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Analysts Expect The S&P 500 To Rise 12% In The Next 12 Months And Are Most Bullish On Energy!
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800 700 600 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 S&P 500 Price Index
Source: Wolfe Trahan & Co. Portfolio Strategy.
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still, on aggregate, the sell-side has double-digit returns baked in for the S&P 500.
Jul-10 Oct-10 Jan-11 Apr-11 Jul-11
Energy Materials Technology Health Care Index (S&P 500) Telecom Utilities Financials Staples Industrials Discretionary
19.1% 13.0% 12.5% 11.8% 11.5% 10.0% 9.8% 9.4% 9.2% 6.6% 6.5%
Sentiment most bullish on Energy and Materials and least bullish for Industrials & Discretionary!
Aggregating mean price targets for all S&P 500 stocks shows that sell-side analysts are looking for the index to rise 11.5% in the next twelve months. While this is above the S&P 500's long-term growth rate of about 7% it is not extremely elevated in the context of recent memory. At the sector level, the energy sector is the sell-side favorite, with an expected return of 19% in the next 12 months. The Consumer Discretionary and Industrials sectors are the two with the most conservative expectations. In the following pages, we highlight expectations for industries and stocks for each of the ten GIC sectors. The extremes are sometimes breathtaking as one can find a stock with expectations of 40% upside or with 10% downside in the same sector. We aim to publish an update of the sentiment work on a monthly basis. As always, a full list that details analysts expectations for earnings and price targets is available for those interested. Email us at strategy@wolfetrahan.com to sign up.
Franois Trahan (646) 845-0731 ftrahan@WolfeTrahan.com WolfeTrahan.com Michael Kantrowitz, CFA (646) 845-0732 mkantrowitz@WolfeTrahan.com Stephen Gregory (646) 845-0733 sgregory@WolfeTrahan.com Joe Ramirez (646) 845-0734 jramirez@WolfeTrahan.com Page 1 of 13
This report is limited for use solely by clients of Wolfe Trahan & Co. Please refer to the end of this report for legal disclosures and analyst certifications.
Price Target For LTD Has Risen Much Faster Than Sector
Limited Brands (LTD)
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Relativ e Performance
From our database, we are able to not only see what analysts price targets are, but also which companies have the highest and lowest projected EPS growth in the next year. The tables below highlight the stocks with the highest and lowest price and EPS expectations in the Discretionary sector.
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker GCI APOL Name Gannett Co Apollo Group Inc -Cl A Intl Game Technology Expedia Inc Amazon.Com Inc Industry Media Diversified Consumer Services Hotels Restaurants & Leisure Internet & Catalog Retail Internet & Catalog Retail Market Cap 3,592.93 9,274.51 5,205.32 6,439.12 52,569.60 Price 16.79 62.21 18.50 24.44 136.48 Target 21.80 77.35 22.29 28.94 160.11 E(r) 30% 22% 21% 19% 18%
Please email us at
strategy@wolfetrahan.com
for more detail on price target (expected return) and EPS estimates at the sector, industry and/or stock level.
Lowest Expected Return Ticker HOT F ODP EK SHLD Name Starwood Hotels&Resorts Wrld Ford Motor Co Office Depot Inc Eastman Kodak Co Sears Holdings Corp Industry Hotels Restaurants & Leisure Automobiles Specialty Retail Leisure Equipment & Products Multiline Retail Market Cap 7,228.58 39,543.45 1,983.60 1,595.67 11,002.05 Price 47.41 13.35 8.20 5.86 109.31 Target 41.00 11.69 6.88 4.33 66.80 E(r) -11% -14% -16% -28% -39%
Analysts are expecting a lot of good news from GCI and APOL! Are their targets too high or are analysts ahead of the curve?
WolfeTrahan.com
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CONSUMER STAPLES: EVERY INDUSTRY HAS LOWER PRICE EXPECTATIONS THAN THE S&P 500!
It is no surprise that the expectations for Staples are below the market. As the economy recovers, the less cyclical industries (i.e., more defensive stocks) usually see lower growth rates. At the industry level, the sell-side is most bullish on Beverages and least optimistic on Personal Products. A stock worth highlighting is Estee Lauder (EL). Its relative mean price target has risen sharply since 2009 alongside relative performance and now sits at the highest level since the last peak in 2000.
