14 TO FOCUS ON 2019 THEMES - A HANDBOOK FOR PORTFOLIO MANAGERS - Cowen
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14 THEMES
TO FOCUS ON 2019
A HANDBOOK FOR PORTFOLIO MANAGERS
AHEAD OF THE CURVE™ COWEN RESEARCH SECTORS
is the hallmark of our research
effort. Each of our analysts is
required to produce an Ahead of
BIOTECH CLEANTECH CONSUMER CREDIT DIGITALHEALTH ECOMMERCE ENERGY HEALTH CARE INDUSTRIALS TMT TRANSPORTATION WASHINGTON
the Curve™ report twice a year
that focuses on a non-consensus
idea, an investment controversy,
or a topic we believe investors Dear Investor,
need to focus on in more depth.
We are excited to present this year’s Handbook, highlighting key investment themes that have been
the centerpiece of our work in 2018. We are particularly proud of our collaborative “deep dive”
reports by Cowen analysts across a variety of sectors and asset classes.
For each topic herein, we indicate the Cowen analysts with applicable domain expertise, companies
in our coverage universe with leverage to the theme, representative research and select Cowen
events. This year, we’ve also included illustrative data-points and analyst statements that grabbed
COWEN THEMES
our attention.
We believe these themes will continue to drive investment controversies and opportunities next
year, demanding attention from active managers seeking alpha.
Amidst changes in our industry that have been challenging for buy-side investors and sell-side 1. ROBOTICS......................................................................................................................................4-7
providers, we are grateful to have been validated by so many clients for our steadfast focus on 2. TRANSPORTATION TRANSFORM ATION.............................................................................8-11
insightful research.
3. SEMICONDUCTORS SUPEREMINENCE............................................................................12-15
Going into the new year, our goal at Cowen is to hold true to our Ahead of the CurveTM mission, 4. CANNABIS..................................................................................................................................16-19
with our analysts standing at the center of discussion and debate on key investment themes. The
intellectual curiosity and analysis that fuel Cowen Research ultimately yield the actionable, 5. BLOCKCHAIN...........................................................................................................................20-23
non-consensus ideas that we bring to you. 6. WASHINGTON POLICY............................................................................................................24-27
We wish you all the best for the achievement of your goals in 2019. 7. CYBERSECURIT Y......................................................................................................................28-31
8. ECOMMERCE & LOGISTICS DISRUPTION........................................................................32-35
Sincerely, 9. GEN Z & MILLENNIALS...........................................................................................................36-39
10. FUTUREHEALTH TOOLS & DIAGNOSTICS......................................................................40-43
11. BIOPHARMA INNOVATION..................................................................................................44-47
12. 5G..................................................................................................................................................48-51
Robert Fagin
Director of Research 13. IMO 2020....................................................................................................................................52-55
Cowen 14. PRIVACY.....................................................................................................................................56-59
3
ROBOTICS
Adoption of robotic process and industrial
automation (RPA/IA) is on a dramatic growth
trajectory, as global enterprises strive to
increase productivity, control and compliance
while reducing costs and addressing skilled labor
shortages. As it becomes a core component of
any digital transformation initiative, RPA/IA is
increasingly falling under company operating
expense budgets versus capital expenditure,
making incremental investment more palatable.
Agreements for leases and robotics-as-a-service
may also facilitate continued acceleration of
adoption. The evolution of robots to incorporate
3D vision, SaaS, AI and other capabilities further
bolsters their addressable markets and value.
REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
2.4 MILLION
“WITH LEADING AUTOMATION AHEAD OF THE CURVE TM SERIES ACCENTURE PLC ACN
PLAYERS FLUSH WITH CASH, WE DEUS EX MACHINA, PART I
December 6, 2018
AMETEK INC. AME
AMPHENOL CORPORATION APH
ANTICIPATE CONSOLIDATION Cowen Analysts: Joseph Giordano, CFA, J. Derrick Wood, CFA COGNEX CORP CGNX
COGNIZANT TECHNOLOGY SOLUTIONS CORP CTSH
ESTIMATED UNFILLED WITHIN THE PRODUCT MARKET AND THOUGHTS POST AUTOMATION FAIR 2018 FORTIVE CORPORATION FTV
November 19, 2018 GENPACT LIMITED G
MANUFACTURING JOBS BY COMPLEMENTARY SERVICES.” Cowen Analysts: Joseph Giordano, CFA, J. Derrick Wood, CFA PARKER-HANNIFIN CORP. PH
ROCKWELL AUTOMATION ROK
2028 DUE TO SKILLS GAP —BRYAN C. BERGIN, CFA RPA/IA INSIGHTS VOL 16: FUNDING KEEPS FLOWING SENSATA TECHNOLOGIES ST
November 15, 2018 TE CONNECTIVITY LTD. TEL
RPA/IA INSIGHTS VOL 16: Cowen Analyst: Bryan C. Bergin, CFA VIRTUSA CORPORATION VRTU
FUNDING KEEPS FLOWING KEY CONCLUSIONS FROM OUR INDUSTRIAL INNOVATION
WNS (HOLDINGS) LIMITED WNS
& TECHNOLOGY SUMMIT
September 21, 2018
SELECTED EVENTS
Cowen Analysts: Joseph Giordano, CFA, Jeffrey Osborne
$25K
AHEAD OF THE CURVE TM SERIES
“WHEREAS HISTORICALLY ‘BLIND’
NO RESPECT! BPM EVOLUTION STILL LARGELY UNDERAPPRECIATED: 46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
INAUGURAL COWEN BPM SURVEY May 29-31, 2018 | New York, NY
ROBOTS MOVED ACCORDING
May 8, 2018
Cowen Analyst: Bryan C. Bergin, CFA, Gregg Moskowitz, CFA 3RD ANNUAL INDUSTRIAL INNOVATION & TECHNOLOGY SUMMIT
TO SPECIFIC PROGRAMMING
September 20, 2018 | New York, NY
CHECKING IN AT SOME MAJOR VISION AND ROBOTICS RELATED SHOWS
LANGUAGE, DEPLOYMENT OF 2D ESTIMATED ANNUAL COST OF April 23, 2018
Cowen Analyst: Joseph Giordano, CFA
AND NOW 3D VISION WITH AI ONE DIGITAL WORKER’S AHEAD OF THE CURVE TM SERIES
CAPABILITY, CLOUD CONNECTIVITY COMPLETION OF 15 PEOPLE’S TASKS EMERGENCE OF 3D ANCHORS CGNX’S 20% GROWTH GOAL
March 28, 2018
AND INTEGRATION INTO ANALYTICS
Cowen Analyst: Joseph Giordano, CFA
PLATFORMS IS CREATING NEW
VALUE STREAMS.” COWEN ANALYSTS
—JOSEPH GIORDANO, CFA JOSEPH GIORDANO, CFA JEFFREY OSBORNE
BRYAN C. BERGIN, CFA J. DERRICK WOOD, CFA
DEUS EX MACHINA, PART I
6 7
TRANSPORTATION
TRANSFORMATION
The changing face of transportation encompasses
wide-ranging technological innovations spanning
electrification, autonomy, advanced safety, security
and emissions control, to name only a few. The
automobile of the future will reflect the end-state
of a revolution currently underway as a collection of
discrete hardware devices with decentralized compute
platforms consolidate toward one of interconnected
software-defined hardware, with its many attendant
requirements and risks. Lower costs, infrastructural
upgrades and improved efficiencies will accelerate
disruption of the way in which goods and people are
delivered, warranting keen focus on the impact to
software, communication, semiconductor and sensor
companies. Railcar transportation also remains on
the radar.
REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
AHEAD OF THE CURVE TM SERIES AMERICAN RAILCAR INDUSTRIES ARII NORFOLK SOUTHERN NSC
“AS CARS SHIFT FROM A BEVY OF HARDWARE EXPLORING HOW CARS COMMUNICATE AND REMAIN SECURE
October 19, 2018
AMBARELLA AMBA
AMPHENOL APH
NVIDIA CORPORATION NVDA
NXP SEMICONDUCTOR NXPI
DEVICES THAT DON’T COMMUNICATE WITH EACH
Cowen Analysts: Jeffrey Osborne, Matthew D. Ramsay, APTIV PLC APTV PLUG POWER INC PLUG
Paul Silverstein, Joseph Giordano, CFA BORGWARNER INC. BWA QUALCOMM QCOM
BROADCOM LTD. AVGO SENSATA TECHNOLOGIES ST
OTHER TO A SOFTWARE-DEFINED VEHICLE, THE AHEAD OF THE CURVE TM SERIES
SUSTAINABLE ENERGY & INDUSTRIAL TECHNOLOGY PRIMER
CISCO SYSTEMS CSCO
DELPHI TECHNOLOGIES DLPH
SPLUNK SPLK
TE CONNECTIVITY LTD. TEL
CYBERSECURITY MARKET IN THIS SEGMENT IS May 23, 2018
Cowen Analysts: Jeffrey Osborne, Joseph Giordano, CFA
FEDEX CORP. FDX
GATX CORPORATION GATX
TESLA INC TSLA
TRINITY INDUSTRIES TRN
EXPECTED TO GROW FROM $30 MILLION IN 2017
INTEL CORPORATION INTC UNITED PARCEL SERVICE UPS
DISPATCHES FROM NOVI: THE BATTERY SHOW AND LEAR CORPORATION LEA VEONEER VNE
ELECTRIC & HYBRID VEHICLE TECHNOLOGY MAXWELL TECHNOLOGIES INC. MXWL
TO $2 BILLION IN 2024.”
VISTEON CORPORATION VC
September 17, 2018 MELEXIS NV MELE.NV WABTEC CORP. WAB
Cowen Analyst: Jeffrey Osborne MICROSOFT MSFT WESTPORT FUEL SYSTEMS WPRT
—JEFFREY OSBORNE LOCOMOTIVE AND RAILCAR PANEL VIDEO AND TAKEAWAYS
MONOLITHIC POWER SYSTEMS MPWR WORKHORSE GROUP INC WKHS
EXPLORING HOW CARS COMMUNICATE AND REMAIN SECURE September 13, 2018
Cowen Analysts: Matt Elkott, Jason Seidl
MONTHLY ELECTRIFIED VEHICLE UPDATE SELECTED EVENTS
Cowen Analyst: Jeffrey Osborne
5TH ANNUAL NETWORKING & CYBERSECURITY SUMMIT
SURVEY: UBER AND LYFT USAGE & ENGAGEMENT TRENDS December 11-12, 2018 | New York, NY
October 8, 2018
Cowen Analyst: John Blackledge 3RD ANNUAL INDUSTRIAL INNOVATION & TECHNOLOGY SUMMIT
September 20, 2018 | New York, NY
157% 100 MILLION
DISPATCHES FROM LAS VEGAS: CES HIGHLIGHTS; AV PLATFORM
BATTLE UNDERWAY 11TH ANNUAL GLOBAL TRANSPORTATION CONFERENCE
January 11, 2018 September 5-6, 2018 | Boston, MA
Cowen Analyst: Jeffrey Osborne
46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
May 29-31, 2018 | New York, NY
YEAR-OVER-YEAR U.S. SALES LINES OF SOFTWARE CODE COWEN ANALYSTS LONDON TRANSPORTATION CONFERENCE
May 8, 2018 | London, UK
GROWTH IN ELECTRIFIED EXPECTED TO DIRECT TYPICAL JEFFREY OSBORNE JASON SEIDL
VEHICLES CAR OF THE FUTURE MATTHEW D. RAMSAY
JOSEPH GIORDANO, CFA
J. DERRICK WOOD, CFA
JOHN BLACKLEDGE
PAUL SILVERSTEIN COLBY SYNESAEL
MATTHEW ELKOTT HELANE BECKER
10 11
SEMICONDUCTORS
SUPEREMINENCE
What do the future of transportation, artificial
intelligence, robotics, smart cities and IoT all have
in common? Semiconductors, including capital
equipment makers and companies focused on
memory and connectivity, are the golden thread
enabling the power, speed, memory and mobility
required for increasingly constant intelligence and
connectedness in all facets of our lives. Viewed as
part of a long-term secular theme despite near-
term challenges, we see semiconductor growth
through 2022, driven by continued innovation
and demand in datacenters, IoT/industrial,
transportation and gaming/VR. The accelerated
pace of software development for IoT output to
interconnected devices holds the potential to
extend that trajectory.
REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
INITIATION: NEW SECTOR PARADIGM, YET TRADITIONAL VIEWS ON ADESTO TECHNOLOGIES IOTS KULICKE & SOFFA KLIC
“ WE SUGGEST INVESTORS FOCUS ON DIFFERENTIATED SUPPLIERS STOCK PICKING PERSIST
May 14, 2018
ADVANCED ENERGY INDUSTRIES AEIS
ADVANCED MICRO DEVICES AMD
LAM RESEARCH LCRX
INTEL CORPORATION INTC
LEVERAGED TO AI-INFUSED MARKETS IN DATACENTER, IOT/ Cowen Analyst: Krish Sankar AIRGAIN AIRG
AMBARELLA AMBA
MARVELL TECHNOLOGY GROUP MRVL
MICRON TECHNOLOGY MU
INDUSTRIAL, AUTO AND GAMING/VR, WITH THIS LENS SERVING A FRAMEWORK FOR SEMICONDUCTOR INVESTING IN AN AI - INFUSED
WORLD
APPLIED MATERIALS AMAT
ASML HOLDING NV ASML.NA
MKS INSTRUMENTS MKSI
MONOLITHIC POWER SYSTEMS MPWR
AS THE PRIMARY INVESTMENT CRITERION IN SEMICONDUCTORS.” May 17, 2018
Cowen Analyst: Matthew D. Ramsay
BROADCOM LTD. AVGO
CADENCE CDNS
NVIDIA CORPORATION NVDA
NXP SEMICONDUCTOR NXPI
—MATTHEW D. RAMSAY CIRRUS LOGIC CRUS SILICON LABS SLAB
SEMIS VALLEY TOUR RECAP: SMOKEY AIR AND NT OUTLOOK, BUT IS THE CISCO SYSTEMS CSCO SILICON MOTION SIMO
A FRAMEWORK FOR INVESTING IN AN AI-INFUSED WORLD FIRE PRICED IN? CYPRESS SEMICONDUCTOR CY SKYWORKS SWKS
November 20, 2018 ICHOR HOLDINGS ICHR TERADYNE TER
Cowen Analysts: Matthew D. Ramsay, Krish Sankar, Karl Ackerman, CFA KLA-TENCOR KLAC XILINX XLNX
AHEAD OF THE CURVE TM SERIES
EXPLORING HOW CARS COMMUNICATE AND REMAIN SECURE
October 19, 2018
Cowen Analysts: Jeffrey Osborne, Matthew Ramsay, Paul Silverstein, SELECTED EVENTS
“ALL THE BUZZ WORDS SUCH AS AI, DEEP MACHINE LEARNING, Joseph Giordano, CFA
4TH ANNUAL CHIP TRIP 4.0- SEMICONDUCTORS/ SEMI CAP
AR/VR, HYPERSCALE/CLOUD STORAGE, AUTONOMOUS DRIVING, COWEN GLOBAL SOFTWARE DEVELOPER SURVEY, VOLUME III EQUIPMENT BUS TOUR
October 5, 2018 November 14-16, 2018 | West Coast
AND 5G IMPLY THE NEED FOR MORE SEMICONDUCTOR Cowen Analysts: Cowen Software Team
3RD ANNUAL INDUSTRIAL INNOVATION & TECHNOLOGY SUMMIT
CONTENT, WITH DEMAND FOR INCREASED COMPUTE KEY CONCLUSIONS FROM OUR INDUSTRIAL INNOVATION &
TECHNOLOGY SUMMIT
September 20, 2018 | New York, NY
POWER (GPU, APU, FPGA) AND STORAGE (DRAM, NAND). September 21, 2018.
