1. No category

E Q U I T Y
R E S E A R C H
I S R A E L
2016 ‫ באפריל‬18
‫מחלקת המחקר‬
‫ישראליות בארה " ב‬
2016 ‫לקראת עונת הדו”חות של הרבעון הראשון‬
‫ בניגוד לעונת הדוחות‬.‫ בקרב החברות הישראליות הנסחרות בארה"ב‬2016 ‫השבוע נפתחת עונת הדוחות של הרבעון הראשון‬
‫ לאחר ראלי של‬,‫ כעת ניתן לראות היפוך לטובה בסנטימנט המשקיעים‬,‫ שעברה בצל הירידות בשווקים בתחילת השנה‬,‫הקודמת‬
‫ וכעת עומדות‬,‫ גם המניות הישראליות נהנו ממגמת העליות האחרונה‬.‫ הבולט במיוחד באפיקי הסיכון‬,‫החודשיים האחרונים‬
‫ בהתחשב בסביבה‬,‫בפני מבחן חשוב של עמידה בציפיות גבוהות יותר של המשקיעים גם להמשך השנה – משימה לא פשוטה‬
‫ הוא‬,‫ שחשוב ספציפית עבור חברות הטכנולוגיה הישראליות‬,‫ אתגר נוסף‬.‫מאתגרת עדיין של האטה בקצב הצמיחה הגלובאלית‬
‫ דבר שעלול להעיק על רווחיות החברות‬,‫ בשלושת החודשים האחרונים‬6%-‫ בשיעור חד של כ‬,‫מהלך התחזקות השקל מול הדולר‬
.‫שחלק ניכר מהוצאותיהן נקובות בשקלים‬
,‫ חברות ישראליות‬50-‫אנו מרכזים בעדכון זה את רשימת מועדי פרסום הדוחות ואת התחזיות עבור למעלה מ‬
.(‫ החודשים האחרונים )בעמוד הבא‬3-‫בנוסף לעדכון ביצועי מניותיהן ב‬
Company
Name
Mellanox Technologies Ltd
Check Point Software Technolog
Silicom Ltd
MediWound Ltd
DSP Group Inc
Camtek Ltd/Israel
Xura Inc
CEVA Inc
Radware Ltd
Allot Communications Ltd
Compugen Ltd
AudioCodes Ltd
Mylan NV
Nova Measuring Instruments Ltd
SodaStream International Ltd
Orbotech Ltd
Alon USA Energy Inc
Ormat Technologies Inc
Wix.com Ltd
Alcobra Ltd
Varonis Systems Inc
Caesarstone Sdot-Yam Ltd
Perion Network Ltd
Amdocs Ltd
Sapiens International Corp NV
Kornit Digital Ltd
Perrigo Co PLC
Imperva Inc
NICE-Systems Ltd
Mazor Robotics Ltd
Delek US Holdings Inc
Attunity Ltd
CyberArk Software Ltd
ReWalk Robotics Ltd
Protalix BioTherapeutics Inc
SolarEdge Technologies Inc
Enzymotec Ltd
Pluristem Therapeutics Inc
Teva Pharmaceutical Industries
Ceragon Networks Ltd
LivePerson Inc
OPKO Health Inc
magicJack VocalTec Ltd
Magic Software Enterprises Ltd
Mobileye NV
Stratasys Ltd
Kamada Ltd
Foamix Pharmaceuticals Ltd
Vascular Biogenics Ltd
Syneron Medical Ltd
Tower Semiconductor Ltd
Top Image Systems Ltd
Bio Blast Pharma Ltd
Evogene Ltd
Palo Alto Networks Inc
Neuroderm Ltd
Verint Systems Inc
Stock
Ticker
MLNX
CHKP
SILC
MDWD
DSPG
CAMT
MESG
CEVA
RDWR
ALLT
CGEN
AUDC
MYL
NVMI
SODA
ORBK
ALJ
ORA
WIX
ADHD
VRNS
CSTE
PERI
DOX
SPNS
KRNT
PRGO
IMPV
NICE
MZOR
DK
ATTU
CYBR
RWLK
PLX
SEDG
ENZY
PSTI
TEVA
CRNT
LPSN
OPK
CALL
MGIC
MBLY
SSYS
KMDA
FOMX
VBLT
ELOS
TSEM
TISA
ORPN
EVGN
PANW
NDRM
VRNT
Reporting
Date
20/04/2016
20/04/2016
21/04/2016
21/04/2016
27/04/2016
28/04/2016
30/04/2016
02/05/2016
03/05/2016
03/05/2016
03/05/2016
03/05/2016
03/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
04/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
05/05/2016
06/05/2016
09/05/2016
09/05/2016
09/05/2016
09/05/2016
09/05/2016
09/05/2016
09/05/2016
09/05/2016
10/05/2016
10/05/2016
10/05/2016
11/05/2016
11/05/2016
17/05/2016
17/05/2016
19/05/2016
25/05/2016
25/05/2016
01/06/2016
Confirmed/
Oppenheimer est.
