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
11/20/2023	CR Crane	Initiated Coverage	$104.00	$110.00	Hold	Low
10/25/2023	HXL Hexcel	Upgrade	$70.00	$72.00	Hold ➝ Buy	Low
10/19/2023	ALLE Allegion	Downgrade	$105.00	$128.00 ➝ $100.00	Buy ➝ Hold	Low
10/16/2023	FMC FMC	Upgrade	$55.00	$94.00	Hold ➝ Buy	Low
10/16/2023	VLTO Veralto	Upgrade	$75.00	$82.00	Hold ➝ Buy	Low
9/15/2023	EMR Emerson Electric	Upgrade	$89.00	$120.00	Hold ➝ Buy	Low
9/5/2023	OLN Olin	Downgrade	$50.00	$58.00	Buy ➝ Hold	Low
7/11/2023	XPO XPO	Downgrade	$80.00		Buy ➝ Hold	Low
7/11/2023	NSC Norfolk Southern	Upgrade	$227.00	$260.00	Hold ➝ Buy	Low
6/9/2023	VRT Vertiv	Upgrade	$45.00		Hold ➝ Buy	Low
6/9/2023	CE Celanese	Downgrade	$142.00	$122.00	Buy ➝ Hold	Low
5/30/2023	HEI HEICO	Upgrade	$178.00	$191.00	Hold ➝ Buy	Low
5/24/2023	TXT Textron	Downgrade	$76.00	$70.00	Buy ➝ Hold	Low
5/22/2023	CTVA Corteva	Upgrade	$44.00	$67.00	Hold ➝ Buy	Low
5/3/2023	TTD Trade Desk	Upgrade	$69.00		Neutral ➝ Positive	Low
3/27/2023	FTV Fortive	Upgrade	$69.00	$74.00	Hold ➝ Buy	Low
3/13/2023	APD Air Products and Chemicals	Upgrade	$262.00		Hold ➝ Buy	Low
2/22/2023	HUN Huntsman	Downgrade	$25.00		Buy ➝ Hold	Low
1/30/2023	EMN Eastman Chemical	Downgrade	$85.00	$94.00 ➝ $92.00	Buy ➝ Hold	Low
1/24/2023	MGNI Magnite	Downgrade	$8.00		Neutral	Low
1/24/2023	PUBM PubMatic	Downgrade	$16.00		Neutral	Low
1/24/2023	TTD Trade Desk	Downgrade	$69.00		Positive ➝ Neutral	Low
1/23/2023	BDRBF Bombardier	Downgrade	$37.00		Buy ➝ Hold	Low
1/23/2023	PPG PPG Industries	Downgrade	$145.00		Buy ➝ Hold	Low
1/6/2023	LMT Lockheed Martin	Downgrade	$447.00	$491.00	Buy ➝ Hold	Low
1/4/2023	LTHM Livent	Upgrade	$14.00	$30.00	Hold ➝ Buy	Low
1/4/2023	ALB Albemarle	Upgrade	$125.00	$275.00	Hold ➝ Buy	Low
1/4/2023	APD Air Products and Chemicals	Downgrade	$262.00	$328.00	Buy ➝ Hold	Low
1/3/2023	ALLE Allegion	Upgrade	$105.00	$128.00	Hold ➝ Buy	Low
1/3/2023	ITW Illinois Tool Works	Downgrade	$248.00	$240.00 ➝ $220.00	Buy ➝ Hold	Low
12/5/2022	WNC Wabash National	Downgrade	$25.00	$27.00	Buy ➝ Hold	Low
11/21/2022	RXO RXO	Initiated Coverage	$21.00	$27.00	Buy	Low
11/4/2022	HWM Howmet Aerospace	Lower Price Target	$53.00	$45.00		Low
11/4/2022	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$50.00	C$45.00 ➝ C$53.00		N/A
10/14/2022	YELL Yellow	Downgrade	$3.00		Buy ➝ Hold	Low
10/14/2022	CSX CSX	Upgrade	$34.00		Hold ➝ Buy	Low
10/14/2022	WERN Werner Enterprises	Downgrade	$41.00		Buy ➝ Hold	Low
10/14/2022	CHRW C.H. Robinson Worldwide	Upgrade	$86.00		Sell ➝ Hold	Low
9/12/2022	LTHM Livent	Downgrade	$14.00	$33.00 ➝ $35.00	Buy ➝ Hold	Low
9/12/2022	VMC Vulcan Materials	Upgrade	$214.00		Hold ➝ Buy	Low
9/1/2022	VMC Vulcan Materials	Upgrade	$214.00	$225.00	Hold ➝ Buy	Low
8/17/2022	MRTN Marten Transport	Downgrade	$19.00	$24.00 ➝ $25.00	Buy ➝ Hold	Low
8/17/2022	PCAR PACCAR	Downgrade	$96.00	$44.44 ➝ $45.33	Buy ➝ Hold	Low
8/17/2022	CHRW C.H. Robinson Worldwide	Downgrade	$86.00	$104.00	Hold ➝ Sell	Low
8/17/2022	ODFL Old Dominion Freight Line	Downgrade	$375.00	$260.00	Hold ➝ Sell	Low
8/1/2022	LYB LyondellBasell Industries	Downgrade	$92.00	$96.00	Buy ➝ Hold	Low
7/29/2022	SWK Stanley Black & Decker	Downgrade	$93.00	$130.00 ➝ $110.00	Buy ➝ Hold	Low
7/27/2022	HXL Hexcel	Boost Price Target	$70.00	$60.00	Outperform	Low
7/27/2022	RTX RTX	Lower Price Target	$82.00	$120.00	Outperform	Low
7/5/2022	CMCSA Comcast	Downgrade	$42.00		Positive	N/A
6/27/2022	PPG PPG Industries	Upgrade	$145.00	$139.00	Hold ➝ Buy	Low
