cree by iBCAxiom

VIEWS: 56 PAGES: 7

									                                                                                         Company Report
                                                                                         May 14, 2013




  Cree, Inc.                                                                             Neutral
  Downgrade to Neutral; Lowering Estimates & TP; Checks                                  CREE
  Suggest a Potential Disruption for Cree’s Lighting Revenue                             Price: Close $61.11
  Our Call                                                                               Price Target $59.00
  As a result of aggressive behavior from Philips Lighting, we believe Cree Lighting
  could face some disruption in the June Qtr and then more in the Sept Qtr. We are
                                                                                         LED Supply Chain &
  cutting our estimates, lowering our target price to $59, and downgrading to Neutral.
                                                                                         Semiconductors
  WHY WE’RE DOWNGRADING. Our checks indicate that since early this year,
                                                                                         Andrew Huang
  Philips Lighting North America has been flexing its muscles and forcing its agents
                                                                                         (415) 362-6143
  to choose between Philips and Cree. We estimate that roughly half of Cree’s agents     ahuang@sterneagee.com
  carry both Cree and Philips. Our checks suggest a meaningful percentage of these
  agents will choose Philips Lighting (which has a product catalog one foot thick,       John Shen
                                                                                         (415) 402-6052
  albeit with a lot of legacy product) over Cree Lighting (which has a product catalog
                                                                                         jshen@sterneagee.com
  half an inch thick). We therefore believe Cree Lighting could face some disruption
  in the Jun-13 Qtr and then more in the Sep-13 Qtr.
                                                                                         Company Data
  WHY WE'RE NOT GOING TO UNDERPERFORM. We are not going to an                            Rating                                Neutral
                                                                                         Price: Close                           $61.11
  Underperform because we believe that 1) this issue will be resolved in a quarter       Price Target                           $59.00
  or two; and 2) LED lighting price points are now low enough that adoption will         52-Week Range                 $22.25 - $61.76
  only accelerate. We will revisit our rating when there is better visibility on this    Market Capitalization (M)           $7,248.1
  particular concern. In no way does this change our long-term thesis that Cree          Shares Outstanding (M)                  117.9
                                                                                         Avg. Daily Vol. (000)                 2,154.3
  will be a major player in the lighting industry.                                       Dividend                                $0.00
                                                                                         Dividend Yield                          0.0%
  QUANTIFYING THE IMPACT – HOW MUCH? In the March Qtr, Cree                              Assets (M)                          $2,747.5
  Lighting accounted for 37% of total revenue. Because some of Cree Lighting is
  sold direct through Home Depot and some of its agents have remained, we estimate       Revenue ($M) 2012A 2013E 2014E
  15%-20% of total sales (roughly $60-$70 million a quarter) could be at risk.           FY                1,164.7   1,370.8     1,513.3
                                                                                          (Prev)              -      1,383.9     1,639.3
  QUANTIFYING THE IMPACT – HOW LONG? For the Jun-13 Qtr, we think
  a reasonable scenario is that revenue for the month of June will be negatively
  impacted. For the Sep-13 Qtr, we think the impact could be more pronounced.
  However, given our view that Cree Lighting’s success is driven primarily by
  the product and the technology, and to a lesser degree the channel, we think
  the negative impact will be short-term in nature.

  ESTIMATE CHANGES/VALUATION. For FY13, we are lowering our EPS
  estimate to $1.24 (down from $1.28) on revenue of $1.37 billion (down from $1.38
  billion). For FY14, we are lowering our EPS estimate to $1.64 (down from $1.84)
  on revenue of $1.51 billion (down from $1.64 billion). For CY14, we are lowering
  our EPS estimate to $1.97 (down from $2.20) on revenue of $1.65 billion (down
  from $1.77 billion). Our previous $66 target was 30X our CY14 EPS of $2.20.
  Our new $59 target is 30X our new CY14 EPS of $1.97.
                                                                                         Price Performance
  FYE Jun                     2012A       2013E      2013E       2014E      2014E            70

                              (Curr)      (Prev)     (Curr)      (Prev)     (Curr)           60
  EPS ($)                                                                                    50
  Q1 (Sept)                     0.25                  0.27A       0.41        0.36
                                                                                             40
  Q2 (Dec)                      0.25                   0.32       0.48        0.42
                                                                                             30
  Q3 (Mar)                      0.20                   0.34       0.44        0.39
  Q4 (Jun)                      0.25       0.35        0.31       0.51        0.46           20
                                                                                             May-12   Aug-12 Nov-12    Feb-13     May-13
  FY EPS                        0.95       1.28        1.24       1.84        1.64               Cree, Inc.
  P/E                          64.3x                  49.3x                  37.3x               NASDAQ Composite Index (COMP)

