Epstein Secrets

agreed between JPMorgan Securities Japan Co.. Ltd., and the customer in advance. Financial Instruments Firms: M./organ Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association / Japan Securities Dealers Association, The Financial Futures Association of Japan, Type II Financial Inst

ortunity at peak of -$2B. • Reiterate Overweight rating. 3 EFTA00300339 Geoff Meacham 4 North America Equity Research 22 May 2014 J.PMorgan Investment Thesis, Valuation and Risks Gilead Sciences (Overweight: Price Target: $100.00) Investment Thesis We rate GILD shares Overweight on the basis of solid fu

agreed between JPMorgan Securities Japan Co.. Ltd., and the customer in advance. Financial Instruments Firms: JPMorgan Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association! Japan Securities Dealers Association. The Financial Futures Association of Japan, Type 11 Financial Instr

y Research (1-212) 622-5676 02 June 2010 J.P.Morgan Investment Thesis, Valuation and Risks Merck & Co., Inc. (Overweight: Price Target: $64.00) Investment Thesis Maintain Overweight rating. Ultimately, we believe Merck has fundamentally changed its approach to its business over the past year, and we see this

agreed between JPMorgan Securities Japan Co.. Ltd., and the customer in advance. Financial Instruments Finns: JPMorgan Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association / Japan Securities Dealers Association, The Financial Futures Association of Japan, Type lI Financial Inst

5) 5.16 5.13 5.88 6.54 7.21 North America Equity Research 18 June 2014 Aetna J.P.Morgan Some: Company data, Bloomberg... Morgan estimates. Investment Thesis, Valuation and Risks Aetna (Overweight; Price Target: $82.00) Investment Thesis Our Overweight rating on AET reflects below-average reform exposur

agreed between JPMorgan Securities Japan Co.. Ltd., and the customer in advance. Financial Instruments Firms: JPMorgan Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association / Japan Securities Dealers Association. The Financial Futures Association of Japan, Type lI Financial Inst

rica Equity Research 12 June 2014 J.P.Morgan 8 EFTA00301090 J. David Anderson, PE, CFA North America Equity Research 12 June 2014 J.PMorgan Investment Thesis, Valuation and Risks Halliburton (Overweight: Price Target: $78.00) Investment Thesis We believe HAL is exhibiting its pressure pumping cost advan

agreed between JPMorgan Securities Japan Co.. Ltd.. and the customer in advance. Financial Instruments Firms: JPMorgan Securities Japan Co.. Ltd.. Kanto Local Finance Bureau (kinsho) No. 82 Participating Association /Japan Securities Dealers Association. The Financial Futures Association of Japan, Type ii Financial Instr

North America Equity Research 24 April 2014 J.P.Morgan Investment Thesis, Valuation and Risks Boeing Company (Overweight; Price Target $167.00) Investment Thesis We rate Boeing Ovenveight based on expectations for improving FCF as 787 cash bum falls, rising repurchases and dividends, and favorable conditions

agreed between JPMorgan Securities Japan Co.. Ltd.. and the customer in advance. Financial Instruments Firms: JPMorgan Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association / Japan Securities Dealers Association. The Financial Futures Association of Japan, Type II Financial Inst

r estimates, valuation, key driver sensitivity analysis and full model. 3 EFTA00295402 Kevin Milota North America Equity Research 08 May 2014 Investment Thesis, Valuation and Risks J.P.Morgan Avis Budget Group, Inc. (Overweight; Price Target: 559.00) Investment Thesis We reiterate our OW rating. We conti