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

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

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

curities. 2) fee-sharing with mutual funds offered on is platform. 3) charging money market management fees. and 4) collecting trading commissions. Investment Thesis I) High Quality Business SCHW holds $25 trillion in client assets. > 4x more than TD Ameritrade and >8x that of Evade. Asa result. it is able to s

EV EMMA: Psalm S103.29 $35.60 2.5% 091 35(bi 10 Pike Target: Moroi st:,1 . .4300.1, Ana' C0CM 50.• iO Lin VI/S015 :law Is a z.s o Investment Thesis Dexcom is a short today for three reasons. The market is underestimating the competitive dynamics within the industry along with overestimating the

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

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

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

sed focus on sales, which is where his natural strength lies. He is expected to sign an employment agreement and non-compete contract upon closing. Investment Thesis ImageOne looks to be a "Triple Play Opportunity", a candidate where one can increase value three ways: 1. Organically increase Revenues and EBITDA

e declining member growth, corporate customer churn, risk, shareholder dilution via stock grants, data breaches, and rising competitive pressure. Investment Thesis: We favor LNKD's position as the leading, global professional social network, where the company's "clean signal" identity data powers connectivity

sales to $28 from -$3B by 2020E. 3) Global hemophilia sales of -$1.38 ($800M to Biogen). 4) $0/share for the pipeline, and 5) No margin expansion Investment Thesis We are OW Biogen. Our work suggests upside to the launches of Tecfidera in Europe and Hemophilia. We see Biogen as having the most differentiated