11.00 5.23 0.80 Dec C$109 0.0% RS
Ginkgo Bioworks Holdings Inc. DNA N MO2 A/ACC 1.33 5.00 4.91 1.16 Dec $2,985 0.0% RS
Opsens Inc. OPS T MO2 A/ACC C$1.64 3.50 3.22 1.43 Dec C$190 0.0% RS
POINT Biopharma Global Inc. PNT Q MO2 A/ACC 7.27 11.00 10.98 5.31 Dec $768 0.0% RS
Perimeter Medical Imaging AI Inc. PINK V MP3 A/ACC C$1.60 2.00 3.08 1.10 Dec C$102 0.0% RS
Profound Medical Corp. PROF Q SB1 MA/ACC 9.29 17.00 13.52 3.10 Dec $188 0.0% RS
Healthcare Services
Quipt Home Medical Corp. QIPT Q MO2 MA/ACC 7.01 11.00 7.15 3.89 Sep $271 0.0% RS
Pharmaceuticals
HLS Therapeutics Inc. HLS T MP3 MA/ACC C$6.30 15.00 15.59 5.92 Dec C$200 3.2% RS
Medexus Pharmaceuticals Inc. MDP T MO2 A/ACC C$1.60 4.00 3.24 0.88 Mar C$32 0.0% RS

36 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Industrial - USA
 

Felix Boeschen  felix.boeschen@raymondjames.com
Patrick Tyler Brown, CFA  tyler.brown@raymondjames.com
Sam Darkatsh  sam.darkatsh@raymondjames.com
 
Construction Materials
Construction Partners, Inc. ROAD Q SB1 MA/ACC 26.94 36.00 32.98 18.89 Sep $1,398 0.0% TB
Eagle Materials Inc. EXP N MO2 MA/ACC 146.75 152.00 152.15 101.98 Mar $5,609 0.7% TB
Martin Marietta Materials, Inc. MLM N MO2 M/ACC 355.06 405.00 388.51 284.99 Dec $22,191 0.7% TB
Vulcan Materials Company VMC N MO2 M/ACC 171.56 199.00 197.76 137.54 Dec $22,903 1.0% TB
Machinery
Specialty Vehicles
Federal Signal Corporation FSS N SB1 MA/ACC 54.21 68.00 58.15 31.86 Dec $3,301 0.7% FBo
Oshkosh Corporation OSK N MO2 MA/ACC 83.18 95.00 106.66 69.30 Dec $5,471 2.0% FBo
The Shyft Group, Inc. SHYF Q SB1 MA/ACC 22.75 30.00 36.66 17.66 Dec $821 0.9% FBo
Westinghouse Air Brake Technologies Corp. WAB N MO2 MA/ACC 101.06 120.00 107.86 78.26 Dec $18,383 0.7% FBo
Truck Equipment
Allison Transmission Holdings, Inc. ALSN N MP3 MA/ACC 45.24 NM 50.64 32.63 Dec $4,207 2.0% FBo
Cummins Inc. CMI N MP3 M/INC 238.88 NM 261.91 184.28 Dec $33,921 2.6% FBo
PACCAR Inc PCAR Q SB1 M/ACC 73.20 90.00 76.72 51.34 Dec $38,342 0.9% FBo
Wabash National Corporation WNC N SB1 MA/ACC 24.59 33.00 30.10 12.23 Dec $1,244 1.3% FBo
Packaging
Avery Dennison Corporation AVY N MO2 M/ACC 178.93 205.00 204.37 151.62 Dec $14,601 1.7% SD
Berry Global Group, Inc. BERY N MP3 MA/ACC 58.90 NM 66.21 44.52 Sep $7,374 1.7% SD
Graphic Packaging Holding Company GPK N SB1 MA/ACC 25.49 27.00 25.56 19.08 Dec $7,887 1.6% SD
Sealed Air Corporation SEE N MP3 MA/ACC 45.91 NM 69.97 41.24 Dec $6,707 1.7% SD
Silgan Holdings Inc. SLGN N MO2 MA/ACC 53.67 60.00 55.41 38.59 Dec $5,945 1.3% SD
Specialty/Industrial Distribution
Beacon Building Products BECN Q MO2 MA/ACC 58.85 75.00 68.31 45.71 Dec $4,779 0.0% SD
Fastenal Company FAST Q MU4 M/ACC 53.94 NM 60.72 43.73 Dec $31,161 2.6% SD
GMS Inc. GMS N MO2 MA/ACC 57.89 70.00 62.19 36.10 Apr $2,541 0.0% SD
Genuine Parts Company GPC N MP3 M/ACC 167.31 NM 187.72 124.85 Dec $23,899 2.3% SD
Hillman Solutions Corp. HLMN Q MO2 MA/ACC 8.42 10.50 12.45 6.60 Dec $1,418 0.0% SD
LKQ Corporation LKQ Q MO2 MA/ACC 56.76 65.00 59.33 43.37 Dec $16,514 1.9% SD
MSC Industrial Direct Co., Inc. MSM N MP3 MA/ACC 84.00 NM 90.04 71.32 Aug $4,692 3.8% SD
W.W. Grainger, Inc. GWW N MP3 M/ACC 688.81 NM 709.21 440.48 Dec $35,611 1.0% SD
WESCO International, Inc. WCC N SB1 MA/ACC 154.54 200.00 175.00 99.00 Dec $8,078 1.0% SD
Waste and Industrial Services
Industrial Services
Clean Harbors, Inc. CLH N SB1 MA/ACC 142.56 155.00 144.20 81.56 Dec $7,792 0.0% TB
Waste Services
Casella Waste Systems, Inc. CWST Q SB1 MA/ACC 82.66 90.00 92.20 63.90 Dec $4,267 0.0% TB
GFL Environmental Inc. GFL N MO2 MA/ACC 34.44 36.00 34.90 23.10 Dec $12,503 0.1% TB

Raymond James Research Register - April 2023 37

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Industrial - USA
 
Republic Services, Inc. RSG N MO2 M/ACC 135.22 147.00 149.17 119.72 Dec $43,068 1.5% TB
Waste Connections, Inc. WCN N SB1 M/ACC 139.07 154.00 148.20 113.50 Dec $36,333 1.0% TB
Waste Management, Inc. WM N MO2 M/ACC 163.17 166.00 175.98 138.89 Dec $67,144 1.7% TB

38 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Industrial - CAN
 

Frederic Bastien, CFA  frederic.bastien@raymondjames.ca Bryan Fast, CFA  bryan.fast@raymondjames.ca

Andrew Bradford, CFA  andrew.bradford@raymondjames.ca Michael Glen, CFA  michael.glen@raymondjames.ca
Steve Hansen, CFA, CPA, CMA  steve.hansen@raymondjames.ca
Daryl Swetlishoff, CFA  daryl.swetlishoff@raymondjames.ca
 
Aerospace & Aviation
Heroux-Devtek Inc. HRX T MO2 MA/ACC C$13.08 18.00 18.10 11.20 Mar C$451 0.0% BF
Agribusiness
Ag Growth International, Inc. AFN T MO2 A/INC C$61.32 70.00 63.40 28.80 Dec C$1,159 1.0% SH
Chemicals
Chemtrade Logistics Income Fund CHE.UN T MP3 A/INC C$7.85 11.00 10.19 6.65 Dec C$905 7.6% SH
Methanex MEOH Q MP3 A/INC 46.53 60.00 56.79 28.73 Dec $3,213 1.5% SH
Parkland Corporation PKI T SB1 M/ACC C$32.40 42.00 39.45 24.25 Dec C$5,605 4.2% SH
Superior Plus Corp. SPB T MO2 M/INC C$11.14 13.50 12.58 9.44 Dec C$2,236 6.5% SH
Diversified Income Corps.
Exchange Income Corporation EIF T SB1 A/INC C$53.55 65.00 55.67 38.23 Dec C$2,275 4.7% SH
Fertilizers
Itafos IFOS V SB1 A/ACC C$2.10 5.25 3.94 1.39 Dec C$397 0.0% SH
Nutrien Ltd. NTR N MP3 M/ACC 73.85 90.00 117.25 69.16 Dec $37,460 3.8% SH
Forest Products
Building Materials
Acadian Timber Corp. ADN T MO2 M/INC C$15.77 19.00 19.50 14.52 Dec C$266 7.4% DS
Canfor Corp. CFP T SB1 MA/ACC C$21.72 34.00 28.08 18.42 Dec C$2,629 0.0% DS
Conifex Timber Inc. CFF T MP3 A/ACC C$1.50 1.80 2.19 1.42 Dec C$60 0.0% DS
Interfor Corporation IFP T SB1 MA/ACC C$22.02 41.00 39.07 19.75 Dec C$1,132 0.0% DS
West Fraser Timber Co. Ltd. WFG T MO2 MA/ACC C$96.40 145.00 132.91 89.95 Dec C$8,055 1.7% DS
Western Forest Products Inc. WEF T MO2 MA/ACC C$1.12 1.70 2.23 1.03 Dec C$355 4.5% DS
Pulp & Paper
Canfor Pulp Products Inc. CFX T MO2 MA/ACC C$2.97 4.75 5.88 2.92 Dec C$194 0.0% DS
Mercer International Inc. MERC Q MO2 A/INC 9.78 18.00 17.50 9.34 Dec $647 3.1% DS
Infrastructure & Construction
Construction
Aecon Group ARE T MO2 MA/INC C$13.73 17.00 17.25 8.29 Dec C$1,000 5.4% FB, BF
Bird Construction Inc. BDT T SB1 M/INC C$9.09 12.00 9.55 5.74 Dec C$488 4.7% FB, BF
North American Construction Group NOA T MO2 MA/ACC C$22.54 26.00 24.53 12.65 Dec C$627 1.8% BF
Engineering
SNC-Lavalin Group Inc. SNC T MO2 MA/ACC C$33.22 37.00 33.26 21.27 Dec C$5,832 0.2% FB, BF
Stantec Inc. STN T SB1 M/INC C$79.01 90.00 83.53 53.12 Dec C$8,763 1.0% FB, BF
WSP Global Inc. WSP T MO2 M/INC C$177.03 205.00 181.00 130.65 Dec C$22,081 0.8% FB, BF
Machinery
Alta Equipment Group Inc. ALTG N MO2 MA/ACC 15.85 22.00 20.60 8.65 Dec $509 1.5% BF

Raymond James Research Register - April 2023 39

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Industrial - CAN
 
Finning International FTT T MO2 M/ACC C$33.69 42.00 40.20 23.46 Dec C$5,132 2.8% BF
Ritchie Bros. Auctioneers RBA N MP3 M/ACC 56.29 60.00 72.73 48.72 Dec $6,303 1.9% BF
Toromont Industries Ltd. TIH T MO2 M/ACC C$110.93 125.00 124.25 93.25 Dec C$9,132 1.6% BF
Wajax Corporation WJX T MO2 MA/ACC C$24.65 27.00 25.70 17.25 Dec C$542 5.4% BF
Related Products and Services
Black Diamond Group Limited BDI T SB1 MA/ACC C$5.94 10.00 7.29 3.10 Dec C$353 1.3% FB, BF
Dexterra Group Inc. DXT T MP3 A/INC C$4.95 7.00 8.28 4.80 Dec C$324 7.1% FB, BF
Russel Metals Inc. RUS T MO2 MA/INC C$34.33 44.00 37.28 23.80 Dec C$2,132 4.4% FB
Special Situations
5N Plus Inc. VNP T MO2 A/ACC C$3.44 4.50 3.90 1.03 Dec C$304 0.0% MG
ATS Corporation ATS T MO2 MA/ACC C$56.59 59.00 56.80 30.60 Mar C$5,217 0.0% MG
Blackline Safety Corp. BLN T MO2 MA/ACC C$2.31 5.50 5.90 1.53 Oct C$167 0.0% BF
Boyd Group Services Inc. BYD T SB1 MA/ACC C$216.04 240.00 222.74 117.48 Dec C$4,639 0.3% SH
Savaria Corporation SIS T MO2 M/ACC C$15.84 21.00 17.88 12.02 Dec C$1,019 3.3% MG

40 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Mining - CAN
 

Farooq Hamed, CA  farooq.hamed@raymondjames.ca Craig Stanley, M.Sc. Geo  craig.stanley@raymondjames.ca