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Relativ e Performance
Within the Staples sector, analysts have the largest upside price targets in Archer-Daniel Midland (AMD, +27%) and Lorillard (LO, +17%). There are also a handful of short-opportunities that the sell-side sees in the Staples sector, particularly on Supervalu Inc. (SVU, -10%) and Hershey (HSY, -9%).
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker ADM LO Name Archer-Daniels-Midland Co Lorillard Inc Molson Coors Brewing Co Kroger Co Dean Foods Co
Name Coca-Cola Enterprises Inc Sara Lee Corp Whole Foods Market Inc Hershey Co Supervalu Inc
Industry Food Products Tobacco Beverages Food & Staples Retailing Food Products
Lowest Expteced Return Industry Beverages Food Products Food & Staples Retailing Food Products Food & Staples Retailing
Please email us at
strategy@wolfetrahan.com
TAP KR DF
Ticker CCE SLE WFMI HSY SVU
for more detail on price target (expected return) and EPS estimates at the sector, industry and/or stock level.
Archer-Daniels Midland (ADM): Analysts see an earnings recovery bolstering the stock price in the coming year!
WolfeTrahan.com
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Relativ e Performance
At the industry level, Energy Equipment and Services have the highest expected return at 27% followed by Oil, Gas & Consumable Fuels at 17.1%. Looking at the Energy stocks, analysts expect huge gains in names such as CHK and COG while they believe that BJS and SII are overvalued today.
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker Name Chesapeake Energy Corp Cabot Oil & Gas Corp Southwestern Energy Co Nabors Industries Ltd Halliburton Co
Name Valero Energy Corp Fmc Technologies Inc Sunoco Inc Bj Services Co Smith International Inc
Industry Oil Gas & Consumable Fuels Oil Gas & Consumable Fuels Oil Gas & Consumable Fuels Energy Equipment & Services Energy Equipment & Services
Lowest Expected Return Industry Oil Gas & Consumable Fuels Energy Equipment & Services Oil Gas & Consumable Fuels Energy Equipment & Services Energy Equipment & Services
Contact us at
strategy@wolfetrahan.com
for more detail on price target (expected return) and EPS estimates at the sector, industry and/or stock level.
Lowest EPS Growth Expectations Ticker NOV RDC COG EP XTO Name National Oilwell Varco Inc Rowan Cos Inc Cabot Oil & Gas Corp El Paso Corp Xto Energy Inc Industry Energy Equipment & Services Energy Equipment & Services Oil Gas & Consumable Fuels Oil Gas & Consumable Fuels Oil Gas & Consumable Fuels Price 40.48 28.56 36.71 10.77 47.12 EPS 3.94 2.98 1.72 1.29 3.58 NTM EPS 3.23 2.37 1.26 0.88 2.01 Growth -18% -21% -27% -32% -44%
WolfeTrahan.com
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0.09 0.07
Relativ e Performance
Bulge bracket banks rank at the top of the list of companies with the largest expected returns. Both Morgan Stanley (MS) and Goldman Sachs (GS) are expected to gain over 20% by this time next year. At the other end of the spectrum, REITs dominate the list of stocks where analysts believe stocks are too expensive. There are four REITs with downside price targets greater than 10%.
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker MS GS STT IVZ XL Name Morgan Stanley Goldman Sachs Group Inc State Street Corp Invesco Ltd Xl Capital Ltd Industry Capital Markets Capital Markets Capital Markets Capital Markets Insurance Market Cap 38,341.55 80,538.08 22,227.47 8,218.27 6,250.51 Price 29.06 171.54 45.69 21.65 18.68 Target 36.45 211.45 55.81 25.75 22.35 E(r) 24% 21% 21% 20% 19%
Many of the REIT stocks are at or above the highest analyst price target this does not occur very often! (AVB, HST, AIV, KIM)
Lowest Expteced Return Ticker AVB HST AIV AIG KIM Name Avalonbay Communities Inc Host Hotels & Resorts Inc Apartment Invt &Mgmt -Cl A American International Group Kimco Realty Corp Industry Real Estate Investment Trusts (REITs) Real Estate Investment Trusts (REITs) Real Estate Investment Trusts (REITs) Insurance Real Estate Investment Trusts (REITs) Market Cap 6,638.09 7,568.17 1,944.05 3,345.71 5,632.85 Price 87.05 14.74 18.44 34.25 16.02 Target 76.53 12.86 15.49 28.75 13.38 E(r) -12% -12% -16% -17% -17%
AVB is not only above its mean analyst price target it is also right at the highest analyst target on the Street as of yesterday! This hasnt happened since 2006! Email us for the chart!
