Corporations & Institutions Global Equities & Investment Banking Equity Research Featured Research Featured Research Make informed decisions with in-depth insights Raymond James Equity Research employs more than 60 research analysts dedicated to providing insights and context that help investors connect the dots in key industries and across national borders, and make informed investment decisions. They cover over 1,100 companies in nine highly focused industries – consumer, energy, financial services, healthcare, industrial, mining, real estate, technology and communications, and transportation – and collaborate to produce detailed supply chain surveys, reports and industry updates. Please see below for brief overviews of some of our recent in-depth equity research reports. The full reports are available to clients via their financial advisor, institutional salesperson or other Raymond James representative. Institutional clients can access our equity research by logging in below. If you would like to learn more about becoming a client of Raymond James, please contact us. For all relevant equity research disclosure, visit the Disclosures and Definitions page. Energy Despite inflation concerns and an attendant upward shift in rate expectations, many of the regulated utilities in our coverage have been remarkably resilient in recent weeks. Looking through the headlines, the outlook for renewable power is as good as ever. Accordingly, we see players with the strongest development portfolios as best positioned. Midstream energy companies fit into a capital discipline patch. Capital discipline is the new mantra for oil and gas companies; well-located midstream assets should continue to benefit from additional capital deployments. Also, energy transition investments should continue to be a regular part of capital portfolios. Broad-based accessibility of charging infrastructure is a vital facet of accelerating the light-duty electric vehicle adoption curve. Not only does EV mainstreaming depend on more charging sites overall, but the geographic imbalances need to be addressed as well. Our report examines the EV value chain and a company operating one of the larger U.S. charging markets. Financial Services The CRE services industry has continued to evolve in meaningful and positive ways, a trend that has been playing out for the last decade. While the sharp economic downturn caused by the pandemic was a painful reminder that brokerage revenues will always have economic sensitivity, it also served to highlight the increased resilience of CRE service provider business models since the global financial crisis. Industrial We had an opportunity to hold site tours and sit down with the management teams of three leading power and propulsion companies: an intelligent electrification company and two companies engaged in aspects of producing and selling fuel cells. If there is a single common theme emanating from the three meetings, it is growth and investment. All three companies are positioning themselves quite readily for the growth curves that will ultimately manifest beyond 2024. Institutional Equity Strategy This report takes a comprehensive, holistic approach to carbon dioxide emissions around the world. Climate-related issues are front and center in the headlines, making it all the more important to have a solid foundation in the underlying trends. Here, we delve into CO2 from political and economic perspectives. In this report, we analyze equity returns across major U.S. indexes used for benchmarks and various industry sectors within those indexes across various economic cycles since 1999. We utilize the shape of the yield curve to define early, mid, and late economic cycles. Real Estate After a quarter of unprecedented volatility in the lumber markets, recent pricing trends seem to be indicating stabilization. We continue to see a positive outlook for higher stabilized commodity pricing moving into 2022, driven by 1) an expected re-acceleration of U.S. housing starts activity as homebuilders aggressively open a wave of new selling communities for 2022; 2) production curtailment announcements continue to grow in high-cost regions; and 3) excess inventory finally clears from saturated big box retailers and treaters. Technology and Communications Two forces are at work that we believe are going to keep cable multiples from expanding over the next few years: 1) competitive expansion and 2) regulatory encroachment. First, the telcos are making slow, steady investments in fiber to overbuild their legacy copper networks and are poised to effectively double their current fiber passings. Second, when the executive branch gets a full complement of commissioners, we fully expect Title II to be restored and some form of price regulation to be implemented. We believe the CDN companies represent an important part of the telecom ecosystem and are well-positioned in the world of data. Specifically, CDNs ride on and are located on top of the telecom carriers; facilitate the streaming and data services that cable, telco and wireless customers consume, generate, and utilize; and are located inside the data centers that house, exchange and transport this growing amount of global data. Transportation On the heels of our detailed supply/demand analysis of the truckload market, we believe the industry is likely set to gradually loosen in coming quarters, pending a slew of dynamics: newly formed carriers gaining access to equipment; a degree of supply chain normalizations; wage increases flowing through the industry; and no material incremental degradation in productivity/dwell times. Washington Policy An inflection point may be ahead in terms of an uptick in regulatory actions, shifting views on bank M&A, and consumer protections/crypto scrutiny rising on the list of agency priorities. With appointments for top regulatory posts lagging behind initial expectations, an uptick on regulatory actions may be guided by personnel changes at the Fed and an acceptance of key policies being guided by acting agency heads. Log in to Equity Research Institutional clients can find find recommended lists, market commentaries, equity research, and company information when you log in to your account. If you are already a client but do not have a log-in, or if you do have a log-in but would like to gain access to the equity research of an additional region, please contact your institutional salesperson. Interested in becoming a client of Raymond James? Please contact rjsales@raymondjames.com and a member of the institutional sales department will be in touch to assist you. 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