THEMES TO FOCUS ON NOW - Home - COWEN · Cowen Analysts: Jason Seidl, Helane Becker, Chris Krueger, Jeffrey Osborne, Novid Rassouli and Paul Silverstein AHEAD OF THE CURVE TM SERIES

A HANDBOOK FOR PORTFOLIO MANAGERS

THEMES 14 TO FOCUS ON NOW

Dear Client,

We are excited to present you with this Handbook, which highlights key investable themes that have been the centerpiece of work Cowen has published in 2017, in differentiated, “deep dive” reports by our analysts across a variety of sectors and asset classes. For each topic, we indicate the Cowen analysts with applicable domain expertise, securities Cowen covers that are leveraged to the theme, and relevant published research and Cowen events. These themes will continue to drive investment controversies and opportunities in 2018, demanding increased attention from active managers seeking alpha.

As we look ahead, our goal at Cowen is to remain steadfast in our focus on insightful research that adds value for our clients, holding true to our Ahead of the Curve™ mission. Our analysts stand at the center of discussion and debate on these investment themes, exploring controversies, traditional orthodoxies and new ideas from a range of perspectives, and with the rigor of a data-driven approach. The intellectual curiosity and analysis that fuel Cowen Research ultimately yield the actionable, non-consensus ideas that we bring to you.

We wish you all the best for a happy holiday season and achievement of your goals in the New Year.

Sincerely,

Robert FaginDirector of ResearchCowen

AHEAD OF THE CURVE™

is the hallmark of our research effort. Each of our analysts is required to produce an Ahead of the Curve™ report twice a year that focuses on a non-consensus idea, an investment controversy, or a topic we believe investors need to focus on in more depth.

1. THE FUTURE OF TRANSPORTATION........................................................................................4-5

2. ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING.......................................................6-7

3. 5G & NEXT GENERATION COMMUNICATIONS INFRASTRUCTURE..................................8-9

4. GENE EDITING, SEQUENCING AND TESTING ....................................................................10-11

5. TRUMPISM AND REGULATION NATION ..............................................................................12-13

6. IMMUNO-ONCOLOGY.............................................................................................................14-15

7. AMAZONATION.........................................................................................................................16-17

8. LEGAL CANNABIS INDUSTRY ................................................................................................18-19

9. LOCAL INTERNET – DELIVERY AND HOME SERVICES....................................................20-21

10. SMART CITIES...........................................................................................................................22-23

11. CYBERSECURITY .....................................................................................................................24-25

12. LOW-END CONSUMER...........................................................................................................26-27

13. ANTIBIOTICS.............................................................................................................................28-29

14. OPIOID CRISIS..........................................................................................................................30-31

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COWEN THEMES

BIOTECH CLEANTECH CONSUMER CREDIT DIGITALHEALTH ECOMMERCE ENERGY HEALTHCARE TMT TRANSPORTATION WASHINGTONINDUSTRIALS

COWEN RESEARCH SECTORS

AMPHENOL CORPORATION — APHDELPHI CORPORATION — DLPH

GRANITE CONSTRUCTION — GVAITT CORPORATION — ITT

LEAR CORPORATION — LEA

SENSATA TECHNOLOGIES HOLDING N.V. — STTE CONNECTIVITY LTD — TEL

TESLA — TSLA

For 100 years, the auto industry has been hardware-based, but that is rapidly changing with electrification, advanced driver assistance systems and autonomy. We see EV penetration growing from ~1% in 2017 to 7.5% in 2025. Impact of autonomous vehicles for personal use is expected to be muted through 2030, although semi-autonomous level 3 commercial trucks could be ubiquitous on US roadways within 5-10 years. We believe the winners and losers in mobility transformation will be determined by who gets the software right.

COWEN REPORTSAHEAD OF THE CURVETM SERIES AUTONOMOUS TRUCKING: SOONER THAN YOU THINK February 24, 2017 Cowen Analysts: Jason Seidl, Helane Becker, Chris Krueger, Jeffrey Osborne, Novid Rassouli and Paul Silverstein

AHEAD OF THE CURVETM SERIES SENSORS & CONNECTORS: THE ELECTRICAL CENTRAL NERVOUS SYSTEM March 21, 2017 Cowen Analysts: Joseph Giordano, CFA and Jeffrey Osborne

AHEAD OF THE CURVETM SERIESTHE FUTURE OF TRANSPORTATION: A THOROUGH INVESTIGATION OF EVS, AVS, AND TAAS September 25, 2017 Cowen Analysts: Karl Ackerman, Helane Becker, Bryan C. Bergin, CFA, John Blackledge, Thomas Champion, Joseph Giordano, CFA, Chris Krueger, George Mihalos, Sam Margolin, Gregg Moskowitz, CFA, Jeffrey Osborne, Novid Rassouli, Charles Robertson II, Jason H. Seidl, Paul Silverstein, Robert W. Stone, Colby Synesael and J. Derrick Wood