WolfeTrahan.com
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12.8% 11.8% 11.8% 7.2% 5.7% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
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Relativ e Performance
At the stock level, Pfizer (PFE) is expected to see the largest price appreciation over the next 12 months while Millipore (MIL) is the most overvalued according to the sell-side. Tenet Healthcare is one that makes both lists below stocks with the highest price and EPS gains over the next year. Notice that the stocks with the largest forecasted upside price appreciation are generally larger in size.
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker PFE THC GILD UNH ABT Name Pfizer Inc Tenet Healthcare Corp Gilead Sciences Inc Unitedhealth Group Inc Abbott Laboratories
Name Perkinelmer Inc
Industry Pharmaceuticals Health Care Providers & Services Biotechnology Health Care Providers & Services Pharmaceuticals
Lowest Expteced Return Industry Life Sciences Tools & Services
Contact us at
strategy@wolfetrahan.com
Ticker PKI
ISRG Intuitive Surgical Inc Health Care Equipment & Supplies 13,364.89 for more detail on BIIB Biogen Idec Inc Biotechnology 15,119.77 price target (expected BMY Bristol-Myers Squibb Co Pharmaceuticals 42,010.13 MIL Millipore Corp Life Sciences Tools & Services 5,257.50 return) and EPS estimates at the Highest & Lowest Analysts Expected EPS Growth sector, industry Highest EPS Growth Expectations Ticker Name Industry Price and/or stock level.
THC ESRX ISRG CELG MYL Tenet Healthcare Corp Express Scripts Inc Intuitive Surgical Inc Celgene Corp Mylan Inc Health Care Providers & Services Health Care Providers & Services Health Care Equipment & Supplies Biotechnology Pharmaceuticals 5.79 101.55 346.76 62.17 22.64
Tenet Healthcare (THC): Analysts see an earnings recovery bolstering the stock price in the coming year!
Lowest EPS Growth Expectations Ticker UNH HUM BSX KG CAH Name Unitedhealth Group Inc Humana Inc Boston Scientific Corp King Pharmaceuticals Inc Cardinal Health Inc Industry Health Care Providers & Services Health Care Providers & Services Health Care Equipment & Supplies Pharmaceuticals Health Care Providers & Services Price 33.18 47.15 7.22 11.89 36.36 EPS 3.24 6.15 0.50 1.10 2.94 NTM EPS 3.07 5.50 0.42 0.92 2.24 Growth -5% -11% -15% -16% -24%
WolfeTrahan.com
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Relativ e Performance
While Airlines and Building Products have negative expected returns over the next 12 months, it is important to note these industries constitute the smallest portion of the Industrials sector. While the sector has the second lowest expected return amongst the ten GICS sectors, there are still a few stocks within the sector that analysts believe will outperform in the next year (see table below).
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker PWR RRD IRM SNA ITW Name Quanta Services Inc Donnelley (R R) & Sons Co Iron Mountain Inc Snap-On Inc Illinois Tool Works Industry Construction & Engineering Commercial Services & Supplies Commercial Services & Supplies Machinery Machinery Market Cap 3,990.76 4,091.37 5,267.79 2,437.99 22,866.33 Price 19.13 21.58 27.41 43.60 47.50 Target 24.53 27.00 34.20 51.70 56.36 E(r) 26% 26% 23% 20% 19%
Lowest Expected Return Ticker BA RHI NOC MAS PCAR Name Boeing Co Robert Half Intl Inc Northrop Grumman Corp Masco Corp Paccar Inc Industry Aerospace & Defense Professional Services Aerospace & Defense Building Products Machinery Market Cap 45,872.53 4,147.20 18,798.55 4,684.85 12,867.08 Price 73.32 30.99 65.69 15.39 43.75 Target 71.04 29.79 61.94 14.40 38.44 E(r) -4% -4% -6% -6% -12%
Paccar has the lowest expected return, but has one the highest earnings growth expectations.
