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					                                                                                          Company Report
                                                                                          July 31, 2013




  Power Integrations, Inc.                                                                Buy
  Raising Estimates and Target Price to $62; Several Catalysts                            POWI
  for 2014                                                                                Price: Close $52.07
  Our Call                                                                                Price Target $62.00
  Following a positive pre-announcement on July 15, POWI delivered a clean beat
  and raise off higher expectations. We believe investors should continue to buy the
                                                                                          LED Supply Chain &
  stock in anticipation that Quick Charge 2.0, LED lighting, and mid-power all have
                                                                                          Semiconductors
  the potential to drive upside to estimates for 2014. We are raising our target price
  to $62 (from $54), which is 18X our new CY15 EPS estimate of $3.46.                     Andrew Huang
  ■ STERNE AGEE VIEW. We believe the fundamental outlook for POWI is                      (415) 362-6143
    improving, with Quick Charge 2.0 the newly introduced catalyst for 2014 (in           ahuang@sterneagee.com
    addition to LED lighting, which should grow 30% Y/Y in 2013 and accelerate in         John Shen
    2014 and mid-power, which should grow 100% Y/Y in 2013 and another 100%               (415) 402-6052
    in 2014). In our view, a mobile phone that can charge up to 75% faster than a         jshen@sterneagee.com
    normal phone is a very compelling value proposition for phone makers. Given
    that POWI’s dollar content in Quick Charge 2.0 should be 3X-4X compared to            Company Data
    a standard charger, we think the revenue potential is meaningful.                     Rating                                      Buy
                                                                                          Price: Close                              $52.07
  ■ BULLS WILL LIKELY POINT TO: 1) Quick Charge 2.0 has the potential to                  Price Target                              $62.00
    drive meaningful revenue growth for 2014 – we believe a reasonable scenario           52-Week Range                    $27.20 - $44.62
    is to see contribution in the Jun-14 Qtr. In addition, our previous estimate          Market Capitalization (M)              $1,137.1
    incorrectly assumed that only Snapdragon 800 phones could use the new                 Shares Outstanding (M)                      29.0
                                                                                          Avg. Daily Vol. (000)                      222.8
    technology. Qualcomm (QCOM, $64.51, Buy-Rakesh) has a stand-alone power               Dividend                                   $0.20
    management IC (PMIC) that will enable any phone to use Quick Charge 2.0,              Dividend Yield                             0.4%
    which significantly increases its market opportunity; 2) Gross margins between        Assets (M)                                $399.1
    now and year end should benefit from the weakening Yen; 3) New design win
                                                                                          Revenue ($M) 2013E 2014E 2015E
    for zero standby power with a tier-1 TV maker should begin in the Sep Qtr; 4)
                                                                                          FY                  349.1      403.0       449.1
    Inventories are still getting leaner internally (94 days versus 107 days in the Mar    (Prev)             348.1      400.7       441.1
    Qtr) and in the channel (5.8 weeks versus 6.5 weeks in the Mar Qtr).
  ■ BEARS WILL LIKELY POINT TO: 1) Following a very strong Jun Qtr,
    industrial (up 25% Q/Q) will likely slowdown in the back-half, which is
    unfavorable for gross margin; 2) With demand so strong, POWI worked through
    its inventory faster than expected, and as a result, should benefit from the weaker
    Yen in the Sep Qtr (ahead of previous expectations in the Dec Qtr); 3) With
    fundamentals seemingly very strong right now, can they get any better?
  ■ ESTIMATES CHANGES/VALUATION. For 2013, our new revenue estimate
    is $349 million (up from $348 million), and our new EPS estimate is $2.34 (up
    from $2.30). For 2014, our new revenue estimate is $403 million (up from $401
    million), and our new EPS estimate is $2.93 (down from $2.98 – as a result of
    a higher share count). For 2015, our revenue estimate is $449 million (up from
    $441 million) and EPS estimate is 3.46 (up from $3.44). Our target is $62, which
    is 18X our 2015 EPS estimate of $3.46.
                                                                                          Price Performance
  FYE Dec          2013E       2013E      2014E       2014E       2015E      2015E            60
                                                                                              55
                   (Prev)      (Curr)     (Prev)      (Curr)      (Prev)     (Curr)
                                                                                              50
  EPS ($)
                                                                                              45
  Q1 (Mar)                     0.47A                    0.65       0.78        0.77           40
  Q2 (Jun)          0.57        0.60        0.73        0.71       0.85        0.86           35
  Q3 (Sept)         0.63        0.65        0.83        0.81                   0.94           30
  Q4 (Dec)          0.63        0.62        0.77        0.76       0.88        0.89           25
                                                                                              Jul-12   Oct-12     Jan-13    Apr-13   Jul-13
  FY EPS            2.30        2.34        2.98        2.93       3.44        3.46                Power Integrations, Inc.
  P/E                          22.3x                   17.8x                  15.0x                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
                                                                                   July 31, 2013