Brian MacArthur, CFA  brian.macarthur@raymondjames.ca
 
Base Metals & Minerals
Adventus Mining Corp. ADZN V MO2 A/ACC C$0.46 1.50 0.80 0.29 Dec C$83 0.0% FH
Altius Minerals Corporation ALS T MO2 M/ACC C$22.99 27.50 25.71 15.63 Dec C$1,094 1.4% BMa
Ero Copper Corp. ERO T MO2 MA/ACC C$23.91 25.00 25.40 10.54 Dec C$2,171 0.0% FH
First Quantum Minerals Ltd. FM T MO2 MA/ACC C$31.07 35.00 45.38 18.68 Dec C$21,454 0.9% FH
Freeport-McMoRan Inc. FCX N MO2 MA/ACC 40.91 48.00 51.84 24.80 Dec $58,501 1.8% BMa
Hudbay Minerals, Inc. HBM T MO2 MA/ACC C$7.09 9.00 10.28 4.07 Dec C$1,852 0.3% FH
Ivanhoe Electric Inc. IE N MO2 A/ACC 12.15 16.00 16.55 7.01 Dec $1,129 0.0% FH
Ivanhoe Mines Ltd. IVN T MO2 MA/ACC C$12.21 15.00 12.75 6.41 Dec C$14,857 0.0% FH
Lundin Mining Corporation LUN T MP3 MA/ACC C$9.18 10.00 14.00 6.24 Dec C$7,000 3.9% FH
Marimaca Copper Corp. MARI T MO2 A/ACC C$3.77 6.00 4.22 2.45 Dec C$336 0.0% FH
Meridian Mining UK Societas MNO T SB1 A/ACC C$0.54 1.50 1.10 0.32 Dec C$100 0.0% CS
Surge Copper Corp. SURG V MO2 A/ACC C$0.13 0.65 0.33 0.12 Mar C$21 0.0% FH
Teck Resources Limited TECK.B T MO2 M/ACC C$49.35 61.00 62.38 32.68 Dec C$25,351 2.0% BMa
Trilogy Metals Inc. TMQ T MO2 A/ACC C$0.72 1.75 1.65 0.68 Nov C$105 0.0% BMa
Iron Ore
Champion Iron Limited CIA T MO2 MA/ACC C$6.52 8.50 7.60 3.99 Mar C$3,372 3.1% BMa
Labrador Iron Ore Royalty Corp. LIF T MP3 M/INC C$32.00 36.00 42.46 25.24 Dec C$2,048 8.8% BMa
Precious Metals - Gold
Agnico Eagle Mines AEM N MO2 M/ACC 50.97 65.00 67.14 36.68 Dec $23,282 3.1% FH
Ascot Resources AOT T MP3 A/ACC C$0.69 0.80 1.12 0.31 Dec C$301 0.0% CS
B2Gold Corp. BTG N MO2 MA/ACC 3.94 5.00 5.07 2.81 Dec $4,220 5.6% FH
Barrick Gold Corporation GOLD N MO2 M/ACC 18.57 24.00 25.99 13.01 Dec $32,590 2.2% BMa
Bear Creek Mining Corporation BCM V MP3 A/ACC C$0.69 0.90 1.32 0.37 Dec C$106 0.0% CS
Calibre Mining Corp. CXB T MO2 MA/ACC C$1.32 1.75 1.65 0.52 Dec C$609 0.0% FH
Centerra Gold Inc. CG T MP3 MA/ACC C$8.73 11.00 13.29 5.18 Dec C$1,907 3.2% BMa
Endeavour Mining PLC EDV T MO2 MA/ACC C$32.57 38.00 34.46 22.77 Dec C$8,006 3.4% CS
Franco-Nevada Corporation FNV N MO2 M/ACC 145.80 157.00 169.32 109.70 Dec $27,978 1.2% BMa
Gold Royalty Corp. GROY N MP3 A/ACC 2.16 3.75 4.45 1.99 Dec $311 18.5% BMa
IAMGOLD Corporation IAG N MU4 MA/ACC 2.71 2.25 3.77 0.92 Dec $1,298 0.0% FH
Integra Resources Corp. ITR V MO2 A/ACC C$0.72 2.25 1.86 0.62 Dec C$123 0.0% BMa
K92 Mining Inc. KNT T MO2 MA/ACC C$7.68 9.50 10.52 6.01 Dec C$1,796 0.0% CS
Kinross Gold Corporation KGC N MP3 MA/ACC 4.71 5.00 6.34 3.00 Dec $5,755 2.5% FH
Lumina Gold Corp. LUM V MO2 A/ACC C$0.55 1.50 0.66 0.23 Dec C$207 0.0% FH
Marathon Gold Corp. MOZ T MP3 A/ACC C$0.80 1.35 2.87 0.73 Dec C$317 0.0% CS
Montage Gold Corp. MAU V R A/ACC C$0.70 R 0.94 0.46 Dec C$112 0.0% CS
New Gold Inc. NGD N MP3 MA/ACC 1.10 1.00 1.99 0.61 Dec $750 0.0% FH
Newcore Gold Ltd. NCAU V MO2 A/ACC C$0.19 0.50 0.53 0.17 Dec C$26 0.0% CS
Newmont Corporation NEM N MO2 M/ACC 49.02 56.00 86.37 37.45 Dec $38,922 3.3% BMa
OceanaGold Corporation OGC T MO2 MA/ACC C$3.35 3.75 3.44 1.78 Dec C$2,357 0.9% FH

Raymond James Research Register - April 2023 41

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Mining - CAN
 
Orezone Gold Corporation ORE T MO2 A/ACC C$1.35 2.30 1.81 1.06 Dec C$452 0.0% CS
Osisko Gold Royalties Ltd OR T MO2 M/ACC C$21.36 22.00 21.47 11.90 Dec C$3,930 1.0% BMa
Osisko Mining Inc. OSK T MO2 A/ACC C$4.30 4.50 4.65 2.36 Dec C$1,495 0.0% CS
Rio2 Limited RIO V MP3 A/ACC C$0.14 0.25 0.80 0.10 Dec C$36 0.0% CS
Royal Gold Inc. RGLD Q MO2 M/ACC 129.71 153.00 147.70 84.54 Dec $8,505 1.2% BMa
Sandstorm Gold Ltd. SAND N MO2 MA/ACC 5.81 8.75 9.18 4.51 Dec $1,736 1.4% BMa
Signal Gold Inc. SGNL T MO2 A/ACC C$0.34 0.95 0.73 0.26 Dec C$66 0.0% CS
Skeena Resources Ltd. SKE T SB1 A/ACC C$8.28 16.00 14.45 5.64 Dec C$627 0.0% CS
Triple Flag Precious Metals Corp. TFPM T MO2 MA/ACC C$20.13 22.00 20.83 13.24 Dec C$4,048 1.0% BMa
Westhaven Gold Corp. WHN V MO2 A/ACC C$0.31 0.75 0.75 0.29 Dec C$43 0.0% CS
Wheaton Precious Metals Corp. WPM N MO2 M/ACC 48.16 51.00 51.90 28.62 Dec $21,783 1.7% BMa
Yamana Gold Inc. AUY N MP3 MA/ACC 5.85 5.50 6.40 3.88 Dec $5,631 2.1% FH
Precious Metals - Silver
Aya Gold & Silver Inc. AYA T MO2 MA/ACC C$10.88 11.00 11.39 4.98 Dec C$1,142 0.0% CS
Coeur Mining, Inc. CDE N MP3 MA/ACC 3.99 4.25 5.40 2.54 Dec $1,180 0.0% BMa
MAG Silver Corp. MAG T MO2 MA/ACC C$17.08 25.00 23.29 13.60 Dec C$1,756 0.0% BMa
SilverCrest Metals Inc. SIL T MO2 A/ACC C$9.61 11.25 12.44 6.30 Dec C$1,408 0.0% CS
Silvercorp Metals Inc. SVM T MO2 A/ACC C$5.14 6.50 5.34 2.74 Mar C$909 0.6% CS
Vizsla Silver Corp. VZLA V MO2 A/ACC C$2.07 2.65 2.53 1.19 Apr C$370 0.0% CS
Uranium
Cameco Corporation CCO T MO2 M/ACC C$35.39 48.00 41.05 26.15 Dec C$15,313 0.3% BMa
Denison Mines Corp. DML T MO2 A/ACC C$1.47 2.50 2.30 1.19 Dec C$1,215 0.0% BMa
NexGen Energy Ltd. NXE T MO2 A/ACC C$5.19 9.00 8.30 4.43 Dec C$2,504 0.0% BMa

42 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Real Estate - USA

 

William A. Crow  bill.crow@raymondjames.com Stephen Laws  stephen.laws@raymondjames.com

Buck Horne, CFA  buck.horne@raymondjames.com RJ Milligan  rjmilligan@raymondjames.com
Jonathan Hughes, CFA  jonathan.hughes@raymondjames.com
 
Housing
D.R. Horton, Inc. DHI N MP3 M/ACC 97.69 NM 104.14 59.25 Sep $33,889 1.0% BH
KB Home KBH N MP3 MA/ACC 40.18 NM 40.92 24.78 Nov $3,455 1.5% BH
Lennar Corporation LEN N MP3 M/ACC 105.11 NM 109.28 62.54 Nov $30,069 1.4% BH
M.D.C. Holdings, Inc. MDC N MP3 MA/ACC 38.87 NM 41.41 27.04 Dec $2,844 5.1% BH
PulteGroup, Inc. PHM N MP3 MA/ACC 58.28 NM 60.89 35.03 Dec $13,294 1.1% BH
Toll Brothers, Inc. TOL N MO2 MA/ACC 60.03 67.00 62.61 39.53 Oct $6,741 1.4% BH
Lodging
Hilton Worldwide Holdings Inc. HLT N MO2 M/ACC 140.87 165.00 167.99 108.41 Dec $37,733 0.4% WAC
Hyatt Hotels Corporation H N MP3 M/ACC 111.79 NM 125.07 70.12 Dec $11,895 0.0% WAC
Marriott International, Inc. MAR Q MP3 M/ACC 166.04 NM 195.90 131.01 Dec $51,572 1.0% WAC
REITs
Farmland REITs
Farmland Partners Inc. FPI N MO2 A/INC 10.70 13.00 16.43 9.44 Dec $595 2.2% BH
Healthcare REITs
CareTrust REIT, Inc. CTRE N SB1 MA/INC 19.58 24.00 22.46 15.90 Dec $1,948 5.7% JH
Healthcare Realty Trust Incorporated HR N MP3 MA/INC 19.33 NM 26.95 18.00 Dec $7,437 6.4% JH
Healthpeak Properties, Inc. PEAK N MP3 MA/INC 21.97 NM 35.72 20.21 Dec $12,209 5.5% JH
Medical Properties Trust, Inc. MPW N SB1 MA/INC 8.22 16.00 21.55 7.10 Dec $4,911 14.1% JH
Omega Healthcare Investors, Inc. OHI N MO2 MA/INC 27.41 33.00 33.71 24.81 Dec $6,644 9.8% JH
Physicians Realty Trust DOC N MP3 MA/INC 14.93 NM 18.82 13.42 Dec $3,579 6.2% JH
Sabra Health Care REIT, Inc. SBRA Q MP3 MA/INC 11.50 NM 16.60 10.08 Dec $2,678 10.4% JH
Ventas, Inc. VTR N MO2 MA/INC 43.35 55.00 63.46 35.33 Dec $17,480 4.2% JH
Welltower Inc. WELL N SB1 MA/INC 71.69 82.00 99.43 56.50 Dec $35,329 3.4% JH
Hotel REITs
DiamondRock Hospitality Company DRH N MP3 MA/INC 8.13 NM 11.14 7.14 Dec $1,736 1.5% WAC
Hersha Hospitality Trust HT N MP3 A/INC 6.72 NM 12.15 5.76 Dec $313 3.0% WAC
Host Hotels & Resorts, Inc. HST Q MO2 MA/INC 16.49 19.00 21.63 14.50 Dec $11,932 2.9% WAC
Park Hotels & Resorts Inc. PK N MP3 MA/INC 12.36 NM 20.58 10.70 Dec $2,779 4.9% WAC
Pebblebrook Hotel Trust PEB N MP3 MA/INC 14.04 NM 26.14 12.37 Dec $1,786 0.3% WAC
RLJ Lodging Trust RLJ N MP3 MA/INC 10.60 NM 14.78 9.27 Dec $1,726 3.0% WAC
Ryman Hospitality Properties, Inc. RHP N MO2 MA/INC 89.73 100.00 101.19 70.46 Dec $5,363 3.3% WAC
Summit Hotel Properties, Inc. INN N MO2 MA/INC 7.00 8.50 10.22 6.17 Dec $860 2.3% WAC
Sunstone Hotel Investors, Inc. SHO N MU4 MA/INC 9.88 NM 12.72 8.60 Dec $2,068 2.0% WAC
Xenia Hotels & Resorts, Inc. XHR N MP3 MA/INC 13.09 NM 20.36 11.74 Dec $1,459 3.1% WAC
Industrial REITs
Americold Realty Trust COLD N MP3 MA/INC 28.45 NM 32.99 21.49 Dec $7,730 3.1% WAC
EastGroup Properties, Inc. EGP N MP3 MA/INC 165.32 NM 217.46 137.47 Dec $7,204 3.0% WAC

