universe - Download as PDF

Document Sample
universe - Download as PDF Powered By Docstoc
					Research Coverage & Interest Universe

                    1/6/2010




                                                                                                                Market                                    E.P.S.                     Last     Current   Next    Current     Prior      Growth
                                                                            Price   1/6/2010        Shares        Cap                     Last          Current        Next          FY        FY       FY      Quarter    Year Qtr.    Rate
                                                        Symbol   Rating*   Target     Price          (mil)       ($mil)       FY         FY              FY             FY           P/E       P/E      P/E     Estimate    Actual     Estimate   Analyst


                Products & Services
  Consumer




                Ambassadors Group                       EPAX     Neutral    $11      $13.35          19.5       $260.3       DEC         $0.97     A     $1.09     E   $0.60     E   13.8      12.2     22.3    ($0.28)     ($0.35)     15%        gjm
                Buffalo Wild Wings                      BWLD      Buy       $46      $40.07          18.1       $725.3       DEC         $1.36     A     $1.77     E   $2.13     E   29.5      22.6     18.8     $0.53      $0.43       20%        gjm
                Green Mountain Coffee Roasters          GMCR      Buy       $82      $82.78          45.7      $3,783.0      SEP         $0.58     A     $1.13     A   $1.85     E   142.7     73.3     44.7     $0.15      $0.10       35%        gjm
                Life Time Fitness                       LTM      Neutral    $29      $25.42          40.2      $1,021.9      DEC         $1.90     A     $1.80     E   $1.93     E   13.4      14.1     13.2     $0.45      $0.41       15%        gjm
                MarineMax                               HZO      Neutral    $9       $9.08           21.5       $195.2       SEP        ($0.99)    A    ($4.10)    A   ($0.50)   E    n/a      n/a      n/a     ($0.51)     ($0.78)     12%        gjm


                Services
                American Dental Partners                ADPI      Buy      $21.00    $12.72          14.5       $184.4       DEC         $0.91     A     $0.99     E   $1.05     E   14.0      12.8     12.1     $0.22      $0.21       15%        bgo
                BioScrip                                BIOS      Buy      $14.00    $8.61           40.2       $346.1       DEC         $0.18     A     $0.44     E   $0.57     E   47.8      19.6     15.1     $0.10      $0.09       25%        bgo
                Emergency Medical Services              EMS         I       NA       $53.29          43.1      $2,298.4      DEC         $1.97     A     $2.45     E   $2.75     E   27.05     21.75    19.38    $0.60      $0.45       20%        bgo
                Catalyst Health Solutions, Inc.         CHSI      Buy      $47.00    $37.41          44.0      $1,647.5      DEC         $1.18     A     $1.45     E   $1.80     E   31.7      25.8     20.8     $0.38      $0.35       25%        bgo
                HealthSpring                            HS          I       NA       $17.48          56.0       $979.0       DEC         $2.12     A     $2.17     E   $2.01     E    8.2       8.1      8.7     $0.63      $0.51       15%        bgo
                Healthways                              HWAY      Buy      $20.00    $18.27          34.5       $630.3       DEC         $1.52     A     $0.99     E   $1.00     E   12.0      18.5     18.3     $0.22      $0.23       15%        bgo
  Health Care




                IPC The Hospitalist Company, Inc.       IPCM      Buy      $35.00    $35.21          16.5       $581.0       DEC         $0.89     A     $1.12     E   $1.35     E   39.6      31.4     26.1     $0.31      $0.28       25%        bgo
                Inverness Medical Innovation            IMA         I       NA       $43.11          77.8      $3,353.0      DEC        ($0.46)    A     $2.51     E   $2.89     E   NM        17.2     14.9     $0.60      $0.46       25%        bgo
                NightHawk Radiology                     NHWK     Neutral   $5.00     $4.49           26.0       $116.7       DEC         $0.66     A     $0.58     E   $0.51     E    6.8       7.7      8.8     $0.10      $0.14       15%        bgo
                NovaMed                                 NOVA      Buy      $6.00     $3.98           23.4        $93.1       DEC         $0.37     A     $0.44     E   $0.46     E   10.8       9.0      8.7     $0.11      $0.10       15%        bgo
                MEDNAX Medical Group                    MD        Buy      $70.00    $59.17          46.7      $2,763.2      DEC         $3.07     A     $3.69     E   $4.07     E   19.3      16.0     14.5     $0.98      $0.81       15%        bgo
                SXC Health Solutions                    SXCI      Buy      $65.00    $54.90          30.9      $1,696.4      DEC         $0.90     A     $1.82     E   $2.19     E   61.0      30.2     25.1     $0.45      $0.28       25%        bgo
                Virtual Radiologic Corporation          VRAD      Buy      $17.00    $12.89          16.3       $210.1       DEC         $0.57     A     $0.77     E   $0.85     E   22.6      16.7     15.2     $0.14      $0.12       15%        bgo


