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

egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London, El4 5.1P. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is re

.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

ulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 27 I I006. Registered Office 25 Bank Street, London. El4 5JP. South Africa: M. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regul

ly to the regional banks, even through near term volatility. GIO Investments Strategy EFTA00862331 Anton Pil Jeanne Sun Peter Epstein Source: Bloomberg. As of March 2015. IMPORTANT INFORMATION The opinions and views expressed herein are those of GICI and may differ from those oft Morgan, its affili

ion permits. In the United Kingdom, this material is approved by. Morgan International Bank Limited (JPMIB) with the registered office located at 25 Bank Street, Canary Wharf, London Ell SIP, registered in England No. 03838766 and is authorized by the Prudential Regulation Authority and regulated by the Fina

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

egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London. El4 SIP. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is reg

N STANLEY RESEARCH NORTH AMERICA 7.1;r4.-.713er Jey e C.; _LC. Matthew Harrison • David Friedman. M. Key Ratios and Statistics Reuters: GILD.O Bloomberg: GILD US Biotechnology / United Stales of America Shr price. close (Jul 23. 2014) $90.34 Mkt cap. curt (mm) $152.143 62-Week Range $90.74-55.9

Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdom Tel: +44 (0) 20 7 425 8000 Japan 1-9-7 Otemachi. Chiyoda-ku Tokyo 100-8104 Japan Tel: +81 (0) 3 6

owing cash. PAORGAN STANLEY RESEARCH NORTH AMERICA _LC Matthew Harrison r12 714 62:» David Friedman, Key Ratios and Statistics Reuters: BUB.0 Bloomberg: BIIB US Biotechnology / United Stales of America Shr price. close (Jul 22. 2014) $303.67 Mkt cap. curt (mm) $72.313 52-Week Range 5358.89-203

Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdom Tel: +44 (0) 20 7 425 8000 Japan 1-9-7 Otemachi. Chiyoda-ku Tokyo 100-8104 Japan Tel: +81 (0) 3 6

ealth Care Financials Information Technology Telecommunication Services Utilities 40% 43% 26% 47% 34% 35% 42% 25% 57% 51% 13% Source: Bloomberg, FactSet, Standard & Poor's, 1.P. Morgan Asset Management. 1. "Catastrophic loss" defined as a 70% decline from peak value with minimal recovery. Th

all states. In the United kingdom, this material is issued by J.P. Morgan Intematlonal Bank Limited (JPMB) with the registered office located at 25 Bank Street, Canary Wharf, London E14 51P, registered in England No.01838766. WM is authorised by the Prudential Regulation Authority and regulated by the Finan

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

egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London. El4 SIP. South Africa: J. P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is re

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.

egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London. El4 SIP. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is reg