Author: slightbourne@noblecapitalmarkets.com

V2X (VVX) – Solid 2Q25 Results

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q25 Results. Revenue came in at $1.078 billion, essentially flat with last year’s $1.072 billion and was in-line with our $1.08 billion estimate. Helped by the pull forward of the conclusion of a non-recurring contractual commitment, adjusted EBITDA was $82.4 million, or a 7.6% margin, compared to $72.3 million, or a 6.7% margin, last year. V2X reported adjusted EPS of $1.33 for 2Q25, up from $0.83 in 2Q24.

Moving Up to Franchise Programs. Highlighted by last week’s T-6 services award, V2X’s pipeline is reflecting larger, franchise type programs. These programs typically leverage all of V2X’s mission critical capabilities. Management noted the 3-year qualified pipeline is now approximately $50 billion in size.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Steelcase (SCS) – To Be Acquired for $18.30/sh

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

To Be Acquired. Steelcase has entered into an agreement to be acquired by HNI Corporation in a cash and stock transaction with total consideration of approximately $2.2 billion to Steelcase common shareholders, or about $18.30/sh, an 80% premium to Friday’s close.

Details. Under the terms of the agreement, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase. The implied per share purchase price of $18.30 is based on HNI’s closing share price of $50.62 on Friday, August 1, 2025, reflecting a valuation multiple at transaction close for Steelcase of approximately 5.8x TTM adjusted EBITDA, inclusive of run-rate cost synergies of $120 million. Upon closing, HNI shareholders will own approximately 64%, and Steelcase shareholders will own approximately 36% of the combined company. The deal is expected to close by year-end.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

InPlay Oil (IPOOF) – Delek Group Ltd. to Acquire Major Stake in InPlay Oil

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Delek Group to acquire major stake in InPlay.  Delek Group Ltd. (TASE: DLEKG) executed a definitive agreement to acquire Obsidian Energy’s (TSX: OBE, NYSE American: OBE) common share position in InPlay Oil, consisting of 9,139,784 common shares representing approximately 32.7% of InPlay’s issued and outstanding shares. Subject to certain adjustments, the purchase price is C$10.00 per InPlay share, representing an aggregate transaction value of C$91,397,840. Recall that Obsidian received the shares as partial consideration for its April sale of Pembina Cardium assets to InPlay Oil. The transaction with Delek is expected to close in the first half of August 2025 and remains subject to satisfaction or waiver of certain closing conditions.

Rationale. Delek is an independent exploration and production company based in Israel that has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek views Canada as a strong and stable jurisdiction for oil and gas investment and identified InPlay as an attractive partner in the Canadian energy sector due to its strong record of operational performance and successful acquisitions. Delek holds a 52% equity interest in Ithaca Energy plc and has played a key role in supporting Ithaca’s production growth since the time of its initial investment.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FreightCar America (RAIL) – Second Quarter Financial Results Exceed Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. FreightCar America generated adjusted net income of $3.8 million or $0.11 per share, compared to our estimate of $2.0 million or $0.06 per share. Second quarter revenue of $118.6 million exceeded our estimate of $100.6 million. Rail car deliveries were 939 units compared to 1,159 units during the prior year period and our estimate of 850. The year-over-year decline was attributed to a strategic shift in the product mix toward higher-margin rail cars. As a percentage of revenue, second quarter gross margin increased to 15.0% compared to 12.5% during the prior year period and our 12.7% estimate. Adjusted EBITDA amounted to $10.0 million compared to our $8.8 million estimate and represented an EBITDA margin of 8.4%. RAIL generated adjusted free cash flow of $7.9 million and ended the quarter with $61.4 million in cash and cash equivalents.

Favorable outlook. During the second quarter, RAIL received 1,226 new rail car orders valued at $106.9 million. With a backlog of 3,624 units valued at $316.9 million, we expect deliveries to accelerate throughout the year. During the quarter, RAIL increased utilization across its four production lines, enhanced productivity, and benefited from a higher-margin product mix. The company is advancing its growth strategy by investing in its tank car capabilities, which it expects to strengthen its cost position and support long-term accretive growth.