5/31/2022	SNAP Snap	Downgrade	$15.00		Buy	High
5/6/2022	BDRBF Bombardier	Upgrade	$37.00		Hold ➝ Buy	Medium
5/6/2022	BBD.B Bombardier, Inc. Class B	Upgrade	C$50.00	C$55.00	Hold ➝ Buy	N/A
4/14/2022	CTVA Corteva	Downgrade	$44.00	$58.00	Buy ➝ Hold	Low
4/12/2022	FOXA FOX	Upgrade	$29.00		Positive	Low
3/17/2022	HII Huntington Ingalls Industries	Upgrade	$245.00	$250.00	Hold ➝ Buy	High
3/2/2022	CHRW C.H. Robinson Worldwide	Downgrade	$86.00	$110.00	Buy ➝ Hold	Low
3/2/2022	JBHT J.B. Hunt Transport Services	Upgrade	$189.00		Hold ➝ Buy	Low
2/23/2022	VRT Vertiv	Reiterated Rating	$45.00	$15.00	Buy ➝ Hold	High
2/3/2022	CEG Constellation Energy	Initiated Coverage	$111.00	$60.00	Buy	N/A
2/3/2022	EXC Exelon	Downgrade	$39.00	$45.00	Buy ➝ Hold	High
2/2/2022	AXTA Axalta Coating Systems	Downgrade	$33.00	$34.00	Buy ➝ Hold	Medium
2/2/2022	UPS United Parcel Service	Boost Price Target	$156.00	$195.00 ➝ $265.00	Buy	Medium
1/27/2022	ANET Arista Networks	Upgrade	$215.00		Neutral ➝ Buy	Medium
1/10/2022	ETR Entergy	Downgrade	$102.00	$117.00	Buy ➝ Hold	Medium
1/4/2022	LTHM Livent	Upgrade	$14.00	$30.00	Hold ➝ Buy	High
1/4/2022	AIR AAR	Upgrade	$69.00		Hold ➝ Buy	High
1/4/2022	PPG PPG Industries	Downgrade	$145.00	$176.00	Buy ➝ Hold	High
1/4/2022	APD Air Products and Chemicals	Upgrade	$262.00	$335.00	Hold ➝ Buy	Low
1/3/2022	NVT nVent Electric	Upgrade	$54.00	$45.00	Hold ➝ Buy	Low
1/3/2022	CARR Carrier Global	Downgrade	$53.00	$57.00	Buy ➝ Hold	High
1/3/2022	FTV Fortive	Downgrade	$69.00	$82.00	Buy ➝ Hold	High
1/3/2022	TT Trane Technologies	Downgrade	$231.00	$214.00	Buy ➝ Hold	High
12/16/2021	CNI Canadian National Railway	Downgrade	$118.00	$129.00	Buy ➝ Hold	Low
11/24/2021	RPM RPM International	Downgrade	$107.00	$96.00	Buy ➝ Hold	Low
11/3/2021	DD DuPont de Nemours	Upgrade	$71.00	$95.00	Hold ➝ Buy	High
11/1/2021	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$50.00	C$40.00 ➝ C$55.00		N/A
10/29/2021	NOC Northrop Grumman	Downgrade	$477.00		Buy ➝ Hold	Low
10/12/2021	CMBM Cambium Networks	Downgrade	$5.00		Neutral ➝ Sell	High
10/11/2021	CHRW C.H. Robinson Worldwide	Upgrade	$86.00		Hold ➝ Buy	Low
10/11/2021	JBHT J.B. Hunt Transport Services	Downgrade	$189.00		Buy ➝ Hold	Low
10/8/2021	IR Ingersoll Rand	Initiated Coverage	$73.00	$54.00	Hold	Medium
10/8/2021	OTIS Otis Worldwide	Initiated Coverage	$87.00	$72.00	Sell	Medium
10/8/2021	DOV Dover	Initiated Coverage	$144.00	$152.00	Sell	Low
10/8/2021	SWK Stanley Black & Decker	Initiated Coverage	$93.00	$227.00	Buy	Medium
10/8/2021	PH Parker-Hannifin	Initiated Coverage	$434.00	$337.00	Buy	Low
10/4/2021	TTD Trade Desk	Downgrade	$69.00		Buy ➝ Neutral	High
9/29/2021	PEG Public Service Enterprise Group	Upgrade	$62.00	$67.00 ➝ $69.00	Hold ➝ Buy	Medium
9/27/2021	ECL Ecolab	Initiated Coverage	$193.00	$189.00	Hold	High
9/16/2021	BA Boeing	Reiterated Rating	$237.00	$250.00	Hold	Low
8/10/2021	CMBM Cambium Networks	Downgrade	$5.00		Buy ➝ Neutral	High
8/9/2021	LTHM Livent	Upgrade	$14.00	$22.00	Sell ➝ Hold	High
8/6/2021	DUK Duke Energy	Downgrade	$94.00		Buy ➝ Hold	Low
7/27/2021	PCAR PACCAR	Upgrade	$96.00	$44.44	Hold ➝ Buy	High
7/26/2021	EXPD Expeditors International of Washington	Downgrade	$120.00	$135.00	Buy ➝ Hold	High
7/26/2021	CE Celanese	Upgrade	$142.00	$196.00	Hold ➝ Buy	Low
7/26/2021	CMI Cummins	Upgrade	$231.00	$280.00	Hold ➝ Buy	High
7/9/2021	LEV Lion Electric	Downgrade	$2.00		Neutral ➝ Sell	Medium
7/7/2021	EVGO EVgo	Initiated Coverage	$3.00		Neutral	High