INSTITUTIONAL INVESTOR 2020: COWEN SECTOR PROFILES€¦ · INSTITUTIONAL INVESTOR 2020: COWEN...

INSTITUTIONAL INVESTOR 2020: COWEN SECTOR PROFILESContent, Event, and Analyst Highlights In Selected Sectors

MAY 2020

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TABLE OF CONTENTS 1. WASHINGTON RESEARCH 3

2. HEALTH CARE 10

3. TECHNOLOGY, MEDIA & TELECOM 24

4. CONSUMER 33

5. ENERGY 36

6. CAPITAL GOODS / INDUSTRIALS 40

22 May 2020|

WASHINGTON RESEARCH

3 May 2020|

VOTE COWEN 5 STARS IN:

2020 Institutional Investor All-America Research Survey

Best Known By Clients For:

• Washington Strategist focused on key issues at the

convergence of K Street with Wall Street

• Shot and Chaser, Between Two Coasts, Nightmare on K

Street podcast, He Said/Xi Said series

• DC Download: Daily look at top DC stories and their impact

on Capital Markets

Significant Corporate Access Events & Conferences

(Last 12 Months):

• “DC Days” with Capitol Hill staffers, lobbyists, senior government officials and key influencers

• He Said, Xi Said – Trade, Impeachment & Election Takeaways: Latest & Greatest - Conf Call, November 2019

• Washington Wrap Up: Weekly Conference Call to parse the DC agenda and identify key considerations for investors with focus on pandemic policy reaction

Key Topics:

• Stimulus policy and legislation, economic reopening

• 2020 electoral and primary dynamics

• US-China, trade, tariffs, congressional politics

• Intricacies of legislative and executive timelines and process

Published Research Highlights:

• Back Where It All Begins: China Retaliation & Phase 4 -

Washington Weekly, May 2020

• Got My Mind Set On You: ~$2.4T In Direct/Indirect

Consumer Stimulus in 2 Months, April 2020

• Shelter From The Storm: Trump In Historical Context, Vol 4 -

Ahead Of The Curve Series, February 2020

• Berning Down The House: 2020 Democratic Platform -

Ahead Of The Curve Series, December 2019

WASHINGTON RESEARCH

Washington Research

Chris Krueger

44 May 2020|




• In-depth and extensive analysis of how Washington affects

financials, housing and the broader market

• Focus on the housing finance system with an emphasis on

how Washington affects Fannie, Freddie

• Industries followed include banks, brokers, mortgage

insurers, servicers, GSEs, payday, exchanges, cannabis


(Last 12 Months):

• Cowen 2nd Annual Boston Cannabis Conference,

November 2019

• Future of LIBOR Lunch in NYC, October 2019

• Cannabis Policy: What Is Washington Thinking, July 2019

• Cowen 12th Annual Financial Policy Forum, June 2019

Key Topics:

• Square’s ILC charter

• Fed use of CCAR to set capital requirements

• Predicted that moderate Democrats would win the primary,

positive for financials


• Monday Update: Speed Key as Washington Mostly Done

With New Credit Facilities, April 2020

• Fueling The Engines Of B2B Payments Growth –

Ahead Of The Curve Series, January 2020

• Housing Finance Friday: Understanding Election Risk in

Recap & Release, January 2020

• Looking Forward: Top 10 Issues to Watch in 2020 for

Financials, Housing, January 2020

WASHINGTON RESEARCH

Jaret Seiberg

Washington Research

55 May 2020|




• On-the ground TMT policy analysis informed by detailed

dissection of legal issues, historical precedents and deep

network of policy-makers and experts

• Semi-annual “DC TMT Days”

• Willingness to make a call


(Last 12 Months):

• Cowen Virtual Presentation Series:

2020 Technology, Media & Telecom Conference, June 2020

• FCC Commissioner Michael O’Rielly, February 2020

• Update on Antitrust & Tech Platforms, November 2019

• S/TMUS M&A-Related Conference Calls, Summer 2019

Key Topics:

• Antitrust and privacy issues, export controls, European tech

regulation, tech and M&A analysis, politics and policy for Big

Tech platforms

• Currently predicting that FB and GOOG will face antitrust

lawsuits in 2020


• Commerce Dept Puts Down Big Marker on Semi Exports, May 2020

• Does COVID-19 Change the Curve on Tech Antitrust?, April 2020

• The Road Ahead For Big Tech & Antitrust –

Ahead Of The Curve Series, November 2019

• TMT Weekender Series, Weekly

WASHINGTON RESEARCH

Paul Gallant

Washington Research

66 May 2020|




• Analyzing and simplifying complex Medicare rules

• Balanced analysis of drug pricing issues

• FDA coverage with Prevision Policy

• Early client awareness of issues and potential

positive/negatives


(Last 12 Months):

• Cowen COVID-19 Virtual Conference Series:

– Health Policy Outlook, April 2020

– Update on the Federal Government’s Healthcare

Response, March 2020

• Cowen 40th Annual Health Care Conference, March 2020

• Prevision Policy Biopharma Congress, October 2019

Key Topics:

• Drug pricing

• Medicare, ACA and health care policy models


• Senate COVID Stimulus Bill HC Details; 2020 Sequester

Relief, Hospital Pay Bump, March 2020

• Telehealth Series Part I: Paying For Telehealth –


• Aducanumab's FDA Review Will Test The Extent Of FDA's

Regulatory Flexibility, November 2019

• Pelosi Drug Plan Has Negotiation, IPI-Like Caps; Inflation

Caps In Part B and D, September 2019

Washington Research

WASHINGTON RESEARCH

Rick Weissenstein

77 May 2020|




• U.S. national security policy analysis with associated impact

on equities

• USG/DoD spending analysis and forecasts, with detailed

analysis of addressable markets

• Aerospace & Defense market segment analysis with

expertise on company-specific capabilities


(Last 12 Months):

• Secretary of State Mike Pompeo U.S. Foreign Policy Meeting,

March 2020

• Cowen 41st Annual Aerospace and Defense Conference,

February 2020

• Cowen-NDIA Defense Policy Roundtable, December 2019

• The China Tech War Policy Lunch, November 2019

Key Topics:

• U.S.-China "Go War“

• Defense Spending Outlook Moderating

• New Growth Areas: Space, Hypersonics


• COVID-19 Defense Impact: DoD Moves to Shore Up Company

Finances, Ops, March 2020

• 2020 A&D Policy Catalysts: The Pattern Is Full,

January 2020

• Solid FY20 Defense Outlays But FY21 Slowing,

November 2019

• "Brave New World" A Plus For Defense Services –


Washington Research

WASHINGTON RESEARCH

Roman Schweizer

88 May 2020|




• Dissecting and opining on legislation related to health care/med

tech and cannabis/CBD

• Synthesizing complex Medicare coverage and reimbursement

regulations into actionable resources for institutional investors

• Extensive expert network on a wide range of health care

regulatory and reimbursement issues


(Last 12 Months):