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Commercial Vehicle Group (CVGI) – First Look: 2Q25 Shows Some Improvement but End Markets Remain Challenging

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, August 05, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q25 Results. Revenue came in at $172 million, down from $193.7 million a year ago, but above our $158 million estimate. Adjusted EBITDA was $5.2 million, down from $8.2 million a year ago, and in-line with our $5 million estimate. Net loss from continuing operations was $4.1 million, or a loss of $0.12/sh, versus $1.3 million, or a loss of $0.04/sh in 2Q24. Adjusted net loss was $0.09/sh in 2Q25 versus adjusted EPS of $0.05 last year. We had forecasted a net loss of $2 million, or a loss of $0.06/sh.

Highlights. Gross margin improved 80 bp sequentially to 11.3% due to operational efficiency improvements. Free cash flow was $17.3 million, up $16.5 million, due to better working capital management. Net debt decreased $31.8 million compared to the year end 2024 level.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

New U.S. Pharma Tariffs Could Shake Global Drug Supply Chains

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– U.S. plans to impose steep pharmaceutical import tariffs starting at 150%, eventually rising to 250%.
– Industry analysts warn of price shocks, supply disruptions, and increased pressure on U.S. manufacturing.
– The tariffs come amid broader U.S. trade actions targeting semiconductors, copper, and EU goods.

The U.S. pharmaceutical industry is bracing for major potential disruption following the announcement of proposed import tariffs on foreign-made drugs. The new tariffs, set to begin at 150% and rise to 250% within 18 months, signal a dramatic policy shift intended to reduce reliance on overseas pharmaceutical manufacturing and boost domestic production.

The move is part of a broader effort by the U.S. government to reassert control over critical supply chains. Alongside pharmaceuticals, new duties are also targeting semiconductors, copper, and goods from multiple trading partners, including the European Union, Canada, Brazil, and India.

While the intention is to bolster U.S. drug manufacturing and reduce vulnerability during global health crises, some experts caution that the aggressive timeline and steep rates could create short-term turbulence in pricing and availability. A significant portion of both generic and brand-name pharmaceuticals sold in the U.S. are either manufactured or sourced from foreign plants — particularly in India, China, and parts of Europe.

Economists warn that higher tariffs could increase costs for American consumers and health systems. “Any sudden increase in tariffs on widely used medications will likely lead to a ripple effect — from importers to hospitals and pharmacies, and ultimately to patients,” said one analyst at a Washington-based policy institute. In an industry already grappling with rising R&D costs and supply chain stressors, the added tariff burden may push smaller pharmaceutical companies to the brink or force them to pass costs along to consumers.

Large U.S.-based manufacturers with strong domestic infrastructure may benefit from reduced competition and new federal incentives aimed at onshoring production. However, the buildout of new facilities and regulatory approvals for domestic production can take years — potentially creating a supply-demand gap in the interim.

Global reactions have been swift. India, a leading supplier of generic drugs to the U.S., criticized the planned tariff hikes as discriminatory, especially in light of existing tensions over oil trade. Meanwhile, trade partners in the EU and Brazil are closely monitoring developments, particularly as the U.S. continues to renegotiate trade terms and tariff structures across multiple sectors.

The pharmaceutical tariffs are just one facet of a broader strategy that also includes revoking the de minimis rule on small imports and instituting high duties on copper and semiconductor products. Each of these actions represents a clear shift toward protectionist policies and reshoring of critical industries.

For the pharmaceutical sector, the coming months could be pivotal. Companies may accelerate reshoring strategies or lobby for exemptions on essential or life-saving drugs. With implementation expected to begin soon, the industry — and the patients who rely on it — may be facing an era of significant transition.

HNI Corporation to Acquire Steelcase in $2.2 Billion Deal, Creating Industry Powerhouse

Posted on by slightbourne@noblecapitalmarkets.com

HNI Corporation has announced a definitive agreement to acquire Steelcase Inc. in a cash-and-stock deal valued at approximately $2.2 billion. The strategic acquisition unites two iconic names in workplace furniture and design, combining their strengths in innovation, manufacturing, and dealer networks to form a dominant force in the commercial interiors market.