                Products
                AGA Medical                             AGAM     Neutral   $15.50    $14.69          51.1       $750.7       DEC        ($0.45)    A    ($0.05)    E   $0.56     E   -32.6    -293.8    26.2     $0.14       NA         12%         ch


                Energy Technologies
                A-Power Energy Generation Systems       APWR      Buy      $19.00    $19.39          35.0       $678.7       DEC         $0.94     A     $0.88     E   $1.25     E   20.6      22.0     15.5     $0.40      $0.30       30%        jam
                Dynamic Materials                       BOOM     Neutral   $15.00    $21.12          12.6       $266.1       DEC         $1.91     A     $0.69     E   $0.73     E   11.1      30.6     28.9     $0.11      $0.43       15%         rar
                Echelon                                 ELON     Neutral   $10.00    $11.61          40.7       $472.5       DEC        ($0.64)    A    ($0.84)    E   ($0.62)   E   NM        NM       NM      ($0.15)     ($0.15)      NA        jam
                Energy Recovery Inc.                    ERII     Neutral   $4.00     $7.15           52.3       $373.9       DEC         $0.18     A     $0.08     E   $0.13     E   39.7      89.4     55.0     $0.04      $0.10       15%        gjm
                GSE Systems                             GVP       Buy      $7.50     $5.48           16.7        $91.5       DEC        ($0.04)    A     $0.11     E   $0.25     E   -137.0    NM       21.9     $0.03      $0.00       30%         rar
                Graham Corporation                      GHM      Neutral   $14.50    $20.84          10.1       $210.5       MAR         $1.71     A     $0.57     E   $0.65     E   12.2      36.6     32.1     $0.03      $0.37       15%         rar
                PMFG, Inc.                              PMFG     Neutral   $10.00    $17.20          13.2       $227.0       JUN         $0.22     A     $0.20     E   $0.45     E   78.2      86.0     38.2     $0.04      $0.11       15%         rar
                Zoltek Companies                        ZOLT     Neutral   $9.00     $9.76           34.4       $335.7       SEP         $0.58     A     $0.04     E   ($0.10)   E   16.8      nm       nm      ($0.06)     $0.08        nm        jam
  Industrial




                Manufacturing & Industrial Technology
                Alpha Pro Tech                          APT       Buy      $10.00    $4.65           22.4       $104.2       DEC         $0.06     A     $0.38     E   $0.50     E   77.5      12.2      9.3     $0.14      $0.01       25%        jam
                Astronics Corporation                   ATRO     Neutral   $8.00     $8.97           10.6        $95.1       DEC         $0.79     A     $0.59     E   $0.61     E   11.4      15.2     14.7     $0.06      ($0.02)     15%         rar
                Chart Industries                        GTLS      Buy      $25.00    $17.71          29.1       $515.4       DEC         $2.72     A     $1.71     E   $0.85     E    6.5      10.4     20.8     $0.14      $0.75       15%        gjm
                Daktronics                              DAKT     Neutral   $9.00     $9.26           41.0       $379.7       APR         $0.64     A     0.22      E    0.38     E   14.5      42.1     24.4     $0.01      $0.10       15%         rar
                Force Protection                        FRPT      Buy      $7.50     $4.97           69.9       $347.4       DEC         $0.69     A     $0.35     E   $0.50     E    7.2      14.2      9.9     $0.19      $0.17       15%        jam
                Raven                                   RAVN     Neutral   $26.00    $32.15          18.0       $580.1       JAN         $1.70     A     $1.52     E   $1.60     E   18.9      21.2     20.1     $0.26      $0.26       13%         jke
                Spartan Motors                          SPAR     Neutral   $6.00     $6.45           32.9       $212.2       DEC         $1.32     A     $0.43     E   $0.28     E    4.9      15.0     23.0     $0.06      $0.09        NA        jam
                Tennant                                 TNC       Buy      $35.00    $26.97          18.7       $504.3       DEC         $1.36     A     $0.63     E   $0.95     E   19.8      42.8     28.4     $0.21      ($0.05)     15%        jam
                Tetra Tech                              TTEK     Neutral   $28.00    $27.45          61.9      $1,699.2      DEC         $1.02     A     $1.21     A   $1.35     E   26.9      22.7     20.3     $0.30      $0.27       15%        gjm
                Woodward Governor                       WGOV      Buy      $28.00    $26.82          69.2      $1,855.9      SEPT        $1.76     A     $1.57     A   $1.45     E   15.2      17.1     18.5     $0.29      $0.39       15%        gjm
                                                                                              90 SOUTH SEVENTH STREET, SUITE 4300, MINNEAPOLIS, MINNESOTA 55402-4115
                                                                                                                   (612) 376-4000 (800) 328-4000
                    1                                                                                                  MEMBER SIPC FINRA
Research Coverage & Interest Universe

                                    1/6/2010




                                                                                                                          Market                                    E.P.S.                     Last    Current    Next     Current     Prior      Growth
                                                                                      Price   1/6/2010        Shares        Cap                     Last          Current        Next          FY       FY         FY      Quarter    Year Qtr.    Rate
                                                                  Symbol   Rating*   Target     Price          (mil)       ($mil)       FY         FY              FY             FY           P/E      P/E        P/E     Estimate    Actual     Estimate   Analyst
                                Select Equity
                                John Bean Technologies            JBT       Buy      $23.75    $17.10          28.1       $480.5       DEC         $1.44     A     $1.10     E   $1.24     E   11.9     15.5       13.8     $0.32      $0.37       10%         rar
                                Entegris, Inc.                    ENTG      Buy      $7.00     $5.28           129.0      $681.1       DEC         $0.00     A    ($0.26)    E   $0.30     E    0.5     -20.3      17.6     $0.06      ($0.16)     15%         rar
  Select




                                FSI Int'l                         FSII      Buy      $3.50     $3.19           31.6       $100.8       Aug.       ($0.56)    A     $0.12     E   $0.37     E   -5.7     26.6       NM       $0.02      ($0.20)     15%         rar
                                Mine Safety Appliances            MSA      Neutral   $24.00    $26.77          35.8       $958.4       DEC         $1.96     A     $1.21     E   $1.50     E   13.7     22.1       17.8     $0.35      $0.46       15%         rar
                                Aegean Marine Petroleum Network   ANW       Buy      $40.00    $32.47          42.6      $1,383.2      DEC         $0.94     A     $1.18     E   $2.02     E   34.5     27.5       16.1     $0.36      $0.31       40%        gjm
                                Polymet Mining                    PLM       Buy      $6.00     $3.46           139.1      $481.3       JAN          NA              NA            NA           NA       NA         NA        NA         NA          NA        gjm


                                Defense & Homeland Security
                                American Science & Engineering    ASEI      Buy      $80.00    $77.31           9.1       $700.7       MAR         $3.17     A     $3.90     E   $4.12     E   24.4     19.8       18.8     $0.90      $1.13       15%        jom
  Defense & Homeland Security




