Ticker: BMY

Projected 2017 EPS: $3.37

Projected 2017 P/E: 21.9

Comment: "We rate BMY shares Overweight on very strong growth prospects from a low 2015 earnings base (5-yr EPS CAGR of 25%)... Consensus appears to underappreciate the margin expansion potential of Bristol."

Ticker: CHTR

Projected 2017 EPS: $2.98

Projected 2017 P/E: NM

Comment: "Following its acquisition of Time Warner Cable/Bright House, we expect Charter to successfully implement the strategy it has proven out over the last four years on this now larger footprint, driving meaningful OpFCF growth."

Ticker: DHR

Projected 2017 EPS: $4.02

Projected 2017 P/E: 20.0

Comment: "DHR [is] a stock to own in a low-growth world. The outlook for core DHR's med-tech, dental, and environmental exposures appears relatively attractive in 2016. We feel very comfortable with 2016 guidance for 2-3% organic growth and $4.80-4.95 EPS."

Ticker: DFS

Projected 2017 EPS: $6.08

Projected 2017 P/E: 8.7

Comment: "We are Overweight DFS on an improving US consumer outlook, benefitting spending and loan growth, lower for longer credit losses, and higher capital return. Lower gasoline prices benefits credit and has potential to increase consumer spending."

Ticker: ELN

Projected 2017 EPS: $3.67

Projected 2017 P/E: 24.8

Comment: "Our forecast is driven by EL’s: (i) attractive product category growth in beauty; and (ii) market share gains in the overall beauty segment, with strong EL growth particularly from expansion in emerging markets and high growth in the travel retail and eCommerce channels."

Ticker: HCA

Projected 2017 EPS: $7.18

Projected 2017 P/E: 10.6

Comment: "HCA is the largest public hospital company, benefiting from its scale, diversification, and operational expertise... [there is] limited exposure to likely future government cuts."

Ticker: IBM

Projected 2017 EPS: $14.01

Projected 2017 P/E: 10.9

Comment: "As Strategic Imperatives approach half of revenue, re-accelerating growth and improving FCF conversion drive a shift in investors sentiment. Key catalysts include improved segment reporting and disclosures, improved revenue and FCF trajectory in 2016, and return to EPS/FCF growth next year."

Ticker: IVZ

Projected 2017 EPS: $2.78

Projected 2017 P/E: 9.0

Comment: "Broad and global product platform positions IVZ for faster growth vs. peers; forecast 10.2% EPS CAGR in 2015-2018E and positive operating leverage."

Ticker: JPM

Projected 2017 EPS: $6.06

Projected 2017 P/E: 9.9

Comment: "Overweight JPM on expectations for improving efficiency (particularly in consumer and IB divisions), rising client wallet share and ultimately higher rates – all driving upward EPS revisions along with rising ROEs."

Ticker: NBL

Projected 2017 EPS: $0.71

Projected 2017 P/E: NM

Comment: "NBL is well positioned for cyclical trough, given low '16 maintenance capex of $1.7Bn (fundable at $30/bl WTI). We expect NBL to live near/within cash flow at the strip in '17, while delivering low single-digit production growth."

Ticker: PNRA

Projected 2017 EPS: $8.25

Projected 2017 P/E: 25.5

Comment: "Panera 2.0, delivery, catering hubs and other initiatives (CPG) will require heavy investment spend in ’16 (G&A, D&A and restaurant level) and will pressure margins through ’16. Margins in '17 and '18 should lever as sales benefit finally flows through."

Ticker: QCOM

Projected 2017 EPS: $4.49

Projected 2017 P/E: 11.7

Comment: "Qualcomm is the leading supplier of cellular basebands and application processors with superior market position."

Ticker: TCO

Projected 2017 EPS: $4.05

Projected 2017 P/E: 18.4

Comment: "TCO owns the most productive assets in the mall space at $790 per square foot and has the most active development pipeline at 17% of capitalization.... our analysis suggests that risks are priced in and the market price assigns zero value to the development program or the Mall of San Juan."

Ticker: TMUS

Projected 2017 EPS: $1.55

Projected 2017 P/E: 27.9

Comment: "T-Mobile has ~14% market share (of postpaid subscribers + wireless service revenues) among the Big 4 wireless carriers (v. ~22% of postpaid gross adds in 1Q15). In our view, there is an opportunity to continue to take market share, from the expansion of LTE to 300M POPs (v. distribution to 230M - 240M POPs), expansion of MetroPCS, iPhone penetration, and business customers."

Ticker: WBA

Projected 2017 EPS: $5.01

Projected 2017 P/E: 16.3

Comment: "WBA management is on track with its 3-year restructuring program, which should drive long-term earnings power and share performance."

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