Analyst Ratings Published by Vertical Research

7/26/19	Upgrades	Sell Hold	X
ABB ABB Ltd Vertical Research
1/11/19	Downgrades	Hold Sell	X
ABB ABB Ltd Vertical Research
1/20/21	Initiated	Hold	X
AGCO AGCO Corp Vertical Research
3/8/24	Downgrades	Buy Hold	X
ALB Albemarle Vertical Research
$145
1/4/23	Upgrades	Hold Buy	X
ALB Albemarle Vertical Research
$275
2/22/21	Upgrades	Sell Hold	X
ALB Albemarle Vertical Research
1/5/21	Downgrades	Buy Sell	X
ALB Albemarle Vertical Research
10/19/23	Downgrades	Buy Hold	X
ALLE Allegion Vertical Research
$128 $100
1/3/23	Upgrades	Hold Buy	X
ALLE Allegion Vertical Research
$128
1/20/21	Initiated	Hold	X
ALSN Allison Transmission Vertical Research
1/10/24	Resumed	Hold	X
ALTM Arcadium Lithium Vertical Research
10/7/24	Upgrades	Hold Buy	X
APD Air Products Vertical Research
$336
3/13/23	Upgrades	Hold Buy	X
APD Air Products Vertical Research
1/4/23	Downgrades	Buy Hold	X
APD Air Products Vertical Research
$328
1/4/22	Upgrades	Hold Buy	X
APD Air Products Vertical Research
$335
4/25/19	Downgrades	Buy Hold	X
APD Air Products Vertical Research
7/23/24	Initiated	Hold	X
APH Amphenol Vertical Research
$65
6/8/21	Upgrades	Hold Buy	X
ARCB ArcBest Vertical Research
$85
3/26/21	Initiated	Hold	X
ARCB ArcBest Vertical Research
$72
2/2/22	Downgrades	Buy Hold	X
AXTA Axalta Coating Systems Vertical Research
$34
7/23/24	Initiated	Buy	X
BDC Belden Vertical Research
$110
7/8/19	Downgrades	Hold Sell	X
BLL Ball Corp Vertical Research
11/2/18	Downgrades	Buy Hold	X
BLL Ball Corp Vertical Research
1/3/22	Downgrades	Buy Hold	X
CARR Carrier Global Vertical Research
$57
1/20/21	Initiated	Buy	X
CAT Caterpillar Vertical Research
3/6/25	Upgrades	Sell Hold	X
CE Celanese Vertical Research
$66
10/29/24	Downgrades	Hold Sell	X
CE Celanese Vertical Research
$130
6/9/23	Downgrades	Buy Hold	X
CE Celanese Vertical Research
$122
7/26/21	Upgrades	Hold Buy	X
CE Celanese Vertical Research
$196
7/2/19	Downgrades	Buy Hold	X
CE Celanese Vertical Research
10/17/18	Upgrades	Hold Buy	X
CE Celanese Vertical Research
$125
7/23/24	Initiated	Buy	X
CGNX Cognex Vertical Research
$58
7/9/24	Upgrades	Sell Buy	X
CHRW C.H. Robinson Vertical Research
$102
8/17/22	Downgrades	Hold Sell	X
CHRW C.H. Robinson Vertical Research
$104
10/11/21	Upgrades	Hold Buy	X
CHRW C.H. Robinson Vertical Research
3/26/21	Resumed	Hold	X
CHRW C.H. Robinson Vertical Research
$100
11/6/24	Downgrades	Buy Hold	X
CMI Cummins Vertical Research
$350
7/27/21	Upgrades	Hold Buy	X
CMI Cummins Vertical Research
$280
1/20/21	Initiated	Hold	X
CMI Cummins Vertical Research
6/9/21	Downgrades	Buy Hold	X
CMS CMS Energy Vertical Research
2/4/21	Upgrades	Hold Buy	X
CNHI CNH Industrial Vertical Research
1/20/21	Initiated	Hold	X
CNHI CNH Industrial Vertical Research
12/16/21	Downgrades	Buy Hold	X
CNI Canadian Nat’l Rail Vertical Research
5/18/21	Upgrades	Hold Buy	X
CNI Canadian Nat’l Rail Vertical Research
4/24/24	Upgrades	Hold Buy	X
CR Crane Vertical Research
11/20/23	Initiated	Hold	X
CR Crane Vertical Research
$110
1/7/21	Upgrades	Hold Buy	X
CR Crane Vertical Research
3/22/24	Initiated	Buy	X
CRH CRH Plc. Vertical Research
$105
3/26/21	Resumed	Hold	X
CSX CSX Vertical Research
$98
5/22/23	Upgrades	Hold Buy	X
CTVA Corteva Vertical Research
$67