– Med Tech Industry View, April 2020

– FDA Outlook, April 2020

• State Legalization Efforts During COVID-19:

Cannabis Conference Call, April 2020


Key Topics:

• State-level developments in cannabis policy and legislation

• CBD regulation and policy updates

• Reimbursement policy


• What to Watch for in Cures 2.0: NIH Funding, Telehealth

Expansion, LDT Reform, April 2020



• Charting Cannabis: A U.S. State-Level Deep Dive –


• State Lines: Monthly Cannabis Tracker Series

Washington Research

WASHINGTON RESEARCH

Eric Assaraf

99 May 2020|

HEALTH CARE Biotechnology / Large-Cap

Biotechnology / Mid- & Small-Cap

Life Science & Diagnostic Tools

Pharmaceuticals / Major

Pharmaceuticals / Specialty

Medical Supplies & Devices

Health Care Technology & Distribution

10 May 2020|




• Domain expertise in rare genetic diseases disorders, CNS and

fibrotic diseases including NASH

• Detailed disease market models with inputs from unique

relationship with patient groups, policy experts

• Tenured, honest relationships with covered management

teams and close relationships with KOLs


(Last 12 Months):


Dr. David Katz Discusses COVID-19, April 2020


• Cowen 22nd Annual Therapeutics Conference,

September 2019

• Hot Wheels Bus Tour, August 2019

Most Prominent Stock Calls:

• ACAD

• ALNY

• FOLD

• MYOK


• Therapeutic Categories Outlook, March 2020

• The Changing Treatment Landscape For TTR: Stabilizer vs.

Silencers, January 2020

• SRPT: 3Q19: Exondys Sales Solid Yet Again As Investors

Focus on EOY20 DMD GTX Data, November 2019

• DC Field Report: FDA Encouragement of Rare Disease Drug

Development Continues, September 2019

HEALTH CARE

Ritu Baral

Biotechnology / Mid- & Small-CapBiotechnology / Large-Cap

1111 May 2020|




• Targeted Therapies

• Cell Therapies

• Hematology/Oncology


(Last 12 Months):

• COVID-19 and the Medical Perspective:

Conference Call with Baric and Hamer, March 2020

• ISM Conference Call with Akin and Castells, March 2020

• APLT Meetings in NYC, October 2019

• INCY HQ Dinner, August 2019


• APLT

• INCY


• INCY – Topical Ruxolitinib’s Favorable Profile Confirmed,

February 2020

• INCY – World Derm: Topical Rux Impresses In Vitiligo,

June 2019

• APLT – Pivotal Data For A $500MM Market Expected

Shortly, October 2019

• INCY – Vitiligo: The Next Front In Dermatology, April 2019

HEALTH CARE

Marc Frahm, Ph.D.


1212 May 2020|




• Therapeutic focus on oncology and pain

• Finding new early stage private emerging growth biotech

companies

• Thought leadership on Antibody Drug Conjugates and

Immuno-Oncology


(Last 12 Months):



September 2019

• Molecular Templates (MTEM) Meetings, July 2019

• Y-mAbs (YMAB) Meetings, July 2019


• TRIL (Positive)

• IMGN (Upgrade after FORWARD I failure)

• SGEN (Padcev commentary)


• IMGN, YMAB: Best Ideas For Rebound: Late-Stage, No

Near-Term Data Risk, Strong Cash Balance, March 2020


• AdCom For Durect's Posimir Can Be A Positive Catalyst For

Heron's HTX-011, January 2020

• Investors' Guide To Immuno-Oncology, December 2019

HEALTH CARE

Boris Peaker, Ph.D., CFA


1313 May 2020|




• Detailed clinical trial and product analysis

• Physician expert surveys, calls, panels

• Gene Therapy, Orphan Disease, Cystic Fibrosis, HCV/HIV


(Last 12 Months):

• Cowen COVID-19 Virtual Conference Series, April 2020




September 2019


• IMMU (top mid cap pick)

• VRTX (top small cap pick)

• ADVM (top small cap pick).



• Biotech Quarterly, March 2020

• Ideas For 2020: C5 Franchise Is More Durable Than The

Market Appreciates, December 2019

• Aducanumab’s FDA Review Will Test The Extent Of FDA’s

Regulatory Flexibility, November 2019

HEALTH CARE

Phil Nadeau, Ph.D.


1414 May 2020|




• Versatile and dedicated focus on both targeted therapies and

immune-oncology

• Medical background facilitates engagement with KOLs,

especially during hosting of panel and expert discussions

• Strong management relationships, deep understanding of

corporate strategies and decision making


(Last 12 Months):


• IO Next Summit at the Society of Immunotherapy SITC

Conference, November 2019


September 2019



• MRTX

• ARRY

• MDCO

• VIE

• RVMD



• Best Ideas For 2020: Tipifarnib Poised For Success; Early

Assets Add Potential, December 2019

• Beyond PD-1: Insights From Translational Oncologists On

Novel IO Targets 2019, November 2019

• Proprietary Expert Survey: Psychiatrists Assess Aristada

And ALKS 3831, September 2019

HEALTH CARE

Chris Shibutani, MD


1515 May 2020|




• Knowledge of the gene therapy development and

manufacturing landscape

• Neurology and Hematology sector expertise

• Responsiveness and cross-sector collaborations


(Last 12 Months):

• Cowen COVID-19 Virtual Conference Series, April 2020– Multiple Sclerosis KOL call discussing novel data in the field

• Cowen 40th Annual Health Care Conference, March 2020– QURE Investor Dinner – Ophthalmology KOL Event: Impact of Novel Agents and Gene

Therapies


• Cowen 22nd Annual Therapeutics Conference, September 2019


• AXSM

• PTCT

• QURE


• AXSM Initiation: Giving Depression the Ax, April 2020


• Biotech Quarterly, March 2020

• Factoring In The Opportunity For Potentially QURE-ative

Therapies, February 2020


HEALTH CARE

Joe Thome, Ph.D.

1616 May 2020|




• Deep dive research with detailed market models

• Actionable stock picking with out of consensus views

• Insiders view from a prior CFO/CBO of a public biotech

company with broad network of contacts

• Topical Triathlon products


(Last 12 Months):

• Cowen Virtual Oncology Summit, May 2020

• Cowen COVID-19 Virtual Conference Series: The New Normal,

April 2020


• A Day On The Hill: Impacting The Drug Pricing Debate Visit to

Capitol Hill, December 2019



• AMGN

• XLRN

• EPZM

• ARGX

• EXEL


• Autoimmune Triathlon Days 1-3: Focusing on FcRn Antagonists,

April 2020

• Contextualizing COVID-19 Reports (2 Part Series),

March 2020

• Biotech Board Matrix: What Would Keanu Do? –

Ahead Of The Curve + Video, February 2020

• Biotech Boards Burdened: Bridging The Success Gap –

Ahead Of The Curve + Video, September 2019

HEALTH CARE

Yaron Werber, MD

Biotechnology / Mid- & Small-Cap Biotechnology / Large-Cap

1717 May 2020|




• Quickly identifying key controversies and digging deep

• Distilling ideas and translating into actionable stock calls for

both specialists and generalists

• Consistent dialogue and feedback loop with the investment

community, KOLs, and management


(Last 12 Months):

• Cowen COVID-19 Virtual Conference Series: COVID-19 Testing

Environment & the Role Testing Will Play in “Return to Normalcy”

April 2020


• C-Level Meetings with TMO (March 2020), EXAS (November 2019), ILMN (September 2019)

• Cowen MedTools Unlocked Conference, October 2019


• AVTR (debt/COVID-19 concerns overblown)

• TWST (Agilent litigation)

• GNMK (COVID-19 tailwind)


• The Role Of Diagnostics In COVID-19 "Return To Normalcy"

- Ahead Of The Curve Series, April 2020

• 4th Annual Cowen Biopharma End Market Survey –


• Guardant Initiates 10,000 Patient CRC Screening Study,

October 2019

• ADPT: Uniquely Positioned As Emerging Leader In Immune

Profiling, July 2019


HEALTH CARE

Doug Schenkel

1818 May 2020|




• Best-in-class industry knowledge and company models in the

diabetes space

• Great feel for investor sentiment both near and long term

• Disciplined long-term valuation framework


(Last 12 Months):

• Cowen COVID-19 Virtual Conference Series: COVID-19

Testing Environment & the Role Testing will Play in “Return

to Normalcy” April 2020


• DXCM Management Meetings, September 2019



• DXCM

• PODD

• TNDM


• The Role Of Diagnostics In COVID-19 "Return To Normalcy" -

Ahead Of The Curve Series, April 2020

• 4th Annual Cowen Biopharma End Market Survey –


• DXCM: Best Ideas for 2020 – Best Product Pipeline In a Vast &

Rapidly Growing TAM, December 2019

• Cowen 2019 Diabetes Device Survey – Sixth Annual –

Ahead Of The Curve Series, August 2019

HEALTH CARE

Ryan Blicker


1919 May 2020|




• Physician expert surveys, conferences, panels

• Detailed immune oncology model and pipeline work

• Statistical analysis series


(Last 12 Months):




• Meetings with CEOs from Roche (May 2020), ABBV (March 2020),

GSK (February 2020)



• AZN (4/1 upgrade and Top Pick)

• LLY (Outperform)


• PD-(L)1 Market Model Update: Estimates Rise With Global

Uptake, New Entrants, December 2019

• Pharmaceutical Industry Pulse, 4 times/year

• Clinical Trial Monitoring Update (weekly since 3/25/20),

Weekly


Pharmaceuticals / Major

HEALTH CARE

Steve Scala, R.Ph., CFA

2020 May 2020|




• Long-standing historical knowledge in the pharmaceutical

space

• Perspective on both big picture and near-term

issues/catalysts

• Willingness to make bold calls


(Last 12 Months):




September 2019



• AMRN (positive on sale thesis)

• BHVN (initiated w/ Outperform)

• AUPH (initiated w/ Outperform)



• Drug Pricing Survey –


• Specialty Pharmaceutical Pulse, September 2019

• The Higher-Quality Growth Names Should Grind Higher;

Beware Of The Value Traps, September 2019

HEALTH CARE

Ken Cacciatore

Pharmaceuticals / Specialty

2121 May 2020|




• Thought leadership, deep dives, and critical analysis into

crucial company specific and market related controversies

• Depth of industry and clinical knowledge/experience

• Strong relationships with management teams and key

opinion leaders, leveraging prior career as physician


(Last 12 Months):

• Cowen Future Health Conference (Virtual), June 2020


The Road to Recovery for TAVR and TMVR, May 2020




• EW (top pick 2019 and 2020)

• ABT

• SYK

• JNJ

• KTWO


• Best Ideas For 2020: TAVR Momentum Should Provide

Upside To 2020 Results, December 2019

• ESTAblishing Motiva’s Premier Safety and Efficacy Profile -

Ahead Of The Curve, December 2019

• Unpacking the Paclitaxel PAD Device Controversy –

Ahead Of The Curve Series, June 2019

HEALTH CARE

Joshua Jennings, MD

Medical Supplies & Devices

2222 May 2020|




• Expertise on how the health care services universe is

interconnected - HCIT/Managed Care/Supply Chain

• Survey work focusing on consumer/employer views of digital

health, employer medical cost trend surveys, and retail clinics

• Annual FutureHealth Conference, which focuses on key

trends in digital health and growth companies


(Last 12 Months):

• Cowen Future Health Conference, June 2020

• Cowen COVID-19 Virtual Conference Series, April 2020– Ambulatory Surgical Center Head

– PBMs In A COVID-19 World

– Digital Health in the Age of Social Distancing

– Dr. David Katz Discusses COVID-19

• Headquarter Visits: ABC (February 2020), CI (November

2019), CVS HealthHub (September 2019)


• CI

• CVS

• TDOC

• EVH

• RCM


• CERN: Upgrade To Outperform: See Attractive Entry Point Into A

Best-In-Class Name, March 2020



• Best Ideas 2020: CI - An Operational Execution & Capital

Deployment-Driven Story, December 2019

• Best SMIDCap Ideas: TDOC - Favorable Macro Environment &

Potential 2Q Upside, June 2019

HEALTH CARE

Charles Rhyee

Health Care Technology & Distribution

2323 May 2020|

TECHNOLOGY, MEDIA

& TELECOMCommunications Infrastructure

Telecom & Networking

Equipment

Semiconductors & Semiconductors Capital

Equipment

Internet / Large Cap

Internet / Mid & Small Cap

Media

24 May 2020|




• Deep industry relationships in fiber, data center, and tower

sectors

• Thought leadership and deep dives on the 5G ecosystem

• Detailed yet user friendly working models


(Last 12 Months):



• Annual Data Center Bus Tour (Virtual), March 2020

• Annual Communications Infrastructure Summit,

August 2019

• Cowen Meetings at REITworld, November 2019


• GDS

• ZAYO

• INXN

• CONE


• Livin' On The Edge, Part 1: Evolving Tomorrow’s Internet - Ahead of Curve + Video, May 2020