Cowen Analysts: Joseph Giordano, CFA, Jeffrey Osborne
46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
May 29- 31, 2018 | New York, NY
SEMICONDUCTOR PRODUCTION EQUIPMENT SHOULD BENEFIT CAPEX TRACKER
AS THE THIRST FOR PROCESSING AND STORING DATA BECOMES Cowen Analyst: Paul Silverstein
EVEN MORE IMPORTANT.”
—KRISH SANKAR
COWEN ANALYSTS
NEW SECTOR PARADIGM, YET TRADITIONAL VIEWS ON STOCK PICKING PERSIST
KARL ACKERMAN, CFA JEFFREY OSBORNE
MATTHEW D. RAMSAY J. DERRICK WOOD, CFA
KRISH SANKAR JOSEPH GIORDANO, CFA
PAUL SILVERSTEIN
14 15
CANNABIS
2018 has been a breakout year for the emerging
cannabis industry, reflecting Canada’s legalization
of adult use sales, pronounced growth in
market capitalization of public cannabis stocks,
expansion of international markets, and continued
proliferation of consumer brands and novel form
factors. Moreover, this accelerated pace of activity
is poised to carry forward into 2019 and beyond,
with legislative and regulatory developments
underway that will facilitate the sale of non-THC
consumer cannabis products and potentially
allow U.S. banks to service the cannabis industry.
Strategic investments by leading global brands
in traditional alcohol and tobacco have served to
set valuation benchmarks and further validate the
potential size of this nascent global market.
35 MILLION
“AS CANNABIS INCIDENCE IN THE
U.S. CLIMBS, THIS WELL-CAPITALIZED
REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
INDUSTRY HAS BEEN EVOLVING
AHEAD OF THE CURVE TM SERIES ALTRIA GROUP MO
CANNABIS: $75B OPPORTUNITY; CATEGORY CROSS CURRENTS KEEP US CANOPY GROWTH CORP WEED
REPORTED ANNUAL U.S. RAPIDLY AND LOOKS TO ADDRESS
CAUTIOUS ON BOOZE CONSTELLATION BRANDS, INC. CLASS A STZ
April 4, 2018 GW PHARMACEUTICALS PLC GWPH
CANNABIS CONSUMERS A FAR LARGER TAM THAN WE HAD
Cowen Analyst: Vivien Azer KUSHCO HOLDINGS INC KSHB
MOLSON COORS BREWING TAP
ORIGINALLY FORECAST. WE SEE
THE CONVERGENCE OF CIGARETTES & CANNABIS: WHAT A TOBACCO TILRAY INC TLRY
INVESTOR NEEDS TO KNOW TURNING POINT BRANDS TPB
FOUR KEY VERTICALS: ADULT USE,
December 10, 2018
Cowen Analyst: Vivien Azer
BEAUTY AND NUTRICEUTICALS, COWEN’S CANNA-CONCLUSIONS: SUMMIT TAKEAWAYS
SELECTED EVENTS
OTC PAIN AND SLEEP, AND
December 3, 2018
Cowen Analysts: Vivien Azer, Jaret Seiberg, Chris Krueger
38TH ANNUAL HEALTH CARE CONFERENCE
PHARMACEUTICALS.” CANADA’S CANNABIS CATALYST IS COMING: A $12BN OPPORTUNITY March 11-14, 2018 | Boston, MA
BY 2025
—VIVIEN AZER April 16, 2018 4TH ANNUAL FUTURE OF THE CONSUMER CONFERENCE:
Cowen Analyst: Vivien Azer BREAKTHROUGH CONCEPTS AND CUSTOMER EXPERIENCES
VIVIEN’S VIEWS: THE DURABILITY OF April 2-3, 2018 | New York, NY
CANNABIS POLICY: OBSERVATIONS FROM THE TAX COURT’S
DISRUPTION VS. VEXING VALUATIONS 280E RULING 2ND ANNUAL CANNABIS SUMMIT
December 3, 2018 April 9, 2018 | Los Angeles, CA
Cowen Analyst: Jaret Seiberg
CANNABIS BUS TRIP
55+
DEA PLACES EPIDIOLEX IN SCHEDULE V (GWPH) April 10, 2018 | Los Angeles, CA
“WE ASSIGN 75% ODDS TO ENACTMENT September 27, 2018
BOSTON CANNABIS SUMMIT
Cowen Analyst: Phil Nadeau, Ph.D.
OF LEGISLATION PRIOR TO 2020 November 28, 2018 | Boston, MA
VIVIEN’S VIEWS: THE DURABILITY OF DISRUPTION VS.
PRESIDENTIAL ELECTION THAT VEXING VALUATIONS
PERMITS BANKS TO SERVICE THE FASTEST GROWING October 9, 2018
Cowen Analyst: Vivien Azer
CANNABIS INDUSTRY.” COHORT OF THC TRACKER
—JARET SEIBERG CANNABIS CONSUMERS Cowen Analyst: Vivien Azer
LEGISLATION TO LET BANKS SERVICE COWEN ANALYSTS
CANNABIS LIKELY FALLS TO NEXT CONGRESS VIVIEN AZER CHRIS KRUEGER
JARET SEIBERG PHIL NADEAU, Ph.D
18 19BLOCKCHAIN
Blockchain holds the potential to reinvent transactional
and back office processes to meet the needs of
e-commerce, social media, IoT and the Internet’s many
creations of the last 20 years. We see an evolutionary
path for adoption of Blockchain while it remains in the
Innovator phase, with years to come before it crosses
Moore’s Chasm. In these early innings of Blockchain
evolution, we look to Supply Chain Management and
Financial Services as key use cases for the transparency,
tracking, ledgering and reduced costs Blockchain has
to offer. Consultants and IT services participants are
likely to benefit first from this developing theme, while
the next wave of value creation may be realized by
Blockchain solutions providers.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
AHEAD OF THE CURVE TM SERIES ACCENTURE ACN
BLOCKCHAIN: BEYOND BITCOIN, THE ENTERPRISE EVOLUTION AMAZON AMZN
“ALTHOUGH NOT A PANACEA, OUR WORK VALIDATES May 24, 2018
Cowen Analysts: Thomas Champion, Derrick Wood, Bryan Bergin, CFA
LUXOFT LXFT
MICROSOFT MSFT
BLOCKCHAIN AS DIFFERENTIATED TECHNOLOGY, WITH TMT CONFERENCE: BLOCKCHAIN PANEL & COWENVISION VIDEO
ORACLE ORCL
SAP SAP
STRONG FIT AROUND FINANCE & SUPPLY CHAIN USE
June 6, 2018 VIRTUSA VRTU
Cowen Analysts: Thomas Champion, J. Derrick Wood, CFA, Bryan C. Bergin, CFA
CASES, AND BOLSTERED BY EMERGENT STANDARDS AND TAKEAWAYS FROM COWEN’S IT SPENDING SURVEY ON
