Vertical Research Stock Recommendations and Price Targets

This is a list of recent ratings by Vertical Research.

Company Name	Action	Current Price	Price Target	Rating	Impact on Share Price
ALB Albemarle	Upgrade	$153.00		Sell ➝ Hold	Medium
PH Parker-Hannifin	Upgrade	$289.00		Hold ➝ Buy	Low
BBD.B Bombardier, Inc. Class B	Boost Price Target	C$1.00	C$0.60 ➝ C$0.70		N/A
SAVE Spirit Airlines	Downgrade	$35.00	$34.00	Buy ➝ Hold	Low
CNHI CNH Industrial	Upgrade	$15.00		Hold ➝ Buy	Low
MCHP Microchip Technology	Downgrade	$148.00		Buy ➝ Hold	High
PPG PPG Industries	Upgrade	$135.00		Hold ➝ Buy	Medium
FLR Fluor	Upgrade	$20.00		Hold ➝ Buy	Low
CNHI CNH Industrial	Initiated Coverage	$15.00	$16.00	Hold	Low
TEX Terex	Initiated Coverage	$41.00		Buy	Low
ALSN Allison Transmission	Initiated Coverage	$38.00	$44.00	Hold	Low
RXN Rexnord	Initiated Coverage	$45.00		Buy	Low
TKR The Timken	Initiated Coverage	$79.00		Hold	Low
PCAR PACCAR	Initiated Coverage	$93.00	$95.00	Hold	High
AGCO AGCO	Initiated Coverage	$129.00	$119.00	Hold	Low
LECO Lincoln Electric	Initiated Coverage	$118.00		Sell	Medium
CAT Caterpillar	Initiated Coverage	$222.00	$230.00	Buy	Low
ASHTY Ashtead Group	Initiated Coverage	$225.00		Hold	Low
CMI Cummins	Initiated Coverage	$256.00		Hold	Medium
URI United Rentals	Initiated Coverage	$295.00		Buy	Low
DE Deere & Company	Initiated Coverage	$348.00	$345.00	Buy	Medium
JBLU JetBlue Airways	Downgrade	$18.00		Buy ➝ Hold	High
DAL Delta Air Lines	Upgrade	$48.00	$58.00	Hold ➝ Buy	Medium
FLOW SPX FLOW	Downgrade	$63.00		Buy ➝ Hold	N/A
CR Crane	Upgrade	$86.00		Hold ➝ Buy	N/A
HII Huntington Ingalls Industries	Downgrade	$183.00	$177.00	Buy ➝ Hold	N/A
HUN Huntsman	Upgrade	$28.00		Hold ➝ Buy	N/A
ALB Albemarle	Downgrade	$153.00		Buy ➝ Sell	N/A
FSR Fisker	Initiated Coverage	$22.00		Buy	N/A
CARR Carrier Global	Upgrade	$36.00		Hold ➝ Buy	N/A
ITW Illinois Tool Works	Upgrade	$203.00		Hold ➝ Buy	N/A
WSO Watsco	Upgrade	$246.00		Sell ➝ Hold	N/A
ROK Rockwell Automation	Upgrade	$244.00		Sell ➝ Hold	N/A
HWM Howmet Aerospace	Initiated Coverage	$28.00	$34.00	Buy	Medium
RIDE Lordstown Motors	Initiated Coverage	$20.00	$15.00	Sell	Medium
VRT Vertiv	Initiated Coverage	$20.00	$22.00	Buy	Medium
PNR Pentair	Downgrade	$56.00	$58.00	Buy ➝ Hold	Low
LTHM Livent	Downgrade	$19.00		Hold ➝ Sell	Medium
ALB Albemarle	Downgrade	$153.00		Buy ➝ Hold	Medium
CE Celanese	Downgrade	$139.00		Buy ➝ Hold	High
WKHS Workhorse Group	Initiated Coverage	$19.00		Sell	High
LII Lennox International	Upgrade	$282.00	$275.00	Hold	High
LII Lennox International	Upgrade	$282.00	$275.00	Sell ➝ Hold	High
NEP NextEra Energy Partners	Upgrade	$72.00	$72.00	Hold ➝ Buy	Low
CIEN Ciena	Initiated Coverage	$52.00		Neutral	Low
VNT Vontier	Initiated Coverage	$32.00		Hold	High
SIEGY Siemens Aktiengesellschaft	Upgrade	$79.00		Hold ➝ Buy	Medium
ALB Albemarle	Upgrade	$153.00	$92.00 ➝ $98.00	Hold ➝ Buy	Low