4/14/22	Downgrades	Buy Hold	X
CTVA Corteva Vertical Research
$58
1/23/24	Initiated	Buy	X
CVLG Covenant Logistics Vertical Research
$70
1/15/21	Upgrades	Hold Buy	X
DAL Delta Air Lines Vertical Research
11/3/21	Upgrades	Hold Buy	X
DD DuPont Vertical Research
$95
1/13/21	Downgrades	Buy Hold	X
DD DuPont Vertical Research
1/20/21	Initiated	Buy	X
DE Deere Vertical Research
5/20/19	Downgrades	Buy Hold	X
DE Deere Vertical Research
4/1/19	Initiated	Hold	X
DOW Dow Vertical Research
11/30/22	Initiated	Buy	X
DRS Leonardo DRS Vertical Research
$14
1/30/23	Downgrades	Buy Hold	X
EMN Eastman Chemical Vertical Research
$94 $92
9/15/23	Upgrades	Hold Buy	X
EMR Emerson Vertical Research
$120
3/4/19	Upgrades	Hold Buy	X
ETN Eaton Vertical Research
1/10/22	Downgrades	Buy Hold	X
ETR Entergy Vertical Research
$117
4/29/21	Upgrades	Hold Buy	X
ETR Entergy Vertical Research
$120
2/3/22	Downgrades	Buy Hold	X
EXC Exelon Vertical Research
$45
7/27/21	Downgrades	Buy Hold	X
EXPD Expeditors Intl Vertical Research
$135
3/26/21	Resumed	Buy	X
EXPD Expeditors Intl Vertical Research
$115
3/26/21	Initiated	Buy	X
FDX FedEx Vertical Research
$340
1/7/21	Downgrades	Buy Hold	X
FLOW SPX FLOW Vertical Research
1/21/21	Upgrades	Hold Buy	X
FLR Fluor Vertical Research
12/14/18	Upgrades	Sell Hold	X
FLS Flowserve Vertical Research
10/18/18	Downgrades	Hold Sell	X
FLS Flowserve Vertical Research
10/16/23	Upgrades	Hold Buy	X
FMC FMC Corp Vertical Research
$94
6/24/21	Downgrades	Buy Hold	X
FMC FMC Corp Vertical Research
1/2/24	Downgrades	Buy Hold	X
FTV Fortive Vertical Research
3/27/23	Upgrades	Hold Buy	X
FTV Fortive Vertical Research
$74
1/3/22	Downgrades	Buy Hold	X
FTV Fortive Vertical Research
$82
1/6/25	Downgrades	Buy Hold	X
FUL H.B. Fuller Vertical Research
3/19/24	Initiated	Buy	X
FUL H.B. Fuller Vertical Research
$88
1/6/25	Downgrades	Buy Hold	X
GD General Dynamics Vertical Research
$352 $290
4/4/24	Initiated	Buy	X
GE GE Aerospace Vertical Research
$160
2/1/19	Downgrades	Buy Hold	X
GE General Electric Vertical Research
12/19/18	Upgrades	Hold Buy	X
GE General Electric Vertical Research
5/30/23	Upgrades	Hold Buy	X
HEI HEICO Vertical Research
$191
1/22/19	Initiated	Buy	X
HEI HEICO Vertical Research
10/10/24	Downgrades	Buy Hold	X
HII Huntington Ingalls Vertical Research
$275
3/17/22	Upgrades	Hold Buy	X
HII Huntington Ingalls Vertical Research
$250
1/6/21	Downgrades	Buy Hold	X
HII Huntington Ingalls Vertical Research
$177
2/22/23	Downgrades	Buy Hold	X
HUN Huntsman Vertical Research
1/5/21	Upgrades	Hold Buy	X
HUN Huntsman Vertical Research
10/10/24	Downgrades	Buy Hold	X
HXL Hexcel Vertical Research
$65
10/25/23	Upgrades	Hold Buy	X
HXL Hexcel Vertical Research
$72
11/7/24	Upgrades	Hold Buy	X
IFF Intl Flavors Vertical Research
$109
6/17/21	Upgrades	Hold Buy	X
IR Ingersoll-Rand Vertical Research
$54
1/3/23	Downgrades	Buy Hold	X
ITW Illinois Tool Vertical Research
$240 $220
1/4/21	Upgrades	Hold Buy	X
ITW Illinois Tool Vertical Research
10/11/21	Downgrades	Buy Hold	X
JBHT J.B. Hunt Transport Vertical Research
3/26/21	Resumed	Buy	X
JBHT J.B. Hunt Transport Vertical Research
$190
1/15/21	Downgrades	Buy Hold	X
JBLU JetBlue Airways Vertical Research
12/13/23	Downgrades	Buy Hold	X
JCI Johnson Controls Vertical Research
$55
