Company: CF Industries Holding Inc.

Ticker: CF

Price: $45.06

Price Target: $61.00

Upside to Target: 35.4%

Comment: "Despite market uncertainty over deal risk due to regulatory changes, we believe CF will further improve its industry positioning over the next 2-3 years and generate best-in-class free cash flow versus peers."

Company: Sealed Air Corp.

Ticker: SEE

Price: $44.97

Price Target: $63.00

Upside to Target: 40.1%

Comment: "Given the significant cash flow generation SEE should realize over the next 12-24 months (that we expect to be returned to shareholders--with as much as 15-19pct of the mkt cap likely returned from now through 2016) as well as an acceleration in some of their volumes (specifically in meat packaging) and the raw material tailwinds, we believe SEE has the potential to drive solidly higher over the next 12 months."

Company: Hanesbrands Inc.

Ticker: HBI

Price: $30.85

Price Target: $40.00

Upside to Target: 29.7%

Comment: "Strong and steady free cash flow generator with opportunity to catalyze EPS growth via acquisitions and mix shift towards premium priced products."

Company: Tesla Motors

Ticker: TSLA

Price: $231.99

Price Target: $325.00

Upside to Target: 40.1%

Comment: "Tesla has significant competitive advantages that we believe are sustainable. We see major battery cost reductions as highly probable and leading to near costparity to internal combustion veh’s by 2017, while still offering ~$2k per year in fuel savings to the customer, which can either drop to margin or be used to drive share."

Company: Marriott International

Ticker: MAR

Price: $71.69

Price Target: $90.00

Upside to Target: 25.5%

Comment: "Despite the recent noise around Airbnb and the threat of other economy sharing lodging alternatives, which could have an industry-wide impact, we believe the industry remains well-positioned to achieve mid-single digit RevPAR growth in 2015, while supply growth still remains tame versus historical trends."

Company: Caesarstone Sdot-Yam Ltd.

Ticker: CSTE

Price: $39.55

Price Target: $57.00

Upside to Target: 44.1%

Comment: "We expect significant revenue and EBITDA growth over the next several years driven by share gains for engineered quartz countertops and for CSTE specifically within the category, given its significant US manufacturing capacity expansion and increasing brand recognition."

Company: CBS Corporation

Ticker: CBS

Price: $50.05

Price Target: $75.00

Upside to Target: 49.9%

Comment: "We are bullish on CBS given (1) superior positioning, given limited exposure to generalist cable networks; (2) our sanguine view on advertising, where we think modest growth is likely in 2H15 offsetting the declines in 1h15, and where we do not see a material long term shift from TV to digital; (3) the significant growth opportunity in content licensing, driven by CBS' strong slate of drama content; and (4) an undemanding valuation, where the 12m forward PE multiple is at the low end of the recent trading range."

Company: Mondelez

Ticker: MDLZ

Price: $43.86

Price Target: $52.00

Upside to Target: 18.6%

Comment: "With its strong emerging market platform (44% of sales) and excellent brands (Oreo, Cadbury, Trident), Mondelez is a key beneficiary of the consumer trend toward snacking in emerging markets."

Company: Costco

Ticker: COST

Price: $161.09

Price Target: $165.00

Upside to Target: 2.4%

Comment: "COST remains one of the few conventional retailers that continues to deliver positive traffic, market share gains, and a validated model for international expansion. Furthermore, their business model appears largely shielded from the margin erosion from e-commerce impacting most retailers."

Company: Dollar General

Ticker: DG

Price: $65.35

Price Target: $84.00

Upside to Target: 28.5%

Comment: "The improving low-income consumer, internal initiatives, and easing comparisons should drive steady comparable store sales performance, square footage growth is accelerating, and the margin outlook has improved."

Company: Lowe's

Ticker: LOW

Price: $76.30

Price Target: $80

Upside to Target: 4.8%

Comment: "From a company specific standpoint, we remain encouraged by the strategic direction of the company as they strive to enhance the customer experience and improve asset productivity to deliver managements’ growth targets."