• Wireless Survey - 1Q20 + CowenVision Video, April 2020

• State of the Data Center Market (2019) + CowenVision Video, November 2019

• One Vision, Many Paths; Defining “True” 5G –Ahead of The Curve, May 2019

TECHNOLOGY, MEDIA & TELECOM

Colby Synesael

Communications Infrastructure

2525 May 2020|




• Depth and breadth of industry and company-specific

knowledge and contacts accumulated over 25 years covering

the sector

• High-level industry models and analysis such as Service

Provider Capex and Cloud Webscale Capex databases and

quarterly reports

• Company-detailed analysis and research reports


(Last 12 Months):



• Networking Leaders, Legends, Luminaries and Visionaries -

Fireside Chats/Conference Series, May 2020

• Meetings with CIEN (December 2019), CSCO (August 2019)

• Annual Silicon Valley Networking Bus Tour, May 2019


• ANET

• CIEN

• CSCO

• IPHI


• Livin' On The Edge, Part 1: Evolving Tomorrow’s Internet -Ahead of Curve + Video, May 2020

• Coherent Technology's Best Days Still Ahead –Ahead of The Curve Series, October 2019

• CIEN: Peering Deeper Into The Light: We Continue To Like What We See, July 2019

• Quarterly SP & Webscale Capex Outlooks

Telecom & Networking Equipment


Paul Silverstein

2626 May 2020|




• Deep industry/technical knowledge coupled with

understanding of the markets and investor sentiment

• Strong industry and technology background, differentiated

stock calls, cycle framework and detailed models

• Fundamental, research driven stock calls (rather than those

based on near-term data point driven noise)


(Last 12 Months):

• Virtual Meetings with LRCX CFO, May 2020

• Conf Calls with Huawei Political Expert (April 2020), AMAT

Technologist (April 2020)

• Chip Trip 5.0 Bus Tour (feat. AMAT, KLAC), November 2019

• Semicon West Management Meetings (feat. AMAT, TER,

MKSI, AEIS, COHU, KLIC), July 2019


• AAPL

• AMAT

• LRCX

• L-T Bullish on the Semiconductor Production Equipment

(SPE) industry


• Livin' On The Edge, Part 1: Evolving Tomorrow’s Internet -Ahead of Curve + Video, May 2020

• Seeing Is Believing: Growth Opportunities In Display –Ahead Of The Curve Series, November 2019

• Asia Research Trip: Memory Improving, PC Pull-Ins, Still Seeking Broad Recovery, September 2019

• Best Ideas For 2020: Don't Sweat The Short-Term. CY20 Trends Bode Well For AMAT, December 2019


Krish Sankar

Semiconductors & Semiconductors Capital Equipment

2727 May 2020|




• Technical understanding and industry perspectives on semis

• Deep industry network of executives and

engineering/strategy leaders across computing, datacenter,

and wireless ecosystems

• In a sector full of data points, gives clients context and the

ability to pull signal from the noise


(Last 12 Months):

• Chip Trip 5.0 Bus Tour (feat. AMD, NVDA, INTC, ARM, MPWR,

LSCC, MXIM, NXPI, XLNX), November 2019

• Exclusive & Timely CEO NDRs: NVDA, AMD, STM, LSCC, CRUS

• CES (meetings with AMBA, CEVA, DSPG, NVDA, ON),

January 2020

• Hot Chips (meetings with AMD, INTC, NVDA, TSMC), August 2019


• AMD

• NVDA

• STM

• MPWR

• LSCC

• Non-Consensus Market Perform on XLNX, AVGO, MCHP


• Livin' On The Edge – A 5-Part Series On Edge Cloud Computing, May 2020– Part 2: Compute & Memory at the Edge - Ahead of Curve + Video

• Buying The COVID-19 Semis Tape From Both Ends Of The Candle, April 2020

• Taking A Step Back In Semis & Semicap ... And Updating Our Shopping List, March 2020

• AMD At $50! ... Risk/Reward? Where Do We Go From Here?, January 2020


Matthew D. Ramsay

Semiconductors & Semiconductor Capital Equipment

2828 May 2020|




• Thorough modeling, using primary research and multiple

data sets, culminating in strong, actionable stock calls

• Leverages relationships in Asia for primary research and

differentiated viewpoints on global memory/storage,

smartphone supply chain, and discrete electronic

components

• One of the few analysts who covers memory and storage

proliferation across the entire technology stack (semis,

semicap, hardware, software)


(Last 12 Months):



• Chip Trip 5.0 Bus Tour: MU, WDC, NTAP, SWKS, November 2019

• LFUS investor meetings, November 2019

• SEMICON West Investor Event, July 2019


• Upgrade of MU/WDC

• Upgrade of QRVO/SWKS

• Underperform rating on NTAP

• Top Picks: CY & IDTI


• Livin' On The Edge, Part 3: Storage & Networking at the Edge - Ahead of Curve + Video, May 2020

• Coronavirus Cuts Deep, But Semis Content In Smartphones Remains Intact, February 2020

• Best Ideas For 2020: QRVO Is One Of The Better Plays On 5G,December 2019


Karl Ackerman, CFA

Semiconductors & Semiconductor Capital Equipment

2929 May 2020|




• Most In-Depth AMZN research on the Street, including in-

depth reports on Grocery, Prime HH, Public Cloud, Logistics,

and other topics

• Long-running, proprietary monthly US Internet Consumer

Survey

• Non-US proprietary Internet Survey with insights into AMZN,

NFLX, Ridesharing, and other verticals


(Last 12 Months):



• Cowen's 7th Annual Internet & Media Bus Tour: AMZN IR,

NFLX / Biz Dev, UBER Head of Eats and CTO, August 2019

• Meetings with Wayfair Co-Founder and CFO (September

2019) TWTR CFO (October 2019), IAC CFO (August 2019) and

ANGI CEO (August 2019)


• AMZN

• UBER

• IAC

• NFLX


• Livin' On The Edge, Part 1: Evolving Tomorrow’s Internet -Ahead Of The Curve + Video, May 2020

• Assessing Video Trends In US, UK, Germany, & Japan –

Ahead Of The Curve + Video, March 2020

• Echo & Google Home Penetration and Engagement Across

US, UK, Germany & Japan, March 2020

• Ad Buyer Survey VIII: '20 Ad Outlook –

Ahead Of The Curve Series + Video, January 2020


John Blackledge

Internet / Large-Cap

3030 May 2020|




• Rapidly adapts coverage to address key Travel

controversies head-on

• Deep analysis supported by proprietary surveys and

creative datasets

• Sentiment reads and insight into key short-term and

long-term storylines


(Last 12 Months):



• Cowen Meetings & Dinner At Phocuswright Online Travel

Conference, November 2019

• Cowen Internet Bus Tour + EXPE HQ visit, August 2019

• EXPE CEO Meetings in NYC, June 2019


• BKNG

• EXPE

• TRIP


• Coronavirus coverage includes almost 90 reports:

– Tracked key new case metrics from late Jan to early May

– Called out intra-day valuation opportunity for Hotel stocks

– Cut industry estimates five times since early Feb

• Hotel Estimates Update: Re-Opening Conundrum, April 2020

• The SEO Aftermath: Presenting Our New Online Travel

Channel Framework, November 2019


Kevin Kopelman, CFA

Internet / Mid- & Small-Cap

3131 May 2020|




• Best video game coverage on the Street. Full stop.

