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
11/24/2021	RPM RPM International	Downgrade	$92.00	$96.00	Buy ➝ Hold	Low
11/3/2021	DD DuPont de Nemours	Upgrade	$77.00	$95.00	Hold ➝ Buy	High
11/1/2021	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$2.00	C$1.60 ➝ C$2.20		N/A
10/29/2021	NOC Northrop Grumman	Downgrade	$354.00		Buy ➝ Hold	Low
10/28/2021	BABA Alibaba Group	Downgrade	$133.00			N/A
10/12/2021	CMBM Cambium Networks	Downgrade	$27.00		Neutral ➝ Sell	High
10/11/2021	CHRW C.H. Robinson Worldwide	Upgrade	$96.00		Hold ➝ Buy	Low
10/11/2021	JBHT J.B. Hunt Transport Services	Downgrade	$195.00		Buy ➝ Hold	Low
10/8/2021	IR Ingersoll Rand	Initiated Coverage	$59.00	$54.00	Hold	Medium
10/8/2021	OTIS Otis Worldwide	Initiated Coverage	$83.00	$72.00	Sell	Medium
10/8/2021	DOV Dover	Initiated Coverage	$171.00	$152.00	Sell	Low
10/8/2021	SWK Stanley Black & Decker	Initiated Coverage	$183.00	$227.00	Buy	Medium
10/8/2021	PH Parker-Hannifin	Initiated Coverage	$310.00	$337.00	Buy	Low
10/4/2021	PUBM PubMatic	Downgrade	$38.00		Positive ➝ Positive	High
10/4/2021	MGNI Magnite	Downgrade	$19.00		Positive ➝ Positive	High
10/4/2021	TTD Trade Desk	Downgrade	$104.00		Buy ➝ Neutral	High
9/29/2021	PEG Public Service Enterprise Group	Upgrade	$64.00	$67.00 ➝ $69.00	Hold ➝ Buy	Medium
9/27/2021	ECL Ecolab	Initiated Coverage	$226.00	$189.00	Hold	High
9/17/2021	HIMX Himax Technologies	Downgrade	$10.00	$7.50	Neutral ➝ Sell	High
9/16/2021	BA Boeing	Reiterated Rating	$199.00	$250.00	Hold	Low
8/10/2021	CMBM Cambium Networks	Downgrade	$27.00		Buy ➝ Neutral	High
8/9/2021	LTHM Livent	Upgrade	$29.00	$22.00	Sell ➝ Hold	High
8/6/2021	DUK Duke Energy	Downgrade	$99.00		Buy ➝ Hold	Low
7/27/2021	PCAR PACCAR	Upgrade	$87.00	$100.00	Hold ➝ Buy	High
7/26/2021	EXPD Expeditors International of Washington	Downgrade	$124.00	$135.00	Buy ➝ Hold	High
7/26/2021	CE Celanese	Upgrade	$161.00	$196.00	Hold ➝ Buy	Low
7/26/2021	CMI Cummins	Upgrade	$220.00	$280.00	Hold ➝ Buy	High
7/9/2021	LEV Lion Electric	Downgrade	$11.00		Neutral ➝ Sell	Medium
7/7/2021	EVGO EVgo	Initiated Coverage	$14.00		Neutral	High
6/24/2021	FMC FMC	Downgrade	$103.00	$123.00	Buy ➝ Hold	High
6/17/2021	IR Ingersoll Rand	Upgrade	$59.00	$52.00 ➝ $54.00	Hold ➝ Buy	High
6/9/2021	TWTR Twitter	Upgrade	$47.00		Positive	Low
6/9/2021	CMS CMS Energy	Downgrade	$60.00		Buy ➝ Hold	Low
6/8/2021	ARCB ArcBest	Upgrade	$106.00	$85.00	Hold ➝ Buy	Low
6/1/2021	LII Lennox International	Downgrade	$317.00	$275.00 ➝ $300.00	Hold ➝ Sell	Low
5/24/2021	OLN Olin	Upgrade	$59.00	$53.00	Hold ➝ Buy	N/A
5/24/2021	CNI Canadian National Railway	Upgrade	$127.00		Hold ➝ Buy	N/A
5/24/2021	LIN Linde	Upgrade	$321.00	$330.00	Hold ➝ Buy	N/A
5/18/2021	OLN Olin	Upgrade	$59.00	$53.00	Hold ➝ Buy	Low
5/18/2021	CNI Canadian National Railway	Upgrade	$127.00		Hold ➝ Buy	Medium
5/18/2021	LIN Linde	Upgrade	$321.00	$330.00	Hold ➝ Buy	Medium
5/18/2021	TDG TransDigm Group	Upgrade	$561.00	$604.00 ➝ $667.00	Hold ➝ Buy	Low
5/12/2021	TDG TransDigm Group	Upgrade	$561.00	$604.00 ➝ $667.00	Hold ➝ Buy	High
5/11/2021	XPO XPO Logistics	Upgrade	$76.00	$160.00	Hold ➝ Buy	Low
5/5/2021	OLN Olin	Upgrade	$59.00		Hold ➝ Buy	Medium
5/5/2021	ETR Entergy	Upgrade	$103.00	$120.00	Hold ➝ Buy	N/A
5/5/2021	XPO XPO Logistics	Upgrade	$76.00	$160.00	Hold ➝ Buy	Medium
5/4/2021	LECO Lincoln Electric	Upgrade	$140.00	$140.00	Sell ➝ Hold	Medium
4/29/2021	OLN Olin	Upgrade	$59.00		Hold ➝ Buy	Medium