JUNE QUARTER RESULTS
■ Revenue of $88 million (up 14% Q/Q) was above consensus of $87 million.
  ○ Sales to the consumer market (34% of total) increased nearly 10% Q/Q.
  ○ Sales to the industrial market (35% of total) was up more than 20% Q/Q, driven by growth in
    LED lighting, Smart Meters, and traditional industrial power supply applications.
  ○ Sales to the communications market (21% of total) increased nearly 10% Q/Q.
  ○ Sales to the computer market (10% of total) grew in the mid-teens Q/Q.
■ Non-GAAP gross margin of 53.6% increased 70 bps Q/Q from 52.9% and was better than guidance
  of 53%-53.5%, due mainly to favorable end market mix.
■ Non-GAAP operating expenses for the quarter were $27.7 million, up $1.4 million Q/Q driven
  mainly by product development efforts for its “Rapid-Charging” technology and expenses related
  to a new patent filing.
■ Non-GAAP EPS of $0.61 was above consensus of $0.60.
■ Bookings and backlog both grew Q/Q.
■ Inventory dollars decreased from $43.7 million in the March quarter to $43.2 million in the June
  quarter.
■ Inventory internally decreased from 107 days in the 1Q to 94 days in the 2Q.
■ Inventory in the channel decreased from 6.5 weeks to 5.8 weeks.

SEPTEMBER QUARTER GUIDANCE
■ Revenue guidance of $92 million (at the midpoint of $89 million-$94 million) was above consensus
  of $91 million.
■ Non-GAAP gross margin guidance is expected to be approximately 54%, above consensus of 53%.
■ Non-GAAP operating expenses in dollars should increase to $28 million plus or minus $0.5
  million.
■ The non-GAAP tax rate in Q3 is expected to be in the mid-single digits.




