Vertical Research Stock Recommendations and Price Targets

This is a list of recent ratings by Vertical Research.

Date	Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
6/24/2021	FMC FMC	Downgrade	$113.00	$123.00	Buy ➝ Hold	High
6/17/2021	IR Ingersoll Rand	Upgrade	$48.00	$52.00 ➝ $54.00	Hold ➝ Buy	High
6/9/2021	TWTR Twitter	Upgrade	$68.00		Positive	Low
6/9/2021	CMS CMS Energy	Downgrade	$59.00		Buy ➝ Hold	Low
6/8/2021	ARCB ArcBest	Upgrade	$58.00	$85.00	Hold ➝ Buy	Low
6/1/2021	LII Lennox International	Downgrade	$331.00	$275.00 ➝ $300.00	Hold ➝ Sell	Low
5/24/2021	OLN Olin	Upgrade	$47.00	$53.00	Hold ➝ Buy	N/A
5/24/2021	CNI Canadian National Railway	Upgrade	$106.00		Hold ➝ Buy	N/A
5/24/2021	LIN Linde	Upgrade	$285.00	$330.00	Hold ➝ Buy	N/A
5/18/2021	OLN Olin	Upgrade	$47.00	$53.00	Hold ➝ Buy	Low
5/18/2021	CNI Canadian National Railway	Upgrade	$106.00		Hold ➝ Buy	Medium
5/18/2021	LIN Linde	Upgrade	$285.00	$330.00	Hold ➝ Buy	Medium
5/18/2021	TDG TransDigm Group	Upgrade	$680.00	$604.00 ➝ $667.00	Hold ➝ Buy	Low
5/12/2021	TDG TransDigm Group	Upgrade	$680.00	$604.00 ➝ $667.00	Hold ➝ Buy	High
5/11/2021	XPO XPO Logistics	Upgrade	$150.00	$160.00	Hold ➝ Buy	Low
5/5/2021	OLN Olin	Upgrade	$47.00		Hold ➝ Buy	Medium
5/5/2021	ETR Entergy	Upgrade	$101.00	$120.00	Hold ➝ Buy	N/A
5/5/2021	XPO XPO Logistics	Upgrade	$150.00	$160.00	Hold ➝ Buy	Medium
5/4/2021	LECO Lincoln Electric	Upgrade	$132.00	$140.00	Sell ➝ Hold	Medium
4/29/2021	OLN Olin	Upgrade	$47.00		Hold ➝ Buy	Medium
4/29/2021	ETR Entergy	Upgrade	$101.00	$120.00	Hold ➝ Buy	Medium
4/28/2021	LECO Lincoln Electric	Upgrade	$132.00	$140.00	Sell ➝ Hold	Low
4/27/2021	TTD The Trade Desk	Upgrade	$76.00		Mixed ➝ Positive	N/A
4/26/2021	GRA W. R. Grace & Co.	Downgrade	$69.00		Buy ➝ Hold	High
4/21/2021	TTD The Trade Desk	Upgrade	$76.00		Mixed ➝ Positive	Low
4/19/2021	TTEK Tetra Tech	Initiated Coverage	$123.00	$145.00	Hold	N/A
4/12/2021	TTEK Tetra Tech	Initiated Coverage	$123.00	$145.00	Hold	High
4/1/2021	RLGT Radiant Logistics	Initiated Coverage	$7.00	$10.00	Buy	N/A
4/1/2021	YELL Yellow	Initiated Coverage	$7.00	$15.00	Buy	Low
4/1/2021	NKLA Nikola	Initiated Coverage	$18.00	$24.00	Buy	High
4/1/2021	MRTN Marten Transport	Initiated Coverage	$17.00	$22.00	Buy	Low
4/1/2021	WNC Wabash National	Initiated Coverage	$16.00	$25.00	Buy	Medium
4/1/2021	UBER Uber Technologies	Initiated Coverage	$51.00	$72.00	Buy	High
4/1/2021	LYFT Lyft	Initiated Coverage	$62.00	$85.00	Buy	Medium
4/1/2021	ARCB ArcBest	Initiated Coverage	$58.00	$72.00	Hold	Medium
4/1/2021	R Ryder System	Initiated Coverage	$74.00	$93.00	Buy	Low
4/1/2021	UPS United Parcel Service	Initiated Coverage	$206.00	$195.00	Buy	Low
4/1/2021	FDX FedEx	Initiated Coverage	$304.00	$340.00	Buy	Low
3/30/2021	MX Magnachip Semiconductor	Downgrade	$24.00		Buy ➝ Neutral	Medium
3/26/2021	RLGT Radiant Logistics	Initiated Coverage	$7.00		Buy	N/A
3/26/2021	YELL Yellow	Initiated Coverage	$7.00	$15.00	Buy	High
3/26/2021	NKLA Nikola	Initiated Coverage	$18.00	$24.00	Buy	Low
3/26/2021	MRTN Marten Transport	Initiated Coverage	$17.00	$22.00	Buy	High
3/26/2021	WNC Wabash National	Initiated Coverage	$16.00	$25.00	Buy	Medium
3/26/2021	WERN Werner Enterprises	Initiated Coverage	$44.00		Buy	High
3/26/2021	KNX Knight-Swift Transportation	Initiated Coverage	$46.00	$62.00	Buy	Medium
3/26/2021	UBER Uber Technologies	Initiated Coverage	$51.00	$72.00	Buy	Medium
3/26/2021	LYFT Lyft	Initiated Coverage	$62.00	$85.00	Buy	Low
3/26/2021	ARCB ArcBest	Initiated Coverage	$58.00	$72.00	Hold	High
