Epstein Secrets

0.50 1.32 O3 (Sep) 0.52 1.18 O4 (Dec) 0.55 1.63 FY 2.05 5.61 6.52 7.54 Bloomberg EPS FY ($1 2.00 6.05 7.60 8.67 Source: Company On. Bloomberg. Morgan eabmates. North America Equity Research 22 May 2014 Overweight mum ►aces ua GILD, GILD US Price: $81.81 Price Target: $100.00 US B

: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Gilead Sciences. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Gilead Sciences. Company-S

.81 03 (Sep) 0.92 0.87 O4 (Dec) 0.88 0.88 - FY 3.49 3.44 3.67 4.19 4.41 Bloomber EPS FY $ 3.50 3.47 3.64 3.99 Source: Company data. Bloomberg. Morgan estimates. Sternberg' above denotes Bloomberg consensus estimates. Overweight MRK, MRK US Price: $57.93 Price Target: $64.00 Pharmaceu

s): Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Merck & Co., Inc.. • Non-Investment Banking Compensation: M. Morgan has received compensation in the past 12 months for products or services other than investment banking from Merck & Co., Inc.. Company-S

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n expects to receive, or intends to seek, compensation for investment banking services in the next three months from Hertz Global Holdings, Inc.. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Hertz Global Holdings, Inc.

nit Uneetffleatlh UNH US 7'7,857.32 78.17 OW ale 90.00 ilk WellPeint VVLP US 31.033.16 106.06 N ale 114.00 ilk Source: Company data. Bloomberg. a Morgan estimates. rit = no change. Al vices as c4 17 Jun14. See page 16 for analyst certification and Important disclosures. J.P. Morgan does an

ds to seek, compensation for investment banking services in the next three months from Aetna, Cigna, Health Net, Humana, UnitedHealth, WellPoint. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Aetna, Cigna, Health Net, H

1.32 1.35 04 (Dec) 0.93 1.18 1.23 1.44 1.48 FY 3.15 3.95 4.00 5.10 5.20 Bloomberg EPS FY (s) 3.10 3.98 5.10 Source: Company data. Bloomberg. J.P. Morgan estimates. North America Equity Research 12 June 2014 Overweight HAL, HAL US Price: $66.94 A Price Target: $78.00 Previous: $77.0

nths): J.P. Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Hallibunon. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Halliburton. Company-Speci

Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622

e, or intends to seek, compensation for investment banking services in the next three months from Bristol-M rs Squibb Company, Merck & Co., Inc.. • Non-Investment Banking Compensation: Morgan has received compensation in the past 12 months for products or services other than investment banking from Bristol-Myers Squibb Company, M

FY 5.74 5.88 7.08 7.55 7.90 8.20 8.60 Shares 0/S (mn) 769 Bloomberg EPS FY (5) 4.51 5.01 6.74 - 7.32 - 8.17 Source: Company data, Bloomberg. M. Morgan estimates. Our EPS estimates for Boeing are consistent with the company's core EPS, which excludes certain pension and post-retiement exp

): J.P. Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Boeing Company. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Boeing Company. Company-Sp

04 (Dec) (0.07) 0.15 0.27 0.25 FY 2.44 2.20 2.74 2.87 3.55 3.71 Bloomberg EPS FY ($) 2.42 2.17 - 2.71 - 3.46 Source: Company data. Bloomberg. J.P. Morgan estimates. 13kamberg' above denotes Bloomberg consensus estmates. See page 16 for analyst certification and important disclosures. J.

organ expects to receive, or intends to seek, compensation for investment banking services in the next three months from Avis Budget Group, Inc.. • Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past 12 months for products or services other than investment banking from Avis Budget Group, Inc.. C