                                Analogic Corporation              ALOG      Sell     $30.00    $38.98          12.8       $499.7        JUL        $2.02     A     $0.75     E   $0.82     E   19.3     52.0       47.5     $0.11      $0.31       10%        jom
                                Applied Signal Technology         APSG      Buy      $25.00    $19.08          13.2       $252.4       OCT         $1.11     A     $0.99     E    NA       E   17.2     19.3                $0.23      $0.27        8%         jke
                                OSI Systems                       OSIS      Buy      $24.00    $27.72          17.8       $493.9       JUN         $0.91     A     $1.21     E   $1.37     E   30.5     22.9       20.2     $0.36      $0.34       15%        jom
                                Comtech Telecomm                  CMTL        I       NA       $35.49          28.2       $999.0        JUL        $2.76     A     $2.15     E   $2.31     E   12.9     16.5       15.4     $0.22      $0.80       15%        jom
                                Cogent Inc                        COGT      Buy      $12.00    $10.28          90.6       $931.4       DEC         $0.44     A     $0.39     E   $0.49     E   23.4     26.4       21.0     $0.12      $0.12       15%        jom
                                Ceradyne Inc                      CRDN     Neutral   $17.00    $19.31          25.8       $498.2       DEC         $4.31     A     $0.60     E   $0.73     E    4.5     32.2       26.5     $0.28      $0.82       10%        jom
                                Cubic Corp                        CUB       Buy      $46.00    $41.58          26.7      $1,111.4      SEP         $1.52     A     $2.08     E   $2.41     E   27.4     20.0       17.3     $0.54      $0.53       15%        jom
                                FLIR Systems Inc                  FLIR      Buy      $35.00    $32.72          160.3     $5,245.0      DEC         $1.28     A     $1.46     E   $1.60     E   25.6     22.4       20.5     $0.38      $0.41       15%        jom
                                L-1 Identity Solutions Inc        ID          I       NA       $7.23           88.6       $640.4       DEC        ($7.08)    A     $0.05     E   $0.22     E   -1.0     144.6      32.9     $0.01      $0.06       15%        jom
                                Navistar Intl Corp                NAV         I       NA       $39.72          70.3      $2,792.3      OCT         $7.23     A     $2.47     E   $3.89     E    5.5     16.1       10.2     $1.54      $0.82       15%        jom
                                Oshkosh Corporation               OSK         I       NA       $38.87          74.5      $2,893.9      SEP         $3.37     A    ($0.56)    E   $2.94     E   11.5     -69.4      13.2     $0.17      $0.72       15%        jom
                                iRobot                            IRBT      Sell     $9.00     $18.11          25.0       $452.8       DEC         $0.03     A     $0.06     E   $0.10     E   603.7    301.8     181.1     $0.13      $0.21       15%        jom
                                ICX Technologies                  ICXT      Buy      $8.00     $7.66           34.2       $262.0       DEC        ($0.76)    A    ($0.20)    E   $0.11     E   -10.1    -38.3      69.6    ($0.03)     ($0.06)     20%        jom


                                Mobile Computing
                                InterDigital                      IDCC      Buy      $32.00    $27.22          43.8      $1,192.8      DEC         $0.57     A     $2.28     E   $2.57     E   47.8     11.9       10.6     $0.64      $0.09       20%         cla


                                Laser Technology
                                Coherent                          COHR        I       NA       $29.85          24.4       $728.3       SEP         $1.54     A     $0.34     E   $0.86     E   19.4     87.8       34.7    ($0.04)     $0.53        NA        jam
                                IPG Photonics                     IPGP      Buy      $17.00    $17.07          45.6       $778.4       DEC         $0.79     A     $0.12     E   $0.43     E   21.6     142.3      39.7     $0.07      $0.20       20%        jam
                                Rofin-Sinar                       RSTI        I       NA       $23.35          28.9       $674.8       SEP         $2.09     A     $0.59     E   $0.99     E   11.2     39.6       23.6     $0.06      $0.54        NA        jam
                                Newport                           NEWP        I       NA       $9.29           36.2       $336.3       DEC         $0.17     A    ($0.07)    E   $0.26     E   54.6    -132.7      35.7    ($0.06)     ($0.08)      NA        jam
                                IIVI Inc.                         IIVI        I       NA       $32.57          29.5       $960.8       JUN         $2.16     A     $1.11     E   $1.00     E   15.1     29.3       32.6     $0.15      $0.47        NA        jam
  Technology