                                                                                         Page 2
                                                                                                                                                                          July 31, 2013
Power Integrations
Quarterly Revenue Model
In millions, except per share data
                                     Calendar Mar-13 Jun-13 Sep-13 Dec-13 Calendar Mar-14 Jun-14 Sep-14 Dec-14 Calendar Mar-15 Jun-15 Sep-15 Dec-15 Calendar
                                         2012    Q1      Q2    Q3E    Q4E   2013E    Q1E     Q2E    Q3E    Q4E   2014E    Q1E     Q2E    Q3E   Q4E    2015E
Net sales                             $305.4  $77.0   $87.9  $92.5  $91.6  $349.1  $94.3   $99.0 $105.9 $103.8  $403.0 $104.8 $111.1 $117.8 $115.4   $449.1
Cost of goods sold                      147.7  36.3    40.8   42.8   42.2    162.0  43.2    45.2   48.3   47.2    184.0  47.3    50.0   53.0  52.0     202.3
 % of sales                              48.4%      47.1%   46.4%   46.2%    46.0%    46.4%     45.8%    45.7%    45.6%    45.5%    45.7%     45.1%    45.0%    45.0%    45.0%      45.0%
Gross profit                            157.7        40.8    47.1    49.8     49.5    187.1      51.1     53.7     57.6     56.6    219.0      57.5     61.1     64.8     63.5     246.9
 % of sales                              51.6%      52.9%   53.6%   53.8%    54.0%    53.6%     54.2%    54.3%    54.4%    54.5%    54.3%     54.9%    55.0%    55.0%    55.0%      55.0%
R&D                                      40.2        11.2    11.8    12.1     12.3     47.5      12.5     12.7     12.9     13.0     51.3      13.2     13.4     13.6     13.8      54.2
 % of sales                              13.2%      14.5%   13.5%   13.1%    13.5%    13.6%     13.3%    12.9%    12.2%    12.6%    12.7%     12.6%    12.1%    11.6%    12.0%      12.1%
Sales & marketing                        31.7         8.8     9.4     9.7      9.9     38.0      10.1     10.3     10.5     10.6     41.7      10.8     11.0     11.2     11.4      44.6
 % of sales                              10.4%      11.5%   10.7%   10.5%    10.9%    10.9%     10.8%    10.5%    10.0%    10.3%    10.3%     10.3%     9.9%     9.5%     9.9%      9.9%
General & administrative                 18.3         4.9     5.6     5.1      5.2     20.9       5.3      5.4      5.4      5.5     21.7       5.6      5.7      5.8      5.9      23.1
 % of sales                               6.0%       6.4%    6.4%    5.5%     5.7%     6.0%      5.6%     5.5%     5.1%     5.3%     5.4%      5.4%     5.2%     4.9%     5.1%      5.1%
Litigation expense                         6.7        1.4     0.8     1.5      1.5      5.2       1.5      1.5      1.5      1.5      6.0       1.5      1.5      1.5      1.5       6.0
 % of sales                               2.2%       1.8%    0.9%    1.6%     1.6%     1.5%      1.6%     1.5%     1.4%     1.4%     1.5%      1.4%     1.3%     1.3%     1.3%      1.3%
Operating income                         60.8        14.5    19.4    21.2     20.4     75.5      21.6     23.7     27.2     25.8     98.3      26.3     29.4     32.5     30.7     119.0
 % of sales                              19.9%      18.8%   22.0%   23.0%    22.3%    21.6%     22.9%    24.0%    25.7%    24.9%    24.4%     25.1%    26.4%    27.6%    26.6%      26.5%
Other income (expense)                    1.0         0.2     0.1     0.1      0.1      0.5       0.1      0.1      0.1      0.1      0.4       0.1      0.1      0.1      0.1       0.4
Pretax income                            61.8        14.7    19.5    21.3     20.5     76.0      21.7     23.8     27.3     25.9     98.7      26.4     29.5     32.6     30.8     119.4
 % of sales                              20.2%      19.1%   22.1%   23.1%    22.4%    21.8%     23.0%    24.1%    25.8%    25.0%    24.5%     25.2%    26.5%    27.7%    26.7%      26.6%
Income taxes (benefit)                     8.2        0.7     1.5     1.3      1.2      4.7       1.3      1.4      1.6      1.6      5.9       1.6      1.8      2.0      1.9       7.2
 Tax rate                                13.3%       4.7%    7.6%    6.0%     6.0%     6.2%      6.0%     6.0%     6.0%     6.0%     6.0%      6.0%     6.0%     6.0%     6.0%      6.0%
Net income, including litigation         53.6        14.0    18.0    20.1     19.3     71.4     20.4      22.4     25.6     24.4     92.8     24.8      27.7     30.7     29.0     112.2
Litigation (after-tax)                    5.8         1.3     0.7     1.4      1.4      4.9      1.4       1.4      1.4      1.4      5.6      1.4       1.4      1.4      1.4       5.6
Net income, excluding litigation         59.3        15.3    18.7    21.5     20.7     76.3     21.8      23.8     27.0     25.8     98.4     26.2      29.1     32.1     30.4     117.8
Diluted (weighted average shares)        29.6        29.8    30.2    30.7     31.2     30.4     31.4      31.6     31.8     32.0     31.7     32.2      32.4     32.6     32.8      32.5
Diluted EPS, including litigation       $1.81       $0.47   $0.60   $0.65    $0.62    $2.34    $0.65     $0.71    $0.81    $0.76    $2.93    $0.77     $0.86    $0.94    $0.89     $3.46
Diluted EPS, excluding litigation       $2.00       $0.52   $0.62   $0.70    $0.66    $2.51    $0.70     $0.75    $0.85    $0.81    $3.11    $0.82     $0.90    $0.99    $0.93     $3.63