MX MagnaChip Semiconductor	Initiated Coverage	$18.00		Buy	Low
COHR Coherent	Upgrade	$241.00		Sell ➝ Neutral	Low
DY Dycom Industries	Downgrade	$74.00		Buy ➝ Hold	Low
LYB LyondellBasell Industries	Upgrade	$104.00		Hold ➝ Buy	High
WSO Watsco	Downgrade	$246.00		Hold ➝ Sell	Low
BBD.B Bombardier, Inc. Class B	Boost Price Target	C$1.00	C$0.40 ➝ C$0.50		N/A
BTU Peabody Energy	Downgrade	$4.00	$3.00	Buy ➝ Hold	High
TXT Textron	Upgrade	$51.00	$50.00	Hold ➝ Buy	Medium
FLOW SPX FLOW	Upgrade	$63.00		Hold ➝ Buy	Low
TEX Terex	Upgrade	$41.00	$30.00	Hold ➝ Buy	High
NEE NextEra Energy	Upgrade	$74.00	$66.25	Sell ➝ Hold	Medium
RYCEY Rolls-Royce	Upgrade	$2.00		Sell ➝ Hold	Medium
EADSY Airbus	Upgrade	$30.00		Hold ➝ Buy	Medium
RTX Raytheon Technologies	Upgrade	$73.00	$52.00 ➝ $77.00	Hold ➝ Buy	Medium
SPCE Virgin Galactic	Reiterated Rating	$42.00	$29.00	Buy	Low
PCG PG&E	Initiated Coverage	$11.00	$14.00	Buy	High
CTVA Corteva	Upgrade	$45.00	$31.00	Hold ➝ Buy	Medium
TWTR Twitter	Upgrade	$75.00		Positive	High
FTV Fortive	Upgrade	$66.00	$75.00	Hold ➝ Buy	High
PNR Pentair	Upgrade	$56.00	$39.00	Hold ➝ Buy	Medium
XYL Xylem	Upgrade	$100.00		Sell ➝ Hold	Low
JCI Johnson Controls International	Upgrade	$56.00		Hold ➝ Buy	Low
EXC Exelon	Upgrade	$39.00		Hold ➝ Buy	Medium
HUN Huntsman	Downgrade	$28.00		Buy ➝ Hold	High
OLN Olin	Downgrade	$31.00	$15.00	Buy ➝ Hold	High
INSG Inseego	Initiated Coverage	$15.00		Sell	High
LMT Lockheed Martin	Reiterated Rating	$342.00	$410.00	Buy	Low
RTX Raytheon Technologies	Initiated Coverage	$73.00	$58.00	Hold	Low
XYL Xylem	Downgrade	$100.00	$55.00	Hold ➝ Sell	Low
RTX Raytheon Technologies	Initiated Coverage	$73.00	$58.00	Hold	High
CARR Carrier Global	Initiated Coverage	$36.00	$18.00	Hold	High
OTIS Otis Worldwide	Initiated Coverage	$64.00	$53.00	Buy	High
ABB ABB	Downgrade	$29.00	$14.00	Hold ➝ Sell	Low
SIEGY Siemens Aktiengesellschaft	Downgrade	$79.00	$80.00	Buy ➝ Hold	Low
MCHP Microchip Technology	Initiated Coverage	$148.00		Buy	High
ROK Rockwell Automation	Downgrade	$244.00	$120.00	Hold ➝ Sell	Low
RYCEY Rolls-Royce	Downgrade	$2.00		Hold ➝ Sell	High
EADSY Airbus	Downgrade	$30.00		Buy ➝ Hold	High
HEI HEICO	Downgrade	$128.00	$72.00 ➝ $70.00	Buy ➝ Hold	High
TDG TransDigm Group	Downgrade	$577.00	$317.00 ➝ $309.00	Buy ➝ Hold	High
INFN Infinera	Initiated Coverage	$9.00		Buy	High
LTHM Livent	Upgrade	$19.00		Sell ➝ Hold	Low
AXTA Axalta Coating Systems	Upgrade	$28.00		Hold ➝ Buy	Low
CE Celanese	Upgrade	$139.00		Hold ➝ Buy	Low
FLS Flowserve	Downgrade	$38.00		Buy ➝ Hold	High
INTC Intel	Initiated Coverage	$60.00		Buy	Medium
IR Ingersoll Rand	Downgrade	$46.00		Buy ➝ Hold	Medium
EMR Emerson Electric	Downgrade	$87.00	$49.00	Buy ➝ Hold	High
TT Trane Technologies	Downgrade	$152.00		Hold	High
DY Dycom Industries	Initiated Coverage	$74.00		Buy	High
NRG NRG Energy	Upgrade	$38.00	$45.00	Hold ➝ Buy	Medium
HXL Hexcel	Downgrade	$54.00	$71.00	Buy ➝ Hold	High