                                                                                         Source: FactSet

   Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
                    800 Shades Creek ParkwaySuite 700Birmingham, AL 35209205-949-3500
                                  Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
                                                                                       May 14, 2013

WHY WE’RE DOWNGRADING. Our checks indicate that since early this year, Philips Lighting
North America has been flexing its muscles and forcing its agents to choose between Philips and
Cree. We estimate that roughly half of Cree’s agents carry both Cree and Philips. Our checks suggest
a meaningful percentage of these agents will choose Philips Lighting (which has a product catalog
one foot thick, albeit with a lot of legacy product) over Cree Lighting (which has a product catalog
half an inch thick). We therefore believe Cree Lighting could face some disruption in the Jun-13 Qtr
and then more in the Sep-13 Qtr. Given our estimate cuts, we are downgrading to Neutral. We are
not going to an Underperform because we believe that 1) this issue will be resolved in a quarter or
two; and 2) LED lighting price points are now low enough that adoption will only accelerate. We
will revisit our rating when there is better visibility on this particular concern. In no way does this
change our long-term thesis that Cree will be a major player in the lighting industry.

BACKGROUND. On July 10, 2012, Philips appoints Bruno Biasiotta as CEO and President
of Philips Lighting North America. Mr. Biasiotta joins Philips from Johnson Controls where
he held several leadership positions, most recently as vice president and general manager of
building efficiency. Since early this year, Philips Lighting North America has been pressuring its
manufacturer reps to choose between Philips and Cree. The pitch, according to our industry checks,
is along the lines of, “We are the world’s #1, vertically integrated lighting company. Cree has
stated their intentions to be the world’s #1 vertically integrated lighting company. You can carry
other manufacturers, just not Cree.” Our checks indicate that in some instances, Philips has
been willing to incentivize lighting agents for lost Cree Lighting revenue. As examples, Cree/
Beta/Ruud are no longer on the linecards at Associated Lighting Representatives (San Francisco),
Prudential Lighting Products (Los Angeles), and Sesco (Southeast).

QUANTIFYING THE IMPACT – HOW MUCH? In the Mar-13 Qtr, Cree Lighting accounted for
37% of total revenue. Because some of Cree Lighting is sold through Home Depot (4 inch and 6 inch
LED recessed downlights, and more recently, LED light bulbs), we estimate roughly 2/3 to 4/5 of its
sales go through lighting agents, implying 25%-30% of total sales. Although we estimate that Cree
has lost roughly half of its lighting agents to Philips, we believe the revenue impact could be greater
(given that some of the agents lost were significant). Of the 25%-30% of sales through lighting
agents, we estimate roughly 2/3 of those sales may be negatively impacted, implying 15%-20% of
total sales (roughly $60-$70 million a quarter) could be at risk.

QUANTIFYING THE IMPACT – HOW LONG? In the Mar-12 Qtr, Cree experienced a hiccup in
its lighting revenue (down 10% Q/Q) when it attempted to consolidate its agents from Beta/Ruud
with its agents from Cree indoor lighting. Lighting revenue rebounded immediately in the Jun-12
Qtr, up 16% Q/Q. This time around, we think the scenario could be a little different. For the Jun-13
Qtr, we think a reasonable scenario is that revenue for the month of June will be negatively impacted.
For the Sep-13 Qtr, we think the impact could be more pronounced. However, given our view that
Cree Lighting’s success is driven primarily by the product and the technology, and to a lesser
degree the channel, we think the negative impact will be short-term in nature.

THOUGHTS ON THE STOCK – MORE ABOUT THE SEP-QTR GUIDANCE. We suspect that
Cree has been very cognizant of Philip’s strategy since early this year. From the perspective of the
stock, the question is to what degree management’s guidance already reflected potential share losses
at the lighting agents. For the Jun-13 Qtr, total company revenue guidance is $365-$385 million (up
7% Q/Q), which is comprised of double digit Q/Q growth in lighting (we had been modeling
12% Q/Q, and now, we are modeling 2% Q/Q), driven by commercial fixtures and LED bulbs,
single digit growth in LED sales, and slightly higher Power and RF sales. We think the change in
agents could have more impact on the Sep-13 Qtr revenue guidance when Cree reports its Jun-12
Qtr results on Tuesday, August 13.