SELECTED EVENTS
ENTERPRISE SOFTWARE
CORPORATE LEADERSHIP.” November 26, 2018
Cowen Analyst: J. Derrick Wood, CFA
46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
—BLOCKCHAIN: BEYOND BITCOIN, THE ENTERPRISE EVOLUTION COWEN GLOBAL SOFTWARE DEVELOPER SURVEY, VOLUME III May 29- 31, 2018 | New York, NY
October 5, 2018
Cowen Analysts: Cowen Software Team COWEN BLOCKCHAIN DINNER: MICROSOFT (MSFT), GALAXY
INVESTMENT PARTNERS, CONSENSYS
CRYPTO MONEY MONDAY: LAWMAKERS SEEK SEC CLARITY ON December 13, 2018 | New York, NY
STATUS OF ICOS
December 10, 2018
Cowen Analyst: Jaret Seiberg
COWEN ANALYSTS
31% 5+ THOMAS CHAMPION
J. DERRICK WOOD, CFA
BRYAN C. BERGIN, CFA
JARET SEIBERG
OF SOFTWARE ENGINEERS AND ESTIMATED YEARS TO
DEVELOPERS WE SURVEYED ARE WIDESPREAD ADOPTION
INVOLVING BLOCKCHAIN IN
THEIR PROJECTS
22 23WASHINGTON
POLICY
The work of our Washington policy analysts
has become an endurance sport, with 2018’s
key issues including trade and tariffs, NAFTA,
KORUS, midterms, the Mueller investigation,
G20, Kavanaugh, cabinet shuffles, China, Russia,
cannabis, currency wars, Paris, Saudi sanctions,
government shutdown, drug pricing, agriculture
subsidies, tax reform, Farm bill, STATES Act, SAFE
Act, NATO, Iran, North Korea, immigration, FHFA,
GSEs, privacy, FTC, FCC, CCAR, antitrust, M&A,
net neutrality, ACA, Medicaid, HHA, FDA, opioids,
biosimilars, CMS, pre-existing conditions, CFIUS,
and the defense budget. We will continue to stay
ahead of these and more in 2019, against the
backdrop of a divided congress and looming
2020 election.REPRESENTATIVE RESEARCH SELECTED EVENTS
AHEAD OF THE CURVE TM SERIES POST- ELECTION POW- WOW
AHEAD OF CURVE UPDATE: BIG LIST OF REGULATORY CHANGES FOR November 12-13, 2018 | Washington, DC
FINANCIALS, HOUSING
October 2, 2018
“ TRADE IS THE CENTRAL POLICY FAULT LINE OF THIS
21ST ANNUAL THERAPEUTICS CONFERENCE
Cowen Analyst: Jaret Seiberg October 9-10, 2018 | New York, NY
ADMINISTRATION. FULL STOP. ” AHEAD OF THE CURVE TM SERIES
RIPPLE: RETALIATORY TARIFF IMPACTS ACROSS SECTORS
38TH ANNUAL HEALTH CARE CONFERENCE
March 11-14, 2018 | Boston, MA
July 13, 2018
—CHRIS KRUEGER Cowen Analysts: Cowen Research, Chris Krueger
TMT POLICY DAY
THE OTHER ONE: TRUMP REGULATORY PENDULUM SHIFT, VOLUME 2 AHEAD OF THE CURVE TM SERIES
September 20, 2018 | Washington, DC
THE OTHER ONE: TRUMP REGULATORY PENDULUM SHIFT, VOLUME 2
11TH ANNUAL BANK REGULATION DAY
March 9, 2018
July 10, 2018 | Washington, DC
Cowen Analysts: Chris Krueger, Rick Weissenstein, Eric Assaraf, Paul Gallant,
Jaret Seiberg, Roman Schweizer
DC DAY: 2018 MACRO POLICY- INFRASTRUCTURE, HEALTH CARE,
TAX, FOREIGN POLICY/TRADE & MIDTERMS
AHEAD OF THE CURVE TM SERIES
January 22, 2018 | Washington, DC
NUCLEAR AMBITIONS: DOD’S GENERATIONAL REBOOT OF THE TRIAD
February 2, 2018
Cowen Analysts: Roman Schweizer, Cai Von Rumohr, Gautam Khanna
TANGLED UP IN BLUE: 11 MIDTERM TAKEAWAYS COWEN ANALYSTS
November 7, 2018
82%
Cowen Analyst: Chris Krueger CHRIS KRUEGER PAUL GALLANT
JARET SEIBERG ROMAN SCHWEIZER
MARCH 1, 2019
VIEWERS GUIDE TO TRUMP DRUG SPEECH; WHAT HE MAY SAY AND WHAT RICK WEISSENSTEIN ERIC ASSARAF
MAY BE IN THE PLAN
May 10, 2018
Cowen Analysts: Rick Weissenstein, Cowen Research
UPCOMING TARIFF
GOOGLE, FACEBOOK AND AMAZON FACE RISING POLITICAL HEAT, BUT
DECREASE IN SIGNIFICANT BREAKUP UNLIKELY
REGULATION (IMPACT OF $100M+) ESCALATOR DEADLINE September 5, 2018
Cowen Analyst: Paul Gallant
BETWEEN 2016 AND 2017 HOUSE CLEARS FINAL OPIOIDS BILL; FDA AUTHORITY EXPANDS IN
OPIOID OMNIBUS
September 28, 2018
Cowen Analyst: Eric Assaraf
26 27CYBERSECURITY
Cybersecurity breaches in 2018 have been
particularly notable for their impact to shareholder
value, causing meaningful redirection of
management attention amidst urgent efforts
to remediate technologies and rehabilitate
brands. Breaches and heightened privacy
concerns, bolstered by increased regulatory
scrutiny, continue to drive investment in the
protection of critical infrastructure, data, devices
and apps. Companies in the sector continue to
show substantial sales growth while consistently
introducing new products and services at higher
price-points. Increasing customer shift toward
cloud represents another opportunity for cross-
selling and upselling by vendors in 2019.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
AHEAD OF THE CURVE TM SERIES AKAMAI TECHNOLOGIES AKAM
“AS THE AUTOMOBILE OF THE FUTURE BECOMES EXPLORING HOW CARS COMMUNICATE AND REMAIN SECURE
October 19, 2018
AMPHENOL APH
APTIV APTV
MORE INTERCONNECTED FROM 2019 TO 2025, WE SEE
Cowen Analysts: Jeffrey Osborne, Matthew D. Ramsay, Paul Silverstein, CARBON BLACK CBLK
Joseph Giordano, CFA CISCO SYSTEMS CSCO
F5 NETWORKS FFIV
COMMUNICATION AND CYBERSECURITY BECOMING TAKEAWAYS FROM CROWDSTRIKE’S USER CONFERENCE
September 18, 2018
ITT CORPORATION ITT
JUNIPER NETWORKS JNPR
PARAMOUNT. VENDORS INVOLVED IN DOMAIN Cowen Analyst: Gregg Moskowitz, CFA LEAR LEA
PROOFPOINT PFPT
CONSOLIDATION ARE BEST POSITIONED.”