7/23/24	Initiated	Buy	X
KEYS Keysight Vertical Research
$175
3/26/21	Resumed	Buy	X
KNX Knight-Swift Vertical Research
$62
3/26/21	Resumed	Hold	X
KSU Kansas City Southern Vertical Research
$260
4/28/21	Upgrades	Sell Hold	X
LECO Lincoln Electric Vertical Research
$140
1/20/21	Initiated	Sell	X
LECO Lincoln Electric Vertical Research
2/15/19	Downgrades	Hold Sell	X
LECO Lincoln Electric Vertical Research
$80
6/1/21	Downgrades	Hold Sell	X
LII Lennox Int’l Vertical Research
$300
4/23/19	Downgrades	Hold Sell	X
LII Lennox Int’l Vertical Research
5/18/21	Upgrades	Hold Buy	X
LIN Linde plc Vertical Research
$330
1/6/23	Downgrades	Buy Hold	X
LMT Lockheed Martin Vertical Research
$491
1/4/23	Upgrades	Hold Buy	X
LTHM Livent Vertical Research
$30
9/12/22	Downgrades	Buy Hold	X
LTHM Livent Vertical Research
$33 $35
1/4/22	Upgrades	Hold Buy	X
LTHM Livent Vertical Research
$30
5/9/19	Downgrades	Buy Hold	X
LTHM Livent Vertical Research
10/22/18	Initiated	Buy	X
LTHM Livent Vertical Research
$20
1/3/24	Upgrades	Hold Buy	X
LYB LyondellBasell Vertical Research
8/1/22	Downgrades	Buy Hold	X
LYB LyondellBasell Vertical Research
$96
3/26/21	Initiated	Buy	X
LYFT Lyft Vertical Research
$85
2/3/21	Downgrades	Buy Hold	X
MCHP Microchip Vertical Research
5/16/24	Upgrades	Hold Buy	X
MMM 3M Vertical Research
$140
7/9/24	Downgrades	Buy Hold	X
MRTN Marten Transport Vertical Research
$22 $19
1/10/24	Upgrades	Hold Buy	X
MRTN Marten Transport Vertical Research
$25
8/17/22	Downgrades	Buy Hold	X
MRTN Marten Transport Vertical Research
$24 $25
3/26/21	Initiated	Buy	X
MRTN Marten Transport Vertical Research
$22
3/26/21	Initiated	Buy	X
NKLA Nikola Corporation Vertical Research
$24
10/29/21	Downgrades	Buy Hold	X
NOC Northrop Grumman Vertical Research
7/11/23	Upgrades	Hold Buy	X
NSC Norfolk Southern Vertical Research
$260
3/26/21	Initiated	Hold	X
NSC Norfolk Southern Vertical Research
$240
1/3/22	Upgrades	Hold Buy	X
NVT nVent Electric Vertical Research
$45
11/21/18	Initiated	Hold	X
NVT nVent Electric Vertical Research
$28
4/29/24	Upgrades	Sell Hold	X
ODFL Old Dominion Vertical Research
$175
8/17/22	Downgrades	Hold Sell	X
ODFL Old Dominion Vertical Research
$260
3/26/21	Initiated	Hold	X
ODFL Old Dominion Vertical Research
$220
9/5/23	Downgrades	Buy Hold	X
OLN Olin Vertical Research
$58
4/29/21	Upgrades	Hold Buy	X
OLN Olin Vertical Research
1/2/24	Downgrades	Buy Hold	X
OTIS Otis Worldwide Vertical Research
8/17/22	Downgrades	Buy Hold	X
PCAR PACCAR Vertical Research
$100 $102
7/27/21	Upgrades	Hold Buy	X
PCAR PACCAR Vertical Research
$100
1/20/21	Initiated	Hold	X
PCAR PACCAR Vertical Research
2/1/19	Downgrades	Buy Hold	X
PH Parker-Hannifin Vertical Research
1/3/24	Upgrades	Hold Buy	X
PPG PPG Industries Vertical Research
1/23/23	Downgrades	Buy Hold	X
PPG PPG Industries Vertical Research
6/27/22	Upgrades	Hold Buy	X
PPG PPG Industries Vertical Research
$139
1/4/22	Downgrades	Buy Hold	X
PPG PPG Industries Vertical Research
$176
1/25/21	Upgrades	Hold Buy	X
PPG PPG Industries Vertical Research
6/14/24	Upgrades	Hold Buy	X
R Ryder System Vertical Research
$125 $145
1/10/24	Downgrades	Buy Hold	X
R Ryder System Vertical Research
3/26/21	Initiated	Buy	X
R Ryder System Vertical Research
$93
3/26/21	Initiated	Buy	X