Raymond James Research Register - April 2023 43

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Real Estate - USA

 
First Industrial Realty Trust, Inc. FR N MP3 MA/INC 53.20 NM 65.92 42.91 Dec $7,192 2.4% WAC
Prologis, Inc. PLD N SB1 M/INC 124.77 145.00 174.54 98.03 Dec $118,151 2.8% WAC
STAG Industrial, Inc. STAG N MO2 MA/INC 33.82 36.00 42.49 26.56 Dec $6,209 4.3% WAC
Mortgage REITs & Real Estate Finance
ACRES Commercial Realty Corp. ACR N MO2 A/ACC 9.72 13.50 13.55 7.23 Dec $85 0.0% SLa
Apollo Commercial Real Estate Finance ARI N MP3 MA/INC 9.31 NM 14.26 7.91 Dec $1,309 15.0% SLa
Arbor Realty Trust, Inc. ABR N MO2 MA/INC 11.49 18.50 17.78 10.58 Dec $2,235 13.9% SLa
Ares Commercial Real Estate Corporation ACRE N MO2 MA/INC 9.09 13.50 16.48 8.41 Dec $495 14.5% SLa
Blackstone Mortgage Trust, Inc. BXMT N MP3 MA/INC 17.85 NM 32.46 16.95 Dec $3,072 13.9% SLa
BrightSpire Capital, Inc. BRSP N MO2 MA/INC 5.90 10.00 9.45 5.40 Dec $760 13.6% SLa
Broadmark Realty Capital Inc. BRMK N MP3 MA/INC 4.70 NM 8.78 3.52 Dec $619 8.9% SLa
Chimera Investment Corporation CIM N MP3 MA/INC 5.64 NM 12.22 4.91 Dec $1,307 16.3% SLa
Finance of America Companies Inc. FOA N MO2 MA/ACC 1.24 2.50 3.29 1.19 Dec $237 0.0% SLa
Granite Point Mortgage Trust Inc. GPMT N MO2 MA/INC 4.96 9.00 11.20 4.76 Dec $260 16.1% SLa
Great Ajax Corp. AJX N MO2 MA/INC 6.58 10.50 11.64 5.91 Dec $152 15.2% SLa
Greystone Housing Impact Investors LP GHI N MO2 A/INC 17.29 21.00 19.74 16.15 Dec $389 8.6% SLa
KKR Real Estate Finance Trust Inc. KREF N MO2 MA/INC 11.39 18.00 21.13 10.10 Dec $787 15.1% SLa
Ladder Capital Corp LADR N SB1 MA/INC 9.45 13.50 12.70 8.67 Dec $1,195 9.7% SLa
Lument Finance Trust, Inc. LFT N MO2 A/INC 2.02 2.75 2.80 1.84 Dec $106 11.9% SLa
MFA Financial, Inc. MFA N MO2 MA/INC 9.92 12.50 16.28 7.15 Dec $1,010 14.1% SLa
New York Mortgage Trust, Inc. NYMT N MP3 MA/INC 9.96 NM 14.76 8.28 Dec $908 16.1% SLa
NexPoint Real Estate Finance, Inc. NREF N SB1 MA/INC 15.67 21.00 25.98 14.16 Dec $346 12.8% SLa
Ready Capital Corporation RC N MO2 MA/INC 10.17 13.50 15.45 9.36 Dec $1,124 15.7% SLa
Redwood Trust, Inc. RWT N SB1 MA/INC 6.74 10.00 10.67 5.52 Dec $765 13.6% SLa
Rithm Capital Corp. RITM N MO2 MA/INC 8.00 12.00 11.75 6.86 Dec $3,790 12.5% SLa
Safehold Inc. SAFE N MP3 MA/ACC 29.78 NM 56.59 23.65 Dec $1,857 2.4% SLa
Starwood Property Trust Inc. STWD N SB1 MA/INC 17.69 28.00 24.76 16.07 Dec $5,495 10.9% SLa
TPG RE Finance Trust, Inc. TRTX N SB1 MA/INC 7.26 11.00 12.09 6.31 Dec $562 13.2% SLa
Velocity Financial, Inc. VEL N MO2 A/ACC 9.03 12.50 13.60 7.81 Dec $289 0.0% SLa
Net Lease REITs
Agree Realty Corporation ADC N SB1 M/INC 68.61 81.00 80.44 63.34 Dec $6,077 4.2% RM
Alpine Income Property Trust, Inc. PINE N MO2 MA/INC 16.83 21.00 20.79 15.41 Dec $258 6.5% RM
EPR Properties EPR N SB1 MA/INC 38.10 45.00 56.38 33.92 Dec $2,858 8.7% RM
Essential Properties Realty Trust, Inc. EPRT N MO2 M/INC 24.85 25.00 26.75 18.88 Dec $3,538 4.4% RM
Four Corners Property Trust, Inc. FCPT N MO2 MA/INC 26.86 29.00 30.13 22.67 Dec $2,228 5.1% RM
Gaming and Leisure Properties, Inc. GLPI Q MO2 MA/INC 52.06 55.00 55.13 41.97 Dec $13,406 5.5% RM
NETSTREIT Corp. NTST N MO2 MA/INC 18.28 21.00 23.72 17.07 Dec $1,003 4.4% RM
National Retail Properties, Inc. NNN N MO2 MA/INC 44.15 50.00 48.76 38.05 Dec $7,891 5.0% RM
Realty Income Corporation O N MP3 M/INC 63.32 NM 75.40 55.50 Dec $39,711 4.8% RM
Spirit Realty Capital, Inc. SRC N MP3 M/INC 39.84 NM 48.24 34.31 Dec $5,564 6.7% RM
VICI Properties Inc. VICI N MO2 MA/INC 32.62 36.00 35.69 26.42 Dec $31,416 4.8% RM
W. P. Carey Inc. WPC N MO2 M/INC 77.45 85.00 89.63 67.76 Dec $16,112 5.5% RM
Office/Mixed REITs
Armada Hoffler Properties, Inc. AHH N MP3 MA/INC 11.81 NM 14.93 10.04 Dec $1,043 6.4% WAC

44 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Real Estate - USA

 
Brandywine Realty Trust BDN N MP3 MA/INC 4.73 NM 14.27 3.97 Dec $818 16.1% WAC
City Office REIT, Inc. CIO N MP3 MA/INC 6.90 NM 18.11 5.80 Dec $279 11.6% WAC
Corporate Office Properties Trust OFC N MO2 MA/INC 23.71 28.00 29.14 21.59 Dec $2,705 4.8% WAC
Douglas Emmett, Inc. DEI N MO2 MA/INC 12.33 17.00 33.99 10.62 Dec $2,573 6.2% WAC
Easterly Government Properties, Inc. DEA N MP3 MA/INC 13.74 NM 21.39 12.27 Dec $1,414 7.7% WAC
Elme Communities ELME N MP3 MA/INC 17.86 NM 26.12 16.14 Dec $1,563 4.0% WAC
Residential REITs
American Homes 4 Rent AMH N MO2 M/ACC 31.45 36.00 43.89 28.78 Dec $12,731 2.8% BH
Centerspace CSR N MU4 MA/INC 54.63 NM 104.63 51.26 Dec $874 5.3% BH
Clipper Realty Inc. CLPR N MP3 MA/INC 5.74 NM 9.86 5.56 Dec $260 6.6% BH
Equity Residential EQR N MP3 M/INC 60.00 NM 94.32 54.60 Dec $23,452 4.4% BH
Essex Property Trust, Inc. ESS N MP3 M/INC 209.14 NM 363.36 195.03 Dec $14,013 4.4% BH
Invitation Homes Inc. INVH N MO2 M/ACC 31.23 35.00 44.36 28.52 Dec $19,200 3.3% BH
Mid-America Apartment Communities, Inc. MAA N MP3 M/INC 151.04 NM 217.64 138.68 Dec $17,920 3.7% BH
NexPoint Residential Trust, Inc. NXRT N MP3 MA/INC 43.67 NM 95.04 38.67 Dec $1,118 3.8% BH
Self Storage REITs
CubeSmart CUBE N SB1 MA/INC 46.22 55.00 54.95 36.82 Dec $10,447 4.2% JH
Extra Space Storage Inc. EXR N MO2 MA/INC 162.93 185.00 222.36 139.97 Dec $23,301 4.0% JH
Life Storage, Inc. LSI N MO2 MA/INC 131.09 140.00 151.76 94.02 Dec $11,287 3.7% JH
Public Storage PSA N MP3 MA/INC 302.14 NM 421.76 270.13 Dec $53,103 2.6% JH
Shopping Center REITs
CTO Realty Growth, Inc. CTO N MO2 MA/INC 17.26 22.00 23.07 15.98 Dec $324 8.8% RM
Federal Realty Investment Trust FRT N SB1 M/INC 98.83 120.00 128.13 86.43 Dec $7,754 4.4% RM
Kimco Realty Corporation KIM N MP3 M/INC 19.53 NM 26.56 17.34 Dec $12,129 4.7% RM
Kite Realty Group Trust KRG N SB1 M/INC 20.92 26.00 23.31 16.42 Dec $4,645 4.6% RM
RPT Realty RPT N MO2 M/INC 9.51 12.00 14.36 7.28 Dec $823 5.9% RM
Regency Centers Corporation REG Q MP3 M/INC 61.18 NM 73.41 51.97 Dec $10,514 4.2% RM
Retail Opportunity Investments Corp. ROIC Q MP3 M/INC 13.96 NM 20.00 12.43 Dec $1,857 4.3% RM
Saul Centers, Inc. BFS N MP3 M/INC 39.00 NM 56.22 35.64 Dec $1,320 3.4% RM
Timber REITs
PotlatchDeltic Corporation PCH Q SB1 MA/INC 49.50 57.00 58.13 39.10 Dec $3,990 3.6% BH
Rayonier Inc. RYN N MP3 MA/INC 33.26 NM 45.87 29.51 Dec $5,009 3.4% BH
Weyerhaeuser Company WY N SB1 MA/INC 30.13 42.00 42.86 27.36 Dec $22,194 2.5% BH

Raymond James Research Register - April 2023 45

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Real Estate - CAN

 

Frederic Bastien, CFA  frederic.bastien@raymondjames.ca Brad Sturges, CFA  brad.sturges@raymondjames.ca

 
Real Estate
Industrial
Dream Industrial REIT DIR.UN T MO2 MA/INC C$14.70 16.75 16.20 10.25 Dec C$4,045 4.8% BS
Granite REIT GRT.UN T MO2 M/INC C$83.69 95.00 100.90 63.29 Dec C$5,342 3.8% BS
Nexus Industrial REIT NXR.UN T SB1 M/ACC C$9.75 12.50 14.03 8.15 Dec C$913 6.6% BS
PRO Real Estate Investment Trust PRV.UN T MP3 A/INC C$5.94 6.75 7.64 5.34 Dec C$359 7.6% BS
Parkit Enterprise Inc. PKT V MP3 MA/ACC C$0.97 1.10 1.44 0.87 Dec C$227 0.0% BS
Office/Diversified
Allied Properties REIT AP.UN T MO2 MA/INC C$24.36 36.50 47.24 23.41 Dec C$3,405 7.4% BS
Slate Office REIT SOT.UN T MP3 A/INC C$3.54 4.25 5.22 3.32 Dec C$302 11.3% BS
True North Commercial REIT TNT.UN T MP3 M/INC C$3.47 4.00 7.18 3.16 Dec C$327 8.6% BS
Real Estate Services
Colliers International Group Inc. CIGI Q SB1 MA/ACC 105.55 150.00 133.02 84.16 Dec $4,984 0.3% FB
FirstService Corporation FSV Q MO2 M/ACC 140.99 165.00 148.70 112.44 Dec $6,273 0.9% FB
Residential
BSR Real Estate Investment Trust HOM.U T MO2 MA/INC 13.26 17.00 21.43 12.65 Dec $754 3.9% BS
Canadian Apartment Properties REIT CAR.UN T SB1 MA/INC C$47.41 60.00 54.34 39.08 Dec C$8,111 3.1% BS
Dream Residential REIT DRR.U T MP3 A/INC 9.15 11.25 12.15 6.55 Dec $181 4.6% BS
European Residential REIT ERE.UN T MO2 A/INC C$3.25 4.25 5.06 2.70 Dec C$755 5.5% BS
Flagship Communities REIT MHC.U T MO2 MA/ACC 17.00 20.50 20.97 13.07 Dec $335 3.3% BS
InterRent Real Estate Investment Trust IIP.UN T SB1 MA/INC C$13.39 17.00 16.03 10.79 Dec C$1,946 2.7% BS
Killam Apartment REIT KMP.UN T MO2 M/INC C$17.16 22.00 21.60 14.62 Dec C$2,071 4.1% BS
Minto Apartment REIT MI.UN T MO2 M/INC C$14.76 18.75 21.59 12.41 Dec C$972 3.3% BS
Tricon Residential Inc. TCN N SB1 M/ACC 7.75 11.00 16.21 7.18 Dec $2,119 4.1% BS
Retail
Automotive Properties REIT APR.UN T MO2 MA/INC C$11.54 13.25 14.62 11.11 Dec C$566 6.9% BS
Slate Grocery REIT SGR.U T MP3 M/INC 10.08 12.25 13.75 8.92 Dec $620 8.5% BS
Self-Storage
StorageVault Canada Inc. SVI T MO2 M/ACC C$6.14 7.25 7.00 5.28 Dec C$2,321 0.2% BS