Company: Panera Bread Company

Ticker: PNRA

Price: $182.12

Price Target: $215

Upside to Target: 18.1%

Comment: "Sales trends are improving and we continue to be fans of PNRA's long-term positioning in the restaurant industry as a fast casual segment leader."

Company: Sunrun

Ticker: RUN

Price: $7.39

Price Target: $20.00

Upside to Target: 170.6%

Comment: "The company has a differentiated multichannel strategy with 1) a direct-to-customer channel and direct installation business, 2) a partner network of lead generators, distributors, and installers, and 3) strategic partners looking to leverage existing partnerships and brand power on the Sunrun platform."

Company: Marathon

Ticker: MPC

Price: $58.01

Price Target: $75.00

Upside to Target: 29.3%

Comment: "Getting MWE into the Marathon fold is the likely catalyst that investors are waiting for, but this may require some sweetening given the fall in implied offer price since the deal was announced."

Company: Genesis Energy

Ticker: GEL

Price: $38.71

Price Target: $69.00

Upside to Target: 78.2%

Comment: "Both defensive in terms of low direct commodity price risk and offensive in terms of visibility to distribution growth via high expected distribution coverage over the next 3-4 years as a result of the acquistion of offshore assets from EPD a few weeks ago."

Company: Devon Energy Corp.

Ticker: DVN

Price: $45.53

Price Target: $68

Upside to Target: 56.2%

Comment: "Within the context of a cautious near-term outlook for E&Ps given oil price risk through 1H15, we believe DVN is well positioned to Outperform given its defensive valuation, top quartile oil growth profile, and further accretion potential from EnLink."

Company: Weatherford International, Inc.

Ticker: WFT

Price: $10.77

Price Target: $13.00

Upside to Target: 20.7%

Comment: "The CFO continues to implement and push metrics on support ratios, asset impairment, reductions in manufacturing and facilities locations, with ~20% of global headcount cut and >$1bn in annualized cost savings, W.C. generated, inventories reduced, debt paid down, lawsuits settled; a plethora of long overdue actions and events now being implemented."

Company: Scorpio Tankers Inc.

Ticker: STNG

Price: $8.76

Price Target: $15.00

Upside to Target: 71.2%

Comment: "STNG is the BETA play for the product tanker trade with a lot of optionality (dividends, buybacks, yield spinoff). "

Company: Gulfport Energy

Ticker: GPOR

Price: $25.14

Price Target: $52.00

Upside to Target: 106.8%

Comment: "After an active summer with two sizeable acreage transactions as well as a midstream joint venture agreement under its belt, GPOR anticipates a relatively quiet 3Q15 earnings release. For the quarter, it expects production to be within the previously disclosed guidance range of 590 – 610 MMcfe/d which represents 27% growth qtr/qtr"

Company: Exelon Corporation

Ticker: EXC

Price: $27.34

Price Target: $38.00

Upside to Target: 39.0%

Comment: "We continue to see further improvement in the power markets through a rebalancing of the supply-demand dynamic as MATS related coal plant retirements are fully realized in the dispatch curve providing support for energy prices."

Company: Affiliated Managers Group

Ticker: AMG

Price: $175.73

Price Target: $235.00

Upside to Target: 33.7%

Comment: "Capital Deployment via Deals and Buybacks: We look for 1-4 deals over the next 12 months. AMG announced a new Wealth affiliate in 2Q (bringing Wealth AuM to ~35B) and 3 deals in 3Q, while its deal pipeline remains robust and skewed towards Alt Managers (currently ~35% of earnings)."

Company: Wells Fargo

Ticker: WFC

Price: $55.08

Price Target: $65.00

Upside to Target: 18.0%

Comment: "In our view, the premium on WFC shares is warranted by virtue of the consistency and quality of Wells Fargo's earnings growth and returns. Such consistency reflects the benefit of diversification (by business and by geography) married with a strong sales culture, risk management and reinvestment discipline."