Estimated Sales ($mln)
Confirmed
Confirmed
Confirmed
Confirmed
Confirmed
Estimated
Estimated
Confirmed
Confirmed
Confirmed
Estimated
Confirmed
Estimated
Confirmed
Estimated
Confirmed
Confirmed
Estimated
Confirmed
Estimated
Confirmed
Estimated
Estimated
Confirmed
Estimated
Estimated
Estimated
Confirmed
Estimated
Estimated
Confirmed
Confirmed
Confirmed
Estimated
Estimated
Estimated
Estimated
Estimated
Confirmed
Confirmed
Estimated
Estimated
Estimated
Estimated
Estimated
Confirmed
Estimated
Estimated
Estimated
Estimated
Estimated
Estimated
Estimated
Estimated
Estimated
Estimated
Estimated
N/A
406.0
N/A
0.4
N/A
N/A
79.0
16.7
49.2
24.6
N/A
N/A
N/A
N/A
N/A
188.0
N/A
N/A
60.5
0.0
N/A
N/A
N/A
925.0
N/A
N/A
N/A
59.2
225.0
N/A
N/A
N/A
43.0
N/A
N/A
123.0
N/A
N/A
4,882.0
64.3
55.6
N/A
N/A
N/A
N/A
N/A
N/A
0.5
N/A
N/A
N/A
N/A
N/A
N/A
337.0
0.0
251.0
Consensus est.
1Q/2015
EPS ($)
Sales ($mln)
EPS ($)
Sales ($mln)
EPS ($)
N/A
1.04
N/A
(0.28)
N/A
N/A
(0.07)
0.17
0.05
0.01
N/A
N/A
N/A
N/A
N/A
0.57
N/A
N/A
(0.35)
(0.19)
N/A
N/A
N/A
0.87
N/A
N/A
N/A
(0.29)
0.74
N/A
N/A
N/A
0.16
N/A
N/A
0.32
N/A
N/A
1.16
(0.02)
(0.01)
N/A
N/A
N/A
N/A
N/A
N/A
(0.23)
N/A
N/A
N/A
N/A
N/A
N/A
0.42
(0.36)
0.44
192.7
404.4
20.6
0.3
27.0
24.7
81.0
16.4
49.6
24.3
0.6
33.7
2,239.5
35.5
88.8
187.6
914.0
136.7
60.7
0.0
28.5
115.3
70.1
925.3
48.0
22.6
1,399.6
59.6
225.5
6.8
1,011.8
12.0
43.4
1.6
1.7
122.8
13.9
0.1
4,807.2
63.5
55.5
266.4
25.9
43.6
73.2
164.7
15.2
0.6
0.0
64.4
276.0
7.2
0.0
4.5
339.3
0.0
250.7
0.75
1.03
0.48
(0.24)
(0.11)
0.02
0.10
0.16
0.07
(0.00)
(0.15)
0.04
0.76
0.14
0.13
0.53
(0.34)
0.34
(0.31)
(0.21)
(0.39)
0.43
0.04
0.87
0.12
0.02
1.90
(0.28)
0.74
(0.11)
(0.36)
(0.01)
0.16
(0.60)
(0.08)
0.39
0.05
(0.09)
1.17
(0.02)
(0.00)
(0.03)
0.19
0.12
0.14
(0.04)
(0.06)
(0.21)
(0.16)
0.01
0.66
(0.08)
(0.29)
(0.11)
0.41
(0.35)
0.40
146.7
372.6
18.8
0.1
38.0
21.8
119.1
13.8
57.2
29.5
0.5
37.5
1,871.7
27.5
90.3
184.8
1,103.2
120.2
44.5
0.0
23.0
107.8
52.1
906.29
41.0
17.6
1,049.1
44.8
246.0
4.5
1,150.60
10.4
32.9
0.6
4.4
86.4
11.3
0.1
4,982.0
93.7
59.8
30.1
25.5
40.3
45.6
172.7
8.9
0.4
0.0
63.4
226.2
8.3
0.0
2.7
234.2
0.0
270.4
0.60
0.95
0.52
(0.30)
0.09
0.01
0.45
0.08
0.22
0.09
(0.12)
0.05
0.70
0.15
0.40
0.48
0.30
0.26
(0.30)
(0.26)
(0.44)
0.46
0.19
0.82
0.10
0.08
1.85
(0.26)
0.72
(0.24)
(0.28)
0.01
0.16
(0.42)
(0.06)
0.20
0.09
(0.10)
1.36
(0.02)