46 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Sustainability - CAN
 

Frederic Bastien, CFA  frederic.bastien@raymondjames.ca Michael Glen, CFA  michael.glen@raymondjames.ca

Bryan Fast, CFA  bryan.fast@raymondjames.ca Steve Hansen, CFA, CPA, CMA  steve.hansen@raymondjames.ca
David Quezada, CFA  david.quezada@raymondjames.ca
 
Sustainability: Bio-based Chemicals & Fuels
Greenlane Renewables Inc. GRN T MP3 MA/ACC C$0.29 1.25 1.19 0.28 Dec C$44 0.0% DQ
Loop Industries, Inc. LOOP Q MO2 A/ACC 3.44 10.00 9.50 1.84 Feb $163 0.0% DQ
Sustainability: Clean Generation
Algonquin Power & Utilities AQN N MO2 M/INC 8.40 10.00 16.01 6.40 Dec $5,781 7.1% DQ
Altius Renewable Royalties Corp. ARR T SB1 MA/ACC C$8.64 15.00 13.00 6.70 Dec C$299 0.0% DQ
Atlantica Sustainable Infrastructure plc AY Q MO2 M/INC 29.56 36.00 36.35 24.42 Dec $3,503 6.0% DQ
Boralex, Inc. BLX T MO2 M/INC C$41.15 50.50 51.55 33.96 Dec C$4,229 1.6% DQ
Brookfield Renewable Partners L.P. BEP N MO2 M/INC 31.51 37.00 41.95 24.13 Dec $20,352 4.1% FB, DQ
Capital Power Corporation CPX T MP3 M/INC C$41.64 50.00 51.90 40.06 Dec C$4,881 5.9% DQ
Eguana Technologies Inc. EGT V MO2 A/ACC C$0.23 0.60 0.46 0.21 Sep C$104 0.0% MG
Innergex Renewable Energy Inc. INE T MO2 M/ACC C$14.68 24.00 20.46 13.53 Dec C$2,963 4.9% DQ
Northland Power Inc. NPI T MO2 M/ACC C$33.88 48.00 47.13 32.33 Dec C$8,314 3.5% DQ
Polaris Renewable Energy Inc. PIF T SB1 A/ACC C$13.32 26.00 23.05 12.80 Dec C$268 6.1% DQ
TransAlta Renewables Inc. RNW T MP3 M/ACC C$12.44 15.50 19.45 10.63 Dec C$3,320 7.6% DQ
Sustainability: Food & Agriculture
CubicFarm Systems Corp. CUB T MP3 MA/ACC C$0.03 0.25 1.20 0.03 Dec C$6 0.0% SH
Deveron Corp. FARM V SB1 A/ACC C$0.33 1.10 0.66 0.33 Dec C$45 0.0% SH
Farmers Edge Inc. FDGE T MU4 A/ACC C$0.18 0.30 3.20 0.17 Dec C$8 0.0% SH
Sustainability: Mobility
Ballard Power Systems Inc. BLDP Q MP3 A/ACC 5.57 5.00 12.57 4.43 Dec $1,662 0.0% MG
Loop Energy Inc. LPEN T MP3 A/ACC C$1.00 1.10 3.10 0.85 Dec C$34 0.0% MG
NanoXplore Inc. GRA T MO2 A/ACC C$3.26 5.50 5.04 2.05 Jun C$540 0.0% MG
Neo Performance Materials Inc. NEO T MO2 MA/ACC C$9.28 17.00 17.20 8.31 Dec C$422 4.3% FB
The Lion Electric Company LEV N MP3 A/ACC 1.86 2.50 8.65 1.70 Dec $429 0.0% MG
Sustainability: Resource Management
Base Carbon Inc. BCBN NEO SB1 A/ACC C$0.43 1.75 0.70 0.40 Dec C$54 0.0% DQ
Carbon Streaming Corporation NETZ NEO MO2 A/ACC 2.50 6.00 9.00 1.95 Jun $117 0.0% DQ
H2O Innovation Inc. HEO T MO2 MA/ACC C$2.65 3.50 2.88 1.75 Jun C$239 0.0% MG

Raymond James Research Register - April 2023 47

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - USA

 

John Davis  john.k.davis@raymondjames.com Frank G. Louthan, IV  frank.louthan@raymondjames.com

Melissa Fairbanks  melissa.fairbanks@raymondjames.com Andrew Marok, CFA  andrew.marok@raymondjames.com
Brian Gesuale  brian.gesuale@raymondjames.com Srini Pajjuri  srini.pajjuri@raymondjames.com
Aaron Kessler, CFA  aaron.kessler@raymondjames.com Brian Peterson, CFA  brian.c.peterson@raymondjames.com
Simon Leopold  simon.leopold@raymondjames.com Ric Prentiss  ric.prentiss@raymondjames.com
Alexander Sklar, CPA, CFA  alex.sklar@raymondjames.com
Adam Tindle, CFA  adam.tindle@raymondjames.com
 
Advanced Industrial Technology
AeroVironment, Inc. AVAV Q MO2 MA/ACC 91.66 105.00 114.11 70.08 Apr $2,262 0.0% BG
Axon Enterprise, Inc. AXON Q MO2 MA/ACC 224.85 223.00 227.56 82.49 Dec $16,409 0.0% BG
Byrna Technologies Inc. BYRN Q SB1 MA/ACC 7.59 15.00 10.38 4.50 Nov $162 0.0% BG
Cadre Holdings, Inc. CDRE N MO2 MA/ACC 21.54 32.00 31.50 16.58 Dec $816 1.5% BG
Cognex Corporation CGNX Q SB1 MA/ACC 49.55 65.00 79.45 40.20 Dec $8,617 0.6% BG
Fortive Corporation FTV N MP3 M/ACC 68.17 NM 69.78 52.47 Dec $24,316 0.4% BG
IPG Photonics IPGP Q MP3 MA/ACC 123.31 NM 134.81 79.88 Dec $6,008 0.0% BG
L3Harris Technologies, Inc. LHX N MP3 MA/ACC 196.24 NM 264.71 189.73 Dec $37,698 2.3% BG
Roper Technologies ROP N SB1 M/ACC 440.69 550.00 488.23 356.22 Dec $47,066 0.6% BG
Symbotic Inc. SYM Q MO2 A/ACC 22.84 23.00 28.48 8.75 Sep $12,651 0.0% BG
Trimble Inc. TRMB Q MP3 MA/ACC 52.42 NM 74.87 47.09 Dec $13,016 0.0% BG
iRobot Corporation IRBT Q MP3 MA/ACC 43.64 NM 65.61 35.41 Dec $1,231 0.0% BG
nLIGHT, Inc. LASR Q SB1 MA/ACC 10.18 30.00 18.08 8.22 Dec $458 0.0% BG
Auto Technology
Aptiv PLC APTV N MO2 M/ACC 112.19 135.00 124.88 77.96 Dec $30,448 0.0% BG
Cerence Inc. CRNC Q MP3 MA/ACC 28.09 NM 38.09 12.82 Sep $1,123 0.0% BG
Mobileye Global Inc. MBLY Q SB1 M/ACC 43.27 50.00 48.11 24.85 Dec $34,227 0.0% BG
Visteon Corporation VC Q MP3 MA/ACC 156.83 NM 171.66 88.82 Dec $4,501 0.0% BG
Application Software
BigCommerce Holdings, Inc. BIGC Q MP3 MA/ACC 8.94 NM 24.10 7.74 Dec $737 0.0% BP, ASk
BlackLine, Inc. BL Q MP3 MA/ACC 67.15 NM 79.23 48.73 Dec $4,456 0.0% ASk, BP
Blackbaud, Inc. BLKB Q MP3 MA/ACC 69.30 NM 69.57 43.54 Dec $3,668 0.0% BP, ASk
Box, Inc. BOX N MO2 MA/ACC 26.79 33.00 34.98 22.31 Jan $5,201 0.0% BP, ASk
Braze, Inc. BRZE Q MO2 MA/ACC 34.57 38.00 50.97 22.54 Jan $3,530 0.0% BP, ASk
Chegg, Inc. CHGG N MP3 MA/ACC 16.30 NM 37.64 15.25 Dec $2,079 0.0% BP, ASk
Coursera, Inc. COUR N MP3 MA/ACC 11.52 NM 24.01 9.81 Dec $2,051 0.0% BP, ASk
D2L, Inc. DTOL T MO2 MA/ACC C$8.00 8.00 13.21 5.08 Jan C$419 0.0% BP, ASk
Definitive Healthcare Corp. DH Q MP3 MA/ACC 10.33 NM 30.11 9.42 Dec $1,659 0.0% BP, ASk
Doximity, Inc. DOCS N MO2 MA/ACC 32.38 40.00 54.69 22.91 Mar $7,008 0.0% BP, ASk
EverCommerce Inc. EVCM Q MO2 MA/ACC 10.58 11.00 14.22 5.87 Dec $2,062 0.0% ASk, BP
Everbridge, Inc. EVBG Q MO2 MA/ACC 34.67 39.00 52.09 24.10 Dec $1,528 0.0% ASk, BP
Freshworks Inc. FRSH Q MP3 MA/ACC 15.36 NM 20.26 10.51 Dec $4,968 0.0% BP, ASk
Global-E Online Ltd. GLBE Q MO2 MA/ACC 31.44 35.00 37.65 15.63 Dec $5,606 0.0% BP, ASk
HubSpot, Inc. HUBS N SB1 MA/ACC 428.75 500.00 514.34 245.03 Dec $22,605 0.0% BP, ASk