Company: BB&T

Ticker: BBT

Price: $38.49

Price Target: $46.00

Upside to Target: 19.5%

Comment: "Catalysts: (1) continued fundamental outperformance and (2) clarification of /proven manageability /possible reduction in mandated domestic GSIB capital surcharges"

Company: Goldman Sachs

Ticker: GS

Price: $190.26

Price Target: $215.00

Upside to Target: 13.0%

Comment: "With a proven ability to gain and sustain market share across the franchise and a long track record of performance and achieving premier returns, we expect GS will continue to deliver fundamental results that are at the high end of the peer group."

Company: MetLife, Inc.

Ticker: MET

Price: $50.86

Price Target: $58

Upside to Target: 14.0%

Comment: "While initial reaction on shares has been negative, we see the optionality for shareholders as neutral to positive because 1) Given MET’s current level of capital returns, adverse consequence of a stress test is not very high, 2) While it is not easy for MET to win, the positive impact from a favorable ruling on MET and on the capital framework would be substantial, and 3) The bold move from MET could imply further significant action from management that would be positive for shareholders."

Company: Allstate Corporation

Ticker: ALL

Price: $62.89

Price Target: $74

Upside to Target: 17.7%

Comment: "We believe auto margin improvement should start to appear in 4Q. Release of capital supporting the home business from cheaper reinsurance ($1-2b). Potential sale of runoff life business (could fund $1.5b of share buyback). Appreciation for positive value of Esurance, both as long term business and as runoff."

Company: Nationstar Mortgage Holdings Inc.

Ticker: NSM

Price: $12.80

Price Target: $25.00

Upside to Target: 95.3%

Comment: "With Xome's valuation crystalized, this should highlight the substantial discount to book value the mortgage bank currently trades at this point in time."

Company: Taubman Centers Inc.

Ticker: TCO

Price: $71.74

Price Target: $93.00

Upside to Target: 29.6%

Comment: "We estimate TCO can deliver high 4% organic SS NOI growth in 2016 and high 5% SS NOI growth including redevelopment; notwithstanding potential moderation in tourism spending, increases in bankruptcies, or tepid CPI growth (which drives annual base rent bumps)."

Company: Discover Financial Services

Ticker: DFS

Price: $56.01

Price Target: $68

Upside to Target: 21.4%

Comment: "We believe that Discover represents the best combination of strong operating fundamentals and valuation among the large card issuers."

Company: Lazard Ltd.

Ticker: LAZ

Price: $45.40

Price Target: $58.00

Upside to Target: 27.8%

Comment: "In the near-term we believe the franchise continues to fire on all cylinders–advisory backlogs remain strong and asset management continues to grow despite EM markets volatility. Longer-term, while there will be choppiness around emerging markets, institutional investors remain under-allocated and we believe the secular story here is intact."

Company: Lab Corporation of America

Ticker: LH

Price: $124.18

Price Target: $145

Upside to Target: 16.8%

Comment: "We believe that the company is well positioned for earnings revision given: 1) the acquisition of Covance and associated cost synergy opportunities; 2) conservative base assumptions embedded in guidance for legacy Covance & LabCorp; and 3) potential for incremental capital deployment/faster debt paydown."

Company: Boston Scientific Corp.

Ticker: BSX

Price: $18.41

Price Target: $19.00

Upside to Target: 3.2%

Comment: "We believe BSX is well positioned to deliver 4%+ organic top-line growth through the next-gen S-ICD, US quadripolar ICD, US Synergy, US Watchman & European Lotus launches. "

Company: Pfizer

Ticker: PFE

Price: $32.90

Price Target: $41

Upside to Target: 24.6%

Comment: "Over the longer-term, however, we believe investors will better appreciate the value the deal will deliver to PFE, and realize the more dynamic company PFE will become following the deal’s close."

Company: BE Aerospace Inc.

Ticker: BEAV

Price: $45.01

Price Target: $59.00

Upside to Target: 31.1%

Comment: "While growth in 2016 will be low single digit (mix & timing), it will pick up again in 2017 given higher volumes (Boeing and Airbus deliveries rising) and content expansion on new aircraft (737 lavatories, A350 galleys, oxygen tanks on several platforms, strong seating business)."

