Northcoast Research Stock Recommendations and Price Targets

This is a list of recent ratings by Northcoast Research.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
11/28/2023	HXL Hexcel	Initiated Coverage	$71.00	$80.00	Buy	Low
11/20/2023	WING Wingstop	Downgrade	$243.00		Buy ➝ Neutral	Low
10/31/2023	BA Boeing	Upgrade	$234.00	$217.00	Neutral ➝ Buy	Low
10/26/2023	VMI Valmont Industries	Downgrade	$224.00		Buy ➝ Neutral	Low
10/5/2023	HWM Howmet Aerospace	Initiated Coverage	$53.00		Neutral	Low
9/29/2023	TXRH Texas Roadhouse	Upgrade	$114.00	$118.00	Neutral ➝ Buy	Low
9/29/2023	BMI Badger Meter	Downgrade	$149.00	$120.00	Neutral ➝ Sell	Low
9/28/2023	WTRG Essential Utilities	Upgrade	$36.00	$42.00	Neutral ➝ Buy	Low
9/18/2023	JKHY Jack Henry & Associates	Upgrade	$161.00	$185.00	Neutral ➝ Buy	Low
9/15/2023	SHAK Shake Shack	Upgrade	$62.00	$85.00	Neutral ➝ Buy	Low
9/13/2023	GRC Gorman-Rupp	Initiated Coverage	$32.00	$40.00	Buy	Low
8/25/2023	CRS Carpenter Technology	Initiated Coverage	$73.00	$73.00	Buy	Low
8/23/2023	SCSC ScanSource	Upgrade	$34.00		Neutral ➝ Buy	Low
8/22/2023	QSR Restaurant Brands International	Upgrade	$73.00		Neutral ➝ Buy	Low
8/9/2023	SHAK Shake Shack	Downgrade	$62.00		Buy ➝ Neutral	Low
8/4/2023	MWA Mueller Water Products	Downgrade	$14.00		Buy ➝ Neutral	Low
8/4/2023	CLFD Clearfield	Reiterated Rating	$26.00	$45.00	Outperform ➝ Market Perform	Low
8/1/2023	BA Boeing	Upgrade	$234.00		Sell ➝ Neutral	Low
7/25/2023	CWH Camping World	Upgrade	$22.00	$40.00	Neutral ➝ Buy	Low
7/20/2023	ATI ATI	Initiated Coverage	$43.00	$54.00	Buy	Low
7/13/2023	DPZ Domino's Pizza	Upgrade	$397.00	$430.00	Neutral ➝ Buy	Low
7/5/2023	ECL Ecolab	Downgrade	$192.00		Buy ➝ Neutral	Low
6/28/2023	AAP Advance Auto Parts	Initiated Coverage	$54.00		Neutral	Low
6/28/2023	GPC Genuine Parts	Initiated Coverage	$135.00	$195.00	Buy	Low
6/28/2023	AZO AutoZone	Initiated Coverage	$2,642.00		Neutral	Low
6/27/2023	WING Wingstop	Upgrade	$243.00	$229.00	Neutral ➝ Buy	Low
6/13/2023	CNM Core & Main	Initiated Coverage	$36.00	$40.00	Buy	Low
6/13/2023	FERG Ferguson	Initiated Coverage	$172.00		Buy	Low
6/12/2023	SIG Signet Jewelers	Downgrade	$85.00		Buy ➝ Neutral	Low
6/12/2023	KMX CarMax	Downgrade	$67.00		Buy ➝ Neutral	Low
5/25/2023	HAYN Haynes International	Initiated Coverage	$49.00	$60.00	Buy	Low
5/24/2023	SCSC ScanSource	Downgrade	$34.00		Buy ➝ Neutral	Low
5/18/2023	WTRG Essential Utilities	Downgrade	$36.00		Buy ➝ Neutral	Low
5/2/2023	CAKE Cheesecake Factory	Initiated Coverage	$33.00	$46.00	Buy	Low
5/2/2023	EAT Brinker International	Initiated Coverage	$38.00		Neutral	Low
5/1/2023	CPRT Copart	Downgrade	$50.00		Buy ➝ Neutral	Low
4/14/2023	CASY Casey's General Stores	Upgrade	$276.00	$247.00 ➝ $270.00	Neutral ➝ Buy	Low
4/10/2023	MCD McDonald's	Upgrade	$286.00	$321.00	Neutral ➝ Buy	Low
4/4/2023	BA Boeing	Downgrade	$234.00	$180.00	Buy ➝ Neutral	Low
3/20/2023	KR Kroger	Upgrade	$45.00	$60.00	Neutral ➝ Buy	Low
3/20/2023	LYV Live Nation Entertainment	Upgrade	$84.00	$85.00	Neutral ➝ Buy	Low
3/16/2023	BA Boeing	Initiated Coverage	$234.00		Neutral	Low
3/10/2023	UNFI United Natural Foods	Downgrade	$16.00		Buy ➝ Neutral	Low
3/7/2023	TRMB Trimble	Downgrade	$47.00	$40.00	Neutral ➝ Sell	Low
3/7/2023	COST Costco Wholesale	Upgrade	$596.00	$560.00	Neutral ➝ Buy	Low
3/6/2023	WEN Wendy's	Downgrade	$20.00		Buy ➝ Neutral	Low
2/28/2023	DPZ Domino's Pizza	Reiterated Rating	$397.00		Buy ➝ Neutral	Low
2/27/2023	WING Wingstop	Downgrade	$243.00		Buy ➝ Neutral	Low