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COWEN COVERAGE LEVERED TO THE THEME

COWEN EVENTS38TH ANNUAL AEROSPACE/DEFENSE & INDUSTRIALS CONFERENCE February 7-9, 2017 | New York, NY

LONDON TRANSPORTATION & LOGISTICS FORUMMay 10, 2017 | St. James, London

45TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCEMay 30-June 1, 2017 | New York, NY

10TH ANNUAL GLOBAL TRANSPORTATION CONFERENCESeptember 5-7, 2017 | Boston, MA

2ND ANNUAL INDUSTRIAL INNOVATION & TECHNOLOGY SUMMITSeptember 19, 2017 | New York, NY

NETWORKING & CYBERSECURITY SUMMITDecember 12-13, 2017 | New York, NY

THE FUTURE OF TRANSPORTATION

COGNEX CORP. — CGNXFACEBOOK — FB

MICROSOFT CORPORATION — MSFTNEW RELIC — NEWR

ROCKWELL AUTOMATION — ROK

SALESFORCE.COM — CRMSERVICENOW — NOW

SPLUNK — SPLK

ACCENTURE — ACNADOBE SYSTEMS — ADBE

ALPHABET — GOOGALTERYX — AYX

AMAZON — AMZN

COWEN EVENTS45TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCEMay 30-June 1, 2017 | New York, NY

2017 SOFTWARE BUS TOUROctober 3-4, 2017 | San Francisco, CA


COWEN REPORTSAHEAD OF THE CURVETM SERIESARTIFICIAL INTELLIGENCE: ENTERING A GOLDEN AGE FOR DATA SCIENCEMay 26, 2017Cowen Analysts: J. Derrick Wood, CFA, Gregg Moskowitz, CFA, John Blackledge, Bryan Bergin, CFA, Robert Stone

RPA/IA INSIGHTS – VOLUMES 1 THROUGH 8Cowen Analyst: Bryan C. Bergin, CFA

AHEAD OF THE CURVETM SERIES THE FUTURE OF TRANSPORTATION: A THOROUGH INVESTIGATION OF EVS, AVS, AND TAASSeptember 25, 2017 Cowen Analysts: Karl Ackerman, Helane Becker, Bryan C. Bergin, CFA, John Blackledge, Thomas Champion, Joseph Giordano , CFA, Chris Krueger, George Mihalos, Sam Margolin, Gregg Moskowitz, CFA, Jeffrey Osborne, Novid Rassouli, Charles Robertson II, Jason H. Seidl, Paul Silverstein, Robert W. Stone, Colby Synesael and J. Derrick Wood

TAKEAWAYS FROM AI PANEL AT COWEN TMT CONFERENCE + COWENVISION VIDEOJune 6, 2017 Cowen Analyst: J. Derrick Wood, CFA

AHEAD OF THE CURVETM SERIESGETTING IN ON THE GROUND FLOOR: SURVEYING SOFTWARE DEVELOPERS ON KEY TECH TRENDSSeptember 18, 2017Cowen Analysts: Gregg Moskowitz, CFA, J. Derrick Wood, CFA, Bryan C. Bergin, CFA, John Blackledge and Matthew Broome, CFA

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80-90% of the 2.5 quintillion bytes of data generated daily is “dark”, or unused. Humans cannot write software programs sophisticated enough to derive insights from all of this data, but machines can. We believe the rise of Machine Learning algorithms and Deep Learning networks will unlock more intelligence from data than ever deemed possible, fueling an AI-led computing cycle that will revolutionize enterprise IT, with increasingly communicative interfaces and widespread automation of manual tasks.

ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING

ACACIA — ACIAAMERICAN TOWER — AMT

AMPHENOL CORPORATION — APHBIOMARIN PHARMACEUTICAL — BMRN

CIENA — CIEN

GLOBANT — GLOBGLU MOBILE — GLUU

LUXOFT HOLDING — LXFTMASTERCARD — MA

OCLARO — OCLR

SBA COMMUNICATIONS — SBACTECHNICOLOR SA — TCH.FP

TE CONNECTIVITY LTD. — TELVERIZON COMMUNICATIONS — VZ

ZAYO GROUP HOLDINGS — ZAYO

In its earliest stages, we believe the best way to play 5G is through companies that will help facilitate network buildouts, particularly companies holding scarce large-scale fiber assets. However, over time, the three pillars of 5G (throughput, massive IoT and low latency) will not just push the performance of handheld devices, but will also unleash new TAMs, new products and services, and new demands not yet imagined. We anticipate disruption in wireline broadband (i.e., cable), content distribution, and gaming consoles.