                                                       Calendar 2013E        Y/Y%                   Calendar 2014E         Y/Y%                   Calendar 2015E         Y/Y%
                                                 Sales             $349.1    14%              Sales             $403.0     15%              Sales             $449.1     11%
                                                 EBITDA             $98.8    22%              EBITDA            $122.3     24%              EBITDA            $143.0     17%
                                                 Diluted EPS        $2.34    29%              Diluted EPS        $2.93     25%              Diluted EPS        $3.46     18%

Diluted EPS % Change (Q/Q)                             0%     28%      8%      -5%                 5%       9%      14%      -6%                 1%      12%       9%      -5%
Diluted EPS % Change (Y/Y)                26%         31%     22%     33%      32%     29%        38%      18%      25%      23%     25%        18%      21%      16%      17%       18%
Sales % Change (Q/Q)                                  -3%     14%      5%      -1%                 3%       5%       7%      -2%                 1%       6%       6%      -2%
Sales % Change (Y/Y)                       2%          7%     15%     19%      16%      14%       22%      13%      14%      13%      15%       11%      12%      11%      11%       11%
EBITDA                                   81.3        20.3    25.2    27.0     26.2     98.8      27.6     29.7     33.2     31.8    122.3      32.3     35.4     38.5     36.7     143.0
EBITDA % Change (Q/Q)                                 -8%     24%      7%      -3%                 5%       8%      12%      -4%                 2%       9%       9%      -5%
EBITDA % Change (Y/Y)                     17%         24%     20%     23%      19%     22%        36%      18%      23%      21%     24%        17%      19%      16%      15%       17%
Days Sales Outstanding (DSOs)                        13.1    15.8        -        -                  -        -        -        -                  -        -        -        -
Days Inventory                                      111.1    97.2        -        -                  -        -        -        -                  -        -        -        -
ROA % (LTM)                                           14%     16%        -        -                  -        -        -        -                  -        -        -        -
ROE % (LTM)                                           16%     19%        -        -                  -        -        -        -                  -        -        -        -
Source: Company Reports and Sterne Agee Estimates

                                                                                                                                                                                  Page 3
                                                                                                                              July 31, 2013


                                                       APPENDIX SECTION
Company Description:
Founded in 1988, Power Integrations develops and manufactures high-voltage, analog IC components for AC/DC conversion switch-
mode power supplies (SMPS) that are lightweight, low-cost, compact and highly energy efficient. The conversion technology of its
ICs also regulates output voltage and reduces voltage consumption -- features not available from the traditional linear power supply
alternative. Power Integrations serves the consumer electronics, industrial, computer, communications and LED lighting markets. It
sells its products to OEMs, power supply manufacturers and through distributors.

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 Power Integrations, Inc. and Qualcomm, Inc.
Sterne, Agee & Leach, Inc. provided and received compensation for providing non-investment banking securities related services for
the following subject company within the past 12 months: Power Integrations, 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:
Power Integrations provides a value-added product to its customers and enjoys attractive gross margins relative to its competitors.
Because there is extreme pressure from power supply manufacturers to lower costs, customers will likely expect more favorable pricing
over time. Additionally, Power Integrations' competitors have significantly greater R&D budgets and have the potential to develop new
products that will supersede technologies developed by Power Integrations. Power Integrations also faces risks of inventory overbuild
and margin pressure due to competition and litigation charges.

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:
Our target P/E is 18X our 2015 EPS estimate of $3.46, which implies a target of $62.

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.



                                                                                                             Appendix Section, Page I
                                                                                                                           July 31, 2013

RESTRICTED: Restricted list requirements preclude comment.