ESTIMATE CHANGES/VALUATION. Our lower estimates reflect lower revenue from lighting
(lost sales from agents), lower margins for lighting (lower volumes), and lower margins for
components (less absorption from lower lighting revenue). Interestingly, our overall corporate
gross margin estimates do not change. The lower lighting revenue has a positive impact to gross
margins (favorable mix shift), which is offsetting the negative impact from lower absorption on the
components business. For FY13, we are lowering our EPS estimate to $1.24 (down from $1.28) on


                                                                                              Page 2
                                                                                       May 14, 2013

revenue of $1.37 billion (down from $1.38 billion). For FY14, we are lowering our EPS estimate
to $1.64 (down from $1.84) on revenue of $1.51 billion (down from $1.64 billion). For CY14, we
are lowering our EPS estimate to $1.97 (down from $2.20) on revenue of $1.65 billion (down from
$1.77 billion). Our previous $66 target was 30X our CY14 EPS of $2.20. Our new $59 target is
30X our new CY14 EPS of $1.97.

BULLS WILL POINT TO: 1) The last time Cree Lighting experienced a hiccup in its lighting
business in the Mar-12 Qtr, 80% of its lighting agents were new to either Beta or Cree Indoor, and
yet, lighting revenue rebounded quickly, up 16% Q/Q in the Jun-12 Qtr. In other words, last time
was clearly not a long-term concern. 2) Given that Philips started pressuring its agents since the
beginning of the year, management may have factored the potential negative impact of lighting agent
transitions in their Jun-13 Qtr revenue guidance. 3) Cree Lighting must be doing something right in
order to get the attention of Philips Lighting, the biggest lighting company in the world. 4) Before
the change, Philips was always the #1 vendor at the lighting agents, with Cree at #2 or #3. Now, at
its new, smaller lighting agents, Cree will likely be the #1 vendor.

BEARS WILL POINT TO: 1) At 34X fiscal 2014 (ending June) consensus EPS of $1.82, the stock
is not reflecting any sort of near-term estimate cut. 2) Last time around, Cree Lighting generally
transitioned from smaller lighting agents to bigger lighting agents. This time around, Cree Lighting is
transitioning from some of its larger lighting agents to smaller ones, which could make a recovery a
bit more challenging. 3) Although the LED bulb at Home Depot has the potential to offset weakness
in the agent business, Street models were likely already reflecting strong LED bulb sales, which
have margins below the lighting average. Street models were unlikely reflecting a hiccup/pause in
the agent business.


 Companies Mentioned:
                                                                                     Sterne Agee
 Company Name                                   Ticker           Stock Price               Rating
 Koninklijke Philips Electronics N.V. ADS       PHG-US               $28.02                   NR
 Johnson Controls Inc.                          JCI-US               $36.82          Neutral-Ward
 Home Depot Inc.                                HD-US                $76.67                   NR




                                                                                              Page 3
                                                                                                                                                                               May 14, 2013