48 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - USA

 
Instructure Holdings, Inc. INST N MO2 MA/ACC 25.90 34.00 31.47 15.68 Dec $3,871 0.0% BP, ASk
Intapp, Inc. INTA Q MO2 MA/ACC 44.84 34.00 45.44 13.52 Jun $3,496 0.0% ASk, BP
Karooooo Ltd. KARO Q MO2 MA/ACC 23.20 30.00 36.00 20.00 Feb $718 10.3% ASk, BP
Manhattan Associates, Inc. MANH Q MO2 MA/ACC 154.85 165.00 158.61 106.02 Dec $9,873 0.0% BP, ASk
MeridianLink, Inc. MLNK N MO2 MA/ACC 17.30 20.00 19.39 12.49 Dec $1,464 0.0% ASk, BP
MiX Telematics Limited MIXT N MO2 MA/ACC 7.75 10.00 11.88 6.75 Mar $173 3.1% ASk, BP
Model N, Inc. MODN N MP3 MA/ACC 33.47 NM 43.18 20.95 Sep $1,352 0.0% BP, ASk
Paycor HCM, Inc. PYCR Q MO2 MA/ACC 26.52 32.00 34.95 20.14 Jun $4,728 0.0% BP, ASk
Paylocity Holding Corporation PCTY Q MO2 MA/ACC 198.78 265.00 276.88 152.01 Jun $11,226 0.0% BP, ASk
PowerSchool Holdings, Inc. PWSC N MO2 MA/ACC 19.82 22.00 26.05 10.60 Dec $4,174 0.0% BP, ASk
Q2 Holdings, Inc. QTWO N MO2 MA/ACC 24.62 42.00 64.86 18.91 Dec $1,500 0.0% ASk, BP
Qualtrics International Inc. XM Q MP3 MA/ACC 17.83 NM 29.65 9.32 Dec $12,007 0.0% BP, ASk
RingCentral, Inc. RNG N SB1 MA/ACC 30.67 62.00 126.06 26.47 Dec $3,062 0.0% BP, ASk
Salesforce, Inc. CRM N SB1 MA/ACC 199.78 240.00 221.00 126.34 Jan $197,183 0.0% BP, ASk
Shopify Inc. SHOP N MP3 MA/ACC 47.94 NM 74.13 23.63 Dec $61,763 0.0% BP, ASk
Upland Software, Inc. UPLD Q MP3 MA/ACC 4.30 NM 17.95 3.97 Dec $144 0.0% ASk, BP
Veeva Systems Inc. VEEV N MO2 MA/ACC 183.79 200.00 232.26 151.02 Jan $29,918 0.0% BP, ASk
Vertex, Inc. VERX Q MO2 MA/ACC 20.69 22.00 21.23 9.44 Dec $3,307 0.0% ASk, BP
Weave Communications, Inc. WEAV N MP3 MA/ACC 4.97 NM 6.93 2.91 Dec $356 0.0% ASk, BP
Workiva Inc. WK N MP3 MA/ACC 102.41 NM 124.76 59.43 Dec $6,234 0.0% ASk, BP
ZoomInfo Technologies Inc. ZI Q MO2 MA/ACC 24.71 33.00 61.44 20.72 Dec $10,238 0.0% BP, ASk
nCino, Inc. NCNO Q MP3 MA/ACC 24.78 NM 47.97 19.58 Jan $2,871 0.0% ASk, BP
Connected Devices
Alarm.com Holdings ALRM Q SB1 MA/ACC 50.28 65.00 78.99 46.94 Dec $2,493 0.0% AT
Apple Inc. AAPL Q MO2 M/ACC 164.90 170.00 178.49 124.17 Sep $2,631,098 0.6% MF
Arlo Technologies, Inc. ARLO N MO2 A/ACC 6.06 11.00 9.28 2.93 Dec $539 0.0% AT
Motorola Solutions, Inc. MSI N MO2 M/ACC 286.13 285.00 286.24 195.18 Dec $49,214 1.2% AT
NETGEAR, Inc. NTGR Q MO2 MA/ACC 18.51 23.00 26.79 17.02 Dec $537 0.0% AT
Snap One Holdings Corp. SNPO Q MO2 A/ACC 9.35 12.00 15.26 7.02 Dec $700 0.0% AT
Sonos, Inc. SONO Q MP3 MA/ACC 19.62 NM 28.73 13.65 Sep $2,580 0.0% AT
Data Infrastructure
Applied Optoelectronics, Inc. AAOI Q MP3 A/ACC 2.21 NM 4.00 1.48 Dec $63 0.0% SL
Arista Networks ANET N MP3 A/ACC 167.86 NM 171.44 89.12 Dec $52,775 0.0% SL
Backblaze, Inc. BLZE Q MO2 MA/ACC 5.05 11.00 11.44 3.82 Dec $207 0.0% SL
Cambium Networks Corporation CMBM Q MO2 MA/ACC 17.72 25.00 24.19 12.40 Dec $507 0.0% SL
Casa Systems, Inc. CASA Q MP3 MA/ACC 1.27 NM 7.18 1.03 Dec $122 0.0% SL
Ciena Corporation CIEN N SB1 MA/ACC 52.52 70.00 61.78 38.33 Oct $7,854 0.0% SL
Cisco Systems CSCO Q MO2 M/INC 52.28 63.00 56.19 38.60 Jul $215,164 3.0% SL
Coherent Corp. COHR N MO2 M/ACC 38.08 74.00 73.57 29.90 Jun $5,399 0.0% SL
CommScope Holding Company, Inc. COMM Q MU4 MA/ACC 6.37 NM 13.73 5.56 Dec $1,603 0.0% SL
Dell Technologies Inc. DELL N MO2 A/ACC 40.21 45.00 52.60 32.90 Jan $29,554 3.7% SL
F5 Networks, Inc. FFIV Q MP3 MA/ACC 145.69 NM 215.28 133.68 Sep $8,798 0.0% SL
Harmonic Inc. HLIT Q MO2 MA/ACC 14.59 17.00 15.80 8.25 Dec $1,711 0.0% SL
Hewlett Packard Enterprise Company HPE N MO2 MA/INC 15.93 19.00 17.25 11.90 Oct $20,948 3.0% SL

Raymond James Research Register - April 2023 49

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - USA

 
Infinera Corporation INFN Q MP3 MA/ACC 7.76 NM 8.97 4.26 Dec $1,707 0.0% SL
Juniper Networks, Inc. JNPR N SB1 MA/INC 34.42 38.00 37.34 25.18 Dec $11,355 2.6% SL
LM Ericsson Telephone Company ERIC Q MP3 M/ACC 5.85 NM 9.80 5.16 Dec $19,480 4.3% SL
Lumentum Holdings Inc. LITE Q MO2 MA/ACC 54.01 84.00 98.32 48.73 Jun $3,705 0.0% SL
NetApp, Inc. NTAP Q MO2 MA/INC 63.85 75.00 83.90 58.08 Apr $13,983 3.1% SL
Nokia NOK N MO2 MA/ACC 4.91 7.00 5.59 4.08 Dec $27,747 0.8% SL
Nutanix, Inc. NTNX Q MP3 A/ACC 25.99 NM 33.73 13.44 Jul $7,230 0.0% SL
Pure Storage, Inc. PSTG N SB1 A/ACC 25.51 40.00 35.99 21.90 Jan $8,107 0.0% SL
Snowflake Inc. SNOW N MO2 MA/ACC 154.29 170.00 244.05 110.26 Jan $49,373 0.0% SL
VMware, Inc. VMW N MP3 MA/ACC 124.85 NM 132.15 91.53 Feb $52,410 0.0% SL
Financial Technology & Payments
Block, Inc. SQ N MP3 MA/ACC 68.65 NM 145.58 51.34 Dec $42,735 0.0% JD
EVERTEC, Inc. EVTC N MO2 MA/ACC 33.75 43.00 42.37 30.17 Dec $2,222 0.6% JD
EngageSmart, Inc. ESMT N SB1 MA/ACC 19.25 27.00 22.65 15.01 Dec $3,263 0.0% JD
Everi Holdings Inc. EVRI N SB1 MA/ACC 17.15 26.00 21.89 13.52 Dec $1,631 0.0% JD
Fidelity National Information Services FIS N SB1 M/ACC 54.33 83.00 106.65 48.57 Dec $32,218 3.8% JD
Fiserv, Inc. FISV Q MO2 M/ACC 113.03 135.00 119.48 87.03 Dec $72,181 0.0% JD
FleetCor Technologies, Inc. FLT N MO2 MA/ACC 210.85 254.00 265.29 161.69 Dec $15,655 0.0% JD
Flywire Corporation FLYW Q SB1 MA/ACC 29.36 33.00 32.88 14.56 Dec $3,173 0.0% JD
Global Payments Inc. GPN N MO2 M/ACC 105.24 160.00 146.71 92.27 Dec $27,990 1.0% JD
Jack Henry & Associates, Inc. JKHY Q MP3 M/ACC 150.72 NM 212.62 139.28 Jun $11,024 1.4% JD
Mastercard, Inc. MA N MO2 M/ACC 363.41 450.00 390.00 276.87 Dec $349,964 0.6% JD
Nuvei Corporation NVEI Q MO2 MA/ACC 43.52 49.00 79.13 23.71 Dec $6,210 0.0% JD
Open Lending Corporation LPRO Q MO2 MA/ACC 7.04 9.00 19.81 5.35 Dec $886 0.0% JD
PayPal Holdings, Inc. PYPL Q MP3 M/ACC 75.94 NM 122.92 66.38 Dec $86,875 0.0% JD
Paymentus Holdings, Inc. PAY N MO2 MA/ACC 8.86 10.00 22.45 6.75 Dec $1,102 0.0% JD
Shift4 Payments, Inc. FOUR N MP3 MA/ACC 75.80 NM 76.40 29.39 Dec $6,466 0.0% JD
Visa Inc. V N MO2 M/ACC 225.46 281.00 234.30 174.60 Sep $482,935 0.8% JD
WEX Inc. WEX N MP3 MA/ACC 183.89 NM 204.06 125.00 Dec $8,087 0.0% JD
i3 Verticals, Inc. IIIV Q SB1 MA/ACC 24.53 37.00 30.84 18.59 Sep $829 0.0% JD
loanDepot, Inc. LDI N MP3 MA/ACC 1.61 NM 4.21 1.25 Dec $271 298.1% JD
IT Services
Booz Allen Hamilton Holding Corp. BAH N MP3 MA/ACC 92.69 NM 112.55 76.60 Mar $12,306 2.0% BG
CACI International Inc CACI N MO2 MA/ACC 296.28 324.00 319.33 245.32 Jun $7,015 0.0% BG
Jacobs Solutions Inc. J N MO2 M/ACC 117.51 170.00 150.32 106.78 Sep $14,982 0.9% BG
MAXIMUS, Inc. MMS N MO2 MA/ACC 78.70 100.00 85.25 54.46 Sep $4,810 1.4% BG
Mercury Systems, Inc. MRCY Q MO2 MA/ACC 51.12 60.00 68.08 40.48 Jun $2,887 0.0% BG
Palantir Technologies Inc. PLTR N SB1 MA/ACC 8.45 15.00 14.86 5.84 Dec $18,622 0.0% BG
Parsons Corporation PSN N MO2 MA/ACC 44.74 55.00 50.15 34.46 Dec $5,098 0.0% BG
V2X, Inc. VVX N SB1 MA/ACC 39.72 60.00 51.00 29.55 Dec $1,210 0.0% BG
IT Supply Chain
Electronic Manufacturing Services
Flex Ltd. FLEX Q MP3 MA/ACC 23.01 NM 25.12 13.63 Mar $10,562 0.0% MF

50 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - USA

 
Jabil Inc. JBL N SB1 MA/ACC 88.16 100.00 88.30 48.80 Aug $12,166 0.4% MF
Plexus Corp. PLXS Q MO2 MA/ACC 97.57 115.00 115.36 74.53 Sep $2,761 0.0% MF
Technology Distributors
Arrow Electronics, Inc. ARW N MO2 MA/ACC 124.87 150.00 134.56 89.38 Dec $7,709 0.0% MF
Avnet, Inc. AVT Q SB1 MA/ACC 45.20 57.00 50.19 35.45 Jun $4,193 2.6% MF
CDW Corporation CDW Q MO2 M/ACC 194.89 220.00 215.00 147.91 Dec $26,700 1.2% AT
Connection CNXN Q MP3 MA/ACC 44.96 NM 56.68 40.71 Dec $1,177 0.7% AT
Insight Enterprises, Inc. NSIT Q MP3 MA/ACC 142.96 NM 143.15 81.10 Dec $5,018 0.0% AT
ScanSource, Inc. SCSC Q MO2 MA/ACC 30.44 40.00 41.01 25.75 Jun $775 0.0% AT
TD SYNNEX SNX N SB1 MA/ACC 96.79 130.00 111.57 78.86 Nov $9,272 1.4% AT
Infrastructure Software
Alteryx, Inc. AYX N MP3 A/ACC 58.84 NM 76.35 39.55 Dec $4,763 0.0% ASk, BP
Atlassian Corporation TEAM Q MP3 A/ACC 171.17 NM 318.64 113.86 Jun $43,820 0.0% AT
Datadog, Inc. DDOG Q MO2 A/ACC 72.66 100.00 159.00 61.34 Dec $25,140 0.0% AT
Dynatrace, Inc. DT N MP3 MA/ACC 42.30 NM 49.22 29.41 Mar $11,954 0.0% AT
Microsoft Corporation MSFT Q MO2 M/ACC 288.30 310.00 315.11 213.43 Jun $2,157,926 0.9% AM
New Relic, Inc. NEWR N SB1 MA/ACC 75.29 90.00 80.88 41.66 Mar $5,127 0.0% AT
Splunk Inc. SPLK Q MP3 MA/ACC 95.88 NM 150.79 65.00 Jan $17,930 0.0% AT
Internet
Digital Media
Activision Blizzard, Inc. ATVI Q MO2 MA/ACC 85.59 95.00 85.74 70.94 Dec $67,702 0.5% AM
Bumble Inc. BMBL Q MO2 MA/ACC 19.55 29.00 39.33 17.62 Dec $3,792 0.0% AM
Duolingo, Inc. DUOL Q MO2 MA/ACC 142.59 117.00 146.40 60.50 Dec $6,830 0.0% AK
Electronic Arts, Inc. EA Q MO2 MA/ACC 120.45 135.00 142.79 108.53 Mar $33,485 0.6% AM
Nerdy Inc. NRDY N MO2 MA/ACC 4.18 4.00 5.26 1.59 Dec $688 0.0% AK
Netflix, Inc. NFLX Q MP3 MA/ACC 345.48 NM 396.02 162.71 Dec $156,036 0.0% AM
Peloton Interactive, Inc. PTON Q MP3 MA/ACC 11.34 NM 27.95 6.66 Jun $4,501 0.0% AK
Roku, Inc. ROKU Q MP3 MA/ACC 65.82 NM 135.99 38.26 Dec $9,666 0.0% AK, AM
Spotify Technology S.A. SPOT N MO2 MA/ACC 133.62 130.00 160.06 69.28 Dec $25,819 0.0% AM
Take-Two Interactive Software, Inc. TTWO Q MP3 MA/ACC 119.30 NM 157.09 90.00 Mar $20,042 0.0% AM
Vivid Seats Inc. SEAT Q MO2 MA/ACC 7.63 12.00 12.31 6.29 Dec $1,526 0.0% AM
Internet/SMB Services
GoDaddy Inc. GDDY N SB1 MA/ACC 77.72 94.00 88.32 64.65 Dec $12,208 0.0% AK
LegalZoom.com, Inc. LZ Q MP3 MA/ACC 9.38 NM 16.19 7.37 Dec $1,805 0.0% AK
Squarespace, Inc. SQSP N MO2 MA/ACC 31.77 30.00 31.77 14.43 Dec $4,332 0.0% AK
Wix.com Ltd. WIX Q MP3 MA/ACC 99.80 NM 111.35 53.12 Dec $6,558 0.0% AK
ZipRecruiter, Inc. ZIP N MO2 MA/ACC 15.94 26.00 25.00 13.68 Dec $1,895 0.0% AK
Local Marketplaces
ACV Auctions Inc. ACVA Q MP3 A/ACC 12.91 NM 15.70 6.10 Dec $2,036 0.0% AK
Airbnb, Inc. ABNB Q MP3 MA/ACC 124.40 NM 179.09 81.91 Dec $83,597 0.0% AK
CarGurus, Inc. CARG Q MO2 MA/ACC 18.68 20.00 45.47 9.14 Dec $2,225 0.0% AK
DoorDash, Inc. DASH N MP3 A/ACC 63.56 NM 130.20 41.36 Dec $27,150 0.0% AK
Lyft, Inc. LYFT Q MP3 A/ACC 9.27 NM 39.31 8.19 Dec $3,384 0.0% AK