Ratings Distribution:
                                                                                                       IB Serv./ Past 12Mos.
Rating Category                       Count                     Percent                  Count                    Percent
Buy                                   214                       45.63%                   24                       11.21%
Neutral                               237                       50.53%                   12                       5.06%
Underperform                          18                        3.84%                    1                        5.56%

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
CONSUMER                                                                                  Property/Casualty Insurance
 Broadlines and Health & Wellness Retailing                                               Dan Farrell                          Mng. Dir.               (212) 338-4782
  Charles Grom, CFA                    Mng. Dir.              (646) 376-5373              Nitin Chhabra, FCAS                  Analyst                 (212) 338-4779
  Renato Basanta, CFA                  VP, Analyst            (646) 376-5317
                                                                                       HEALTHCARE
  Footwear & Apparel                                                                     Pharmaceutical Services
  Sam Poser                            Mng. Dir.              (212) 763-8226              Gregory Bolan                        Mng. Dir.              (615) 760-1469
  Ben Shamsian                         Analyst                (212) 338-4721
                                                                                       INDUSTRIALS
  Leisure & Entertainment
  David Bain                           Mng. Dir.              (949) 721-6651
                                                                                         Aerospace & Defense
                                                                                          Peter Arment                         Mng. Dir.               (646) 376-5336
  Media & Entertainment                                                                   Josh W. Sullivan                     Sr. Analyst             (646) 376-5337
  Vasily Karasyov                      Mng. Dir.              (646) 376-5362
  Kutgun Maral                         VP, Analyst            (646) 376-5372
                                                                                          Auto, Auto Parts and Auto Retailers
                                                                                          Michael P. Ward, CFA                 Mng. Dir.               (646) 376-5375
  Restaurants
  Lynne Collier                        Mng. Dir.              (214) 702-4045
                                                                                          Coal, Metals & Mining, Engineering & Construction
                                                                                          Michael S. Dudas, CFA                Mng. Dir.               (646) 376-5329
  Specialty Retail                                                                        Satyadeep Jain, CFA                  Analyst                 (646) 376-5357
  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
                                                                                         Data Networking and Storage
FINANCIAL SERVICES                                                                        Alex Kurtz                           Mng. Dir                (415) 402-6015
  Asset Management                                                                        Amelia Harris                        Analyst                 (415) 402-6018
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293
                                                                                          Financial Technology
  Banks & Thrifts                                                                         Greg Smith                           Mng. Dir                (818) 615-2029
  Matthew Kelley                        Mng. Dir.             (207) 699-5800              Jennifer Dugan                       Analyst                 (415) 402-6051
  Matthew Breese                        VP, Sr. Analyst       (207) 699-5800
  Brett Rabatin, CFA                    Mng. Dir.             (615) 760-1466              Interactive Entertainment / Internet
  Kenneth James                         VP, Sr. Analyst       (615) 760-1474              Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001
  Nathan Race                           Analyst               (615) 760-1477              Brett Strauser                       VP, Analyst            (214) 702-4009
  Peyton Green                          Mng. Dir.             (877) 492-2663
                                                                                          LED Supply Chain
  Todd L. Hagerman                      Mng. Dir.             (212) 338-4744
  Robert Greene                         VP, Analyst           (212) 763-8296              Andrew Huang                         Mng. Dir.               (415) 362-6143
                                                                                          John Shen                            Analyst                 (415) 402-6052
  Life Insurance
  John M. Nadel                         Mng. Dir.             (212) 338-4717              Semiconductors
  Alex Levine                           Analyst               (212) 338-4748              Vijay Rakesh                         Mng. Dir.               (312) 525-8431

  Mortgage Finance & Specialty Finance                                                 TRANSPORTATION, SERVICES & EQUIPMENT
  Henry J. Coffey, Jr., CFA             Mng. Dir.             (615) 760-1472              Sal Vitale                           VP, Sr. Analyst         (212) 338-4766
  Calvin Hotrum                         Analyst               (615) 760-1476




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

				
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