COWEN EVENTS2017 NETWORKING BUS TOURMarch 7, 2017 | San Francisco, CA

EVENTS AT OPTICAL FIBER COMMUNICATION CONFERENCE (OFC)March 27, 2017 | Los Angeles, CA


3RD ANNUAL COMMUNICATIONS INFRASTRUCTURE SUMMITAugust 7-8, 2017 | Boulder, CO

2017 MIAMI DATA CENTER TOURNovember 30, 2017 | Miami, FL


COWEN REPORTSAHEAD OF THE CURVETM SERIESSURVEYING THE 5G LANDSCAPE; A SECTOR VIEW OF WHAT’S TO COMEJanuary 23, 2017 Cowen Analysts: Colby Synesael, Bryan Bergin, CFA, Doug Creutz, CFA, Avishai Kantor, George Mihalos, Paul Silverstein and Robert Stone

AHEAD OF THE CURVETM SERIESCURRENT STATE OF FIBER: AN IN-DEPTH LOOK AT THE TOP 30 MSAS April 21, 2017 Cowen Analyst: Colby Synesael

SOFTWARE DEFINED-WAN: CROSSING THE CHASMApril 10, 2017Cowen Analysts: Paul Silverstein, Gregg Moskowitz, CFA, Colby Synesael and Gregory Williams, CFA

OPTICAL ILLUMINATIONS FROM OFCMarch 28, 2017Cowen Analyst: Paul Silverstein

WEB 2.0 CAPEX TRACKEROctober 19, 2017Cowen Analyst: Paul Silverstein

AHEAD OF THE CURVETM SERIESSENSORS AND CONNECTORS: THE ELECTRICAL CENTRAL NERVOUS SYSTEM March 21, 2017 Cowen Analysts: Joseph Giordano, CFA, and Jeffrey Osborne

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5G & NEXT GENERATION COMMUNICATIONS INFRASTRUCTURE

THERMO FISHER SCIENTIFIC — TMO AGILENT TECHNOLOGIES — ABIOMARIN PHARMACEUTICAL — BRMN

BLUEBIRD BIO — BLUEEDITAS — EDIT

EXACT SCIENCES CORPORATION — EXAS

FLUIDIGM — FLDMHORIZON DISCOVERY GROUP PLC — HZD.LN

ILLUMINA — ILMNINVITAE — NVTA

NANOSTRING TECHNOLOGIES — NSTG

COWEN EVENTS37TH ANNUAL HEALTH CARE CONFERENCEMarch 5-8, 2017 | Boston, MA

2ND ANNUAL FUTUREHEALTH CONFERENCEJune 21-22, 2017 | San Francisco, CA

6TH ANNUAL MEDTOOLS UNLOCKED CONFERENCEOctober 4, 2017 | New York, NY


COWEN REPORTSAHEAD OF THE CURVETM SERIESPROPRIETARY CORE LAB SEQUENCING SURVEY; FOCUS ON ILLUMINA NOVASEQMarch 29, 2017 Cowen Analyst: Doug Schenkel

INITIATION: GAINS ON THE HORIZON VIA EMERGING GENE EDITING TOOLS LEADERSHIPAugust 31, 2017 Cowen Analyst: Doug Schenkel

AHEAD OF THE CURVETM SERIES GENE EDITING: A REVOLUTIONARY APPROACH COMES OF AGENovember 9, 2017 Cowen Analyst: Phil Nadeau, Ph.D., Ritu Baral and Eric Schmidt, Ph.D.

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Recent advances have produced a number of gene editing programs in or near clinical development, implying the dream of curing illness with corrective genes could soon become a reality for ~6,000 diseases caused by genetic mutations, only 5% of which are addressable through approved therapies today. Advancements in sequencing and other genomics tools have driven an exponential increase in the generation of genetic data, accelerating its use in a range of applications and sparking excitement at prospects for a golden age of genetics, which remains in its infancy today.

GENE EDITING, SEQUENCING AND TESTING

NATERA — NTRAQIAGEN — QGEN

ROCHE HOLDING LTD (ADR) — RHHBYSANGAMO — SGMO

SPARK THERAPEUTICS — ONCE

COWEN EVENTSFUTURE OF BANK REGULATION DC DAYMay 2, 2017 | Washington, DC

TAX REFORM, HEALTHCARE, INFRASTRUCTURE & TRADE DC DAYMay 8, 2017 | Washington, DC

FOCUS ON HEALTHCARE DC DAY July 18, 2017 | Washington, DC

COWEN REPORTSAHEAD OF THE CURVETM SERIES THE OTHER ONE: REGULATORY PENDULUM SHIFT UNDER TRUMPSeptember 6, 2017Cowen Analysts: Chris Krueger, Eric Assaraf, Paul Gallant, Roman Schweizer, Jaret Seiberg and Rick Weissenstein

AHEAD OF THE CURVETM SERIESTIME TO PREPARE FOR 21ST CENTURY GLASS STEAGALL? March 16, 2017 Cowen Analyst: Jaret Seiberg

AHEAD OF THE CURVETM SERIES FUTURE OF BANK REGULATION: HOW TEAM TRUMP CAN PROVIDE RELIEF WITHOUT LEGISLATIONMay 1, 2017 Cowen Analyst: Jaret Seiberg

AHEAD OF THE CURVETM SERIES SHELTER FROM THE STORM: TRUMP PRESIDENCY IN HISTORICAL CONTEXTAugust 16, 2017 Cowen Analyst: Chris Krueger

VANDELAY INDUSTRIES: IMPORT/EXPORT BORDER ADJUSTMENT SECTOR ANALYSISJanuary 26, 2017Cowen Analysts: Vivien Azer, Bryan C. Bergin, CFA, Andrew M. Charles, CFA, Oliver Chen, CFA, John Kernan, CFA, Sam Margolin and Chris Krueger

H1-B UPDATE: DACA DECISION BRINGS IMMIGRATION BACK TO POLICY FOREFRONTSeptember 6, 2017Cowen Analyst: Bryan Bergin, CFA

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Although most headlines focus on legislative agenda and outcomes, we have highlighted the level of regulatory rollback realized in the first year of this new Administration, with data showing an ~80% drop in economically significant regulations between 2016 and 2017. Moreover, given an unprecedented number of judicial appointment vacancies and simplified approval requirements, we anticipate a multi-generational legacy that will determine the outcome of many regulations and administrative actions to come.

TRUMPISM AND REGULATION NATION

ADURO — ADROAGIOS PHARMACEUTICALS — AGIO

ASTRAZENECA PLC (ADR) — AZNBEIGENE — BGNE

BRISTOL-MYERS SQUIBB — BMY

CELGENE — GELGCORVUS PHARMACEUTICALS — CRVS

DYNAVAX — DVAXFIVE PRIME — FPRX

INCYTE — INCY

IOVANCE — IOVAGILEAD — GILDMERCK — MRK

NEKTAR — NKTRPFIZER — PFE

ROCHE HOLDING LTD (ADR) — RHHBYSYNDAX — SNDX


HOT WHEELS BUS TOURAugust 1-3, 2017 | New York, NY

20TH ANNUAL THERAPEUTICS CONFERENCEOctober 2-3, 2017 | New York, NY

IO NEXT SUMMITNovember 10, 2017 | National Harbor, MA


COWEN REPORTSINVESTOR’S GUIDE TO IMMUNO-ONCOLOGY- ASCO 2017 June 1, 2017 Cowen Analysts: Boris Peaker, Ph.D., CFA, Steve Scala, R.Ph., CFA, Eric Schmidt, Ph.D. and Chris Shibutani, M.D.

KITE – FLAWLESS EXECUTION ON ALL FRONTSAugust 8, 2017 Cowen Analyst: Eric Schmidt, Ph.D.

PD-1/PD-L1 MARKET MODEL UPDATEMay 15, 2017 Cowen Analyst: Steve Scala, R.Ph., CFA

AHEAD OF THE CURVETM SERIESBEYOND PD-1/PD-L1: INSIGHTS FROM LEADING TRANSLATIONAL ONCOLOGISTS ON NOVEL IMMU-ONCOLOGY TARGETSNovember 3, 2017Cowen Analysts: Chris Shibutani, M.D., Phil Nadeau, Ph.D., Boris Peaker, Ph.D., CFA, Steve Scala, R.Ph., CFA and Eric Schmidt, Ph.D.

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As IO laboratory and clinical research continues to raise expectations, we have assessed expert physician-scientist sentiment to identify those agents in clinical development that are viewed by leading KOLs as holding the greatest promise: IDO1 inhibitors, LAG-3 checkpoint inhibitors, and oncolytic viruses. Innate immunity is regarded as the most promising mechanism to convert “cold” tumors to “hot”. We also surveyed views on the most clinically meaningful results in a post-IO setting in melanoma.

IMMUNO-ONCOLOGY

ADIDAS AG — ADS.GRALPHABET — GOOG

AMAZON — AMZNCOGNEX CORP. — CGNX

COSTCO WHOLESALE — COST

DICK’S SPORTING GOODS — DKSFACEBOOK — FB

KOHL’S CORPORATION — KSSMACY’S — M

MICROSOFT CORPORATION — MSFT

NORDSTROM — JWNPVH CORP. — PVH

RITEAID — RADTHE TJX COMPANIES — TJX

WAL-MART STORES — WMT

We are still in the earliest days of e-Commerce disruption in the U.S., and expect growth from 9% of US retail sales to ~14% over the next 5 years. While further physical right-sizing is ahead for many large US retail verticals, Amazon continues to fuel its core business through its Prime offering, which we estimate has grown to 53 million since 1Q13. We explore the impact of Amazon’s success across a range of sectors, with associated opportunities and risks. What is, or is not, un-Amazon-able, and how will consumers engage in a new age of retail?

COWEN EVENTS3RD ANNUAL FUTURE OF THE CONSUMER CONFERENCE: CONVERGENCE & DISRUPTIONApril 3-4, 2017 | New York, NY


INTERNET & MEDIA BUS TOURAugust 7-10, 2017 | Seattle, WA, San Francisco, CA


COWEN REPORTSAHEAD OF THE CURVETM SERIESPRIMED FOR HIGHER ADOPTION AT WAREHOUSE CLUBS’ EXPENSE June 19, 2017Cowen Analyst: John Blackledge

AHEAD OF THE CURVETM SERIESRETAIL’S DISRUPTION YIELDS OPPORTUNITIES - STORE WARS! April 6, 2017 Cowen Analysts: Oliver Chen, CFA, John Kernan, CFA and John Blackledge

AHEAD OF THE CURVETM SERIESECOMMERCE DISRUPTION: IT’S JUST GETTING STARTEDJanuary 31, 2017 Cowen Analysts: John Blackledge and John Kernan, CFA

AHEAD OF THE CURVETM SERIESAMAZON’S US PHARMACY OPPORTUNITY: NOT NECESSARILY A GAME CHANGERNovember 21, 2017Cowen Analysts: John Blackledge and Charles Rhyee

AHEAD OF THE CURVETM SERIESPUBLIC CLOUD V: AWS AND AZURE STILL LEADING THE PACK May 25, 2017Cowen Analysts: John Blackledge, Gregg Moskowitz, CFA, Bryan C. Bergin, CFA, Colby Synesael and J. Derrick Wood, CFA

THE NEXT WAVE OF RETAIL IS GENERATION ZOctober 25, 2017 Cowen Analysts: Oliver Chen, CFA and John Kernan, CFA

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AMAZONATION

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BOSTON BEER COMPANY — SAM CANOPY GROWTH CORPORATION — WEED

CONSTELLATION BRANDS — STZCRAFT BREW ALLIANCE — BREW

KUSH BOTTLES — KSHB

MEDRELEAF CORPORATION — LEAF.CNMOLSON COORS BREWING — TAP

TURNING POINT BRANDS — TPB

With Canada set to begin sale of adult-use cannabis no later than July 2018, and with the announcement of strategic investment in international legal cannabis by large traditional alcohol companies, the legal cannabis industry appears poised for a breakout year in 2018. We analyze risks to traditional alcohol as consumer substitution prompts a mix-shift, and we consider opportunities for tobacco, along with cross-sector implications, also reviewing policy considerations and drivers that could motivate continued proliferation of legal cannabis markets.

COWEN EVENTSCANNABIS COLLOQUIUMJanuary 12, 2017 | New York, NY

3RD ANNUAL FUTURE OF THE CONSUMER CONFERENCE: CONVERGENCE & DISRUPTIONApril 3-4, 2017 | New York, NY

CANNABIS INVESTING PANEL PRESENTATION AT MJBIZCON FALL 2017November 15-17, 2017 | Las Vegas, NV


COWEN REPORTSSTZ FIRST TO SHAKE THE STIGMA - TAKES 10% STAKE IN WEEDOctober 29, 2017Cowen Analyst: Vivien Azer

AHEAD OF THE CURVETM SERIESOPIOID PRIMER: COWEN’S ANALYSIS OF THE OPIOID CRISIS November 14, 2017 Cowen Analysts: Eric Assaraf, Christine Arnold, Vivien Azer, Ken Cacciatore, Joshua Jennings, M.D., Chris Krueger, Phil Nadeau, Ph.D., Boris Peaker, Ph.D., CFA, Charles Rhyee, Chris Shibutani, M.D. and Rick Weissenstein

AHEAD OF THE CURVETM SERIES 420 FACT FINDING: MARIJUANA MIGRATION= DRINKING DOLDRUMS?April 20, 2017 Cowen Analyst: Vivien Azer

BOOZING TAKES A BRUISING: NEW NSDUH DATA ON CANNABIS AND ALCOHOLSeptember 12, 2017 Cowen Analyst: Vivien Azer

CANNABIS MOMENTUM READILY APPARENT AND SET FOR A BREAKOUT IN 2018November 20, 2017 Cowen Analyst: Vivien Azer

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LEGAL CANNABIS INDUSTRY

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ALPHABET — GOOGAMAZON — AMZN

CRITEO S.A. — CRTOFACEBOOK — FB

GRUBHUB — GRUB

IAC/INTERACTIVECORP — IACMCDONALDS — MCD

SHAKE SHACK — SHAKWINGSTOP — WING

YELP — YELP

YUM! BRANDS — YUM

We forecast the current Home Services market at $450BN, with ~13% online penetration that we believe will grow by 19% each year through 2022, in a fragmented, competitive market. Propelled by related tailwinds, we estimate restaurant home delivery will grow from $43BN in 2017 to $76BN in 2022, as growing availability of online options fuels demand.

COWEN EVENTS3RD ANNUAL FUTURE OF THE CONSUMER CONFERENCE: CONVERGENCE & DISRUPTIONApril 3-4, 2017 | New York, NY

PRIVATE INTERNET & SOFTWARE GROWTH SUMMITApril 27, 2017 | Livermore, CA


INTERNET & MEDIA BUS TOURAugust 7-10, 2017 | Seattle, WA, San Francisco, CA

CHICAGO RESTAURANT DELIVERY EVENTNovember 29, 2017 | Chicago, IL


COWEN REPORTSAHEAD OF THE CURVETM SERIESUS HOME SERVICES: ON THE CUSP OF DIGITAL DISRUPTION March 23, 2017 Cowen Analysts: Thomas Champion and John Blackledge

AHEAD OF THE CURVETM SERIESSURVEY SAYS “DINING IN” IS THE NEW “DINING OUT” July 12, 2017 Cowen Analysts: Andrew Charles, CFA and Thomas Champion

GRUB PRO-FORMA MODEL: EXPECTATIONS POST RECENT M&A TRANSACTIONSSeptember 13, 2017 Cowen Analysts: Thomas Champion, Andrew Charles, CFA and John Blackledge

HOMEADVISOR + ANGIE’S LIST TO RESULT IN MASSIVE VALUE CREATIONMay 1, 2017Cowen Analysts: John Blackledge and Thomas Champion

RESTAURANT DELIVERY QUARTERLYCowen Analyst: Andrew M. Charles, CFA

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LOCAL INTERNET – DELIVERY AND HOME SERVICES

ACUITY BRANDS — AYIAMPHENOL CORPORATION — APH

CAPSTONE TURBINE CORPORATION — CPSTEVOQUA WATER TECHNOLOGIES — AQUA

FIRST SOLAR — FSLR

GENERAL ELECTRIC — GEHANNON ARMSTRONG— HASI

HONEYWELL INTERNATIONAL — HONITRON INC. — ITRI

MUELLER WATER PRODUCTS — MWA

ORMAT TECHNOLOGIES — ORAROPER TECHNOLOGIES — ROP

TE CONNECTIVITY LTD — TELXYLEM — XYL

While cities represent only 3% of land mass, they consume ~75% of all energy produced and are responsible for a like amount of carbon dioxide emitted, requiring city planners to address rising pollution, crowded environments and dwindling resources through efficient use of assets. With 66% of the world’s population estimated to be in urban centers by 2050, we see a multi-year migration toward “smart city” models, including sensors. software, IoT applications and beyond, intersecting with smart grid and smart building technologies.


2ND ANNUAL INDUSTRIAL INNOVATION & TECHNOLOGY SUMMITSeptember 19, 2017 | New York, NY

INDUSTRIAL-TECH INNOVATION BUS TOUR September 21, 2017 | Attleboro, MA


COWEN REPORTSAHEAD OF THE CURVETM SERIESSMART CITIES: THE PATH TO A MORE INTELLIGENT & CONNECTED FUTUREAugust 14, 2017Cowen Analysts: Jeffrey Osborne, Joseph Giordano, CFA and Gautam Khanna

AHEAD OF THE CURVETM SERIES SUSTAINABLE ENERGY & INDUSTRIAL TECHNOLOGY PRIMER May 11, 2017Cowen Analysts: Jeffrey Osborne and Joseph Giordano, CFA

AHEAD OF THE CURVETM SERIESMUNICIPAL WATER SPIGOT STILL OPENJune 20, 2017Cowen Analyst: Joseph Giordano, CFA

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SMART CITIES

AMPHENOL CORPORATION — APHCHECK POINT SOFTWARE — CHKP

CISCO SYSTEMS — CSCOCITRIX SYSTEMS — CTXS

EQUIFAX — EFX

FORTINET — FTNTPALO ALTO NETWORKS — PANW

PROOFPOINT — PFPTRAPID7 — RPD

SPLUNK — SPLK

SYMANTEC — SYMCTE CONNECTIVITY LTD. — TEL

TRANSUNION — TRU


5TH ANNUAL NETWORKING & CYBERSECURITY SUMMITDecember 12-13, 2017 | New York, NY


COWEN REPORTSTHE COWEN MONTHLY THREAT INDEXCowen Analyst: Gregg Moskowitz, CFA

PROOFPOINT INITIATION: EVERYTHING IN ITS RIGHT PLACEAugust 17, 2017 Cowen Analyst: Gregg Moskowitz, CFA

COWEN SECURITY GLOBAL RESELLER SURVEY, VOLUME IXOctober 2, 2017Cowen Analyst: Gregg Moskowitz, CFA

ON THE ROAD WITH EFX: SHARES OF EFX & TRU REFLECT MORE FEAR THAN FUNDAMENTALSSeptember 25, 2017Cowen Analyst: George Mihalos

WASHINGTON RISK EXTENDS BEYOND EQUIFAX IN WAKE OF DATA BREACHSeptember 13, 2017Cowen Analyst: Jaret Seiberg

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As headlines, hacks and breaches abound, we believe cybersecurity motivations and related regulatory actions will continue to drive investment to protect critical infrastructure and the various pieces of the cybersecurity framework, spanning data, devices and apps. This is likely to continue prompting M&A activity as industry participants seek to cover all bases.

CYBERSECURITY

ADIDAS AG — ADS.GRALTRIA GROUP — MO

BURLINGTON STORES — BURLCONSTELLATION BRANDS — STZ

COSTCO WHOLESALE — COST

CRAFT BREW ALLIANCE — BREWFEDEX CORP. — FDX

GRUBHUB — GRUBIMPERIAL BRANDS — IMB.LN

MCDONALD’S — MCD

MONSTER BEVERAGE CORP. — MNSTPEPSICO — PEP

PVH CORP. — PVHROSS STORES — ROST

SKECHERS — SKX

THE TJX COMPANIES — TJXTURNING POINT BRANDS — TPB

WAL-MART STORES — WMTWINGSTOP — WING

YUM! BRANDS — YUM

COWEN EVENTS3RD ANNUAL FUTURE OF THE CONSUMER CONFERENCE: CONVERGENCE & DISRUPTION April 3-4, 2017 | New York, NY

SEATTLE CONSUMER BUS TOURAugust 23, 2017 | Seattle, WA

HUNGRY IN DALLAS: RESTAURANT BUS TOURSeptember 12, 2017 | Dallas, TX


COWEN REPORTSAHEAD OF THE CURVETM SERIESCOWEN GROWS CAUTIOUS ON THE LOWER- INCOME CONSUMER September 5, 2017 Cowen Analysts: Vivien Azer, Helane Becker, Andrew Charles, CFA, Oliver Chen, CFA, John Kernan, CFA and Chris Krueger

LOWER- INCOME SMOKERS LOOKING FOR SAVINGS: DOWN- TRADING APPARENTJune 5, 2017 Cowen Analyst: Vivien Azer

BOOZING TAKES A BRUISING: NEW NSDUH DATA ON CANNABIS AND ALCOHOLSeptember 12, 2017 Cowen Analyst: Vivien Azer

AHEAD OF THE CURVETM SERIESSURVEY SAYS “DINING IN” IS THE NEW “DINING OUT”July 12, 2017 Cowen Analysts: Andrew Charles, CFA and Thomas Champion

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Macro indicators are testing pre-recession levels, with key metrics deteriorating, particularly between present and future expectations. These data drive our more cautious view on the lower-income consumer. We believe we could be in the later innings in the consumer cycle. We prefer share gainers in differentiated categories and concepts that benefit from consumers trading down.