• Deep work on the model with fully articulated macro and

company theses

• DIS coverage differentiated by depth in video and streaming

economics and competitive dynamics

• Creative use of proprietary data to support in-depth industry

knowledge


(Last 12 Months):




– COVID-19 Advertising Call, April 2020

• Meetings with Ubisoft (NY, Boston), November 2019

• Cowen's 7th Annual Internet & Media Bus Tour, August 2019


• ATVI

• DIS

• EA (July 2019 upgrade)

• LGF

• ZNGA


• We Expect COVID-19 to Accelerate TV's Advertising

Problem, March 2020

• State of Big Media: The Deep Breath Before the Plunge,

November 2019

• Best Ideas For 2020: Zynga Continues to Be a Strong

Execution Story, December 2019

• Begun, The Streaming Wars Have –



Doug Creutz

Media

3232 May 2020|

CONSUMERRetailing / Department Stores &

Specialty Softlines

33 May 2020|




• Focus on the Future of Retail: Harnessing disruption into analytical

opportunity with proprietary research on public and private companies

around how retail intersects with the rise of AMZN, fast-growing digitally

native brands, curbside pickup and robotics (WMT, TGT), health/wellness

(PLNT, ULTA), and new business platforms (REAL, FTCH, RVLV)

• Breadth and Depth: Advanced coverage footprint of 30 stocks that

incorporates broadline retailers, mall-based and specialty apparel players,

as well as luxury and health & wellness concepts

• Creative C-Suite Access That Incorporates Private Company Leaders:

Specialized conference calls and panels across a network of colleagues

that includes public names under coverage, private-company CEOs at

emerging retail concepts, and industry experts


(Last 12 Months):

• Cowen Virtual Presentation Summit –

Consumer Platforms for the Next Generation, May 2020

• Tour-De-Tote (feat: REAL, CPRI, TPR, VRA, HBC (Saks), JWN),

November 2019

• Boston Retail Automation Day, December 2019

• Meetings with PLNT (August 2019), RVLV (December 2019), BOOT

(March 2019), REAL (September 2019)


• WMT

• TGT

• COST

• GO

• PLNT

• ULTA

• LVMH


• Cowen’s Covenant & Working Capital Analysis + Risk Highlights,

April 2020

• Gen Z And Millennials Reach For Sustainability + Value –

Ahead Of The Curve + Video, October 2019

• Connections, Context & Community Drive Customer Lifetime Value -

Ahead Of The Curve Series, April 2019

• Curbside, Connected, & Robotic Retail Revolution –

Ahead Of The Curve Series, March 2019

CONSUMER

Oliver Chen, CFA

Retailing / Department Stores & Specialty Softlines

3434 May 2020|




• Deep, thematic industry work on the global Athletic Space

(Nike, Adidas, lululemon and others)

• The most differentiated survey and financial work on off-

price retail

• Detailed financial modeling and understanding sentiment


(Last 12 Months):

• Retail Real Estate Lunch/Call with Cushman & Wakefield,

March 2020

• US/China Trade War Tariff Call Series with Ed Hertzman,

Summer/Fall 2019

• Athletic Footwear Expert Lunches in NYC, December 2019

• Meetings with: SKX (December 2019), LULU (September 2019),

YETI (September 2019), JCP (July 2019), TJX (May 2019)


• LULU (Top idea 2019 and Best Idea for 2020)

• NKE (Outperform)

• Off-Price Bull (Since 2013)


• Data Driven Dive Into Off-Price Phenomenon –

Own All Three, February 2020

• Gen Z And Millennials Reach For Sustainability + Value –

Ahead of The Curve Series, October 2019

• Sneakers As An Alternative Asset Class –

Ahead of the Curve Series, April 2019

• Athlete Beat Series, Bi-Weekly

Retailing / Department Stores & Specialty Softlines

CONSUMER

John Kernan

3535 May 2020|

ENERGYAlternative Energy

Oil Services & Equipment

36 May 2020|




• Depth of knowledge across all areas of Alternative Energy

and ESG - smart grid, solar, wind, and fuel cells

• Detailed modeling of cost structure analysis of new forms of

energy vs. traditional energy sources

• Power electronics for the grid, solar, EVs, and storage


(Last 12 Months):

• Cowen Virtual Presentation Series: Industrial Technology,

Robotics & Sustainability Summit, June 2020


2020 Technology, Media & Telecom Conference , May 2020

• Cowen Industrial Innovation Summit, November 2019

• Meetings with Aptiv (January 2020), SolarEdge

(December 2019), Bloom Energy (December 2019),

Landis+Gyr (November 2019)


• SEDG

• ENPH

• ITRI

• HASI

• APTV


• Sustainable Energy & Industrial Technology Primer, May 2020

• Cowen's Best ESG Investment Ideas for 2020, March 2020

• ESG Primer - Assessing Climate Change Risk, February 2019

• Quarterly EV Update, Watts Happening, Quarterly US

Energy Generation Monitor, Sustainable Energy and

Industrial Technology Short Interest Report

ENERGY

Jeffrey Osborne

Alternative Energy

3737 May 2020|




• Estimate accuracy, earnings preview insight, intellectually honest

assessment of company guidance

• Detailed macro forecasts with proprietary industry data sets for rig

counts and E&P capex spending, also notable critic of bad data

• 16 years of professional investment experience including sectors

other than energy, both buy and sell-side


(Last 12 Months):

• Cowen 9th Annual Energy Conference, December 2019

• APY West Coast Meetings, August 2019

• Quarterly Modeling Tours With ~15 Companies


• BKR

• SLB

• HAL

• APY


• Rigonomics 5.02 - Has OPEC Won the War on Shale? –

1Q20 Preview, April 2020

• Estimating Unlevered FCF and Implications for the OFS

Group, January 2020

• FTI: It's Complicated - Deep Dive Into Post Spin Valuation,

December 2019

• SPM FCF And Monetization: Positive Catalysts? –

Ahead Of The Curve Series, June 2019

ENERGY

Marc Bianchi, CFA


3838 May 2020|




• Estimate accuracy and intellectually honest modeling (beyond the

guidance)

• Speaks to companies multiple times per quarter

• Earnings quick takes with upcoming quarter scenario showing

where revision shakes out vs consensus

• 9 years covering Energy/OFS


(Last 12 Months):