Raymond James Research Register - April 2023 51

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - USA

 
Uber Technologies, Inc. UBER N MO2 MA/ACC 31.70 41.00 37.58 19.90 Dec $65,320 0.0% AK
Wheels Up Experience Inc. UP N MO2 A/ACC 0.63 1.80 3.41 0.63 Dec $185 0.0% AK
frontdoor, inc. FTDR Q MP3 MA/ACC 27.88 NM 33.88 19.06 Dec $2,278 0.0% AK
Online Advertising
Alphabet Inc. GOOG Q MO2 M/ACC 104.00 119.00 144.04 83.45 Dec $1,346,488 0.0% AK, AM
Cardlytics, Inc. CDLX Q MP3 MA/ACC 3.40 NM 58.85 2.57 Dec $113 0.0% AK
EverQuote, Inc. EVER Q MP3 MA/ACC 13.90 NM 18.86 5.23 Dec $514 0.0% AK
Integral Ad Science Holding Corp. IAS Q SB1 MA/ACC 14.27 17.00 15.23 6.63 Dec $2,216 0.0% AM
Meta Platforms, Inc. META Q MO2 M/ACC 211.94 238.00 236.86 88.09 Dec $559,522 0.0% AK, AM
Perion Network Ltd. PERI Q MO2 MA/ACC 39.58 39.00 39.87 16.40 Dec $1,960 0.0% AM
PubMatic, Inc. PUBM Q MO2 MA/ACC 13.82 17.00 28.30 12.19 Dec $787 0.0% AM
Snap Inc. SNAP N MP3 MA/ACC 11.21 NM 39.80 7.33 Dec $19,033 0.0% AK, AM
TechTarget, Inc. TTGT Q MO2 MA/ACC 36.12 49.00 85.00 33.01 Dec $1,206 0.0% AK
The Trade Desk, Inc. TTD Q MP3 MA/ACC 60.91 NM 76.75 39.00 Dec $30,481 0.0% AM
Tremor International Ltd. TRMR Q MP3 MA/ACC 5.24 NM 15.58 5.06 Dec $387 0.0% AM
Viant Technology Inc. DSP Q MP3 MA/ACC 4.35 NM 7.86 3.15 Dec $301 0.0% AM
eCommerce
1stdibs.com, Inc. DIBS Q MP3 MA/ACC 3.97 NM 9.04 3.61 Dec $155 0.0% AK
Amazon.com, Inc. AMZN Q MO2 M/ACC 103.29 130.00 168.39 81.43 Dec $1,097,560 0.0% AK
Chewy, Inc. CHWY N MP3 MA/ACC 37.38 NM 52.88 22.22 Jan $16,051 0.0% AK
Jumia Technologies AG JMIA N MP3 A/ACC 3.29 NM 12.53 2.79 Dec $339 0.0% AK
eBay Inc. EBAY Q MP3 M/ACC 44.37 NM 58.37 35.92 Dec $24,137 2.3% AK
Security Software
Absolute Software Corporation ABST Q MO2 MA/ACC 7.83 16.00 12.58 6.79 Jun $410 4.1% AT
Check Point Software Technologies CHKP Q MO2 M/ACC 130.00 145.00 145.54 107.54 Dec $15,990 0.0% AT
Fortinet, Inc. FTNT Q MO2 MA/ACC 66.46 70.00 71.52 42.61 Dec $53,839 0.0% AT
Okta, Inc. OKTA Q MP3 A/ACC 86.24 NM 161.61 44.12 Jan $13,807 0.0% AT
Palo Alto Networks, Inc. PANW Q MO2 MA/ACC 199.74 215.00 213.63 132.22 Jul $63,118 0.0% AT
Rapid7, Inc. RPD Q MO2 MA/ACC 45.91 55.00 118.24 26.48 Dec $2,419 0.0% AT
Semiconductors
Advanced Micro Devices, Inc. AMD Q SB1 MA/ACC 98.01 115.00 111.42 54.57 Dec $158,580 0.0% SP
Analog Devices, Inc. ADI Q MO2 M/ACC 197.22 225.00 197.56 133.48 Oct $100,816 1.7% MF
Broadcom Inc. AVGO Q MP3 MA/ACC 641.54 NM 648.50 415.07 Oct $278,428 2.9% SP
GlobalFoundries Inc. GFS Q MO2 MA/ACC 72.18 90.00 72.50 36.81 Dec $39,988 0.0% MF
Intel Corporation INTC Q MO2 MA/ACC 32.67 35.00 49.90 24.59 Dec $135,025 1.5% SP
MACOM Technology Solutions Holdings Inc. MTSI Q MP3 MA/ACC 70.84 NM 76.56 42.85 Sep $5,056 0.0% MF
Marvell Technology, Inc. MRVL Q MO2 MA/ACC 43.30 50.00 73.00 33.75 Jan $37,195 0.6% SP
Microchip Technology Incorporated MCHP Q SB1 M/ACC 83.78 105.00 87.76 54.33 Mar $46,531 1.7% MF
Micron Technology, Inc. MU Q MO2 MA/ACC 60.34 70.00 78.91 48.43 Aug $65,831 0.8% SP
Monolithic Power Systems, Inc. MPWR Q MO2 M/ACC 500.54 550.00 541.39 301.69 Dec $24,301 0.8% MF
NVIDIA Corporation NVDA Q SB1 MA/ACC 277.77 290.00 278.34 108.13 Jan $688,036 0.1% SP
NXP Semiconductors N.V. NXPI Q MO2 M/ACC 186.48 210.00 198.28 132.08 Dec $48,754 2.2% MF
ON Semiconductor Corporation ON Q MP3 M/ACC 82.32 NM 87.55 44.76 Dec $36,871 0.0% MF

52 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - USA

 
QUALCOMM Incorporated QCOM Q MP3 MA/ACC 127.58 NM 156.66 101.93 Sep $144,293 2.4% SP
Qorvo, Inc. QRVO Q MO2 MA/ACC 101.57 120.00 125.38 75.38 Mar $10,253 0.0% SP
SiTime Corporation SITM Q MO2 MA/ACC 142.23 130.00 250.80 73.10 Dec $3,216 0.0% MF
Skyworks Solutions, Inc. SWKS Q MP3 MA/ACC 117.98 NM 136.20 76.16 Sep $18,900 2.1% SP
Texas Instruments Incorporated TXN Q MP3 M/INC 186.01 NM 186.30 144.46 Dec $170,385 2.7% MF
Western Digital Corporation WDC Q MO2 MA/ACC 37.67 46.00 63.26 29.73 Jun $11,979 0.0% SP
Telecommunications Services
Carriers
ATN International, Inc. ATNI Q MO2 MA/ACC 40.92 46.00 50.45 34.74 Dec $647 2.1% RP
DISH Network Corporation DISH Q SB1 MA/ACC 9.33 27.00 33.74 8.43 Dec $4,956 0.0% RP
T-Mobile US Inc. TMUS Q SB1 MA/ACC 144.84 174.00 154.38 120.90 Dec $187,655 0.0% RP
Telephone and Data Systems, Inc. TDS N MP3 MA/ACC 10.51 NM 21.00 9.47 Dec $1,182 6.9% RP
United States Cellular Corporation USM N MP3 MA/ACC 20.73 NM 32.65 19.12 Dec $1,756 0.0% RP
Data Services
Akamai Technologies, Inc. AKAM Q MO2 M/ACC 78.30 94.00 123.25 70.65 Dec $12,328 0.0% FGL
Cyxtera Technologies, Inc. CYXT Q NR A/ACC 0.42 NM 15.42 0.42 Dec $76 0.0% FGL
Digital Realty Trust, Inc. DLR N SB1 M/INC 98.31 155.00 153.50 85.76 Dec $29,052 5.0% FGL
Edgio, Inc. EGIO Q SB1 A/ACC 0.79 6.00 5.55 0.70 Dec $174 0.0% FGL
Equinix, Inc. EQIX Q SB1 MA/ACC 721.04 825.00 776.35 494.89 Dec $66,878 1.9% FGL
Fastly, Inc. FSLY N SB1 MA/ACC 17.76 25.00 20.03 7.15 Dec $2,195 0.0% FGL
GDS Holdings Limited GDS Q MO2 MA/ACC 18.66 35.00 44.80 8.41 Dec $3,422 0.0% FGL
Rackspace Technology, Inc. RXT Q MP3 MA/ACC 1.88 NM 12.13 1.57 Dec $398 0.0% FGL
Satellite
EchoStar Corporation SATS Q MO2 MA/ACC 18.29 28.00 25.64 15.26 Dec $1,524 0.0% RP
Gogo Inc. GOGO Q MP3 MA/ACC 14.50 NM 23.69 11.57 Dec $1,930 0.0% RP
Iridium Communications Inc. IRDM Q SB1 MA/ACC 61.93 71.00 65.41 32.88 Dec $7,803 0.8% RP
Spire Global, Inc. SPIR N MO2 A/ACC 0.67 3.50 2.17 0.60 Dec $93 0.0% RP
ViaSat, Inc. VSAT Q MP3 MA/ACC 33.84 NM 50.00 25.38 Mar $2,558 0.0% RP
Towers & Digital Infrastructure
American Tower Corporation AMT N MO2 M/INC 204.34 227.00 282.47 178.17 Dec $95,141 3.1% RP
Crown Castle Inc. CCI N MO2 M/INC 133.84 154.00 199.97 121.71 Dec $57,819 4.7% RP
DigitalBridge Group, Inc. DBRG N SB1 MA/ACC 11.99 25.00 30.66 9.99 Dec $2,121 0.3% RP
Radius Global Infrastructure, Inc. RADI Q MU4 MA/ACC 14.67 NM 16.52 7.97 Dec $1,398 0.0% RP
SBA Communications Corporation SBAC Q SB1 M/INC 261.07 334.00 379.99 236.20 Dec $28,169 1.3% RP
Wireline
AT&T Inc. T N SB1 M/INC 19.25 25.00 21.53 14.46 Dec $147,352 5.8% FGL
Altice USA, Inc. ATUS N MP3 MA/ACC 3.42 NM 13.17 2.98 Dec $1,550 0.0% FGL
Cable One, Inc. CABO N MO2 MA/ACC 702.00 900.00 1,509.68 609.85 Dec $4,050,215 1.6% FGL
Charter Communications, Inc. CHTR Q MP3 MA/ACC 357.61 NM 574.65 297.66 Dec $61,815 0.0% FGL
Cogent Communications Holdings, Inc. CCOI Q MP3 MA/INC 63.72 NM 72.21 46.75 Dec $3,007 5.8% FGL
Comcast Corporation CMCSA Q MP3 M/ACC 37.91 NM 48.42 28.39 Dec $162,634 3.1% FGL
Frontier Communications Parent, Inc. FYBR Q SB1 MA/ACC 22.77 37.00 30.83 20.30 Dec $5,588 0.0% FGL
Lumen Technologies, Inc LUMN N MU4 MA/INC 2.65 NM 12.54 2.37 Dec $2,695 0.0% FGL

Raymond James Research Register - April 2023 53

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - USA

 
Shenandoah Telecommunications Company SHEN Q MP3 MA/ACC 19.02 NM 25.93 15.62 Dec $955 0.4% FGL
Uniti Group Inc. UNIT Q SB1 A/INC 3.55 8.00 14.08 3.15 Dec $969 16.9% FGL
Verizon Communications Inc. VZ N MO2 M/INC 38.89 51.00 55.51 34.55 Dec $163,610 6.7% FGL
WideOpenWest, Inc. WOW N MO2 MA/ACC 10.63 14.00 22.94 8.57 Dec $893 0.0% FGL