                                Enterprise Software & Systems
                                Accelrys, Inc.                    ACCL      Buy      $6.00     $5.77           27.9       $161.0        Mar        $0.22     A     $0.25     E    NE       E   26.2     23.1       NE       $0.02      ($0.05)     17%         rs
                                Constant Contact, Inc.            CTCT     Neutral   $18.00    $16.63          29.6       $491.7       DEC         $0.18     E     $0.35     E    NE       E   NM       NM       #VALUE!    $0.05      ($0.03)     40%         rs
                                eResearchTechnology, Inc.         ERES      Buy      $7.50     $6.15           48.8       $299.8       DEC         $0.23     E     $0.30     E    NE       E   26.7     20.5     #VALUE!    $0.05      $0.12       20%         rs
                                Fundtech Ltd.                     FNDT     Neutral   $9.75     $13.30          16.0       $212.2       DEC         $0.50     E     $0.62     E    NE       E   26.6     21.5     #VALUE!    $0.19      $0.05       20%         rs
                                Medidata Solutions, Inc.          MDSO      Buy      $20.00    $15.56          23.8       $371.0       DEC         $0.54     E     $0.75     E    NE       E   NM       20.7     #VALUE!    $0.12       NA         25%         rs
                                NIC                               EGOV      Buy      $11.00    $9.11           63.2       $575.6       DEC         $0.18     A     $0.25     E   $0.29     E   50.6     36.4       31.4     $0.07      $0.04       18%         jke
                                Pegasystems, Inc.                 PEGA      Buy      $39.00    $34.70          38.4      $1,333.9      DEC         $0.87     E     $1.06     E   $1.30     E   39.9     32.7       26.7     $0.12      $0.09       25%         rs
                                Phase Forward, Inc.               PFWD      Buy      $18.00    $15.20          44.5       $676.7       DEC         $0.51     E     $0.61     E    NE       E   29.8     24.9     #VALUE!    $0.13      $0.13       25%         rs
                                Phoenix Technologies              PTEC     Neutral   $3.00     $3.06           35.0       $107.1       SEP        ($0.53)    A    ($0.12)    E    NA       E   NM       NM         NM      ($0.07)     ($0.18)     20%        jam
                                Tyler Technlogies, Inc.           TYL       Buy      $20.00    $20.78          36.5       $758.2       DEC         $0.89     E     $1.03     E    NE       E   23.3     20.2     #VALUE!    $0.22      $0.17       20%         rs
                                Ultimate Software Group, Inc.     ULTI     Neutral   $26.00    $29.84          26.5       $791.2       DEC         $0.29     E     $0.53     E   $0.53     E   102.9    56.3       56.3     $0.10      $0.11       35%         rs
                                Vocus, Inc.                       VOCS     Neutral   $19.50    $18.75          19.8       $370.7       DEC         $0.67     E     $0.70     E    NE       E   28.0     26.8     #VALUE!    $0.17      $0.23       15%         rs
                                                                                                        90 SOUTH SEVENTH STREET, SUITE 4300, MINNEAPOLIS, MINNESOTA 55402-4115
                                Wireless Ronin                    RNIN     Neutral    NA       $3.54            14.8      $52.4 376-4000 (800) 328-4000
                                                                                                                             (612)     DEC         ($1.41)   A    ($0.64)   E    ($0.35)   E   NM       NM         NM      ($0.10)     ($0.47)     20%         rar
                                    2                                                                                            MEMBER SIPC FINRA
Research Coverage & Interest Universe

                           1/6/2010




                                                                                                                                                                         Market                                                   E.P.S.                                    Last            Current             Next             Current            Prior            Growth
                                                                                                                       Price          1/6/2010           Shares            Cap                              Last               Current              Next                    FY                FY                FY               Quarter          Year Qtr.           Rate
                                                                                  Symbol             Rating*          Target             Price            (mil)           ($mil)            FY             FY                    FY                   FY                    P/E               P/E               P/E             Estimate            Actual           Estimate        Analyst