COWEN SECURITY GLOBAL RESELLER SURVEY, VOLUME XI VISTEON CORPORATION VC
October 1, 2018 NXP SEMICONDUCTOR NXPI
Cowen Analyst: Gregg Moskowitz, CFA TE CONNECTIVITY TEL
—JEFFREY OSBORNE RAPID7 INC RPD
COWEN’S TMT CONFERENCE: KEY TAKEAWAYS FROM SECURITY PANEL PALO ALTO NETWORKS INC PANW
EXPLORING HOW CARS COMMUNICATE AND REMAIN SECURE June 1, 2018, 2018 SPLUNK INC SPLK
Cowen Analyst: Gregg Moskowitz, CFA
HIGHLIGHTS FROM THE COWEN NETWORKING AND
CYBERSECURITY SUMMIT
December 13, 2018 SELECTED EVENTS
Cowen Analyst: Gregg Moskowitz, CFA
46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
May 29- 31, 2018 | New York, NY
52% 1 TRILLION +
COWEN ANALYSTS 4TH ANNUAL COMMUNICATIONS INFRASTRUCTURE SUMMIT
August 6-7, 2018 | Boulder, CO
J. DERRICK WOOD, CFA COLBY SYNESAEL
5TH ANNUAL COWEN’S NETWORKING & CYBERSECURITY SUMMIT
JEFFREY OSBORNE PAUL SILVERSTEIN
December 11-12, 2018 | New York, NY
ROMAN SCHWEIZER NICK YAKO
JOSEPH GIORDANO, CFA
OF SOFTWARE RESELLERS EVENTS PER WEEK ANALYZED
SURVEYED SEEING CUSTOMER IN CLOUD BY SINGLE MACHINE
PURCHASE DECISIONS LEARNING PLATFORM FOR
DRIVEN BY GLOBAL DATA THREAT INTELLIGENCE
PROTECTION REGULATION
30 31ECOMMERCE
& LOGISTICS
DISRUPTION
As Amazon shifts to faster, costlier delivery
speeds to drive the value proposition of Amazon
Prime, we expect to see ongoing changes in the
dynamics governing logistics, payments and other
key transactional components of the eCommerce
business. Rising fulfillment requirements and
compressed delivery times fuel debates around
margin sensitivity and options for increased
capacity through expansion of relationships with
logistics providers, or even consolidation. The
potential for Amazon to disrupt the payments
arena could serve as a substantial cross-selling
opportunity, opening up new markets and
propelling further U.S. eCommerce penetration.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
“WE CONTINUE TO BELIEVE WE ARE
$15 BILLION
AHEAD OF THE CURVE TM SERIES AMAZON.COM, INC. AMZN
STILL IN THE EARLY DAYS OF US US E- COMMERCE DISRUPTION 2.0: ’18 LIKELY ANOTHER RECORD YEAR COGNEX CORP. CGNX
ECOMMERCE DISRUPTION, WITH
January 11, 2018 FARFETCH FTCH
Cowen Analyst: John Blackledge FEDEX CORP. FDX
PENETRATION RISING FROM ~10% AHEAD OF THE CURVE TM SERIES
GRUBHUB GRUB
MASTERCARD INC MA
OF U.S. RETAIL SALES TO ~15% IN AMAZON FULFILLMENT CENTER TOUR – IMPRESSIVE AND A HUGE PAYPAL HOLDINGS INC PYPL
AMAZON’S ESTIMATED COST OF AUTOMATION OPPORTUNITY UNITED PARCEL SERVICE UPS
2018-23E. AMAZON REMAINS February 27, 2018 VISA INC V
U.S. LAST-MILE DELIVERY IN 2018 Cowen Analyst: Joseph Giordano, CFA WAYFAIR INC W
ARGUABLY THE KEY DRIVER (AND
BENEFICIARY) OF THE BROADER
AHEAD OF THE CURVE TM SERIES
HOW PAYMENTS COULD BE THE NEXT SECTOR TO FACE
CONSUMPTION SHIFT ACROSS AMAZON DISRUPTION
April 16, 2018 SELECTED EVENTS
VERTICALS.” Cowen Analysts: George Mihalos, John Blackledge
4TH ANNUAL FUTURE OF THE CONSUMER CONFERENCE:
—JOHN BLACKLEDGE AHEAD OF THE CURVE TM SERIES BREAKTHROUGH CONCEPTS AND CUSTOMER EXPERIENCES
April 2-3, 2018 | New York, NY
IF YOU BUILD IT, THE PACKAGES WILL COME: ASSESSING AMZN’S U.S.
US E- COMMERCE DISRUPTION 2.0: ’18 DEMAND & DELIVERY CAPACITY
May 4, 2018 46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
LIKELY ANOTHER RECORD YEAR Cowen Analysts: John Blackledge, Helane Becker May 29-31, 2018 | New York, NY
COWEN TMT CONFERENCE: ASSESSING AMZN’S U.S. DEMAND & 6TH ANNUAL INTERNET & MEDIA BUS TOUR
4.3 BILLION
DELIVERY CAPACITY PANEL August 6-9, 2018 | Seattle, WA, San Francisco, CA, Los Angeles, CA
“WE ESTIMATE A RELATIVELY MODEST May 31, 2018
Cowen Analysts: John Blackledge, Helane Becker
$5B-$6B AMAZON PAY REVENUE AHEAD OF THE CURVE TM SERIES
OPPORTUNITY IN THE U.S. – BUT A AMAZON: HUNGRY FOR MORE U.S. GROCERY MARKET SHARE
December 11, 2018
$50B+ OPPORTUNITY IN CROSS- ESTIMATED U.S. LAST-MILE Cowen Analyst: John Blackledge
SELLING SELECT SERVICES INTO PACKAGES DELIVERED BY
POTENTIAL SMALL AND MIDSIZE AMAZON IN 2023
BUSINESSES (SMBS).” COWEN ANALYSTS
—HOW PAYMENTS COULD BE THE NEXT JOHN BLACKLEDGE
HELANE BECKER
THOMAS CHAMPION
ANDREW CHARLES, CFA
SECTOR TO FACE AMAZON DISRUPTION GEORGE MIHALOS KEVIN KOPELMAN, CFA
JASON SEIDL JOSEPH GIORDANO, CFA
34 35GEN Z &
MILLENNIALS
The rising prominence of Gen Z and millennial
consumers is revolutionizing the retail industry,
creating opportunities and risks as brands are
increasingly in flux with rapidly shifting trends
driven by social media. This consumer cohort
is strongly motivated by convenience, culture
and curation, with focus on engagement and
a loyalty experience that maintains consistent
personalization. The relationship with the
customer must be nurtured throughout the phases
of purchase, before a transaction is consummated
and well after goods have been sold. Experiential
retail offers an opportunity for brick and mortar
businesses, while models focused on price/value
and style are also well positioned.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
AHEAD OF THE CURVE TM SERIES ADIDAS ADS.GR MARRIOTT INTERNATIONAL MAR
“GEN Z AND MILLENIAL CONSUMERS MAY GROW TO 70% OF THE GEN Z + MILLENNIALS RESHAPE APPAREL, FOOTWEAR,
AND ACCESSORIES
AMAZON AMZN
BOOT BARN BOOT
PLANET FITNESS INC PLNT
PVH CORP PVH
GLOBAL POPULATION IN THE NEXT DECADE AND INHERIT March 8, 2018
Cowen Analysts: John Kernan, CFA, John Blackledge, Oliver Chen, CFA
BURLINGTON STORES INC BURL
CANOPY GROWTH WEED
PAYPAL HOLDINGS INC PYPL
ROSS STORES, INC ROST
$30 TRILLION IN WEALTH, AMPLIFYING THEIR INFLUENCE ON AHEAD OF THE CURVE TM SERIES
COSTCO WHOLESALE CORPORATION COST
E.L.F. BEAUTY INC ELF
SALLY BEAUTY HOLDINGS, INC SBH
TIFFANY & CO. TIF
THE RETAIL INDUSTRY.” EXPERIENTIAL RETAIL: THE STORE MUST DO MORE
April 6, 2018
FACEBOOK FB
FARFETCH FTCH
TILRAY TLRY
TJX COMPANIES INC TJX
—GEN Z + MILLENNIALS, PART II: FOCUS GROUPS Cowen Analyst: Oliver Chen, CFA GRUBHUB GRUB
NORDSTROM, INC JWN
ULTA BEAUTY INC ULTA
VF CORPORATION VFC