                                             Fiscal   Sep-12   Dec-12   Mar-13   Jun-13             Fiscal   Sep-13   Dec-13   Mar-14   Jun-14            Fiscal   Sep-14   Dec-14
                                               2012       Q1       Q2       Q3     Q4E              2013E      Q1E      Q2E      Q3E      Q4E             2014E      Q1E      Q2E
LED Revenue                                $756.924 $187.547 $200.962 $195.561 $203.383           $787.453 $211.519 $219.980 $208.981 $217.340          $857.819 $226.033 $235.075
 Q/Q %                                             -          1%        7%        -3%       4%           -          4%        4%        -5%       4%           -       4%        4%
 Y/Y %                                          -6%          -5%        4%         8%      10%         4%          13%        9%         7%       7%         9%        7%        7%
 % of total                                     65%          59%       58%        56%      57%        57%          58%       58%        56%      55%        57%       53%       52%
LIGHTING Revenue                            334.704      108.073   122.714    130.659   133.272   494.718      126.609   132.939    139.586   153.545   552.678    168.899   185.789
 Q/Q %                                             -          7%       14%         6%       2%           -         -5%        5%         5%      10%           -      10%       10%
 Y/Y %                                         309%         109%       28%        51%      32%        48%          17%        8%         7%      15%        12%       33%       40%
 % of total                                     29%          34%       35%        37%      37%        36%          35%       35%        37%      39%        37%       40%       41%
POWER & RF Revenue                           73.030       20.133    22.610     22.714    23.168    88.625       24.327    25.543     25.798    27.088   102.757     28.443    29.865
 Q/Q %                                             -         -4%       12%         0%       2%           -          5%        5%         1%       5%           -       5%        5%
 Y/Y %                                         -25%          -2%       59%        31%      11%        21%          21%       13%        14%      17%        16%       17%       17%
 % of total                                      6%           6%        7%         7%       6%         6%           7%        7%         7%       7%         7%        7%        7%
Revenue                                  $1,164.658 $315.753 $346.286 $348.934 $359.824 $1,370.797 $362.454 $378.462 $374.365 $397.973 $1,513.253 $423.375 $450.729
Cost of goods sold                          743.772 197.420 210.553 213.590 219.271        840.834 217.845 224.477 224.903 235.595        902.821 248.366 262.833
  % of sales                                 63.9%    62.5%    60.8%    61.2%    60.9%      61.3%    60.1%    59.3%    60.1%    59.2%      59.7%    58.7%    58.3%
Gross profit                                420.886 118.333 135.733 135.344 140.553        529.963 144.609 153.985 149.462 162.377        610.432 175.010 187.895
  % of sales                                 36.1%    37.5%    39.2%    38.8%    39.1%      38.7%    39.9%    40.7%    39.9%    40.8%      40.3%    41.3%    41.7%
R&D                                         132.964   37.547   39.941   39.036   40.536    157.060   41.036   42.036   41.036   42.036    166.144   42.536   43.536
  % of sales                                 11.4%    11.9%    11.5%    11.2%    11.3%      11.5%    11.3%    11.1%    11.0%    10.6%      11.0%    10.0%     9.7%
SG&A                                        165.738   42.444   47.813   50.559   55.559    196.375   49.294   49.200   49.416   50.941    198.850   52.075   54.087
  % of sales                                 14.2%    13.4%    13.8%    14.5%    15.4%      14.3%    13.6%    13.0%    13.2%    12.8%      13.1%    12.3%    12.0%
Loss on disposal of assets                    3.481    0.898    0.624    0.863    0.863      3.248    0.863    0.863    0.863    0.863      3.452    0.863    0.863
  % of sales                                  0.3%     0.3%     0.2%     0.2%     0.2%       0.2%     0.2%     0.2%     0.2%     0.2%       0.2%     0.2%     0.2%
Operating income                            118.703   37.444   47.355   44.886   43.595    173.280   53.416   61.886   58.147   68.538    241.986   79.535   89.409
  % of sales                                 10.2%    11.9%    13.7%    12.9%    12.1%      12.6%    14.7%    16.4%    15.5%    17.2%      16.0%    18.8%    19.8%
Other income (expense)                        8.389    3.385    2.481    2.512    2.300     10.678    2.300    2.300    2.300    2.300      9.200    2.300    2.300
Pretax income                               127.092   40.829   49.836   47.398   45.895    183.958   55.716   64.186   60.447   70.838    251.186   81.835   91.709
  % of sales                                 10.9%    12.9%    14.4%    13.6%    12.8%      13.4%    15.4%    17.0%    16.1%    17.8%      16.6%    19.3%    20.3%
Income taxes (benefit)                       17.853    8.985   12.958    6.637    9.179     37.759   12.257   14.121   13.298   15.584     55.261   18.004   20.176
  Tax rate                                   14.0%    22.0%    26.0%    14.0%    20.0%      20.5%    22.0%    22.0%    22.0%    22.0%      22.0%    22.0%    22.0%
Net income, excluding one-time items       $109.239 $31.844 $36.878 $40.761 $36.716       $146.199 $43.458 $50.065 $47.148 $55.254       $195.925 $63.832 $71.533
Diluted shares                              115.186 115.960 116.410 118.608 118.908        117.472 119.208 119.508 119.808 120.108        119.658 120.408 120.708
Diluted EPS, excluding one-time items        $0.95    $0.27    $0.32    $0.34    $0.31      $1.24    $0.36    $0.42    $0.39    $0.46      $1.64    $0.53    $0.59