0.04
(0.26)
0.06
0.12
0.08
0.04
(0.15)
(0.14)
(0.15)
0.02
0.78
(0.06)
(0.23)
(0.13)
0.23
(0.09)
0.66
.
‫ החודשים האחרונים‬3-‫תשואת המניות הישראליות הנסחרות בארה"ב ב‬
‫ בראש רשימת‬.‫ שהטיב גם עם מניות ישראליות רבות‬,‫מאז עונת הדוחות הקודמת היינו עדים לראלי באפיקי הסיכון בשווקים‬
‫ לצד חברות צמיחה‬,(OPK ,CGEN ,ORMP ,KERX ,PSTI) ‫התשואות בשלושת החודשים האחרונים עומדות מניות ביומד רבות‬
-‫ בפרמיה נאה של כ‬SES ‫( שנרכשה על ידי חברת שירותי הלוויין‬RRM) RRMedia ‫( וכן מניית חברת‬SSYS ,MBLY ,MLNX)
‫( או בתוצאות‬PERI ,ATTU ,RDWR) ‫ המניות שהציגו תשואה שלילית מירבית הן של החברות שאכזבו בתחזיותיהן‬.60%
‫ כגון מובילות הפארמה‬,‫ גם מניות החברות שנתפסות דווקא כבעלות יציבות גבוהה‬,‫ באופן מפתיע‬.(CHMA) ‫הניסויים הקליניים‬
.‫ סבלו גם הן מירידות שערים‬,CYBR -‫ ו‬IMPV ,PANW ‫ וחברות הסייבר‬PRGO-‫ ו‬TEVA ‫הישראלית‬
Name
Pluristem Therapeutics Inc
RR Media Ltd
Keryx Biopharmaceuticals Inc
Internet Gold‐Golden Lines Ltd
Oramed Pharmaceuticals Inc
Mellanox Technologies Ltd
Stratasys Ltd
Compugen Ltd
Mobileye NV
OPKO Health Inc
Sapiens International Corp NV
Gilat Satellite Networks Ltd
Formula Systems 1985 Ltd
VeriFone Systems Inc
Orbotech Ltd
Ormat Technologies Inc
Neuroderm Ltd
Galmed Pharmaceuticals Ltd
Elbit Systems Ltd
Israel Chemicals Ltd
Ceragon Networks Ltd
CYREN Ltd
Magic Software Enterprises Ltd
Ituran Location and Control Lt
Silicom Ltd
Camtek Ltd/Israel
Check Point Software Technolog
Brainstorm Cell Therapeutics I
B Communications Ltd
Nova Measuring Instruments Ltd
Cellcom Israel Ltd
Partner Communications Co Ltd
AudioCodes Ltd
NICE‐Systems Ltd
Mazor Robotics Ltd
SodaStream International Ltd
RADCOM Ltd
Gazit‐Globe Ltd
Magal Security Systems Ltd
Amdocs Ltd
Wix.com Ltd
Caesarstone Sdot‐Yam Ltd
MediWound Ltd
BioLine RX Ltd
Varonis Systems Inc
Syneron Medical Ltd
Vascular Biogenics Ltd
Protalix BioTherapeutics Inc
CEVA Inc
Taro Pharmaceutical Industries
SolarEdge Technologies Inc
LivePerson Inc
Tower Semiconductor Ltd
Allot Communications Ltd
Foamix Pharmaceuticals Ltd
Kamada Ltd
Enzymotec Ltd
MacroCure Ltd
Evogene Ltd
ReWalk Robotics Ltd
Xura Inc
DSP Group Inc
Verint Systems Inc
Bio Blast Pharma Ltd
Palo Alto Networks Inc
Perrigo Co PLC
Teva Pharmaceutical Industries
Kornit Digital Ltd
Alcobra Ltd
SuperCom Ltd
Delek US Holdings Inc
Imperva Inc
Alon USA Energy Inc
Chiasma Inc
CyberArk Software Ltd
Kenon Holdings Ltd/Singapore