AHEAD OF THE CURVE TM SERIES KOHL’S CORPORATION KSS WALMART INC WMT
GEN Z + MILLENNIALS, PART II: FOCUS GROUPS LULULEMON ATHLETICA INC LULU
April 16, 2018 LVMH MOET HENNESSY LOUIS VUITTON MC FP
Cowen Analysts: John Kernan, CFA, John Blackledge, Oliver Chen, CFA
AHEAD OF THE CURVE TM SERIES
RETAIL’S FOOTPRINT TRANSFORMATION ACCELERATES INTO 2019
September 25, 2018 SELECTED EVENTS
Cowen Analysts: John Kernan, CFA, Oliver Chen, CFA
4TH ANNUAL FUTURE OF THE CONSUMER CONFERENCE:
AHEAD OF THE CURVE SERIES
TM BREAKTHROUGH CONCEPTS AND CUSTOMER EXPERIENCES
“~90% OF AGES 18-54 AND 82% OF AGES 55+ INDICATED AMAZON AMAZON: HUNGRY FOR MORE U.S. GROCERY MARKET SHARE April 2-3, 2018 | New York, NY
December 11, 2018
WAS THEIR PREFERRED CHANNEL, EITHER SOLELY OR BLENDED Cowen Analyst: John Blackledge 2ND ANNUAL CANNABIS SUMMIT
April 9, 2018 | Los Angeles, CA
WITH OTHER ONLINE AND PHYSICAL STORE OPTIONS. SPEED SURVEY: UBER AND LYFT USAGE & ENGAGEMENT TRENDS
October 8, 2018 BOSTON CANNABIS SUMMIT
IN DESIGN, MERCHANDISING, AND SUPPLY CHAIN WILL BE KEY Cowen Analyst: John Blackledge November 28, 2018 | Boston, MA
TO FUTURE MARGIN STRUCTURE, ROIC AND CORRESPONDING INITIATION: HOTEL LOYALTY IN THE OTA ERA
October 22, 2018
46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
May 29-31, 2018 | New York, NY
EQUITY VALUATION.” Cowen Analyst: Kevin Kopelman
—GEN Z + MILLENNIALS RESHAPE APPAREL,
FOOTWEAR, AND ACCESSORIES COWEN ANALYSTS
JOHN KERNAN, CFA THOMAS CHAMPION
JOHN BLACKLEDGE ANDREW CHARLES, CFA
OLIVER CHEN, CFA KEVIN KOPELMAN, CFA
VIVIEN AZER
38 39FUTUREHEALTH
TOOLS &
DIAGNOSTICS
Myriad diagnostic, digital and life science tools
are on the precipice of playing key roles in
extending life, reducing health care costs, and
managing chronic diseases, Lower cost and
rapid genetic sequencing has prompted plans
for major population genetic programs globally.
Liquid biopsy tools could provide primary
care physicians with screens to detect genetic
diseases in asymptomatic patients. Continuous
glucose monitors generate data to allow for
better management of diabetes, with seamless
integration into delivery tools. Finally, synthetic
biology tools are playing a growing role in drug
development. Moreover, many of these advances
hold the potential to create new and more
sustainable sources of food, energy, fertilizers, and
drugs, serving multiple end-markets.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
AHEAD OF THE CURVE TM SERIES ABBOTT LABORATORIES ABT INVITAE NVTA
“SYNTHETIC/INDUSTRIAL BIOLOGY IS A DYNAMIC AND DIGITAL THERAPEUTICS: DAWN OF A NEW TREATMENT CLASS
June 22, 2018
AGILENT TECHNOLOGIES A
CASTLIGHT HEALTH CSLT
MEDTRONIC PLC MDT
MYRIAD GENETICS MYGN
EVOLVING MARKET WITH MANY NEW APPLICATIONS Cowen Analyst: Charles Rhyee CODEXIS CDXS
CERUS CERS
NANOSTRING TECHNOLOGIES NSTG
NATERA NTRA
AND MORE TO COME. THAT IS THE EXCITING PART.
NATERA PRESENTS ITS FIRST LIQUID BIOPSY DATA IN BREAST CANCER CYTOSORBENTS CTSO INSULET CORPORATION PODD
December 6, 2018 DANAHER CORPORATION DHR OXFORD IMMUNOTEC GLOBAL PLC OFXD
Cowen Analyst: Doug Schenkel DEXCOM, INC. DXCM PERKINELME PKI
THE CHALLENGING PART IS THAT THE STAGE OF DNA SYNTHESIS LEADER POSITIONED TO BOOST BROADER
EVOLENT HEALTH EVH
EXACT SCIENCES CORPORATION EXAS
TANDEM DIABETES CARE TNDM
TELADOC HEALTH TDOC
DEVELOPMENT AND RAPID PACE OF EVOLUTION SYNBIO GROWTH
November 26, 2018
FLUIDIGM FLDM
GENOMIC HEALTH GHDX
THERMO FISHER SCIENTIFIC INC TMO
TWIST BIOSCIENCES TWST
RENDERS FORECASTING QUITE CHALLENGING.”
Cowen Analyst: Doug Schenkel GUARDANT HEALTH GH QIAGEN QGEN
HORIZON DISCOVERY GROUP HZD.LN QUANTERIX QTRX
INITIATION: CLEARLY WELL POSITIONED IN CLINIC, WITH BIOPHARMA, ILLUMINA, INC. ILMN QUOTIENT QTNT
—DOUG SCHENKEL AND VIA PIPELINE
October 29, 2018
DNA SYNTHESIS LEADER POSITIONED Cowen Analyst: Doug Schenkel
TO BOOST BROADER SYNBIO GROWTH AHEAD OF THE CURVE TM SERIES
SPRING 2018 EXACT SCIENCES’ COLOGUARD SURVEY
SELECTED EVENTS
June 18, 2018 38TH ANNUAL HEALTH CARE CONFERENCE
Cowen Analyst: Doug Schenkel March 11-14, 2018 | Boston, MA
AHEAD OF THE CURVE TM SERIES FUTUREHEALTH BUS TRIP
SECOND ANNUAL PROPRIETARY CORE LAB SEQUENCING SURVEY June 27, 2018 | San Francisco, CA
February 5, 2018
30%+ 10-20 DAYS
Cowen Analyst: Doug Schenkel 3RD ANNUAL FUTUREHEALTH CONFERENCE
June 28, 2018 | San Francisco, CA
AHEAD OF THE CURVE TM SERIES
COWEN’S 2018 DIABETES DEVICE SURVEY- FIFTH ANNUAL
21ST ANNUAL THERAPEUTICS CONFERENCE
January 26, 2018
October 9-10, 2018 | New York, NY
Cowen Analysts: Doug Schenkel, Joshua Jennings, M.D.
7 TH ANNUAL MEDTOOLS CONFERENCE
ESTIMATED U.S. CGM VOLUME TYPICAL TURNAROUND TIME October 11, 2018 | New York, NY
GROWTH THROUGH 2020 FOR SUPPLY OF SYNTHETIC DNA COWEN ANALYSTS
DOUG SCHENKEL
JOSHUA JENNINGS, M.D.
CHARLES RHYEE
42 43BIOPHARMA
INNOVATION
The $562 billion worldwide biopharmaceutical
industry is positioned to deliver mid-single-digit
growth through 2023, supported by promising
R&D pipelines. We believe innovative therapeutics
with clearly superior clinical profiles can command
meaningful market share and pricing power across
a wide range of therapeutic categories. As we
evaluate the potential of a biopharma company
to develop into the next generation of premier
large cap players generating outsized returns,
we focus on the following fundamental factors:
(1) commercial pipeline with significant sales
potential, (2) rich mid to late stage pipeline of
drug candidates, (3) reliable candidate generation
platform and/or proven business development
strategy, and (4) management track record.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
MICROBIOME SCIENCE: FROM BUGS TO DRUGS
“BREAK EVEN IS OFTEN NOT A MAJOR FOCUS FOR November 30, 2018
Cowen Analysts: Chris Shibutani, M.D., Ken Cacciatore, Joshua Jennings, M.D.,
OVER 200 STOCKS ACROSS BIOTECHNOLOGY, MAJOR
INVESTORS AS THE TREMENDOUS POTENTIAL DRIVEN PHARMACEUTICALS AND SPECIALTY PHARMA
Phil Nadeau, Ph.D.
SECOND ANNUAL COWEN IO NEXT SUMMIT WRAP UP
BY PIPELINE CANDIDATES CAN MAKE ANY ANALYSIS November 12, 2018
Cowen Analysts: Chris Shibutani, M.D., Marc Frahm, Ph.D., Phil Nadeau, Ph.D.,
CHALLENGING, AND COMPANIES POISED TO JOIN THE Boris Peaker, Ph.D., CFA SELECTED EVENTS
NEXT GENERATION OF OUTPERFORMERS MAY VARY
AHEAD OF THE CURVE TM SERIES 38TH ANNUAL HEALTH CARE CONFERENCE
BEYOND PD-1/PD-L1 2018: INSIGHTS FROM LEADING TRANSLATIONAL March 11-14, 2018 | Boston, MA
ONCOLOGISTS ON NOVEL IO TARGETS
WIDELY IN PROXIMITY TO THIS FINANCIAL EVENT.” November 6, 2018
Cowen Analysts: Chris Shibutani, M.D., Marc Frahm, Ph.D., Phil Nadeau, Ph.D.,
21ST ANNUAL THERAPEUTICS CONFERENCE
October 9-10, 2018 | New York, NY
—THE BEST OF THE NEXT: WHO WILL BE PART OF Boris Peaker, Ph.D., CFA, Yaron Werber, M.D.
IO NEXT SUMMIT
THENEXT GENERATION OF LARGE CAPS? THERAPEUTIC CATEGORIES OUTLOOK November 9, 2018 | National Harbor, MA
Cowen Analysts: Cowen Health Care Team
AHEAD OF THE CURVE TM SERIES
THE BEST OF THE NEXT: WHO WILL BE PART OF THE NEXT GENERATION
OF LARGE CAPS?
September 28, 2018
Cowen Analysts: Ritu Baral, Phil Nadeau, Ph.D.
31% $759 BILLION
ANIMAL HEALTH MARKET UPDATE: STEADY 4-6% GROWTH REMAINS
ON TAP
May 10, 2018
Cowen Analyst: Steve Scala, R.Ph., CFA
OF ESTIMATED 2023 GLOBAL ESTIMATED 2023 GLOBAL COWEN ANALYSTS
DRUG SALES IN ONCOLOGY DRUG SALES BY ~85 LEADING RITU BARAL BORIS PEAKER, Ph.D., CFA
LARGE AND MIDCAP KEN CACCIATORE
MARC FRAHM, Ph.D.
CHRIS SHIBUTANI, M.D.
STEVE SCALA, R.Ph., CFA
BIOPHARMA COMPANIES PHIL NADEAU, Ph.D. YARON WERBER, M.D.
46 475G
Excitement at the opportunities presented by
5G abounds, with still-visionary use cases such
as autonomous vehicles and remote surgery at
times seeming narrow in light of the profound
transformation 5G will enable. It is increasingly
clear that every industry, every vertical, and nearly
every aspect of humanity, will be impacted. IoT
connectivity will create a new revenue opportunity
for carriers, but at just 5% of the overall TAM, the
real value creation will occur “up the stack” where
carriers have historically not fared well. However,
carriers will sit in an advantageous position in
command of 5G data, allowing each one to play to
its respective strengths.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
TAKEAWAYS FROM IR MEETING; COMPETITION, 5G, AND M&A AMERICAN TOWER AMT
December 3, 2018 AMPHENOL CORPORATION APH
Cowen Analysts: Colby Synesael, Gregory Williams, CFA AT&T T
“5G IS BEING CONSIDERED A ‘GENERAL PURPOSE TAKEAWAYS FROM CABLE BUSINESS SERVICES: SOLID TRENDS, 5G
CROWN CASTLE INTERNATIONAL CCI
DISH NETWORK CORP. DISH
TECHNOLOGY’ LIKE THE WHEEL, STEAM POWER,
BACKHAUL AN OPPORTUNITY CEVA CEVA
November 20, 2018 INTEL INTC
Cowen Analysts: Colby Synesael, Gregory Williams, CFA QORVO QRVO
ELECTRICITY, THE COMPUTER, TAKEAWAYS FROM MWC AMERICAS; CARRIERS CHOSE THEIR OWN
QUALCOMM QCOM
SBA COMMUNICATIONS SBAC
AND THE INTERNET.” 5G ADVENTURE
September 17, 2018
SKYWORKS SWKS
SPRINT S
Cowen Analysts: Colby Synesael, Gregory Williams, CFA T-MOBILE TMUS
— COLBY SYNESAEL VERIZON COMMUNICATIONS VZ
TAKEAWAYS FROM MWC AMERICAS; CARRIERS CHOSE THEIR OWN 5G ADVENTURE TAKEAWAYS FROM 5G PANEL; FIXED WIRELESS WORKS (FOR VERIZON)
May 31, 2018
ZAYO GROUP HOLDINGS ZAYO
VERIZON COMMUNICATIONS VZ
Cowen Analysts: Colby Synesael, Gregory Williams, CFA
5G SPECTRUM PORTFOLIO MAKES FOR QUITE A DISH SELECTED EVENTS
March 26, 2018
Cowen Analysts: Colby Synesael, Gregory Williams, CFA 46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
May 29-31, 2018 | New York, NY
A GOVERNMENT 5G NETWORK – REALLY?
January 29, 2018 4TH ANNUAL COMMUNICATIONS INFRASTRUCTURE SUMMIT
Cowen Analyst: Paul Gallant August 6-7, 2018 | Boulder, CO
5TH ANNUAL NETWORKING & CYBERSECURITY SUMMIT
“THE 5G USE CASES WILL BE REVOLUTIONARY, BUT THE
December 11-12, 2018 | New York, NY
COWEN ANALYSTS
NETWORK IS EVOLUTIONARY.” COLBY SYNESAEL PAUL GALLANT
— COLBY SYNESAEL GREGORY WILLIAMS, CFA JOSEPH GIORDANO, CFA
PAUL SILVERSTEIN MATTHEW D. RAMSAY
TAKEAWAYS FROM 5G PANEL; FIXED WIRELESS WORKS (FOR VERIZON)
50 51IMO 2020
The International Marine Organization (IMO) is
set to enforce its lower sulfur standards on
bunker fuels, which will reduce sulfur allowed
in fuel used by ships from 3.5% to 0.5% starting
January 1, 2020. This regulation, known as “IMO
2020,” is expected to be met with a high level
of compliance, and there is a high degree of
confidence around its implementation date, with
implications for diesel/jet prices, airline fares,
container demand, trucking, rail and logistics.
Our discussions suggest impacts will be bullish for
refiners, and will begin to manifest in 2019, ahead
of the implementation date.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
KEY TAKEAWAYS FROM COWEN’S ENERGY & NATURAL AMERICAN AIRLINES AAL
RESOURCES CONFERENCE CALUMET SPECIALTY PRODUCTS PARTNERS CLMT
December 6, 2018 CANADIAN NATIONAL CNI
Cowen Analysts: Marc Bianchi, CFA, Gabe Daoud, Jr., David Deckelbaum, CFA, C.H.ROBINSON CHRW
“WE ESTIMATE WTI COULD TRADE AT $60, BRENT CLOSE
Jason Gabelman DELEK US HOLDINGS DK
DELTA AIRLINES DAL
REAFFIRMING BULLISH IMO 2020 OUTLOOK EXPEDITORS INTERNATIONAL EXPD
TO $70, AND DIESEL PRICES BETWEEN $90 AND $100.” December 3, 2018
Cowen Analyst: Jason Gabelman
FLOWSERVE FLS
HOLLYFRONTIER CORP. HFC
—IMO 2020 IMPACT TO THE TRANSPORTATION SECTOR IMO 2020 IMPACT TO THE TRANSPORTATION SECTOR
ITT CORPORATION ITT
LANDSTAR LSTR
December 3, 2018 MARATHON PETROLEUM CORPORATION MPC
Cowen Analysts: Jason Gabelman, Helane Becker, Jason H. Seidl, Matt Elkott PAR PACIFIC HOLDINGS PARR
PBF ENERGY PBF
COWEN CONFERENCE CALL ON AEGEAN, THE BUNKER FUEL MARKET, PHILLIPS 66 PSX
AND IMPACT OF IMO 2020 RADIANT LOGISTICS RLGT
November 12, 2018 UNITED AIRLINES UAL
Cowen Analysts: David Epstein, CFA, Jason Gabelman VALERO ENERGY CORPORATION VLO
REFINER LEVEL-SET: BEFORE AND AFTER IMO 2020
September 12, 2018
Cowen Analysts: Jason Gabelman
SELECTED EVENTS
$71 / BBL 3.4 MILLION
ENERGY & NATURAL RESOURCES CONFERENCE
COWEN ANALYSTS
December 3-4, 2018 | New York, NY
COWEN CONFERENCE CALL ON AEGEAN, THE BUNKER FUEL
JASON GABELMAN GABE DAOUD, JR MARKET, AND IMPACT OF IMO 2020
HELANE BECKER DAVID DECKELBAUM, CFA November 12, 2018
JASON SEIDL DAVID EPSTEIN, CFA
MATT ELKOTT JOSEPH GIORDANO, CFA 11TH ANNUAL GLOBAL TRANSPORTATION CONFERENCE
AVERAGE DIESEL PRICE BPD HIGH SULFUR MARINE MARC BIANCHI, CFA September 2018 | Boston, MA
2015-2018 FUEL TO BE REPLACED BY
LOWER SULFUR FUEL / DIESEL
54 55PRIVACY
2018 saw Europe’s implementation of the General
Data Protection Regulation (GDPR), along with
extensive discussion of potential European
government action to require access to Facebook
and Google proprietary data for promotion of
greater competition and innovation. During this
time, Facebook also found itself at the center of
controversy and congressional hearings, once
it was revealed that user data had been made
available to a third party firm for uses pertaining
to political messages during the 2016 U.S. election.
As stock prices react to cybersecurity breaches
and regulation of data protection moves to the
fore, privacy becomes an increasingly important
theme in fundamental analysis.REPRESENTATIVE RESEARCH COWEN COMPANY COVERAGE
AHEAD OF THE CURVE TM SERIES AMAZON AMZN
“75% OF SENIOR AD BUYERS SURVEYED BY COWEN
COWEN’S INAUGURAL MIDYEAR AD BUYER SURVEY AT&T T
July 13, 2018 CHARTER COMMUNICATIONS CHTR
Cowen Analyst: John Blackledge EQUIFAX EFX
INDICATED NO PLANS TO ADJUST FACEBOOK AD AHEAD OF THE CURVE TM SERIES
FACEBOOK FB
GOOGLE GOOG
SPENDING FOLLOWING THE CAMBRIDGE ANALYTICA RIGHT TO BE FORGOTTEN; CREDIT BUREAU, ECONOMY RISK
April 11, 2018
TWITTER TWTR
REVELATIONS.”
Cowen Analysts: George Mihalos, Jaret Seiberg
SELECTED EVENTS
FTC PRIVACY RULING IS QUITE ENCOURAGING FOR FACEBOOK
—COWEN’S INAGURAL MIDYEAR AD BUYER SURVEY AND GOOGLE
November 14, 2018
Cowen Analyst: Paul Gallant 46TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE
May 29-31, 2018 | New York, NY
TOP SENATOR WANTS DATA PRIVACY LEGISLATION, BUT WE
REMAIN SKEPTICAL TMT POLICY DAY
September 26, 2018 September 20, 2018 | Washington, DC
Cowen Analyst: Paul Gallant
11TH ANNUAL BANK REGULATION DAY
FB UPDATE: US ENGAGEMENT TRENDS, CONGRESSIONAL July 10, 2018 | Washington, DC
TESTIMONY, AND EST. CHANGES
“IN OUR VIEW, THE RIGHT TO BE FORGOTTEN WHEN IT April 12, 2018
Cowen Analyst: John Blackledge
6TH ANNUAL INTERNET & MEDIA BUS TOUR
August 6-9, 2018 | Seattle, WA, San Francisco, CA, Los Angeles, CA
COMES TO CREDIT HISTORIES IS LESS RADICAL THAN FB’S MARK ZUCKERBERG STRUCK THE RIGHT TONE DURING
IT FIRST APPEARS, AS THE EXISTING LAW ALREADY
CNN INTERVIEW
March 22, 2018
Cowen Analyst: John Blackledge
REQUIRES MOST DATA TO BE FORGOTTEN AFTER DIALING BACK EUROPEAN POLICY CONCERNS FOR
7 YEARS.” INTERNET COMPANIES
January 24, 2018
—RIGHT TO BE FORGOTTEN; CREDIT BUREAU, ECONOMY RISK Cowen Analysts: John Blackledge, Paul Gallant
COWEN ANALYSTS
JOHN BLACKLEDGE GEORGE MIHALOS
PAUL GALLANT JARET SEIBERG
58 59CONTACT COWEN RESEARCH
ROBERT FAGIN LISA THOMAS
Director of Research Associate Director of Research
646 562 1310 646 562 1388
robert.fagin@cowen.com lisa.thomas@cowen.com
SELECT 2019 COWEN CONFERENCES
40TH ANNUAL AEROSPACE/DEFENSE CONFERENCE 12TH ANNUAL GLOBAL TRANSPORTATION CONFERENCE
February 2019 | New York, NY September 2019 | Boston, MA
39TH ANNUAL HEALTH CARE CONFERENCE 22ND ANNUAL THERAPEUTICS CONFERENCE
March 2019 | Boston, MA September 2019 | New York, NY
5TH ANNUAL FUTURE OF THE CONSUMER CONFERENCE 8TH ANNUAL MEDTOOLS UNLOCKED CONFERENCE
April 2019 | New York, NY September 2019 | Houston, TX
47 TH ANNUAL TECHNOLOGY, MEDIA & TELECOM CONFERENCE 4TH ANNUAL INDUSTRIAL INNOVATION & TECHNOLOGY SUMMIT
May 2019 | New York, NY November 2019 | New York, NY
CANNABIS SUMMIT 3RD ANNUAL IO NEXT SUMMIT
May 2019 | Toronto, ON November 2019 | Washington, D.C.
4TH ANNUAL FUTUREHEALTH CONFERENCE 9TH ANNUAL ENERGY & NATURAL RESOURCES CONFERENCE
June 2019 | San Francisco, CA December 2019 | New York, NY
5TH ANNUAL COMMUNICATIONS INFRASTRUCTURE SUMMIT 6TH ANNUAL NETWORKING & CYBERSECURITY SUMMIT
August 2019 | Boulder, CO December 2019 | New York, NY
INTERNET & MEDIA BUS TOUR 3RD ANNUAL EAST COAST CANNABIS SUMMIT
August 2019 | Seattle, WA, San Francisco, CA December 2019 | Boston, MA
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
DECEMBER 2018
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
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