                                                                Calendar 2013E          Y/Y%                          Calendar 2014E          Y/Y%
                                                       Sales                 $1,449.7   16%                  Sales                 $1,646.4   14%
                                                       EBITDA                  $322.3   27%                  EBITDA                  $415.6   29%
                                                       Diluted EPS              $1.43   38%                  Diluted EPS              $1.97   38%

Diluted EPS % Change (Q/Q)                                   8%        19%        6%       -9%                    16%        17%       -7%       18%                  15%       11%
Diluted EPS % Change (Y/Y)                      -44%         8%        28%       70%       24%       31%          33%        31%       15%       48%       32%        47%       40%
Sales % Change (Q/Q)                                         3%        10%        1%        3%                     1%         4%       -1%        6%                   6%        6%
Sales % Change (Y/Y)                             18%        17%        14%       23%       17%        18%         15%         9%        7%       11%        10%       17%       19%
EBITDA                                         229.3       64.7       77.8      73.4      73.6      289.5        83.4       91.9      88.1      98.5      362.0     109.5     119.4
EBITDA % Change (Q/Q)                                       10%        20%       -6%        0%                    13%        10%       -4%       12%                  11%        9%
EBITDA % Change (Y/Y)                           -25%         8%        33%       40%       25%       26%          29%        18%       20%       34%       25%        31%       30%
Days Sales Outstanding (DSOs)                              45.5       40.4      42.7          -                      -          -         -         -                    -         -
Inventory Turns                                             4.3        4.6       4.5          -                      -          -         -         -                    -         -
Days Inventory                                             85.2       79.0      81.3          -                      -          -         -         -                    -         -
ROA % (LTM)                                                  5%         5%        6%          -                      -          -         -         -                    -         -
ROE % (LTM)                                                  5%         6%        6%          -                      -          -         -         -                    -         -
Source: Company reports and Sterne Agee estimates



                                                                                                                                                                                       Page 4
                                                                                                                              May 14, 2013


                                                       APPENDIX SECTION
Company Description:
Cree manufactures its own MOCVD tools, substrates, LED chips, LED components and systems, and LED bulbs and luminaires. Cree
is the only LED company that grows its epi on silicon carbide rather than sapphire. Its blue and green LED chips are based on expertise
growing Gallium Nitride (GaN) and other materials on silicon carbide substrates. Cree's products are used in general lighting, video
screens,and backlighting.

IMPORTANT DISCLOSURES:
Regulation Analyst Certification:
I, Andrew Huang and John Shen, hereby certify the views expressed in this research report accurately reflect my personal views about
the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related
to the specific recommendations or views expressed by me in this report.

Research Disclosures:
Sterne, Agee & Leach, Inc. makes a market in the following subject companies Cree, Inc. and Johnson Controls Inc.
Sterne, Agee & Leach, Inc.'s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach,
Inc.'s total revenues, a portion of which is generated by investment banking activities.
Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject company
and/or companies in the next three months.

Price Target Risks & Related Risk Factors:
Investment risks associated with the achievement of the price target include, but are not limited to, a company's failure to achieve Sterne,
Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect demand for a
company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or industry; intense
and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability to recruit and retain
competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of
a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities Exchange Commission.
Company Specific Risks:
With several major electronics companies already committed to entering the LED market and several others currently evaluating the
LED market, many investors think that Cree will not be able to sustain its leadership position in general lighting. Also, there may be
hiccups in the growth of the general lighting market this year and competition may cause higher than expected ASP erosion.

Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry
size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and
expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry
or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately reflects
the strong absolute value of earnings, the strong earnings growth rate, the inherent profitability, and adjusted balance sheet factors.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc.

Company Specific Valuation:
Given the magnitude of the growth opportunity for LED lighting and the fact that our CY14 estimates reflect 14% top-line growth and
38% EPS growth, we believe a 30X multiple is warranted. Our target price is $59.
Definition of Investment Ratings:
BUY: We expect this stock to outperform the industry over the next 12 months.
NEUTRAL: We expect this stock to perform in line with the industry over the next 12 months.
UNDERPERFORM: We expect this stock to underperform the industry over the next 12 months.
RESTRICTED: Restricted list requirements preclude comment.




                                                                                                             Appendix Section, Page I
                                                                                                                          May 14, 2013

Ratings Distribution:
                                                                                                       IB Serv./ Past 12Mos.
Rating Category                       Count                     Percent                  Count                    Percent
Buy                                   199                       45.85%                   22                       11.06%
Neutral                               220                       50.69%                   14                       6.36%
Underperform                          15                        3.46%                    1                        6.67%

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.
Copyright © 2013 Sterne, Agee & Leach, Inc. All Rights Reserved.