Company: Union Pacifc

Ticker: UNP

Price: $82.08

Price Target: $108.00

Upside to Target: 31.6%

Comment: "UNP is a high-quality company with pricing power that we see returning to solid double-digit earnings growth in 2016."

Company: Delta Air Lines, Inc.

Ticker: DAL

Price: $48.33

Price Target: $65.00

Upside to Target: 34.5%

Comment: "DAL has exhibited strong capacity discipline in a soft yield environment and reallocated capacity in a way that should lead to continued unit revenue outperformance."

Company: Ingersoll-Rand Plc

Ticker: IR

Price: $58.04

Price Target: $66.00

Upside to Target: 13.7%

Comment: "We see strong incremental margins as volumes accelerate based on strong execution with respect to cost-out / simplification efforts over the past several years."

Company: KBR Inc.

Ticker: KBR

Price: $19.66

Price Target: $23.00

Upside to Target: 17.0%

Comment: "Under its new management team, KBR has exited its legacy underperforming businesses and moved towards higher margin, differentiated businesses."

Company: Waste Management

Ticker: WM

Price: $53.51

Price Target: $61.00

Upside to Target: 14.0%

Comment: "WM's pricing strategy is gaining traction helping improve the bottom line and we believe there is upside on the cost line providing a boost to lagging margins. WM should also be one of the biggest beneficiaries of the coal ash opportunity LT."

Company: Allison Transmission

Ticker: ALSN

Price: $27.42

Price Target: $33.00

Upside to Target: 20.4%

Comment: "Over 40% of ALSN's sales are levered to later cycle NA straight truck, which is still ~30% below prior peak levels with low to mid-single digit growth prospects."

Company: Avis Budget Group

Ticker: CAR

Price: $36.54

Price Target: $54.00

Upside to Target: 47.8%

Comment: "The recent pullback in the shares and valuation provide significant upside and an attractive riskreward for believers in the pricing story."

Company: Facebook

Ticker: FB

Price: $106.67

Price Target: $135.00

Upside to Target: 27.3%

Comment: "Our analysis leads to the following conclusions (1) FB will be able to drive revenue growth without material lift in ad loads, (2) Street models are too conservative and underestimate the long-term monetization, potential of upcoming new products, and (3) Optionality and upward bias to estimates which do not contemplate contribution from multiple other products (like Offers, 3P Mobile Ad Network, etc.)"

Company: Micron Technology Inc.

Ticker: MU

Price: $15.82

Price Target: $25.00

Upside to Target: 58.0%

Comment: "Industry supply discipline, strong growth for DRAM, particularly from In-Memory and Handsets. Free option on NAND. EPS potential of $5.00."

Company: LamResearch Corp.

Ticker: LRCX

Price: $78.65

Price Target: $98.00

Upside to Target: 24.6%

Comment: "Increasing SAM opportunity (3D NAND, multi-patterning in logic and DRAM)."

Company: Tableau Software Inc.

Ticker: DATA

Price: $94.99

Price Target: $130.00

Upside to Target: 36.9%

Comment: "Although the market for traditional business intelligence solutions reached $16.0 billion in 2014, we believe that the potential for increased adoption of business intelligence solutions in the small- and medium-sized business market, as well as broader end-user penetration within larger organizations, offers a sizeable opportunity to meaningfully increase the market for business intelligence solutions."

Company: 2U Inc.

Ticker: TWOU

Price: $24.34

Price Target: $40.00

Upside to Target: 64.3%

Comment: "We believe the most important difference between TWOU and for-profit education entities centers around the (1) control of the student admissions process and (2) well documented difference in successful outcomes following the completion of 2U's programs."

Company: Nokia

Ticker: NOK

Price: $7.44

Price Target: $10.00

Upside to Target: 33.9%

Comment: "We see scope for materially higher synergies than expected post ALU deal. Combined with a powerful IP story, we believe that EBIT at the combined entity could almost double to €4.3bn by 2018E, despite a challenging spending environment."

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