3/26/2021	R Ryder System	Initiated Coverage	$74.00	$93.00	Buy	High
3/26/2021	CSX CSX	Initiated Coverage	$95.00		Hold	Medium
3/26/2021	CHRW C.H. Robinson Worldwide	Initiated Coverage	$94.00		Hold	High
3/26/2021	EXPD Expeditors International of Washington	Initiated Coverage	$125.00		Buy	High
3/26/2021	CNI Canadian National Railway	Initiated Coverage	$106.00		Hold	Low
3/26/2021	XPO XPO Logistics	Initiated Coverage	$150.00		Hold	Low
3/26/2021	JBHT J.B. Hunt Transport Services	Initiated Coverage	$160.00		Buy	High
3/26/2021	UPS United Parcel Service	Initiated Coverage	$206.00	$195.00	Buy	High
3/26/2021	UNP Union Pacific	Initiated Coverage	$218.00		Buy	High
3/26/2021	ODFL Old Dominion Freight Line	Initiated Coverage	$252.00	$220.00	Hold	Medium
3/26/2021	KSU Kansas City Southern	Initiated Coverage	$285.00		Hold	Low
3/26/2021	NSC Norfolk Southern	Initiated Coverage	$265.00	$240.00	Hold	Medium
3/26/2021	FDX FedEx	Initiated Coverage	$304.00	$340.00	Buy	Medium
3/26/2021	CP Canadian Pacific Railway	Initiated Coverage	$76.00		Buy	Low
3/9/2021	HIMX Himax Technologies	Initiated Coverage	$15.00		Neutral	High
3/4/2021	RPM RPM International	Upgrade	$88.00	$98.00	Hold ➝ Buy	Medium
2/22/2021	ALB Albemarle	Upgrade	$166.00		Sell ➝ Hold	Medium
2/22/2021	PH Parker-Hannifin	Upgrade	$299.00		Hold ➝ Buy	Low
2/12/2021	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$1.00	C$0.60 ➝ C$0.70		N/A
2/10/2021	SAVE Spirit Airlines	Downgrade	$33.00	$34.00	Buy ➝ Hold	Low
2/4/2021	CNHI CNH Industrial	Upgrade	$17.00		Hold ➝ Buy	Low
2/3/2021	MCHP Microchip Technology	Downgrade	$149.00		Buy ➝ Hold	High
1/25/2021	PPG PPG Industries	Upgrade	$170.00		Hold ➝ Buy	Medium
1/21/2021	FLR Fluor	Upgrade	$19.00		Hold ➝ Buy	Low
1/20/2021	CNHI CNH Industrial	Initiated Coverage	$17.00	$16.00	Hold	Low
1/20/2021	TEX Terex	Initiated Coverage	$47.00		Buy	Low
1/20/2021	ALSN Allison Transmission	Initiated Coverage	$40.00	$44.00	Hold	Low
1/20/2021	RXN Rexnord	Initiated Coverage	$49.00		Buy	Low
1/20/2021	TKR The Timken	Initiated Coverage	$81.00		Hold	Low
1/20/2021	PCAR PACCAR	Initiated Coverage	$88.00	$95.00	Hold	High
1/20/2021	AGCO AGCO	Initiated Coverage	$127.00	$119.00	Hold	Low
1/20/2021	LECO Lincoln Electric	Initiated Coverage	$132.00		Sell	Medium
1/20/2021	CAT Caterpillar	Initiated Coverage	$219.00	$230.00	Buy	Low
1/20/2021	ASHTY Ashtead Group	Initiated Coverage	$301.00		Hold	Low
1/20/2021	CMI Cummins	Initiated Coverage	$239.00		Hold	Medium
1/20/2021	URI United Rentals	Initiated Coverage	$317.00		Buy	Low
1/20/2021	DE Deere & Company	Initiated Coverage	$351.00	$345.00	Buy	Medium
1/15/2021	JBLU JetBlue Airways	Downgrade	$17.00		Buy ➝ Hold	High
1/15/2021	DAL Delta Air Lines	Upgrade	$45.00	$58.00	Hold ➝ Buy	Medium
1/13/2021	DD DuPont de Nemours	Downgrade	$76.00		Buy ➝ Hold	N/A
1/7/2021	FLOW SPX FLOW	Downgrade	$64.00		Buy ➝ Hold	N/A
1/7/2021	CR Crane	Upgrade	$91.00		Hold ➝ Buy	N/A
1/6/2021	HII Huntington Ingalls Industries	Downgrade	$211.00	$177.00	Buy ➝ Hold	N/A
1/5/2021	HUN Huntsman	Upgrade	$27.00		Hold ➝ Buy	N/A
1/5/2021	ALB Albemarle	Downgrade	$166.00		Buy ➝ Sell	N/A
1/4/2021	FSR Fisker	Initiated Coverage	$19.00		Buy	N/A
1/4/2021	CARR Carrier Global	Upgrade	$46.00		Hold ➝ Buy	N/A
1/4/2021	ITW Illinois Tool Works	Upgrade	$223.00		Hold ➝ Buy	N/A
1/4/2021	WSO Watsco	Upgrade	$284.00		Sell ➝ Hold	N/A
1/4/2021	ROK Rockwell Automation	Upgrade	$286.00		Sell ➝ Hold	N/A
12/1/2020	HWM Howmet Aerospace	Initiated Coverage	$35.00	$34.00	Buy	Medium