                       Hardware & Components
                       Digi International                                         DGII                 Buy            $11.00             $9.11            25.0           $227.6            SEP            $0.16         A       $0.27        E        n/a        E          56.9              33.7              NM                $0.06             $0.04              13%             jke
                       Globecomm Systems                                          GCOM                 Buy            $10.00             $7.87             20.4          $160.5            JUN            $0.16         A       $0.32        E        NE         E          49.2              24.6               NE               $0.05             $0.04              15%              rar
                       Integral Systems                                           ISYS                 Buy            $10.25             $8.96             17.4          $155.9            SEP            $0.06         A       $0.35        E      $0.55        E         149.3              25.6              16.3              $0.01             $0.06              20%              rar
                       Rimage Corporation                                         RIMG                 Buy            $18.00            $16.71             9.6           $160.4            DEC            $0.98         A       $0.87        E      $0.85        E          17.1              19.2              19.7              $0.21             $0.18              10%             gjm
                       Stratasys                                                  SSYS                 Buy            $20.00            $18.04            20.2           $365.0            DEC            $0.68         A       $0.27        E      $0.48        E          26.5              66.8              37.6              $0.10             $0.16              15%             jke
                       Taser International                                        TASR                 Buy            $6.00              $4.70            61.9           $290.9            DEC            $0.06         A      ($0.05)       E      $0.05        E          78.3              n/a               94.0              $0.02             $0.06              15%             gjm
  Technology (cont.)




                       Internet Services & Media
                       Global Traffic Network                                     GNET                 Buy            $7.50              $4.41            18.1            $79.8            JUN            ($0.06)       A      ($0.03)       E        NE         E          NM                NM                NM                $0.01             $0.05              25%              rar
                       Vasco Data Security                                        VDSI               Neutral          $7.00              $6.37            37.5           $238.9            DEC            $0.64         A       $0.26        E      $0.34        E          10.0              24.5              18.7              $0.07             $0.07              15%             jam


                       Location & Auto Identification
                       AeroVironment                                              AVAV                 Buy            $34.00            $29.00            21.3           $618.2            APR            $1.11         A       $1.11        E      $1.35        E          26.1              26.1              21.5              $0.33             $0.21              18%             jke
                       DigitalGlobe                                               DGI                  Buy            $35.00            $25.29            45.4          $1,148.1           DEC            $1.22         A       $1.03        E      $0.82        E          20.7              24.6              30.8              $0.28              n/a               20%             jke
                       Garmin                                                     GRMN                 Buy            $48.00            $32.26           201.6          $6,503.6           DEC            $3.40         A       $3.00        E      $3.00        E          9.5               10.8              10.8              $0.90             $0.93              13%             jke
                       GeoEye                                                     GEOY                 Buy            $37.00            $29.74            20.6           $614.0            DEC            $1.36         A       $1.19        E      $1.67        E          21.9              25.0              17.8              $0.20            ($0.20)             20%             jke
                       Hemisphere                                                 HEM.TO                 I              NA               $0.90             55.6           $50.0            DEC            $0.11         A        n/a         E        n/a        E          NM                NM                NM                 NA              ($0.05)              NA             jke
                       Hexagon                                                    HEXAB                 I               NA             $108.75            266.2         $28,946            DEC            $6.96         A        n/a         E        n/a        E          15.6              NM                NM                 NA               $1.56               NA             jke
                       Intermap Technologies                                      IMP.TO             Neutral            $2               $2.20            52.0           $114.4            DEC            ($0.30)       A      ($0.41)       E        n/a        E          NM                NM                NM               ($0.04)           ($0.08)             20%             jke
                       TomTom                                                     TOM2                   I              NA               $0.00            151.2            $0.0            DEC           ($10.70)       A        n/a         E        n/a        E          0.0               NM                NM                 NA              ($12.04)             NA             jke
                       Topcon                                                     TOPCF                  I              NA               $5.35           1080.1          $5,779            MAR            ($1.15)       A        n/a         E        n/a        E          -4.7              NM                NM                 NA              ($0.32)              NA             jke
                       Trimble                                                    TRMB                 Buy            $30.00            $25.52           122.9          $3,135.2           DEC            $1.54         A       $1.05        E      $1.35        E          16.6              24.3              18.9              $0.21             $0.24              20%             jke


 * Ratings designated as “I” are companies of interest to our analysts for which our analysts do not have all necessary information to author research reports, ratings, or price targets. Rather, our analysts have knowledge on companies of interest due to previous research coverage, a customer/peer/competitor relationship with a research-covered company, and/or consummation of
 preliminary research work, amongst other factors. Appearance on this report as a company of interest does not imply future ratings or published research. Data presented for companies of interest is based on consensus estimates.