54 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Technology & Communications - CAN

 

Stephen Boland, CFA  stephen.boland@raymondjames.ca
Steven Li, CFA  steven.li@raymondjames.ca
 
IT Hardware
Baylin Technologies Inc. BYL T MP3 MA/ACC C$0.47 0.85 0.85 0.19 Dec C$38 0.0% SLi
Evertz Technologies Limited ET T R A/ACC C$11.05 R 15.40 10.03 Apr C$843 6.9% SLi
Vecima Networks Inc. VCM T MO2 M/ACC C$23.00 28.00 23.31 14.30 Jun C$537 1.0% SLi
Software/IT Services
BlackBerry Limited BB N MP3 MA/ACC 4.56 7.00 7.20 3.17 Feb $2,652 0.0% SLi
CGI Inc. GIB.A T MO2 M/ACC C$130.25 138.00 130.75 95.45 Sep C$31,187 0.0% SLi
Constellation Software Inc. CSU T MP3 M/ACC C$2540.91 2,500.00 2,556.00 1,783.98 Dec C$53,867 0.2% SLi
Converge Technology Solutions Corp. CTS T MO2 MA/ACC C$4.08 7.00 10.55 3.60 Dec C$869 0.0% SLi
EMERGE Commerce Ltd. ECOM V MO2 MA/ACC C$0.09 0.50 0.59 0.05 Dec C$10 0.0% SLi
Lightspeed Commerce Inc. LSPD T MO2 MA/ACC C$20.55 43.00 42.68 17.27 Mar C$3,107 0.0% SLi
Open Text Corporation OTEX Q MO2 M/ACC 38.55 42.00 43.61 24.91 Jun $10,416 2.5% SLi
Optiva Inc. OPT T MP3 MA/ACC C$17.00 29.00 27.34 15.50 Dec C$105 0.0% SLi
Q4 Inc. QFOR T MO2 MA/ACC C$4.10 4.00 5.14 1.88 Dec C$163 0.0% SB
Quarterhill Inc. QTRH T MO2 A/INC C$1.53 2.00 2.53 1.37 Dec C$175 3.3% SLi
Real Matters Inc. REAL T MO2 MA/ACC C$4.88 6.00 6.25 3.80 Sep C$355 0.0% SLi
Tecsys Inc. TCS T MO2 MA/ACC C$27.36 45.00 41.13 24.27 Apr C$405 1.1% SLi
The Descartes Systems Group Inc. DSGX Q MP3 M/ACC 80.61 73.00 81.30 56.18 Jan $6,969 0.0% SLi
VerticalScope Holdings Inc. FORA T MO2 MA/ACC C$5.35 10.50 22.90 4.01 Dec C$114 0.0% SLi
kneat.com, inc. KSI T MO2 MA/ACC C$1.92 3.70 2.74 1.68 Dec C$149 0.0% SLi

Raymond James Research Register - April 2023 55

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Transportation - USA
 

Felix Boeschen  felix.boeschen@raymondjames.com Savanthi Syth, CFA  savanthi.syth@raymondjames.com

Patrick Tyler Brown, CFA  tyler.brown@raymondjames.com
 
Advanced Air Mobility
Archer Aviation, Inc. ACHR N MO2 A/ACC 2.86 8.00 5.16 1.62 Dec $688 0.0% SS
Eve Holding, Inc. EVEX N MP3 A/ACC 7.24 NM 13.34 5.10 Dec $1,995 0.0% SS
Joby Aviation, Inc. JOBY N MP3 A/ACC 4.34 NM 7.15 3.15 Dec $2,594 0.0% SS
Lilium N.V. LILM Q MP3 A/ACC 0.65 NM 5.52 0.64 Dec $201 0.0% SS
Vertical Aerospace Ltd. EVTL N MP3 A/ACC 2.12 NM 11.95 1.41 Dec $388 0.0% SS
Airlines
Hybrid Airlines
Alaska Air Group, Inc. ALK N SB1 MA/ACC 41.96 68.00 61.55 37.20 Dec $5,391 0.0% SS
Azul S.A. AZUL N MO2 MA/ACC 7.15 12.00 16.89 3.82 Dec $1,002 0.0% SS
Copa Holdings, S.A. CPA N SB1 MA/INC 92.35 125.00 98.11 55.25 Dec $3,653 3.6% SS
Low Cost Carriers
GOL Linhas Aereas Inteligentes S.A. GOL N MP3 MA/ACC 2.63 NM 7.94 2.00 Dec $551 0.0% SS
JetBlue Airways Corporation JBLU Q MP3 MA/ACC 7.28 NM 15.19 6.18 Dec $2,376 0.0% SS
Southwest Airlines Co. LUV N SB1 MA/ACC 32.54 45.00 50.10 28.95 Dec $19,329 2.2% SS
Network Airlines
Air Canada AC T MO2 MA/ACC C$19.15 23.00 25.00 15.57 Dec C$6,861 0.0% SS
American Airlines Group Inc. AAL Q MP3 MA/ACC 14.75 NM 21.42 11.65 Dec $10,562 0.0% SS
Delta Air Lines, Inc. DAL N SB1 MA/ACC 34.92 54.00 46.27 27.20 Dec $22,384 0.0% SS
IAG IAG MAD MP3 MA/ACC €1.72 NM 1.95 1.04 Dec €8,499 0.0% SS
United Airlines Holdings, Inc. UAL Q MO2 MA/ACC 44.25 64.00 55.04 31.58 Dec $14,620 0.0% SS
Regional Airlines
Mesa Air Group, Inc. MESA Q MU4 A/ACC 2.37 NM 4.49 1.03 Sep $86 0.0% SS
SkyWest, Inc. SKYW Q MP3 MA/ACC 22.17 NM 33.35 14.76 Dec $1,122 0.0% SS
Ultra-Low Cost Carriers
Allegiant Travel Company ALGT Q MO2 MA/ACC 91.98 118.00 176.56 62.94 Dec $1,647 0.0% SS
Frontier Group Holdings, Inc. ULCC Q MO2 MA/ACC 9.84 15.00 15.25 8.19 Dec $2,165 0.0% SS
Ryanair Holdings Plc RYAAY Q SB1 MA/ACC 94.29 115.00 99.34 55.90 Mar $21,492 0.0% SS
Spirit Airlines, Inc. SAVE N MP3 MA/ACC 17.17 NM 27.88 15.92 Dec $1,869 7.0% SS
Transportation Services
Intermodal and Asset-Light Logistics
C.H. Robinson Worldwide, Inc. CHRW Q MU4 MA/ACC 99.37 NM 121.23 86.60 Dec $12,639 2.5% FBo
Forward Air Corporation FWRD Q SB1 MA/ACC 107.76 130.00 117.57 84.04 Dec $2,877 0.9% TB
Hub Group, Inc. HUBG Q MP3 MA/ACC 83.94 NM 104.67 60.81 Dec $2,754 0.0% TB
J.B. Hunt Transport Services, Inc. JBHT Q MO2 MA/ACC 175.46 203.00 202.10 153.92 Dec $18,371 1.0% TB
Landstar System, Inc. LSTR Q MO2 MA/ACC 179.26 200.00 188.46 137.15 Dec $6,441 0.7% FBo
RXO, Inc. RXO N MP3 A/ACC 19.64 NM 25.50 14.75 Dec $2,311 0.0% FBo
XPO Logistics, Inc. XPO N MO2 MA/ACC 31.90 44.00 45.06 24.75 Dec $3,700 0.0% TB

56 Raymond James Research Register - April 2023

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Transportation - USA
 

Parcel Carriers
FedEx Corporation FDX N MP3 M/ACC 228.49 NM 248.76 141.92 May $57,808 2.0% TB
United Parcel Service, Inc. UPS N SB1 M/ACC 193.99 207.00 215.21 154.87 Dec $168,965 3.3% TB
Railroad
CSX Corporation CSX Q MO2 M/ACC 29.94 36.00 38.17 25.80 Dec $62,425 1.3% TB
Norfolk Southern Corporation NSC N MP3 M/ACC 212.00 NM 285.57 196.33 Dec $48,908 2.5% TB
Union Pacific Corporation UNP N SB1 M/ACC 201.26 235.00 274.44 183.69 Dec $123,513 2.6% TB
Trucking (Truckload and LTL)
Knight-Swift Transportation Holdings Inc. KNX N MO2 MA/ACC 56.58 63.00 64.35 42.50 Dec $9,152 1.0% FBo
Marten Transport, Ltd. MRTN Q MP3 MA/ACC 20.95 NM 23.43 15.76 Dec $1,704 1.1% FBo
Old Dominion Freight Line, Inc. ODFL Q MO2 MA/ACC 340.84 395.00 381.81 231.31 Dec $37,867 0.5% TB
Saia, Inc. SAIA Q MO2 MA/ACC 272.08 318.00 306.40 168.03 Dec $7,274 0.0% TB
Schneider National, Inc. SNDR N MP3 MA/ACC 26.75 NM 30.93 20.26 Dec $4,786 1.3% FBo
U.S. Xpress Enterprises, Inc. USX N MP3 A/ACC 5.94 NM 6.02 1.34 Dec $307 0.0% FBo

Raymond James Research Register - April 2023 57

 Mar-31-2023
Suitability
Exchange
52 Week

Mkt. Cap.

Analyst/s
Symbol

Target
Rating

FY End

Div. %
Close

Price

High

Low

(Mil)
 

 Transportation - CAN
 

Andrew Bradford, CFA  andrew.bradford@raymondjames.ca Steve Hansen, CFA, CPA, CMA  steve.hansen@raymondjames.ca

Daryl Swetlishoff, CFA  daryl.swetlishoff@raymondjames.ca
 
Railroads
Canadian National Railway CNR T MP3 M/ACC C$159.47 190.00 175.39 137.26 Dec C$107,626 2.0% SH
Canadian Pacific Railway Limited CP T MP3 M/ACC C$104.07 115.00 111.43 86.42 Dec C$97,118 0.7% SH
Transportation & Logistics
Doman Building Materials Group Ltd. DBM T MP3 A/INC C$6.43 7.00 8.00 5.30 Dec C$559 12.0% SH, DS
Mullen Group Ltd. MTL T SB1 A/INC C$14.77 17.00 15.98 10.82 Dec C$1,373 4.9% AB

58 Raymond James Research Register - April 2023

 Raymond James Global Equities
David De Luca (212) 856-4375, Senior Managing Director, Head of Global Equities
Equity Research, U.S. – Raymond James & Associates
Brian G. Alexander, CFA (727) 567-2312, Senior Managing Director, Director of Equity Research
Shawn Borgeson (727) 567-2571, Managing Director, Product Development
Mercedes S. van Woerkom (727) 567-2601, Managing Director, Chief Operating Officer
Consumer
Joseph Altobello, CFA (212) 883-4606
Leisure Products
Sam Darkatsh (727) 567-2537
Building Products
Bobby Griffin, CFA (727) 567-2546
Furniture & Furnishings Suppliers/
Hardline Retail
Rick Patel (212) 883-4604
Digital Commerce, Global Brands, and
Softlines Retail
Olivia Tong, CFA (212) 856-5415
Beauty, Personal Care & Household Products
Brian M. Vaccaro, CFA (404) 442-5866
Restaurants
Energy
John Freeman, CFA (713) 278-5251
Exploration & Production
Justin Jenkins (713) 278-5258
Independent Refiners/Integrated Oil &
Gas/Midstream Suppliers
Pavel Molchanov (713) 278-5270
Renewable Energy &
Clean Technology
Jim Rollyson (713) 278-5255
Oilfield Services
Equity Strategy
Tavis McCourt (615) 645-6811
Institutional Equity Strategist
Financial Services
Wilma Burdis, CFA (727) 567-9371
Insurance
Robert J. Dodd, Ph.D. (901) 579-4560
Specialty Finance
David Feaster, CFA (727) 567-2560
Banking
David J. Long, CFA (312) 612-7685
Banking
Raymond James Research Register - April 2023
Financial Services (continued)
Steve Moss (202) 872-5931
Banking
Patrick J. O'Shaughnessy (312) 612-7687
Capital Markets
C. Gregory Peters (727) 567-1534
Insurance/Insurance
Brokerage & Technology
Michael Rose (312) 655-2940
Banking
Daniel Tamayo, CFA (312) 612-7688
Banking
Healthcare
Jayson Bedford (727) 567-2565
Medical Devices
Danielle Brill, PharmD (212) 885-1891
Biotechnology
Andrew Cooper (727) 567-2295
Diagnostics & Clinical Laboratories
Dane Leone (212) 856-4374
Biotechnology
John W. Ransom (727) 567-2593
Director of Healthcare Research
Steve Seedhouse, Ph.D. (212) 885-1837
Biotechnology
Elliot Wilbur, CFA (212) 856-4897
Animal Health/Specialty Pharmaceuticals
Industrial
Felix Boeschen (212) 856-5403
Machinery
Patrick Tyler Brown, CFA (404) 442-5803
Waste & Industrial Services
Sam Darkatsh (727) 567-2537
Specialty/Industrial Distribution
Public Policy
Chris Meekins (202) 872-5937
Healthcare Policy
Edward Mills (202) 872-5933
Washington Policy
Real Estate
William A. Crow (727) 567-2594
Lodging/REITs
Buck Horne, CFA (727) 567-2561
Housing/REITs
Jonathan Hughes, CFA (727) 567-2438
REITs
Stephen Laws (901) 579-4868
Mortgage REITs
RJ Milligan (727) 567-2585
REITs
Technology & Communications
John Davis (727) 567-2510
Financial Technology/Payments
Melissa Fairbanks (727) 567-1081
IT Supply Chain/Semiconductors
Brian Gesuale (727) 567-2287
IT Services/ Advanced
Industrial Technology
Aaron Kessler, CFA (415) 616-8959
Internet
Simon M. Leopold (212) 856-5464
Data Infrastructure
Frank G. Louthan IV (404) 442-5867
Telecommunications Services
Andrew Marok (212) 856-4885
Internet
Srini Pajjuri (415) 616-8912
Semiconductors
Brian Peterson, CFA (404) 442-5888
Application Software
Ric Prentiss (727) 567-2567
Director of Telecommunications
Services Research
Alexander Sklar, CFA, CPA (404) 442-5804
Application Software
Adam Tindle, CFA (727) 567-2693
IT Supply Chain & Connected Devices
Transportation
Felix Boeschen (212) 856-5403
Transportation Services
Patrick Tyler Brown, CFA (404) 442-5803
Transportation Services
Savanthi Syth, CFA (727) 567-5274
Airlines
59
 Equity Research, Canada – Raymond James Ltd.
Daryl Swetlishoff, CFA (604) 659-8246, Senior Managing Director, Head of Equity Research