• Cowen 9th Annual Energy Conference, December 2019

• SOI Boston Meetings, June 2019

• Quarterly Modeling Tours With ~15 Companies


• DNOW

• MRC

• SOI


• Rigonomics 5.02 - Has OPEC Won the War on Shale? –

1Q20 Preview, April 2020

• DNOW/MRC – Transferring Coverage: Customer Budgets

Peg ~5% Decline in ’20 Distributor Revs, February 2020

• SOI – Initiating Coverage: The Proven Proppant Storage

Solution, January 2020

• Estimating Unlevered FCF and Implications for the OFS

Group, January 2020

ENERGY

Jonathan Hunter, CFA


3939 May 2020|

CAPITAL GOODS / INDUSTRIALSAerospace & Defense Electronics

40 May 2020|




• Navigating The Perfect Storm –

Ahead of The Curve Series, March 2020

• Brave New World – A Plus for Defense Services –

Ahead of The Curve Series, November 2019

• Brave New World – Are Defense Stocks At A Peak –



(Last 12 Months):


– Federal Government Implications: Civilian Workforce & Contractor

Adjustments (March 2020)

– How Will COVID-19 Change Commercial Aerospace? (March 2020)


February 2020

• Government Services Bus Tour, November 2019

CAPITAL GOODS / INDUSTRIALS


• Broad and deep stock-focused research coverage across

entire market cap spectrum in Aerospace, Defense and

Government Services

• Long tenured coverage team that brings historical

perspective

– Cai (42+ years) and Gautam (15+)


• BA (December 2019 downgrade)

• Pushing the Defense Services sector

Gautam Khanna

Aerospace & Defense Electronics

4141 May 2020|




(Last 12 Months):


– Federal Government Implications: Civilian Workforce & Contractor

Adjustments (March 2020)

– How Will COVID-19 Change Commercial Aerospace? (March 2020)


February 2020

• Government Services Bus Tour, November 2019


• Navigating The Perfect Storm –

Ahead of The Curve Series, March 2020

• Brave New World – A Plus for Defense Services –

Ahead of The Curve Series, November 2019

• Brave New World – Are Defense Stocks At A Peak –


CAPITAL GOODS / INDUSTRIALS


• Broad and deep stock-focused research coverage across

entire market cap spectrum in Aerospace, Defense and

Government Services

• Long tenured coverage team that brings historical

perspective

– Cai (42+ years) and Gautam (15+)


• BA (December 2019 downgrade)

• Pushing the Defense Services sector

Cai von Rumohr

Aerospace & Defense Electronics

4242 May 2020|

COMPANIES MENTIONED IN THIS REPORT

43 May 2020|

Companies Mentioned In This Report

COMPANY NAME SYMBOL RATING PRICE ANALYST

Abbott Laboratories ABT Outperform $92.10 Joshua Jennings, M.D.

Acadia Pharmaceuticals ACAD Outperform $50.69 Ritu Baral

Acceleron Pharma XLRN Outperform $99.02 Yaron Werber, M.D.

Activision Blizzard ATVI Market Perform $70.22 Doug Creutz, CFA

Adaptive Biotechnologies ADPT Outperform $38.92 Doug Schenkel

Advanced Micro Devices AMD Outperform $51.74 Matthew D. Ramsay

Adverum Biotechnologies ADVM Outperform $20.32 Phil Nadeau, Ph.D.

Alnylam Pharmaceuticals ALNY Outperform $133.10 Ritu Baral

Alphabet GOOG Outperform $1,416.73 John Blackledge

Amarin AMRN Outperform $6.83 Ken Cacciatore

Amazon.com AMZN Outperform $2,401.10 John Blackledge

Amgen AMGN Outperform $224.13 Yaron Werber, M.D.

Amicus Therapeutics FOLD Outperform $12.19 Ritu Baral

Apergy Corporation APY Outperform $8.91 Marc Bianchi, CFA

Apple AAPL Outperform $318.25 Krish Sankar

Applied Materials AMAT Outperform $54.67 Krish Sankar

Applied Therapeutics APLT Outperform $46.92 Marc Frahm, Ph.D.

Aptiv PLC APTV Outperform $73.63 Jeffrey Osborne

argenx ARGX Outperform $211.68 Yaron Werber, M.D.

Arista Networks ANET Outperform $222.92 Paul Silverstein

AstraZeneca PLC (ADR) AZN Outperform $53.50 Steve Scala, R.Ph., CFA

Aurinia Pharmaceuticals AUPH Outperform $15.37 Ken Cacciatore

Avantor AVTR Outperform $18.33 Doug Schenkel


Axsome Therapeutics AXSM Outperform $76.52 Joseph Thome, Ph.D.

Baker Hughes BKR Outperform $16.39 Marc Bianchi, CFA

BioHaven Pharmaceutical Holding Company LTD

BHVN Outperform $57.80 Ken Cacciatore

Boeing Company BA Market Perform $149.82 Cai von Rumohr, CFA

Booking Holdings BKNG Outperform $1,648.99 Kevin Kopelman, CFA

Broadcom Ltd AVGO Market Perform $283.14 Matthew D. Ramsay

Cerner Corporation CERN Outperform $70.87 Charles Rhyee

Ciena CIEN Outperform $54.79 Paul Silverstein

Cigna CI Outperform $200.57 Charles Rhyee

Cisco Systems CSCO Outperform $45.59 Paul Silverstein

Costco Wholesale COST Outperform $309.56 Oliver Chen, CFA

CVS Health CVS Outperform $66.56 Charles Rhyee

CyrusOne CONE Outperform $73.54 Colby Synesael

DexCom DXCM Outperform $361.83 Ryan Blicker, CFA

DistributionNOW DNOW Outperform $7.53 Jonathan Hunter, CFA

Edwards Lifesciences Corp. EW Outperform $222.15 Joshua Jennings, M.D.

Electronic Arts EA Outperform $121.35 Doug Creutz, CFA

Eli Lilly LLY Outperform $150.65 Steve Scala, R.Ph., CFA

Enphase Energy ENPH Outperform $55.80 Jeffrey Osborne

Epizyme EPZM Outperform $18.41 Yaron Werber, M.D.

Evolent Health EVH Outperform $9.05 Charles Rhyee

Exelixis EXEL Outperform $24.33 Yaron Werber, M.D.

Expedia Group EXPE Outperform $78.78 Kevin Kopelman, CFA

44

Prices as of 5/28/2020

44 May 2020|



Facebook FB Outperform $225.46 John Blackledge

GDS Holdings Limited GDS Outperform $54.99 Colby Synesael

Genmark Diagnostics GNMK Outperform $9.63 Doug Schenkel

Grocery Outlet Holding Corp.