Name Masco Corp Southwest Airlines Paccar Inc Boeing Co Robert Half Intl Inc
Name Honeywell International Inc Jacobs Engineering Group Inc First Solar Inc Fluor Corp Textron Inc
Industry Building Products Airlines Machinery Aerospace & Defense Professional Services
Lowest EPS Growth Expectations Industry Aerospace & Defense Construction & Engineering Electrical Equipment Construction & Engineering Industrial Conglomerates
WolfeTrahan.com
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Relativ e Performance
While overall sell-side expectations are high for the sector, there are some companies that analysts expect to underperform over the next 12 months. In the table below, we highlight 5 companies that analysts believe will have negative returns over the next 12 months. For example, analysts expect Akamai (AKAM) to lose 7% and exhibit negative earnings growth of over 20%.
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker WDC JBL CPWR MOT MU Ticker Name Western Digital Corp Jabil Circuit Inc Compuware Corp Motorola Inc Micron Technology Inc Name Total System Services Inc Citrix Systems Inc Akamai Technologies Inc Lexmark Intl Inc -Cl A Jds Uniphase Corp Industry Computers & Peripherals Electronic Equipment Instruments & Components Software Communications Equipment Semiconductors & Semiconductor Equipment Lowest Expteced Return Industry IT Services Software Internet Software & Services Computers & Peripherals Communications Equipment Market Cap 2,807.84 7,854.01 4,503.82 2,632.75 2,344.63 Price 15.87 47.91 31.68 35.96 11.92 Target 15.17 45.86 29.62 33.05 11.00 E(r) -4% -4% -7% -7% -8% TSS CTXS AKAM LXK JDSU Market Cap 8,807.64 3,167.12 1,703.23 15,629.80 7,699.19 Price 39.34 16.37 8.44 7.23 10.79 Target 51.33 20.23 10.25 8.77 12.88 E(r) 28% 24% 22% 21% 21%
JDS Uniphase has the lowest expected return while having triple-digit earnings growth expectations.
Lowest EPS Growth Expectations Ticker TSS AKAM CPWR AMD MWW Name Total System Services Inc Akamai Technologies Inc Compuware Corp Advanced Micro Devices Monster Worldwide Inc Industry IT Services Internet Software & Services Software Semiconductors & Semiconductor Equipment Internet Software & Services Price 15.87 31.68 8.44 9.17 17.10 EPS 1.13 1.67 0.65 0.19 0.03 NTM EPS 0.95 1.31 0.46 (0.22) (0.12) Growth -16% -21% -29% -216% -501%
WolfeTrahan.com
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Relativ e Performance
While the Metals & Mining space has the highest expected return amongst the Materials industries, analysts expect some differentiation in the group. As the table below highlights, some Metals & Mining companies are amongst the leaders and laggards in expected return for the sector.
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker MON AA FCX PTV APD
Ticker IFF ARG X ATI TIE
Name Monsanto Co Alcoa Inc Freeport-Mcmoran Cop&Gold Pactiv Corp Air Products & Chemicals Inc
Name Intl Flavors & Fragrances Airgas Inc United States Steel Corp Allegheny Technologies Inc Titanium Metals Corp
Industry Chemicals Metals & Mining Metals & Mining Containers & Packaging Chemicals
Lowest Expected Return Industry Chemicals Chemicals Metals & Mining Metals & Mining Metals & Mining
While being the Materials industry with the highest expected return, there is some disparity in expectations within Metals & Mining
Name Cliffs Natural Resources Inc Allegheny Technologies Inc Vulcan Materials Co Dow Chemical Intl Paper Co
Name Ball Corp Monsanto Co Cf Industries Holdings Inc Pactiv Corp Titanium Metals Corp
Industry Metals & Mining Metals & Mining Construction Materials Chemicals Paper & Forest Products
Lowest EPS Growth Expectations Industry Containers & Packaging Chemicals Chemicals Containers & Packaging Metals & Mining
WolfeTrahan.com
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Price Target For CTL Has Risen Much Faster Than Sector
Centruy Tel Inc. (CTL)
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Diversified Telecommunication Servic es 9.2%
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Relativ e Performance
Interestingly, as shown in the table below, all Telecom companies are expected to have a positive return over the next year. Despite this, there are a few companies within the sector whose earnings are expected to decline in the coming year. One example, Metropcs (PCS), is expected to outperform the market (13% vs. 12%) but is predicted to exhibit the largest decline in earnings within the sector (-13%).