Radware Ltd
magicJack VocalTec Ltd
Perion Network Ltd
Attunity Ltd
Symbol
PSTI
RRM
KERX
IGLD
ORMP
MLNX
SSYS
CGEN
MBLY
OPK
SPNS
GILT
FORTY
PAY
ORBK
ORA
NDRM
GLMD
ESLT
ICL
CRNT
CYRN
MGIC
ITRN
SILC
CAMT
CHKP
BCLI
BCOM
NVMI
CEL
PTNR
AUDC
NICE
MZOR
SODA
RDCM
GZT
MAGS
DOX
WIX
CSTE
MDWD
BLRX
VRNS
ELOS
VBLT
PLX
CEVA
TARO
SEDG
LPSN
TSEM
ALLT
FOMX
KMDA
ENZY
MCUR
EVGN
RWLK
MESG
DSPG
VRNT
ORPN
PANW
PRGO
TEVA
KRNT
ADHD
SPCB
DK
IMPV
ALJ
CHMA
CYBR
KEN
RDWR
CALL
PERI
ATTU
Current
Market
OPCO
Price
Cap, $mln
Rating
1.76
140.7 Not Rated
13.04
226.9 Not Rated
5.06
535.4 Not Rated
14.76
283.4 Not Rated
9.30
122.0 Not Rated
53.82
2,563.1 Not Rated
25.48
1,327.1 Not Rated
6.86
346.9 Outperform
40.04
8,777.9 Not Rated
10.80
5,895.1
Perform
12.61
614.9 Not Rated
4.29
233.0 Not Rated
31.00
456.6 Not Rated
28.27
3,115.4 Not Rated
24.35
1,049.8 Outperform
41.85
2,063.5 Not Rated
16.24
350.9 Outperform
6.72
74.6 Not Rated
99.65
4,259.2 Not Rated
4.47
5,700.2 Not Rated
1.26
96.5
Perform
1.72
67.3 Not Rated
6.40
282.7 Not Rated
20.23
424.2 Not Rated
33.10
240.8 Not Rated
2.13
75.1 Not Rated
88.40
15,987.5 Outperform
2.41
45.0 Not Rated
28.31
846.2 Not Rated
10.61
287.5 Not Rated
7.39
743.5 Not Rated
4.82
766.9 Not Rated
4.48
164.9 Not Rated
64.14
3,828.1 Outperform
11.91
253.2 Not Rated
14.28
301.1 Not Rated
13.84
121.5 Not Rated
9.17
1,792.6 Not Rated
4.66
76.4 Not Rated
58.70
8,825.7 Outperform
22.62
912.1 Outperform
38.48
1,354.1 Not Rated
8.04
175.7 Outperform
1.02
57.3 Not Rated
19.63
513.2 Not Rated
7.19
249.6 Not Rated
3.34
75.1 Not Rated
0.83
77.6 Not Rated
22.15
452.6 Outperform
145.01
6,211.3 Not Rated
24.94
1,003.1
Perform
6.09
349.4
Perform
11.37
980.7 Not Rated
4.97
166.9
Perform
6.90
211.4 Outperform
3.88
141.3 Not Rated
8.56
194.7 Not Rated
0.97
15.7
Perform
6.94
176.4 Not Rated
9.80
121.2 Not Rated
20.70
517.6 Outperform
8.97
194.9 Not Rated
35.04
2,181.8 Outperform
2.71
44.4 Not Rated
140.66
12,430.2 Outperform
127.99
18,328.5 Not Rated
55.18
50,084.8 Outperform
10.17
309.1 Not Rated
4.39
121.0 Outperform
4.32
68.9 Not Rated
15.76
979.7 Not Rated
47.57
1,534.6 Outperform
10.10
717.9 Not Rated
10.17
246.9 Outperform
39.61
1,319.5 Outperform
7.40
397.5 Not Rated
10.70
479.1
Perform
6.08
94.9
Perform
1.83
139.7 Not Rated
6.89
113.6 Not Rated
OPCO
Return Return
Target YTD, % 3m, %
N/A
56%
120%
N/A
44%
68%
N/A
0%
54%