GO Outperform $36.17 Oliver Chen, CFA

Guardant Health GH Outperform $87.85 Doug Schenkel

Halliburton HAL Market Perform $12.11 Marc Bianchi, CFA

Hannon Armstrong HASI Outperform $30.00 Jeffrey Osborne

Heron HRTX Outperform $18.42 Boris Peaker, Ph.D., CFA

IAC/InterActiveCorp IAC Outperform $271.19 John Blackledge

ImmunoGen IMGN Outperform $4.80 Boris Peaker, Ph.D., CFA

Immunomedics IMMU Outperform $33.30 Phil Nadeau, Ph.D.

Incyte INCY Outperform $100.55 Marc Frahm, Ph.D.

Inphi Corporation IPHI Outperform $122.40 Paul Silverstein

Insulet Corp. PODD Outperform $184.58 Ryan Blicker, CFA

Intel INTC Market Perform $61.70 Matthew D. Ramsay

Itron ITRI Outperform $65.06 Jeffrey Osborne

Johnson & Johnson JNJ Outperform $146.97 Joshua Jennings, M.D.

Lam Research LRCX Outperform $266.82 Krish Sankar

Lattice Semiconductor LSCC Outperform $24.50 Matthew D. Ramsay

Lions Gate Entertainment Corp.

LGF/A Outperform $7.98 Doug Creutz, CFA

lululemon athletica LULU Outperform $284.42 John Kernan, CFA

LVMH Moet Hennessey Louis Vuitton SE

MC FP Outperform $386.80 Oliver Chen, CFA

Marvell Technology Group MRVL Underperform $29.97 Karl Ackerman, CFA


Microchip Technology MCHP Market Perform $95.43 Matthew D. Ramsay

Micron Technology MU Outperform $46.47 Karl Ackerman, CFA

Mirati Therapeutics MRTX Outperform $103.00 Chris Shibutani, M.D.

Monolithic Power Systems MPWR Outperform $205.15 Matthew D. Ramsay

MRC Global MRC Market Perform $6.03 Jonathan Hunter, CFA

MyoKardia MYOK Outperform $100.15 Ritu Baral

NetApp NTAP Market Perform $44.15 Karl Ackerman, CFA

Netflix NFLX Outperform $413.44 John Blackledge

Nike NKE Outperform $98.46 John Kernan, CFA

NVIDIA Corporation NVDA Outperform $339.48 Matthew D. Ramsay

Planet Fitness PLNT Outperform $64.99 Oliver Chen, CFA

PTC Therapeutics PTCT Market Perform $49.90 Joseph Thome, Ph.D.

Qorvo QRVO Outperform $100.77 Karl Ackerman, CFA

R1 RCM RCM Outperform $10.75 Charles Rhyee

Revolution Medicines RVMD Outperform $30.24 Chris Shibutani, M.D.

Sarepta Therapeutics SRPT Outperform $153.00 Ritu Baral

Schlumberger SLB Market Perform $18.79 Marc Bianchi, CFA

Seattle Genetics SGEN Market Perform $151.55 Boris Peaker, Ph.D., CFA

Skyworks Solutions SWKS Outperform $115.47 Karl Ackerman, CFA

SolarEdge Technologies SEDG Outperform $135.29 Jeffrey Osborne

Solaris Oilfield Infrastructure

SOI Outperform $6.85 Jonathan Hunter, CFA

STMicroelectronics STM Outperform $23.98 Matthew D. Ramsay

Stryker Corp. SYK Outperform $195.35 Joshua Jennings, M.D.


4545 May 2020|



Tandem Diabetes Care TNDM Outperform $83.22 Ryan Blicker, CFA

Target TGT Outperform $118.43 Oliver Chen, CFA

TechnipFMC FTI Outperform $7.68 Marc Bianchi, CFA

Teladoc Health TDOC Outperform $166.90 Charles Rhyee

Trillium Therapeutics TRIL Outperform $5.77 Boris Peaker, Ph.D., CFA

TripAdvisor TRIP Market Perform $21.14 Kevin Kopelman, CFA

Twist Bioscience TWST Outperform $35.82 Doug Schenkel

Uber Technologies UBER Outperform $34.15 John Blackledge

Ulta Beauty ULTA Outperform $243.31 Oliver Chen, CFA

uniQure N.V. QURE Outperform $63.02 Joseph Thome, Ph.D.

Vertex VRTX Outperform $277.38 Phil Nadeau, Ph.D.

Viela Bio VIE Outperform $45.62 Chris Shibutani, M.D.

Walmart WMT Outperform $123.69 Oliver Chen, CFA

Walt Disney Company DIS Outperform $116.75 Doug Creutz, CFA

Western Digital Corporation

WDC Outperform $43.62 Karl Ackerman, CFA

Xilinx XLNX Market Perform $89.15 Matthew D. Ramsay

Y-mAbs Therapeutics YMAB Outperform $37.66 Boris Peaker, Ph.D., CFA

Zynga ZNGA Outperform $8.07 Doug Creutz, CFA

46


46 May 2020|

ADDENDUM

Analyst CertificationEach author of this research report hereby certifies that (i) the views expressed in the research report accurately reflect his or her personal views about any and all of the subject securities or issuers, and (ii) no part of his or her compensationwas, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report.

Important DisclosuresThis report constitutes a compendium report (covers six or more subject companies). As such, Cowen and Company, LLC chooses to provide specific disclosures for the companies mentioned by reference. To access current disclosures for the allcompanies in this report, clients should refer to https://cowen.bluematrix.com/sellside/Disclosures.action or contact your Cowen and Company, LLC representative for additional information.Cowen and Company, LLC compensates research analysts for activities and services intended to benefit the firm's investor clients. Individual compensation determinations for research analysts, including the author(s) of this report, are basedon a variety of factors, including the overall profitability of the firm and the total revenue derived from all sources, including revenues from investment banking, sales and trading or principal trading revenues. Cowen and Company, LLC does notcompensate research analysts based on specific investment banking transactions or specific sales and trading or principal trading revenues.

DisclaimerOur research reports are simultaneously available to all clients are on our client website. Research reports are for our clients only. Not all research reports are disseminated, e-mailed or made available to third-party aggregators. Cowen andCompany, LLC is not responsible for the redistribution of research by third party aggregators. Selected research reports are available in printed form in addition to an electronic form. All published research reports can be obtained on the firm’sclient website, https://cowenlibrary.bluematrix.com/client/library.jsp.

The information, opinions, estimates and forecasts are as of the date of this report and subject to change without prior notification. We seek to update our research as appropriate, but various regulations may prevent us from doing so.Research reports are published at irregular intervals as appropriate in the analyst’s judgement.