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker S AMT PCS T VZ Ticker WIN CTL FTR Q Name Sprint Nextel Corp American Tower Corp Metropcs Communications Inc At&T Inc Verizon Communications Inc Name Windstream Corp Centurytel Inc Frontier Communications Corp Qwest Communication Intl Inc Industry Wireless Telecommunication Services Wireless Telecommunication Services Wireless Telecommunication Services Diversified Telecommunication Services Diversified Telecommunication Services Lowest Expteced Return Industry Diversified Telecommunication Services Diversified Telecommunication Services Diversified Telecommunication Services Diversified Telecommunication Services Market Cap 4,424.78 10,253.20 2,433.03 7,885.36 Price 10.92 35.55 7.45 5.22 Target 11.62 36.93 7.65 5.42 E(r) 6% 4% 3% 3% Market Cap 9,900.09 17,132.12 2,176.23 146,426.90 82,035.85 Price 3.79 42.64 7.08 25.93 31.22 Target 4.44 49.31 7.86 29.40 32.81 E(r) 17% 15% 13% 11% 8%
Mean expected returns for all Telecom stocks are positive for the forthcoming year.
Lowest EPS Growth Expectations Ticker CTL Q PCS Name Centurytel Inc Qwest Communication Intl Inc Metropcs Communications Inc Industry Diversified Telecommunication Services Diversified Telecommunication Services Wireless Telecommunication Services Price 35.55 5.22 7.08 EPS 3.45 0.38 0.49 NTM EPS 3.26 0.34 0.42 Growth -6% -12% -13%
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Sector
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Electric Utilities
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4.4%
Relativ e Performance
While Independent Power Producers & Energy Traders and Gas Utilities are the industries with the highest expected returns, Electric Utilities seem to show the highest potential for earnings growth (see table below). Even though NRG Energy has one of the highest expected returns (32%) within the sector, it is by far anticipated to have the greatest decline in earnings (-40%).
Highest & Lowest Analysts Expected 12-Month Returns
Highest Expected Return Ticker AES EQT NRG STR PPL Name Aes Corp Eqt Corp Nrg Energy Inc Questar Corp Ppl Corp Industry Independent Power Producers & Energy Traders Gas Utilities Independent Power Producers & Energy Traders Gas Utilities Electric Utilities Market Cap 7,805.18 5,729.54 5,547.25 7,331.45 10,742.17 Price 11.06 40.95 21.10 43.08 27.88 Target 17.33 55.40 27.23 53.91 32.75 E(r) 54% 34% 32% 25% 17%
Lowest Expteced Return Ticker DTE POM TEG GAS AEE Name Dte Energy Co Pepco Holdings Inc Integrys Energy Group Inc Nicor Inc Ameren Corp Industry Multi-Utilities Electric Utilities Multi-Utilities Gas Utilities Multi-Utilities Market Cap 7,181.67 3,738.58 3,349.20 1,884.45 5,866.15 Price 45.22 17.04 47.29 42.18 26.01 Target 43.69 16.05 44.25 39.67 23.00 E(r) -4% -5% -6% -6% -11%
Lowest EPS Growth Expectations Ticker FE EXC STR AEE NRG Name Firstenergy Corp Exelon Corp Questar Corp Ameren Corp Nrg Energy Inc Industry Electric Utilities Electric Utilities Gas Utilities Multi-Utilities Independent Power Producers & Energy Traders Price 38.79 44.02 43.08 26.01 21.10 EPS 3.77 4.11 2.81 2.82 3.39 NTM EPS 3.55 3.77 2.40 2.31 2.04 Growth -6% -8% -15% -18% -40%
WolfeTrahan.com
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Using the highest estimates, analysts predict earnings of $90 over the next twelve months
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In aggregate, the S&P 500 earnings are expected to be $79.71 over the next twelve months.