RLGT Radiant Logistics Vertical Research
$10
1/4/21	Upgrades	Sell Hold	X
ROK Rockwell Automation Vertical Research
7/16/24	Upgrades	Hold Buy	X
RPM RPM Inc Vertical Research
$126
11/24/21	Downgrades	Buy Hold	X
RPM RPM Inc Vertical Research
$96
3/4/21	Upgrades	Hold Buy	X
RPM RPM Inc Vertical Research
$98
6/11/19	Downgrades	Buy Hold	X
RTN Raytheon Vertical Research
1/20/21	Initiated	Buy	X
RXN Rexnord Vertical Research
1/10/24	Downgrades	Buy Hold	X
RXO RXO, Inc. Vertical Research
11/21/22	Initiated	Buy	X
RXO RXO, Inc. Vertical Research
$27
3/29/19	Upgrades	Hold Buy	X
SAIC Science Applications Vertical Research
$83 $108
2/11/21	Downgrades	Buy Hold	X
SAVE Spirit Airlines Vertical Research
$34
2/8/19	Downgrades	Buy Hold	X
SEE Sealed Air Vertical Research
4/16/19	Downgrades	Hold Sell	X
SON Sonoco Products Vertical Research
3/6/19	Downgrades	Buy Hold	X
SPR Spirit Aerosystems Vertical Research
$103
7/23/24	Initiated	Buy	X
ST Sensata Tech Vertical Research
$55
7/29/22	Downgrades	Buy Hold	X
SWK Stanley Black & Decker Vertical Research
$130 $110
7/23/24	Initiated	Hold	X
SYM Symbotic Vertical Research
$45
5/12/21	Upgrades	Hold Buy	X
TDG Transdigm Group Vertical Research
$604 $667
7/23/24	Initiated	Buy	X
TDY Teledyne Tech Vertical Research
$470
7/23/24	Initiated	Hold	X
TEL TE Connectivity Vertical Research
$155
3/7/25	Initiated	Buy	X
TER Teradyne Vertical Research
$135
1/20/21	Initiated	Buy	X
TEX Terex Vertical Research
11/2/18	Downgrades	Buy Hold	X
TEX Terex Vertical Research
1/20/21	Initiated	Hold	X
TKR Timken Vertical Research
12/10/24	Initiated	Buy	X
TPC Tutor Perini Vertical Research
$38
4/13/21	Initiated	Hold	X
TTEK Tetra Tech Vertical Research
$145
1/6/25	Upgrades	Hold Buy	X
TXT Textron Vertical Research
$91
5/24/23	Downgrades	Buy Hold	X
TXT Textron Vertical Research
$70
3/26/21	Initiated	Buy	X
UBER Uber Vertical Research
$72
7/2/19	Downgrades	Buy Hold	X
UFS Domtar Vertical Research
3/26/21	Resumed	Buy	X
UNP Union Pacific Vertical Research
$245
2/2/22	Reiterated	Buy	X
UPS UPS Vertical Research
$195 $265
3/26/21	Initiated	Buy	X
UPS UPS Vertical Research
$195
1/20/21	Initiated	Buy	X
URI United Rentals Vertical Research
6/14/19	Upgrades	Hold Buy	X
UTX United Tech Vertical Research
10/16/23	Upgrades	Hold Buy	X
VLTO Veralto Vertical Research
$82
9/12/22	Upgrades	Hold Buy	X
VMC Vulcan Materials Vertical Research
9/1/22	Upgrades	Hold Buy	X
VMC Vulcan Materials Vertical Research
$225
6/9/23	Upgrades	Hold Buy	X
VRT Vertiv Vertical Research
3/26/21	Resumed	Buy	X
WERN Werner Enterprises Vertical Research
$60
4/8/24	Downgrades	Buy Hold	X
WLK Westlake Corporation Vertical Research
$154
12/5/22	Downgrades	Buy Hold	X
WNC Wabash Natl Vertical Research
$27
3/26/21	Initiated	Buy	X
WNC Wabash Natl Vertical Research
$25
1/4/21	Upgrades	Sell Hold	X
WSO Watsco Vertical Research
10/24/18	Upgrades	Hold Buy	X
WY Weyerhaeuser Vertical Research
3/6/25	Upgrades	Hold Buy	X
XPO XPO, Inc. Vertical Research
$140
7/11/23	Downgrades	Buy Hold	X
XPO XPO, Inc. Vertical Research
5/5/21	Upgrades	Hold Buy	X
XPO XPO Logistics Vertical Research
$160
3/26/21	Resumed	Hold	X
XPO XPO Logistics Vertical Research
$135
10/18/18	Upgrades	Sell Hold	X
XYL Xylem Vertical Research
7/23/24	Initiated	Buy	X
ZBRA Zebra Tech Vertical Research
$375