Under the terms of the deal, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each Steelcase share they own. Based on HNI’s stock price as of August 1, 2025, the total purchase price comes to about $18.30 per share. Once finalized, HNI shareholders will own roughly 64% of the combined entity, while Steelcase shareholders will hold the remaining 36%.

HNI Chairman and CEO Jeffrey Lorenger emphasized the complementary nature of the merger, stating, “This acquisition brings together two respected companies with strong brands and decades of leadership in the industry.” Lorenger will continue to lead the combined company, which will retain HNI’s headquarters in Muscatine, Iowa, and keep Steelcase’s base in Grand Rapids, Michigan.

The new entity will have a pro forma annual revenue of $5.8 billion and adjusted EBITDA of approximately $745 million, with anticipated annual cost synergies of $120 million. Financially, the acquisition positions the company for long-term earnings growth, with projections for accretive non-GAAP EPS by 2027 and a return to pre-acquisition leverage within 18 to 24 months.

The companies’ combined strengths span across corporate, healthcare, education, hospitality, and small-to-midsize business markets. With their complementary product portfolios and broad dealer networks, the merger enhances their ability to serve a wider range of customers with innovative solutions for modern workspaces. Both firms bring decades of product design expertise and a shared commitment to purpose-driven leadership and environmental stewardship.

Steelcase CEO Sara Armbruster called the merger a “bold step” that ushers in a new era for the company, employees, and customers. “Together, we will redefine what’s possible in the world of work, workers, and workplaces,” she said.

The transaction has received strong early support from key stakeholders. Some Steelcase shareholders have already agreed to vote in favor of the deal, and committed financing is in place from JPMorgan Chase and Wells Fargo. The merger is expected to close by the end of 2025, pending shareholder and regulatory approvals.

Advisors for the deal include J.P. Morgan Securities for HNI, and Goldman Sachs and BofA Securities for Steelcase. Legal counsel is being provided by Davis Polk & Wardwell for HNI and Skadden, Arps, Slate, Meagher & Flom for Steelcase.

The deal signals a major consolidation in the commercial furniture sector and positions the combined company to lead the evolution of the workplace at a time when hybrid work, digital transformation, and sustainable design continue to reshape business environments.

Global M&A Hits $2.6 Trillion in 2025, Fueled by AI and Growth Ambitions

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Global M&A value reaches $2.6 trillion YTD, the highest since the 2021 post-pandemic surge.
– AI, big tech, and private equity lead activity despite fewer total deals and tariff tensions.
– U.S. megadeals and renewed corporate confidence drive optimism for more deals ahead.

Global mergers and acquisitions (M&A) activity has surged to $2.6 trillion year-to-date, making 2025 the most active year since the 2021 boom, as companies aggressively pursue growth and innovation—particularly in artificial intelligence. The total value of deals has risen 28% from the same period last year, even though the actual number of transactions is down 16%, according to data from Dealogic.

Several U.S. megadeals have fueled the resurgence, including Union Pacific’s proposed $85 billion acquisition of Norfolk Southern and OpenAI’s massive $40 billion funding round led by Japan’s SoftBank. These transactions signal a bold appetite for scale and future-proofing in the face of evolving technologies and regulatory dynamics.

What’s driving this momentum? Experts say companies are seeking to stay ahead in a transformative AI race, while adapting to a more settled political and regulatory environment following the initial uncertainties surrounding the Trump administration’s trade tariffs and antitrust posture.

Private equity has also re-entered the scene with major moves. Examples include Sycamore Partners’ $10 billion buyout of Walgreens Boots Alliance and Advent’s revised $6.4 billion bid for UK firm Spectris. These moves show that buyout firms are growing confident in valuations and exit opportunities once again.

While healthcare led the charge in previous years, technology and electronics are now driving deal volume, especially in the U.S. and UK. Notable moves include Samsung’s $1.7 billion acquisition of FlaktGroup, which specializes in data center cooling—an essential infrastructure for AI systems.

The largest deal in EMEA this year came from Palo Alto Networks, which acquired Israeli cybersecurity company CyberArk for $25 billion. Rising AI-driven threats have made cybersecurity a top priority, prompting record valuations in the space.

Looking ahead, dealmakers at JPMorgan and other institutions remain bullish. The combination of AI demand, digital infrastructure needs, and steady leadership in corporate boardrooms suggests that the second half of 2025 could see even more high-profile M&A activity.