To receive price charts or other disclosures on the companies mentioned in this report, please visit our website at https://
sterneagee.bluematrix.com/sellside/Disclosures.action or contact Sterne, Agee & Leach, Inc. toll-free at (800) 240-1438 or (205)
949-3689.




                                                                                                         Appendix Section, Page II
                       Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the
                       early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we
                       have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne
                       Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also
                       includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee
                       Financial Services, Inc.—www.sterneagee.com

                                                              EQUITY CAPITAL MARKETS
                                          Ryan Medo            Managing Dir., Eq. Cap. Mkts.              (205) 949-3623


                         INSTITUTIONAL SALES                                                                  INSTITUTIONAL TRADING
William Jump          Director of Institutional Sales         (404) 814-3960           JT Cacciabaudo        Head of Trading                           (212) 763-8288
Jon Schenk            Assoc. Director of Inst. Sales          (212) 763-8221

                                                                    EQUITY RESEARCH
                                          Robert Hoehn          Director of Research                      (212) 338-4731
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  Ike Boruchow, Jr.                    Sr. VP, Sr. Analyst    (212) 338-4756              Patrick Uotila, CPA                  Analyst                 (646) 376-5358
  Tom Nikic, CFA                       Analyst                (212) 338-4784
                                                                                          Construction Materials & Diversified Industrials
ENERGY                                                                                    Todd Vencil, CFA                     Mng. Dir.              (804) 282-7385
  Exploration & Production                                                                Kevin Bennett, CFA                   VP, Analyst            (804) 282-4506
  Tim Rezvan, CFA                       VP, Sr. Analyst       (212) 338-4736
  Truman Hobbs                          Analyst               (212) 338-4767              Homebuilding
                                                                                          Jay McCanless                        VP, Sr. Analyst        (615) 760-1475
  Oilfield Services & Equipment
  Stephen D. Gengaro                   Mng. Dir.              (646) 376-5331           TECHNOLOGY
  Grant Fox                            Analyst                (212) 338-4723             Data Networking and Storage
                                                                                          Alex Kurtz                           Mng. Dir                (415) 402-6015
FINANCIAL SERVICES                                                                        Amelia Harris                        Analyst                 (415) 402-6018
  Asset Management
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293              Financial Technology
                                                                                          Greg Smith                           Mng. Dir                (818) 615-2029
  Banks & Thrifts                                                                         Jennifer Dugan                       Analyst                 (415) 402-6051
  Matthew Kelley                        Mng. Dir.             (207) 699-5800
  Matthew Breese                        VP, Sr. Analyst       (207) 699-5800              Interactive Entertainment / Internet
  Brett Rabatin, CFA                    Mng. Dir.             (615) 760-1466              Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001
  Kenneth James                         VP, Sr. Analyst       (615) 760-1474              Brett Strauser                       VP, Analyst            (214) 702-4009
  Nathan Race                           Analyst               (615) 760-1477
                                                                                          LED Supply Chain
  Peyton Green                          Mng. Dir.             (877) 492-2663
                                                                                          Andrew Huang                         Mng. Dir.               (415) 362-6143
  Todd L. Hagerman                      Mng. Dir.             (212) 338-4744
  Robert Greene                         VP, Analyst           (212) 763-8296              John Shen                            Analyst                 (415) 402-6052

  Life Insurance                                                                          Semiconductors
  John M. Nadel                         Mng. Dir.             (212) 338-4717              Vijay Rakesh                         Mng. Dir.               (312) 525-8431
  Alex Levine                           Analyst               (212) 338-4748
                                                                                       TRANSPORTATION, SERVICES & EQUIPMENT
  Mortgage Finance & Specialty Finance                                                    Sal Vitale                           VP, Sr. Analyst         (212) 338-4766
  Henry J. Coffey, Jr., CFA             Mng. Dir.             (615) 760-1472              Ryan Mueller                         Analyst                 (212) 338-4732
  Calvin Hotrum                         Analyst               (615) 760-1476

  Property/Casualty Insurance
  Dan Farrell                           Mng. Dir.             (212) 338-4782
  Nitin Chhabra, FCAS                   Analyst               (212) 338-4779




Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

								
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