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1990 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 2013 2014
The growth in earnings, is not concentrated in a handful of sectors, but can be seen across the entire market, as shown in the table below. While all sectors are expected to exhibit positive earnings growth over the next twelve months, on a YoY basis, Financials are expected to be a leader in earnings growth, while Telecom and Staples are two sectors that are anticipated to lag in growth. Email us at strategy@wolfetrahan.com to receive the S&P 500 EPS/Price target updates from us on a timelier basis.
2009 S&P 500 Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Q1 $10.12 $0.38 $3.90 $0.44 $0.50 $6.61 $3.08 $2.90 $1.05 $1.95 $2.89 Q2 $13.81 $2.78 $4.62 $4.57 $1.01 $6.60 $3.75 $3.63 $1.67 $1.88 $2.52 Q3 $15.78 $3.49 $4.88 $5.93 $1.35 $6.92 $3.24 $4.52 $2.27 $1.77 $3.81 Q4e $17.34 $3.96 $4.86 $6.66 $1.76 $6.49 $4.00 $6.58 $1.96 $1.62 $2.39 Q1e $17.56 $3.35 $4.20 $7.42 $2.87 $7.21 $3.15 $5.39 $2.78 $1.78 $3.10 Q2e $19.35 $3.86 $4.90 $8.18 $3.29 $7.58 $3.82 $5.63 $3.40 $1.82 $2.74 2010 Q3e $20.64 $3.77 $5.21 $8.75 $3.53 $7.87 $4.13 $6.14 $2.91 $1.87 $4.00 Q4e $22.15 $4.67 $5.21 $9.29 $4.01 $7.99 $4.49 $7.25 $2.81 $1.83 $2.76 Q1e $21.95 $4.00 $4.68 $10.66 $4.38 $8.30 $3.98 $6.21 $3.94 $1.93 $3.08 Q2e $23.94 $4.86 $5.43 $11.22 $4.77 $8.69 $4.70 $6.50 $4.34 $2.00 $3.05 2011 Q3e $25.04 $4.82 $5.58 $11.41 $4.99 $9.17 $5.02 $6.98 $3.74 $2.07 $4.04 Q4e $26.72 $5.96 $5.79 $11.81 $5.50 $9.05 $5.49 $7.93 $3.82 $2.09 $3.08 NTM EPS $79.71 $15.66 $19.52 $33.64 $13.71 $30.65 $15.59 $24.41 $11.89 $7.30 $12.61 STM EPS $97.65 $19.64 $21.47 $45.10 $19.63 $35.20 $19.19 $27.63 $15.84 $8.08 $13.24
WolfeTrahan.com
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Analyst Certification: Each analyst of Wolfe Trahan & Co. whose name appears on the front page of this research report hereby certifies that (i) the recommendations and opinions expressed in the research report accurately reflect the research analysts personal views about any and all of the securities or issuers discussed herein that are within such analysts coverage universe and (ii) no part of the research analysts compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst in the research report. Other Disclosures: Although the information contained herein has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. The information and opinions contained herein are subject to change without notice, and Wolfe Trahan & Co. assumes no responsibility to update or amend any information or opinions contained herein. Copyright Wolfe Trahan & Co. 2010. All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Wolfe Trahan & Co. None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of Wolfe Trahan & Co. This report is limited for the sole use of clients of Wolfe Trahan & Co. Authorized users have received an encryption decoder which legislates and monitors the access to Wolfe Trahan & Co. content. Any distribution of the content produced by Wolfe Trahan & Co. will violate the understanding of the terms of our relationship. The views implied by inclusion of certain sectors or companies in portfolio strategy and quantitative research modeling screens may be inconsistent with the views expressed with regard to those sectors or companies as presented in fundamental research products. For a copy of fundamental research discussing any company referenced herein, please contact your salesperson.
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