The information contained herein is based on data obtained from sources considered reliable. Such information is not represented or guaranteed to be accurate or purported to be complete. Because of individual client requirements, advice regarding the securities mentioned herein should not be construed as suitable for all accounts. Some securities mentioned herein relate to small
speculative companies which may be unsuitable for some accounts. Any opinion expressed is subject to change. From time to time, Dougherty and Company LLC, or its officers, directors or agents or members of their families, may have a position in securities mentioned and may make purchases or sales of the same in the open market or otherwise. Dougherty and Company LLC as
a market maker may act as principal or agent with respect to the sale or purchase of securities mentioned.




                                                                                                                                                 90 SOUTH SEVENTH STREET, SUITE 4300, MINNEAPOLIS, MINNESOTA 55402-4115
                                                                                                                                                                      (612) 376-4000 (800) 328-4000
                           3                                                                                                                                              MEMBER SIPC FINRA
IMPORTANT DISCLOSURES
 The ratings used in Dougherty & Company LLC research reports are defined as followed:
 Buy: Expected to outperform the broader market and/or its sector over the next six to twelve months.
 Neutral: Expected to perform generally in-line to moderately below the broader market and/or its sector over the next six to twelve months.
 Sell: Expected to materially underperform the broader market and/or its sector over the next six to twelve months.

  This report has been prepared solely for informative purposes and is not a solicitation or an offer to buy or sell any security. The information contained herein
  has been taken from trade and statistical services believed, but not guaranteed, to be accurate, reliable or purported to be complete. Any opinions or estimates
  expressed in this report reflect a judgement made of this date, and are subject to change. The securities described may not be qualified for purchase in all
  jurisdictions. Because of individual requirements, advice regarding securities mentioned herein should not be construed as suitable for all accounts. Some
  securities mentioned herein relate to small speculative companies (these securities are currently below investment grade), which may be unsuitable for some
  accounts. Recommendations are made in a general sense, suitability for individual acquisition or sale should be a matter of discussion between the Investment
  Executive and the client before any transactions occur. Past performance does not guarantee future results. From time to time, Dougherty & Company LLC, or
  its officers, directors or agents, or members of their families, may have a position in securities mentioned and may make purchases or sales of the same in the
  open market or otherwise, and may own options, rights or warrants to purchase the same or a member of Dougherty & Company LLC or its affiliates may serve
  or have served on the Board of Directors for this company. Dougherty & Company LLC as a market maker may act as principal or agent with respect to the
  sale or purchase of securities mentioned, and may have managed or co-managed a public offering of the securities mentioned within the last year. All views
  expressed in research reports reflect analysts’ personal views about the security. No part of the analysts’ compensation was, is or will be directly or indirectly
  related to the views expressed in this report. Additional information is available upon request.




  Please contact Dougherty & Company LLC at 90 South 7th Street, Suite 4300, Minneapolis, MN 55402 - 612-376-4000 - 800-328-4000 or via e-mail

  contactus@doughertymarkets.com to ask for the most recent research report and disclosure information on any of the aforementioned securities. The
  disclosure information includes items such as ownership and any material conflicts of interest, receipt of compensation, price charts, price targets, market aking,
  investment and non-investment banking business.

  Percent of research companies within each of the three rating categories (Buy, Neutral, Sell) for which Dougherty & Company LLC has provided investment
  banking services within the last 12 months: Buy =4%; Neutral = 0%; Sell = 0%.




                                                    90 SOUTH SEVENTH STREET • SUITE 4300 • MINNEAPOLIS, MINNESOTA 55402-4115
                                                                        (612) 376 – 4000 • (800) 328 – 4000
                                                                                MEMBER SIPC & FINRA

				
DOCUMENT INFO