Epstein Secrets

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

S) [MCI (P)199/03/2014 and Co. Rcg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl

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

S) [ma (P) 199/0312014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. S, Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore only t

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

S) [ma (P) 199,0312014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl

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

) [ma (P) 199/03/2014 and Co. Reg. No.: 199405335121 which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl

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

) [MCI (P) 199/03/2014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl

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

S) (ma (P) 199/03/2014 and Co. Reg. No.: 199405335R) which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl