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
9/12/2022	LTHM Livent	Downgrade	$31.00	$33.00 ➝ $35.00	Buy ➝ Hold	Low
9/12/2022	VMC Vulcan Materials	Upgrade	$152.00		Hold ➝ Buy	Low
9/1/2022	VMC Vulcan Materials	Upgrade	$152.00	$225.00	Hold ➝ Buy	Low
8/17/2022	MRTN Marten Transport	Downgrade	$20.00	$24.00 ➝ $25.00	Buy ➝ Hold	Low
8/17/2022	PCAR PACCAR	Downgrade	$83.00	$100.00 ➝ $102.00	Buy ➝ Hold	Low
8/17/2022	CHRW C.H. Robinson Worldwide	Downgrade	$98.00	$104.00	Hold ➝ Sell	Low
8/17/2022	ODFL Old Dominion Freight Line	Downgrade	$250.00	$260.00	Hold ➝ Sell	Low
8/1/2022	LYB LyondellBasell Industries	Downgrade	$73.00	$96.00	Buy ➝ Hold	Low
7/29/2022	SWK Stanley Black & Decker	Downgrade	$78.00	$130.00 ➝ $110.00	Buy ➝ Hold	Low
7/27/2022	HXL Hexcel	Boost Price Target	$52.00	$60.00	Outperform	Low
7/27/2022	RTX Raytheon Technologies	Lower Price Target	$81.00	$120.00	Outperform	Low
7/5/2022	CMCSA Comcast	Downgrade	$30.00		Positive	N/A
6/27/2022	PPG PPG Industries	Upgrade	$111.00	$139.00	Hold ➝ Buy	Low
5/31/2022	SNAP Snap	Downgrade	$10.00		Buy	High
5/6/2022	BDRBF Bombardier	Upgrade	$19.00		Hold ➝ Buy	Medium
5/6/2022	BBD.B Bombardier, Inc. Class B	Upgrade	C$26.00	C$55.00	Hold ➝ Buy	N/A
4/26/2022	EMBK Embark Technology	Initiated Coverage	$8.00	$400.00	Buy	High
4/14/2022	CTVA Corteva	Downgrade	$57.00	$58.00	Buy ➝ Hold	Low
4/12/2022	FOXA FOX	Upgrade	$31.00		Positive	Low
3/17/2022	HII Huntington Ingalls Industries	Upgrade	$225.00	$250.00	Hold ➝ Buy	High
3/2/2022	CHRW C.H. Robinson Worldwide	Downgrade	$98.00	$110.00	Buy ➝ Hold	Low
3/2/2022	JBHT J.B. Hunt Transport Services	Upgrade	$163.00		Hold ➝ Buy	Low
2/23/2022	VRT Vertiv	Reiterated Rating	$10.00	$15.00	Buy ➝ Hold	High
2/3/2022	EXC Exelon	Downgrade	$40.00	$45.00	Buy ➝ Hold	High
2/2/2022	AXTA Axalta Coating Systems	Downgrade	$22.00	$34.00	Buy ➝ Hold	Medium
2/2/2022	UPS United Parcel Service	Boost Price Target	$165.00	$195.00 ➝ $265.00	Buy	Medium
1/27/2022	ANET Arista Networks	Upgrade	$111.00		Neutral ➝ Buy	Medium
1/10/2022	ETR Entergy	Downgrade	$106.00	$117.00	Buy ➝ Hold	Medium
1/4/2022	LTHM Livent	Upgrade	$31.00	$30.00	Hold ➝ Buy	High
1/4/2022	AIR AAR	Upgrade	$35.00		Hold ➝ Buy	High
1/4/2022	PPG PPG Industries	Downgrade	$111.00	$176.00	Buy ➝ Hold	High
1/4/2022	APD Air Products and Chemicals	Upgrade	$231.00	$335.00	Hold ➝ Buy	Low
1/3/2022	NVT nVent Electric	Upgrade	$31.00	$45.00	Hold ➝ Buy	Low
1/3/2022	CARR Carrier Global	Downgrade	$36.00	$57.00	Buy ➝ Hold	High
1/3/2022	FTV Fortive	Downgrade	$59.00	$82.00	Buy ➝ Hold	High
1/3/2022	TT Trane Technologies	Downgrade	$145.00	$214.00	Buy ➝ Hold	High
12/16/2021	CNI Canadian National Railway	Downgrade	$109.00	$129.00	Buy ➝ Hold	Low
11/24/2021	RPM RPM International	Downgrade	$85.00	$96.00	Buy ➝ Hold	Low
11/3/2021	DD DuPont de Nemours	Upgrade	$50.00	$95.00	Hold ➝ Buy	High
11/1/2021	BBD.B Bombardier, Inc. Class B	Boost Price Target	C$26.00	C$40.00 ➝ C$55.00		N/A
10/29/2021	NOC Northrop Grumman	Downgrade	$474.00		Buy ➝ Hold	Low
10/12/2021	CMBM Cambium Networks	Downgrade	$16.00		Neutral ➝ Sell	High
10/11/2021	CHRW C.H. Robinson Worldwide	Upgrade	$98.00		Hold ➝ Buy	Low
10/11/2021	JBHT J.B. Hunt Transport Services	Downgrade	$163.00		Buy ➝ Hold	Low
10/8/2021	IR Ingersoll Rand	Initiated Coverage	$43.00	$54.00	Hold	Medium
10/8/2021	OTIS Otis Worldwide	Initiated Coverage	$65.00	$72.00	Sell	Medium
10/8/2021	DOV Dover	Initiated Coverage	$117.00	$152.00	Sell	Low
10/8/2021	SWK Stanley Black & Decker	Initiated Coverage	$78.00	$227.00	Buy	Medium
10/8/2021	PH Parker-Hannifin	Initiated Coverage	$238.00	$337.00	Buy	Low