Further information on subject securities may be obtained from our offices. This research report is published solely for information purposes, and is not to be construed as an offer to sell or the solicitation of an offer to buy any security inany state where such an offer or solicitation would be illegal. Other than disclosures relating to Cowen and Company, LLC, the information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purportto be a complete statement or summary of the available data. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice. The opinions and recommendations herein do not take intoaccount individual client circumstances, objectives or needs and are not intended as recommendations of investment strategy. The recipients of this report must make their own independent decisions regarding any securities subject to thisresearch report. In some cases, securities and other financial instruments may be difficult to value or sell and reliable information about the value or risks related to the security or financial instrument may be difficult to obtain. To the extentthat this report discusses any legal proceedings or issues, it has not been prepared to express or intended to express any legal conclusion, opinion or advice. Our salespeople, traders and other professionals may provide oral or written marketcommentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in our research. Our principal trading area and investing businesses may make investment decisions that are inconsistent withrecommendations or views expressed in our research. Cowen and Company, LLC maintains physical, electronic and procedural information barriers to address the flow of information between and among departments within Cowen andCompany, LLC in order to prevent and avoid conflicts of interest with respect to analyst recommendations.For important disclosures regarding the companies that are the subject of this research report, please contact Compliance Department, Cowen and Company, LLC, 599 Lexington Avenue, 20th Floor, New York, NY 10022. In addition, the sameimportant disclosures, with the exception of the valuation methods and risks, are available on the Firm's disclosure website at https://cowen.bluematrix.com/sellside/Disclosures.action.

Equity Research Price Targets: Cowen and Company, LLC assigns price targets on all companies covered in equity research unless noted otherwise. The equity research price target for an issuer's stock represents the value that the analystreasonably expects the stock to reach over a performance period of twelve months. Any price targets in equity securities in this report should be considered in the context of all prior published Cowen and Company, LLC equity research reports(including the disclosures in any such equity report or on the Firm's disclosure website), which may or may not include equity research price targets, as well as developments relating to the issuer, its industry and the financial markets. Forequity research price target valuation methodology and risks associated with the achievement of any given equity research price target, please see the analyst's equity research report publishing such targets.

Cowen Cross-Asset Research: Due to the nature of the fixed income market, the issuers or debt securities of the issuers discussed in “Cowen Cross-Asset Research” reports do not assign ratings and price targets and may not be continuouslyfollowed. Accordingly, investors must regard such branded reports as providing stand-alone analysis and reflecting the analyst’s opinion as of the date of the report and should not expect continuing analysis or additional reports relating tosuch issuers or debt securities of the issuers.

From time to time “Cowen Cross-Asset Research” analysts provide investment recommendations on securities that are the subject of this report. These recommendations are intended only as of the time and date of publication and only withinthe parameters specified in each individual report. “Cowen Cross-Asset Research” investment recommendations are made strictly on a case-by-case basis, and no recommendation is provided as part of an overarching rating system or other setof consistently applied benchmarks. The views expressed in "Cross-Asset Research" report may differ from the views offered in the firm’s equity research reports prepared for our clients.

Notice to UK Investors: This publication is produced by Cowen and Company, LLC which is regulated in the United States by FINRA. It is to be communicated only to persons of a kind described in Articles 19 and 49 of the Financial Services andMarkets Act 2000 (Financial Promotion) Order 2005. It must not be further transmitted to any other person without our consent.Notice to European Union Investors: Individuals producing recommendations are required to obtain certain licenses by the Financial Regulatory Authority (FINRA). You can review the author’s current licensing status and history, employmenthistory and, if any, reported regulatory, customer dispute, criminal and other matters via “Brokercheck by FINRA” at http://brokercheck.finra.org/. An individual’s licensing status with FINRA should not be construed as an endorsement byFINRA. General biographical information is also available for each Research Analyst at www.cowen.com.

47 May 2020|

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Additionally, the complete preceding 12-month recommendations history related to recommendation in this research report is available at https://cowen.bluematrix.com/sellside/Disclosures.action

The recommendation contained in this report was produced at May 28, 2020, 10:41 ET. and disseminated at May 28, 2020, 10:41 ET.Copyright, User Agreement and other general information related to this report© 2020 Cowen and Company, LLC. All rights reserved. Member NYSE, FINRA and SIPC. This research report is prepared for the exclusive use of Cowen clients and may not be reproduced, displayed, modified, distributed, transmitted ordisclosed, in whole or in part, or in any form or manner, to others outside your organization without the express prior written consent of Cowen. Cowen research reports are distributed simultaneously to all clients eligible to receive suchresearch reports. Any unauthorized use or disclosure is prohibited. Receipt and/or review of this research constitutes your agreement not to reproduce, display, modify, distribute, transmit, or disclose to others outside your organization. AllCowen trademarks displayed in this report are owned by Cowen and may not be used without its prior written consent.

Cowen and Company, LLC. New York 646 562 1010 Boston 617 946 3700 San Francisco 415 646 7200 Chicago 312 577 2240 Cleveland 440 331 3531 Atlanta 866 544 7009 Stamford 646 616 3000 Washington, D.C. 202 868 5300 London(affiliate) 44 207 071 7500

COWEN AND COMPANY EQUITY RESEARCH RATING DEFINITIONS

Outperform (1): The stock is expected to achieve a total positive return of at least 15% over the next 12 months

Market Perform (2): The stock is expected to have a total return that falls between the parameters of an Outperform and Underperform over the next 12 months

Underperform (3): Stock is expected to achieve a total negative return of at least 10% over the next 12 months

Assumption: The expected total return calculation includes anticipated dividend yield

Cowen and Company Equity Research Rating DistributionDistribution of Ratings/Investment Banking Services (IB) as of 03/31/20Rating Count Ratings Distribution Count IB Services/Past 12 MonthsBuy (a) 486 63.04% 127 26.13%Hold (b) 276 35.80% 17 6.16%Sell (c) 9 1.17% 0 0.00%(a) Corresponds to "Outperform" rated stocks as defined in Cowen and Company, LLC's equity research rating definitions. (b) Corresponds to "Market Perform" as defined in Cowen and Company, LLC's equity research ratings definitions. (c)Corresponds to "Underperform" as defined in Cowen and Company, LLC's equity research ratings definitions. Cowen and Company Equity Research Rating Distribution Table does not include any company for which the equity research rating iscurrently suspended or any debt security followed by Cowen Credit Research and Trading.

Note: "Buy", "Hold" and "Sell" are not terms that Cowen and Company, LLC uses in its ratings system and should not be construed as investment options. Rather, these ratings terms are used illustratively to comply with FINRA regulation.

48 May 2020|


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The Cowen Washington policy teamincludes Eric Assaraf, Paul Gallant, ChrisKrueger, Roman Schweizer, Jaret Seiberg,and Rick Weissenstein.

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49 May 2020|

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