Frederic Bastien, CFA (604) 659-8232 Steve Hansen, CFA, CPA, CMA David Quezada, CFA (604) 659-8257
Infrastructure & Construction, (604) 659-8208 Power & Utilities, Sustainability
Sustainability Industrial / Agribusiness, Rahul Sarugaser, PhD (416) 777-6383
Stephen Boland, CFA (416) 777-7042 Sustainability, Transportation Biotechnology
Diversified Financials Steven Li, CFA (416) 777-4918 Craig Stanley, M.Sc. Geo
Andrew Bradford, CFA (403) 509-0503 Technology (416) 777-2291
Oil & Gas Energy Services Brian MacArthur, CFA Precious Metals
Bryan Fast, CFA (604) 659-8262 (416) 777-4914 Brad Sturges, CFA
Industrial / Aerospace & Aviation, Basic Materials (416) 777-7189
Sustainability Jeremy McCrea, CFA Real Estate
Michael Glen, CFA (514) 687-5970 (403) 509-0518 Daryl Swetlishoff, CFA
Consumer & Diversified Industrials, Oil & Gas Producers (604) 659-8246
Sustainability Forest Products
Farooq Hamed, CA (416) 777-7117
Precious Metals

Institutional Equity Sales, U.S. – Raymond James & Associates

Leigh Pollak (312) 612-7744, Senior Managing Director, Institutional Equity Sales
Dave Hodges (617) 897-8961, Managing Director, Regional Director, Institutional Equity Sales
Bill Sammon (312) 655-2959, Managing Director, Financial Institutions, Sales and Trading
Kelly Schaeffer (212) 856-4887, Managing Director, Regional Director, Institutional Equity Sales

Atlanta Dallas New York (continued)

Brian Mylod (404) 442-5822
Boston
Ryan Bagley (617) 897-8965
Chris Doran (617) 897-8966
Mark Fote (214) 965-7673 Craig Sapuppo (212) 297-5602
Blair Smith (212) 856-5418
Los Angeles Rachel Stephan (212) 883-4031
Maggie Lopez Rangel (310) 414-5203 Foti Vesho (212) 430-2479
Rob Marckel (310) 414-5201 Peter Vogel (212) 508-5217

Chicago New York San Francisco

Lou Coines (312) 655-2964
Ed Donnelly (312) 612-7745
Rick Glaisner (312) 612-7672
Chris Lambert (312) 655-2974
Anthony LanFranca (312) 655-2961
Tony Montemurro (312) 612-7676
Tim Murnane (312) 655-2988
Chris Palermo (312) 655-2967
Frank St. Angel (312) 612-7712
Bob Stocking (312) 612-7674
Susan Braverman-Lione (212) 856-4886
Andy De Martino (212) 297-5610
Bryan Fingeroot (212) 297-5605
Jacob Forney (212) 856-4882
Jason Gefaell (212) 672-6828
Tom Hartigan (212) 856-5474
Matt Krueger (212) 856-5408
Jonathan Loveless (212) 297-5626
Danielle McIntee (212) 883-4049
Alex Monsour (212) 856-5411
Tom Nevitt (212) 297-5608
Betsy Rosen (212) 856-5409
John Cavender (415) 616-8935
Chris Garner (415) 616-8942
Zachary Taylor (415) 616-8944
St. Petersburg
Sarah Concannon (727) 567-2686
Nick Digirolamo (727) 567-2280
Dana Jacobs (727) 567-2278
Eric Kirby (727) 567-2570
Patrick Sauve (727) 567-2526
Jamie Zingaretti (727) 567-2576

60 Raymond James Research Register - April 2023

 Institutional Equity Trading, U.S. – Raymond James & Associates
David De Luca (212) 856-4375, Senior Managing Director, Head of Global Equities, Institutional Sales and Trading
Paul Powers (212) 856-5477, Senior Managing Director, Head of U.S. Sales Trading
David Cannizzo (212) 883-4069, Managing Director, Head of Electronic Trading and Market Structure

Principal Trading (212) 599-6800 Institutional Sales Trading Strategic Options Desk (212) 856-5400
Eric Braunstein (continued) Brian Werner, Co-Head
Brendan Dooley New York (212) 599-6800 Corrin Jackson, Co-Head
Jesse Lubarsky Craig Bugniazet Matt Friedman
Ray Moore Michael Dalfonzo Josh Grant
Greg Mulvaney Tres Green Keith Hughes
Christian O’Brien Brad Hoenig Andrew Mathes
Doug Shapiro Robert Hyde Sean McNichol
Nick Kalas Michael Sabat
Mark Koczan Eric Southard
Institutional Sales Trading
Gary Muehlemann
Boston (617) 423-5607
Nick Shepard Electronic Trading Desk (855) 752-5467
E.J. Coveney
Neil Vankawala David Cannizzo
Brendan Moses
Richard Delayo
Steve Svensen
Liang Ge
Thomas Ward St. Petersburg (727) 567-2100
Paul Li
Jake Shumacker
Jason Straus
Chicago (312) 655-2990 Ankur Tyagi
Michael Barone San Francisco
Ken Goldberger Michael Christian Program Trading Desk (212) 883-4057
Randy Mrozek (415) 616-8933 Winston Barnes
Jeff Snower Michael Schwarz Eddie Cheung
(415) 616-8096 Joe McGowan
Matt McNamara
Event-Driven Trading (212) 297-5600
Jason Caamano
Ryan Kenny
Paul Shea

Institutional Equity Sales, Canada – Raymond James Ltd.

Sean Boyle (416) 777-4927, Senior Managing Director, Head of Institutional Sales
Nicole Svec, CFA (416) 777-4942, Senior Managing Director, Head of Equities

Toronto (888) 601-6105 Canada / (800) 290-4847 USA

John Paul Lotesto (416) 777-4931
Dave MacLennan (416) 777-4934
Nick Pocrnic (416) 777-4945
Laurenn Russell (416) 777-4935
Jake Turcotte (416) 777-4925
Carol Yeh (416) 777-4929
Vancouver (800) 667-2899 Montreal (514) 350-4450, (866) 350-4455
Scot Atkinson, CFA (604) 659-8225 Alessia Coticone (514) 350-4462
Jeffrey Lindell (514) 350-4459
David Maislin, CFA (514) 350-4460

Raymond James Research Register - April 2023 61

 Institutional Equity Trading, Canada – Raymond James Ltd.
Bob McDonald, CFA (604) 659-8222, Senior Managing Director, Head of Trading

Toronto (888) 601-6105 Canada /
(800) 290-4847 USA
Mark Armstrong (416) 777-4981
Marcel Ferreri (416) 777-4930
Andy Herrmann (416) 777-4937
Eric Munro, CFA (416) 777-4983
Vancouver (800) 667-2899 Montreal (866) 350-4455
Nav Cheema (604) 659-8224 Joe Clement (514) 350-4470
Fraser Jefferson (604) 659-8218 Maxime Parisien-LaSalle (514) 350-4465
Derek Oram (604) 659-8223

U.S. Equities Sales and Trading – Raymond James Europe

Raymond James Financial International Limited Raymond James
Euro Equities
London, England 44-203-798-5600 Paris, France 33-1-456-40520
Robert Nugent, Manager Thierry Guille, Manager
Philippa Parisi, Manager Gregoire Alexandre
Stephanie Büchel Hubert Le Bret
Louisa Dalrymple
Jacob Tattam Brussels, Belgium 32-2626-1090
Brian Farrell Brieuc Verhaegen, Manager
Steve Morel Stéphane Roffler
Ricky Pilgrim Diego de Fierlant

Frankfurt, Germany 49-69-2731-56040

Homan Haghighi, Manager
Chiasso, Switzerland 41-91-252-0622 Marcel Daun
Homan Haghighi, Manager Oliver Mattick
Emanuele Badaracco
Warsaw, Poland 48-22-276-2300
Geneva, Switzerland 41-22-818-2828 Homan Haghighi, Manager
Jean Wilhelm, Manager Janusz Dancewicz
Philip Burgisser Marcin Guklczynski
Albert Fregosi George Jovanovich
Rudi Moser
Luciano Sargenti Vaduz, Liechtenstein 423-233-44-54
Jad Hobeiche Johann Kasamas

Corporate & Executive Services – Raymond James & Associates (727) 567-2092

Jeff Fordham, Head of Corporate & Executive Services

Jeanna Bryan
Travis Mullen

62 Raymond James Research Register - April 2023

 Global Wealth Solutions – Raymond James & Associates
Collie Krausnick, (901) 529-5321, Senior Managing Director – Global Wealth Solutions, Agency/Retail Equity Trading

Equity Advisory Group – Global Wealth Solutions (727) 567-2520

Suzi Fiorini (727) 567-2258, Vice President, Equity Advisory Group

Phil Cox Kenneth Matthews Julie Lachman, International

Ardon Currie Steve Roskowski (727) 567-5559
Brandon Mascarell Michael Saut

Equity Agency Trading – Global Wealth Solutions

Byron Mitson, (901) 524-4108, Managing Director – Listed/OTC/International Trading

Memphis (800) 564-3678 Memphis–International St. Petersburg (727) 567-6466

Darin Butler (800) 564-3678 Scott Brown
Krystal Butler Tony Johnson Tyson Bryant
John Campbell Brian McKane
Ben Cavazos St. Petersburg–International (727) 567-2100
Kevin Floyd Sharon Agudio
Kenny McClain James Nielsen
Sam Michalik Mike Tagliarini

Raymond James Research Register - April 2023 63

 
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Headquarters.

64 Raymond James Research Register - April 2023

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Raymond James Research Register - April 2023 65

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et Financier" and Reglement General de l'Autorite des Marches Financiers. It is not intended to be distributed or passed on, directly or
indirectly, to any other class of persons and may not be relied upon by such persons and is, therefore, not intended for private individuals
or those who would be classified as retail clients.
For recipients in Brazil: This is a strictly privileged and confidential communication between Raymond James & Associates and its
selected clients. This communication contains information addressed only to specific individuals in Brazil and is not intended for
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The investments analyzed in this report may not be offered or sold to the public in Brazil. Accordingly, the investments in this report have
not been and will not be registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, the “CVM”),
nor have they been submitted to the foregoing agency for approval. Documents relating to the investments in this report, as well as the
information contained therein, may not be: (i) supplied to the public in Brazil, as the offering of investment products is not a public offering
of securities in Brazil; nor (ii) used in connection with any offer for subscription or sale of securities to the public in Brazil.

66 Raymond James Research Register - April 2023

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© 2023 Raymond James & Associates, Inc.

© 2023 Raymond James Ltd., Member Canadian Investor Protection Fund

Raymond James Research Register - April 2023 67