10/4/2021	TTD Trade Desk	Downgrade	$59.00		Buy ➝ Neutral	High
9/29/2021	PEG Public Service Enterprise Group	Upgrade	$60.00	$67.00 ➝ $69.00	Hold ➝ Buy	Medium
9/27/2021	ECL Ecolab	Initiated Coverage	$144.00	$189.00	Hold	High
9/16/2021	BA Boeing	Reiterated Rating	$128.00	$250.00	Hold	Low
8/10/2021	CMBM Cambium Networks	Downgrade	$16.00		Buy ➝ Neutral	High
8/9/2021	LTHM Livent	Upgrade	$31.00	$22.00	Sell ➝ Hold	High
8/6/2021	DUK Duke Energy	Downgrade	$98.00		Buy ➝ Hold	Low
7/27/2021	PCAR PACCAR	Upgrade	$83.00	$100.00	Hold ➝ Buy	High
7/26/2021	EXPD Expeditors International of Washington	Downgrade	$89.00	$135.00	Buy ➝ Hold	High
7/26/2021	CE Celanese	Upgrade	$88.00	$196.00	Hold ➝ Buy	Low
7/26/2021	CMI Cummins	Upgrade	$203.00	$280.00	Hold ➝ Buy	High
7/9/2021	LEV Lion Electric	Downgrade	$3.00		Neutral ➝ Sell	Medium
7/7/2021	EVGO EVgo	Initiated Coverage	$8.00		Neutral	High
6/24/2021	FMC FMC	Downgrade	$105.00	$123.00	Buy ➝ Hold	High
6/17/2021	IR Ingersoll Rand	Upgrade	$43.00	$52.00 ➝ $54.00	Hold ➝ Buy	High
6/9/2021	TWTR Twitter	Upgrade	$42.00		Positive	Low
6/9/2021	CMS CMS Energy	Downgrade	$62.00		Buy ➝ Hold	Low
6/8/2021	ARCB ArcBest	Upgrade	$72.00	$85.00	Hold ➝ Buy	Low
6/1/2021	LII Lennox International	Downgrade	$221.00	$275.00 ➝ $300.00	Hold ➝ Sell	Low
5/24/2021	OLN Olin	Upgrade	$42.00	$53.00	Hold ➝ Buy	N/A
5/18/2021	OLN Olin	Upgrade	$42.00	$53.00	Hold ➝ Buy	Low
5/18/2021	CNI Canadian National Railway	Upgrade	$109.00		Hold ➝ Buy	Medium
5/18/2021	LIN Linde	Upgrade	$265.00	$330.00	Hold ➝ Buy	Medium
5/12/2021	TDG TransDigm Group	Upgrade	$532.00	$604.00 ➝ $667.00	Hold ➝ Buy	High
5/5/2021	XPO XPO Logistics	Upgrade	$44.00	$160.00	Hold ➝ Buy	Medium
4/29/2021	OLN Olin	Upgrade	$42.00		Hold ➝ Buy	Medium
4/29/2021	ETR Entergy	Upgrade	$106.00	$120.00	Hold ➝ Buy	Medium
4/28/2021	LECO Lincoln Electric	Upgrade	$126.00	$140.00	Sell ➝ Hold	Low
4/21/2021	TTD Trade Desk	Upgrade	$59.00		Mixed ➝ Positive	Low
4/12/2021	TTEK Tetra Tech	Initiated Coverage	$124.00	$145.00	Hold	High
4/1/2021	RLGT Radiant Logistics	Initiated Coverage	$6.00	$10.00	Buy	N/A
3/30/2021	MX Magnachip Semiconductor	Downgrade	$11.00		Buy ➝ Neutral	Medium
3/26/2021	RLGT Radiant Logistics	Initiated Coverage	$6.00		Buy	N/A
3/26/2021	YELL Yellow	Initiated Coverage	$5.00	$15.00	Buy	High
3/26/2021	NKLA Nikola	Initiated Coverage	$4.00	$24.00	Buy	Low
3/26/2021	MRTN Marten Transport	Initiated Coverage	$20.00	$22.00	Buy	High
3/26/2021	WNC Wabash National	Initiated Coverage	$15.00	$25.00	Buy	Medium
3/26/2021	WERN Werner Enterprises	Initiated Coverage	$39.00		Buy	High
3/26/2021	KNX Knight-Swift Transportation	Initiated Coverage	$49.00	$62.00	Buy	Medium
3/26/2021	UBER Uber Technologies	Initiated Coverage	$28.00	$72.00	Buy	Medium
3/26/2021	LYFT Lyft	Initiated Coverage	$14.00	$85.00	Buy	Low
3/26/2021	ARCB ArcBest	Initiated Coverage	$72.00	$72.00	Hold	High
3/26/2021	R Ryder System	Initiated Coverage	$76.00	$93.00	Buy	High
3/26/2021	CSX CSX	Initiated Coverage	$27.00		Hold	Medium
3/26/2021	CHRW C.H. Robinson Worldwide	Initiated Coverage	$98.00		Hold	High
3/26/2021	EXPD Expeditors International of Washington	Initiated Coverage	$89.00		Buy	High
3/26/2021	CNI Canadian National Railway	Initiated Coverage	$109.00		Hold	Low
3/26/2021	XPO XPO Logistics	Initiated Coverage	$44.00		Hold	Low
3/26/2021	JBHT J.B. Hunt Transport Services	Initiated Coverage	$163.00		Buy	High
3/26/2021	UPS United Parcel Service	Initiated Coverage	$165.00	$195.00	Buy	High
3/26/2021	UNP Union Pacific	Initiated Coverage	$197.00		Buy	High