N/A
34%
49%
N/A
9%
41%
N/A
28%
39%
N/A
9%
36%
11.00
7%
35%
N/A
‐5%
34%
N/A
7%
31%
N/A
24%
30%
N/A
26%
29%
N/A
18%
27%
N/A
1%
26%
35.00
10%
25%
N/A
15%
24%
24.00
‐5%
23%
N/A
‐12%
22%
N/A
13%
20%
N/A
10%
19%
N/A
4%
19%
N/A
1%
19%
N/A
16%
18%
N/A
7%
18%
N/A
9%
17%
N/A
‐2%
17%
95.00
9%
16%
N/A
‐16%
16%
N/A
15%
16%
N/A
8%
15%
N/A
19%
15%
N/A
10%
14%
N/A
15%
14%
75.00
12%
13%
N/A
17%
13%
N/A
‐12%
13%
N/A
‐7%
12%
N/A
2%
11%
N/A
10%
11%
65.00
8%
10%
25.00
‐1%
8%
N/A
‐11%
7%
13.00
‐6%
6%
N/A
‐22%
5%
N/A
4%
5%
N/A
‐7%
4%
N/A
‐37%
4%
N/A
‐19%
1%
25.00
‐5%
1%
N/A
‐6%
0%
N/A
53%
0%
N/A
‐10%
0%
N/A
‐19%
‐1%
N/A
‐15%
‐1%
18.00
‐15%
‐2%
N/A
‐6%
‐2%
N/A
‐13%
‐3%
N/A
‐24%
‐3%
N/A
‐14%
‐4%
N/A
‐32%
‐4%
29.00
‐16%
‐6%
N/A
‐5%
‐6%
49.00
‐14%
‐7%
N/A
‐30%
‐8%
177.00
‐20%
‐9%
N/A
‐12%
‐12%
77.00
‐16%
‐12%
N/A
‐6%
‐12%
16.00
‐30%
‐12%
N/A
‐17%
‐14%
N/A
‐36%
‐14%
70.00
‐25%
‐15%
N/A
‐32%
‐16%
43.00
‐48%
‐18%
60.00
‐12%
‐18%
N/A
‐27%
‐19%
N/A
‐30%
‐21%
N/A
‐36%
‐23%
N/A
‐50%
‐26%
N/A
‐38%
‐34%
.‫ מאמינה כי היינו מהימן‬Oppenheimer Israel ‫ הדו"ח מבוסס על מידע אשר‬.‫ והוא לא נועד לשמש הצעה או שידול לקנות או למכור מניות כלשהן‬,‫הדו"ח הוא אינפורמטיבי בלבד‬
,‫ אין הדו"ח מתיימר להוות ניתוח מלא של כל העובדות הנוגעות לחברה נשוא הדו"ח‬.‫ לא כל מי שפועל מטעמנו יכול לערוב לשלמותו או לדיוקו של תוכן הדו"ח‬,‫ לא אנו‬,‫עם זאת‬
.‫ דעות המובאות בדו"ח עשויות להשתנות ללא שום הודעה נוספת‬.‫ אנו מניחים כי הדו"ח יקרא יחד עם דו”חות זמינים אחרים ונתונים נוספים‬.‫ ולמניה‬,‫לתעשייה בה היא פועלת‬
.‫ המניות הנזכרות בדו"ח עשויות שלא להתאים לכל סוגי המשקיעים‬.‫ תיצור עבורו רווחים‬,‫משקיע הקורא את הדו"ח אינו יכול להניח כי הסתמכות על הדעות וההמלצות המובאות בו‬
‫ לתנודות‬.‫ נתונות גם לתנודות הנובעות משינויים בשערי חליפין‬,‫חוץ‬-‫ מניות הנקובות במטבע‬.‫אנו או מי מטעמנו עשויים למכור או לקנות מניות המוזכרות בדו"ח בזמן שהדו"ח מופץ‬
.‫ או של תמורת המכירה‬,‫ ריבית‬,‫ בשעת ההמרה למטבע המקומי של דיווידנדים‬,‫אלה יכולות להיות השפעות חיוביות או שליליות על החזר ההשקעה‬
‫או סיפק‬/‫ ו‬,‫ או של אחת מן החברות הקשורות אליה‬,‫או היה חתם או חתם משותף בהנפקה ציבורית או פרטית של חברה זו‬/‫ ו‬,‫ הינו עושה שוק במניה‬Oppenheimer & Co. Inc.*
.‫ייעוץ פיננסי לחברה או לאחת מן החברות הקשורות אליה במהלך התקופה של שלוש שנים שקדמה לדו”ח‬
.© Oppenheimer Israel ‫* אין להעתיק בכל דרך שהיא שום חלק מדו”ח זה ללא רשות בכתב של‬
. Oppenheimer Israel -‫* כל הזכויות שמורות ל‬