2/22/2023	TXRH Texas Roadhouse	Downgrade	$114.00		Buy ➝ Neutral	Low
2/6/2023	WGO Winnebago Industries	Downgrade	$67.00		Buy ➝ Neutral	Low
2/1/2023	CGNX Cognex	Downgrade	$38.00		Buy ➝ Neutral	Low
1/26/2023	MAN ManpowerGroup	Downgrade	$76.00		Buy ➝ Neutral	Low
1/13/2023	PII Polaris	Downgrade	$87.00		Buy ➝ Neutral	Low
12/8/2022	CASY Casey's General Stores	Downgrade	$276.00		Buy ➝ Neutral	Low
12/7/2022	KELYA Kelly Services	Downgrade	$21.00		Buy ➝ Neutral	Low
12/1/2022	SPTN SpartanNash	Upgrade	$23.00		Neutral ➝ Buy	Low
11/21/2022	MWA Mueller Water Products	Upgrade	$14.00		Neutral ➝ Buy	Low
11/18/2022	DPZ Domino's Pizza	Upgrade	$397.00	$460.00	Neutral ➝ Buy	Low
11/17/2022	SFM Sprouts Farmers Market	Downgrade	$44.00		Buy ➝ Neutral	Low
11/14/2022	RBA RB Global	Upgrade	$66.00	$65.00	Neutral ➝ Buy	Low
11/9/2022	LYFT Lyft	Downgrade	$13.00		Buy ➝ Neutral	N/A
11/7/2022	PZZA Papa John's International	Downgrade	$68.00		Buy ➝ Neutral	Low
10/17/2022	KR Kroger	Downgrade	$45.00		Buy ➝ Neutral	Low
10/13/2022	PPG PPG Industries	Initiated Coverage	$144.00		Neutral	Low
9/6/2022	TTC Toro	Upgrade	$86.00		Neutral ➝ Buy	Low
9/6/2022	ECL Ecolab	Upgrade	$192.00	$188.00	Neutral ➝ Buy	Low
8/15/2022	FELE Franklin Electric	Downgrade	$91.00		Buy ➝ Neutral	Low
8/15/2022	LNN Lindsay	Downgrade	$120.00		Buy ➝ Neutral	Low
7/18/2022	WTRG Essential Utilities	Initiated Coverage	$36.00		Buy	Low
7/18/2022	MLI Mueller Industries	Initiated Coverage	$42.00		Buy	Low
7/18/2022	AOS A. O. Smith	Initiated Coverage	$77.00		Buy	Low
7/18/2022	AWK American Water Works	Initiated Coverage	$133.00		Neutral	Low
7/15/2022	MWA Mueller Water Products	Initiated Coverage	$14.00		Neutral	Low
7/15/2022	PNR Pentair	Initiated Coverage	$66.00		Neutral	Low
7/15/2022	FELE Franklin Electric	Initiated Coverage	$91.00	$82.00	Buy	Low
7/15/2022	XYL Xylem	Initiated Coverage	$106.00		Neutral	Low
7/15/2022	BMI Badger Meter	Initiated Coverage	$149.00		Neutral	Low
7/15/2022	WTS Watts Water Technologies	Initiated Coverage	$196.00		Neutral	Low
7/15/2022	LNN Lindsay	Initiated Coverage	$120.00	$150.00	Buy	Low
7/15/2022	TTEK Tetra Tech	Initiated Coverage	$163.00		Neutral	Low
7/15/2022	ECL Ecolab	Initiated Coverage	$192.00		Neutral	Low
7/15/2022	VMI Valmont Industries	Initiated Coverage	$224.00	$300.00	Buy	Low
7/12/2022	SHW Sherwin-Williams	Upgrade	$282.00	$300.00	Neutral ➝ Buy	N/A
5/17/2022	HOG Harley-Davidson	Reiterated Rating	$31.00		Neutral	High
5/17/2022	HZO MarineMax	Reiterated Rating	$32.00		Buy	Low
5/17/2022	WGO Winnebago Industries	Upgrade	$67.00		Neutral ➝ Buy	High
5/17/2022	DOOO BRP	Downgrade	$63.00		Buy ➝ Neutral	High
5/17/2022	BC Brunswick	Reiterated Rating	$83.00		Neutral	Medium
5/17/2022	DOO BRP	Downgrade	C$85.00		Buy ➝ Neutral	N/A
5/17/2022	PII Polaris	Reiterated Rating	$87.00		Buy	High
5/16/2022	SHAK Shake Shack	Upgrade	$62.00	$70.00	Neutral ➝ Buy	High
5/4/2022	TXRH Texas Roadhouse	Initiated Coverage	$114.00	$108.00	Buy	High
4/11/2022	CVNA Carvana	Initiated Coverage	$35.00		Neutral	Low
3/16/2022	WING Wingstop	Upgrade	$243.00		Neutral ➝ Buy	High
3/10/2022	MCD McDonald's	Downgrade	$286.00	$297.00	Buy ➝ Neutral	Low
2/28/2022	KAR OPENLANE	Downgrade	$15.00	$20.00	Buy ➝ Neutral	Low
2/2/2022	TRUE TrueCar	Initiated Coverage	$3.00		Neutral	Low
2/2/2022	CARS Cars.com	Initiated Coverage	$18.00		Neutral	High
2/2/2022	CARG CarGurus	Initiated Coverage	$22.00	$43.00	Buy	High
2/2/2022	PZZA Papa John's International	Upgrade	$68.00	$147.00	Neutral ➝ Buy	Medium