LOW-END CONSUMER

ACHAOGEN — AKAOARSANIS — ASNS

FOAMIX PHARMACEUTICALS — FOMXGENMARK — GNMK

SERES THERAPEUTICS — MCRB

SPERO THERAPEUTICS — SPRO


HOT WHEELS BUS TOURAugust 1-3, 2017 | New York, NY



COWEN REPORTSAHEAD OF THE CURVETM SERIESTHE STARS ARE STARTING TO ALIGN: OPPORTUNITIES IN THE FIGHT AGAINST ANTIBIOTIC RESISTANCENovember 27, 2017Cowen Analysts: Chris Shibutani, M.D., Ritu Baral, Ken Cacciatore, Joshua Jennings, M.D., Charles Rhyee, Steve Scala, R.Ph., CFA and Doug Schenkel

INITIATING COVERAGE: SPERO THERAPEUTICSNovember 27, 2017Cowen Analyst: Ritu Baral

INITIATING COVERAGE: ARSANISDecember 11, 2017Cowen Analyst: Ritu Baral

AKAO: POSITIVELY POSITIONED FOR GRAM NEGATIVE LEADERSHIPMay 4, 2017Cowen Analyst: Chris Shibutani, M.D.

MCRB: ADVANCING THE POTENTIAL OF THE MICROBIOMEMay 19, 2017Cowen Analyst: Chris Shibutani, M.D.

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In 2013, the CDC and WHO estimated that someone in the US or EU dies every 11 minutes from an antibiotic-resistant infection, and since then the problem has only gotten worse. We see potential for this profound unmet need to be addressed by emerging biotech and diagnostics companies in the antibacterial space, with their commitment to innovation, opportunity to benefit from an improving regulatory backdrop and sophisticated ability to navigate a complex landscape of regulation, policy and incentives.

ANTIBIOTICS

ABBOTT LABORATORIES — ABTAETNA — AET

ALKERMES — ALKSANTHEM — ANTM

ASTRAZENECA — AZN

BOSTON SCIENTIFIC — BSXCIGNA CORP — CI

CVS HEALTH — CVSELI LILLY — LLY

ENDO INTERNATIONAL — ENDP

EXPRESS SCRIPTS— ESRXGW PHARMA — GWPH

HERON THERAPEUTICS — HRTXIMPAX LABS — IPXL

JOHNSON & JOHNSON — JNJ

KEMPHARM — KMPHMEDRELEAF — LEAF.CN

MEDTRONIC — MDTMYLAN — MYL

NEKTAR —NKTR




COWEN REPORTSAHEAD OF THE CURVETM SERIESOPIOID PRIMER: COWEN’S ANALYSIS OF THE OPIOID CRISIS November 14, 2017 Cowen Analysts: Eric Assaraf, Christine Arnold, Vivien Azer, Ken Cacciatore, Joshua Jennings, M.D., Chris Krueger, Phil Nadeau, Ph.D., Boris Peaker, Ph.D., CFA, Charles Rhyee, Chris Shibutani, M.D. and Rick Weissenstein

THERAPEUTIC CATEGORIES OUTLOOK: COMPREHENSIVE STUDYSeptember 2017Cowen Analysts: Cowen Biotech Team, Cowen Pharmaceutical Team, Cowen Med Tech Team

AHEAD OF THE CURVETM SERIES 420 FACT FINDING: MARIJUANA MIGRATION= DRINKING DOLDRUMS?April 20, 2017 Cowen Analyst: Vivien Azer

OPIOIDS EMERGENCY DECLARATION LACKS ADEQUATE FUNDING October 26, 2017 Cowen Analyst: Eric Assaraf

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There is broad-based support for efforts to address the opioid crisis, alleviating its substantial cost to the US economy and society. We examine the current landscape and a range of potential public and private solutions, including treatment paradigms, alternative therapies and changing service models. We see opportunities in non-opioid alternatives and addiction therapy, as well as potentially in legal cannabis, medical devices and digital health.

WALGREENS BOOTS ALLIANCE — WBA

PACIRA PHARMACEUTICALS — PCRXPFIZER — PFETEVA — TEVA

TREVENA INC. — TRVN

OPIOID CRISIS

CONTACT COWEN RESEARCH

DECEM

BER 2017

This material is a product of Cowen’s Research Department, but you should not regard it as Cowen research or a research report. Research reports and notes produced by the Research Department are available from your salesperson or at the Firm’s research website, https://cowenlibrary.bluematrix.com/client/library.jsp. Applicable research disclosures for companies discussed which Cowen maintains research coverage of can be found at https://cowen.bluematrix.com/sellside/Disclosures.action. Nothing contained in this material shall be considered an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction where such an offer or solicitation would be illegal. Cowen does not represent that any of the information contained herein is accurate, complete or up to date, nor shall Cowen have any responsibility to update any opinions or other information contained herein. © 2017 Cowen and Company, LLC. All rights reserved.

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THEMES TO FOCUS ON NOW - Home - COWEN · Cowen Analysts: Jason Seidl, Helane Becker, Chris Krueger, Jeffrey Osborne, Novid Rassouli and Paul Silverstein AHEAD OF THE CURVE TM SERIES