For further insights on cross-border opportunities, especially for European healthcare and life sciences firms, explore our on-demand webinar: Beyond Borders: Unlocking U.S Growth for European Health Care & Life Sciences.

Ocugen (OCGN) – 2Q25 Reported With All Three Trials On Schedule

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Product Updates All Three Trials Are On Schedule. Ocugen reported a 2Q25 loss of $14.7 million or $(0.05) per share. During the quarter, the clinical trials made progress to keep the products on schedule for 3 BLA filings beginning in 2026. The quarter also included a licensing agreement covering OCU400 in South Korea and the reverse merger to form OthroCellix, a new company focused on regenerative medicine.

OrthoCellix Has Been Formed To Develop NeoCart. Ocugen and Carisma Therapeutics, Inc. announced a reverse merger that will create a new company developing regenerative cellular therapies.  As discussed in our Research Note on June 24, NeoCart  cellular therapy is outside its main focus. The transaction is expected to close in September-October with the new company valued at $150 million. The Phase 3 pivotal trial is expected to begin in FY2025.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

V2X (VVX) – A $4.3 Billion Contract Award

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Award. V2X, Inc. has been awarded a $4.3 billion indefinite-delivery/indefinite-quantity contract by the U.S. Air Force for Contractor Operated and Maintained Supply services in support of the T-6 aircraft. This is one of the largest contracts in V2X history and highlights the Company’s operating capabilities, in our view.

Details. This contract provides support for safe flyable aircraft to meet users’ daily flight schedule and depot requirements consistent with Department of Defense and commercial sector best practices in procuring, producing, and delivering products and services to customers. Work will be performed at a variety of military bases across the continental U.S. and is expected to be completed by July 31, 2034. This contract was a competitive source selection with three offers received.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Titan International (TWI) – 2Q Results; End Markets Remain Challenging

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q Overview. Titan reported 2Q25 results in-line with management expectations, even in an environment in which the Company’s end markets continue to be impacted by higher interest rates and tariff uncertainty. Significantly, the Company was able to maintain gross and EBITDA margins, which continue to be meaningfully above where they were in the last cyclical trough.

Results. Revenue of $460.8 million was down from $532.2 million a year ago. Lower end market demand in the Ag and Construction markets, along with a temporary slowdown at Titan Specialty, impacted the top line. We had estimated revenue of $480 million. Partly driven by a 431% income tax rate, Titan reported a net loss of $4.5 million, or a loss of $0.07/sh, compared to net income of $2.1 million, or EPS of $0.03/sh, last year. Adjusted loss was $0.02/sh compared to EPS of $0.10 in 2Q24.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FAT Brands (FAT) – Refinancing Framework

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Refi Discussions. On or about July 9, 2025, FAT Brands entered into a confidentiality agreement with certain Holders of notes issued by the Company’s special purpose, whole business securitization financing subsidiaries. The Confidentiality Agreement facilitated the Company’s ability to engage in discussions with the Holders regarding one or more potential transactions involving a refinancing, restructuring or similar transaction with the Holders. As part of the confidentiality agreement, FAT Brands agreed to publicly disclose certain information, which Thursday’s 8-K accomplished.

First Look. The potential transaction described in the “Cleansing Material” was the Company’s initial proposal to the Holders. An agreement has not yet been reached with the Holders, and we expect negotiations to continue. The disclosed material provides summary term sheets for both FAT Brands’ and Twin Hospitality’s whole business securitizations.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

ACCO Brands (ACCO) – Post Call Commentary and Updated Models

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Mixed Environment. The operating environment remains mixed for ACCO. Americas sales continue to be impacted by tariffs and reduced spending for consumer and business products. The International segment is experiencing less disruption. If we can see some improvement in the environment, we are confident in ACCO’s ability to capture market share.

PowerA. Gaming was a positive contributor in the second quarter following the release of the Nintendo Switch 2, which became the fastest selling gaming console in history in the U.S. and Japan. As a leading third party accessory product assortment supporting the release of Nintendo’s Switch 2, we expect additional improvement in the gaming business in 2H25.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.