4/29/2021	ETR Entergy	Upgrade	$103.00	$120.00	Hold ➝ Buy	Medium
4/28/2021	LECO Lincoln Electric	Upgrade	$140.00	$140.00	Sell ➝ Hold	Low
4/27/2021	TTD Trade Desk	Upgrade	$104.00		Mixed ➝ Positive	N/A
4/21/2021	TTD Trade Desk	Upgrade	$104.00		Mixed ➝ Positive	Low
4/19/2021	TTEK Tetra Tech	Initiated Coverage	$184.00	$145.00	Hold	N/A
4/12/2021	TTEK Tetra Tech	Initiated Coverage	$184.00	$145.00	Hold	High
4/1/2021	RLGT Radiant Logistics	Initiated Coverage	$8.00	$10.00	Buy	N/A
4/1/2021	YELL Yellow	Initiated Coverage	$14.00	$15.00	Buy	Low
4/1/2021	NKLA Nikola	Initiated Coverage	$10.00	$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	$17.00	$25.00	Buy	Medium
4/1/2021	UBER Uber Technologies	Initiated Coverage	$41.00	$72.00	Buy	High
4/1/2021	LYFT Lyft	Initiated Coverage	$42.00	$85.00	Buy	Medium
4/1/2021	ARCB ArcBest	Initiated Coverage	$106.00	$72.00	Hold	Medium
4/1/2021	R Ryder System	Initiated Coverage	$85.00	$93.00	Buy	Low
4/1/2021	UPS United Parcel Service	Initiated Coverage	$205.00	$195.00	Buy	Low
4/1/2021	FDX FedEx	Initiated Coverage	$238.00	$340.00	Buy	Low
3/30/2021	MX Magnachip Semiconductor	Downgrade	$18.00		Buy ➝ Neutral	Medium
3/26/2021	RLGT Radiant Logistics	Initiated Coverage	$8.00		Buy	N/A
3/26/2021	YELL Yellow	Initiated Coverage	$14.00	$15.00	Buy	High
3/26/2021	NKLA Nikola	Initiated Coverage	$10.00	$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	$17.00	$25.00	Buy	Medium
3/26/2021	WERN Werner Enterprises	Initiated Coverage	$45.00		Buy	High
3/26/2021	KNX Knight-Swift Transportation	Initiated Coverage	$57.00	$62.00	Buy	Medium
3/26/2021	UBER Uber Technologies	Initiated Coverage	$41.00	$72.00	Buy	Medium
3/26/2021	LYFT Lyft	Initiated Coverage	$42.00	$85.00	Buy	Low
3/26/2021	ARCB ArcBest	Initiated Coverage	$106.00	$72.00	Hold	High
3/26/2021	R Ryder System	Initiated Coverage	$85.00	$93.00	Buy	High
3/26/2021	CSX CSX	Initiated Coverage	$36.00		Hold	Medium
3/26/2021	CHRW C.H. Robinson Worldwide	Initiated Coverage	$96.00		Hold	High
3/26/2021	EXPD Expeditors International of Washington	Initiated Coverage	$124.00		Buy	High
3/26/2021	CNI Canadian National Railway	Initiated Coverage	$127.00		Hold	Low
3/26/2021	XPO XPO Logistics	Initiated Coverage	$76.00		Hold	Low
3/26/2021	JBHT J.B. Hunt Transport Services	Initiated Coverage	$195.00		Buy	High
3/26/2021	UPS United Parcel Service	Initiated Coverage	$205.00	$195.00	Buy	High
3/26/2021	UNP Union Pacific	Initiated Coverage	$240.00		Buy	High
3/26/2021	ODFL Old Dominion Freight Line	Initiated Coverage	$352.00	$220.00	Hold	Medium
3/26/2021	KSU Kansas City Southern	Initiated Coverage	$295.00		Hold	Low
3/26/2021	NSC Norfolk Southern	Initiated Coverage	$270.00	$240.00	Hold	Medium
3/26/2021	FDX FedEx	Initiated Coverage	$238.00	$340.00	Buy	Medium
3/26/2021	CP Canadian Pacific Railway	Initiated Coverage	$71.00		Buy	Low
3/9/2021	HIMX Himax Technologies	Initiated Coverage	$10.00		Neutral	High
3/4/2021	RPM RPM International	Upgrade	$92.00	$98.00	Hold ➝ Buy	Medium
2/22/2021	ALB Albemarle	Upgrade	$267.00		Sell ➝ Hold	Medium
2/22/2021	PH Parker-Hannifin	Upgrade	$310.00		Hold ➝ Buy	Low
2/12/2021	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$2.00	C$0.60 ➝ C$0.70		N/A
2/10/2021	SAVE Spirit Airlines	Downgrade	$21.00	$34.00	Buy ➝ Hold	Low
2/4/2021	CNHI CNH Industrial	Upgrade	$17.00		Hold ➝ Buy	Low
2/3/2021	MCHP Microchip Technology	Downgrade	$80.00		Buy ➝ Hold	High
1/25/2021	PPG PPG Industries	Upgrade	$156.00		Hold ➝ Buy	Medium