.‫ לשימוש בישראל בלבד‬Oppenheimer Israel ‫ ע"י‬,‫ בעברית‬,‫* דו”ח זה נכתב בישראל‬
Important Disclosures and Certifications:
Analyst Certification - The author certifies that this research report accurately states his/her personal views about the
subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part
of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in
this research report. Potential Conflicts of Interest: Equity research analysts employed by Oppenheimer & Co. Inc. are
compensated from revenues generated by the firm including the Oppenheimer & Co. Inc. Investment Banking Department.
Research analysts do not receive compensation based upon revenues from specific investment banking transactions.
Oppenheimer & Co. Inc. generally prohibits any research analyst and any member of his or her household from executing
trades in the securities of a company that such research analyst covers. Additionally, Oppenheimer & Co. Inc. generally
prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst
covers. In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this
report, Oppenheimer & Co. Inc. may have a long position of less than 1% or a short position or deal as principal in the
securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. Recipients
of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below,
may at times give rise to potential conflicts of interest.
Oppenheimer & Co. Inc. Rating System as of January 14th, 2008:
Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months.
Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months.
Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months.
Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a
potential conflict of interest.
Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008:
Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend
payments, and/or the ability of the shares to perform better than the leading stock market averages or stocks within its
particular industry sector.
Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market
averages due to a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or
will perform less well than higher rated companies within its peer group. Our readers should be aware that when a rating
change occurs to Neutral from Buy, aggressive trading accounts might decide to liquidate their positions to employ the funds
elsewhere.
Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental
weakness perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities
within the peer group.
Distribution of Ratings/IB Services Firmwide
Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co.
Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer &
Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to
securities rated Underperform.
Additional Information Available
Please log on to http://www.opco.com or write to Oppenheimer & Co. Inc., 125 Broad Street, New York, NY 10004,
Attention: Research Disclosure
Other Disclosures:
This report is issued and approved for distribution by Oppenheimer & Co. Inc., a member of the New York Stock
Exchange ("NYSE"), NASD and SIPC. This report is provided, for informational purposes only, to institutional and
retail investor clients of Oppenheimer & Co. Inc. and does not constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. The securities
mentioned in this report may not be suitable for all types of investors. This report does not take into account the
investment objectives, financial situation or specific needs of any particular client of Oppenheimer & Co. Inc.
Recipients should consider this report as only a single factor in making an investment decision and should not
rely solely on investment recommendations contained herein, if any, as a substitution for the exercise of
independent judgment of the merits and risks of investments. The analyst writing the report is not a person or
company with actual, implied or apparent authority to act on behalf of any issuer mentioned in the report. Before
making an investment decision with respect to any security recommended in this report, the recipient should
consider whether such recommendation is appropriate given the recipient's particular investment needs,
objectives and financial circumstances. We recommend that investors independently evaluate particular
investments and strategies, and encourage investors to seek the advice of a financial advisor. Oppenheimer &
Co. Inc. will not treat non-client recipients as its clients solely by virtue of their receiving this report. Past
performance is not a guarantee of future results, and no representation or warranty, express or implied, is made
regarding future performance of any security mentioned in this report. The price of the securities mentioned in
this report and the income they produce may fluctuate and/or be adversely affected by exchange rates, and
investors may realize losses on investments in such securities, including the loss of investment principal.
Oppenheimer & Co. Inc. accepts no liability for any loss arising from the use of information contained in this
report, except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer & Co. Inc. All information, opinions and statistical data contained in this report were obtained or
derived from public sources believed to be reliable, but Oppenheimer & Co. Inc. does not represent that any such
information, opinion or statistical data is accurate or complete (with the exception of information contained in the
Important Disclosures section of this report provided by Oppenheimer & Co. Inc. or individual research analysts),
and they should not be relied upon as such. All estimates, opinions and recommendations expressed herein
constitute judgments as of the date of this report and are subject to change without notice. Nothing in this report
constitutes legal, accounting or tax advice. Since the levels and bases of taxation can change, any reference in
this report to the impact of taxation should not be construed as offering tax advice on the tax consequences of
investments. As with any investment having potential tax implications, clients should consult with their own
independent tax adviser. This report may provide addresses of, or contain hyperlinks to, Internet web sites.
Oppenheimer & Co. Inc. has not reviewed the linked Internet web site of any third party and takes no
responsibility for the contents thereof. Each such address or hyperlink is provided solely for the recipient's
convenience and information, and the content of linked third party web sites is not in any way incorporated into
this document. Recipients who choose to access such third-party web sites or follow such hyperlinks do so at
their own risk.
This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of
Oppenheimer & Co. Inc. Copyright © Oppenheimer & Co. Inc. 2016.
Oppenheimer & Co. Inc.
85 Broad Street
New York, NY 10004
(212) 668-8000
New York
(800) 221-5588
(212) 668-8991
Atlanta
New York
(800) 533-8987
(212) 668-8091
Boston
(800) 470-2750
(617) 428-5544
Kansas City
(800) 820-6726
(415) 438-3000
Chicago
(800) 621-2103
(312) 360-5943
San Francisco
(866) 377-3304
(816) 932-7021
Boston
(800) 470-2750
(617) 428-5551
Dallas
(866) 618-5927
(972) 450-3844
Institutional Sales
Houston
(800) 231-7509
(713) 650-2000
(800) 554-1386
(404) 262-5302
Institutional Trading
San Francisco
(888) 693-9333