Market Close Packet ExlService Holdings, Inc. 95 Exterran Partners, L.P. 105 Information Technology

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Transcript of Market Close Packet ExlService Holdings, Inc. 95 Exterran Partners, L.P. 105 Information Technology

  • Market Close Packet

    May 7, 2010

    Equity Research

    CCCooonnnttteeennntttsss

    Summary 1 Notes Aqua America 23 Brookfield Asset Management 27 Celgene Corp. 31 CGI Group, Inc. 44 Communication Technology 52 DCT Industrial Trust Inc. 55 Devon Energy Corporation 61 El Paso Pipeline Partners, L.P. 65 Encore Energy Partners, L.P. 74 Energy Transfer Partners, L.P. 84 ExlService Holdings, Inc. 95 Exterran Partners, L.P. 105 Information Technology (IT) Services 114 Information Technology (IT) Services 123 Isis Pharmaceuticals, Inc. 138 Leap Wireless International Inc. 150 Master Limited Partnerships 156 Media & Entertainment 169 MetroPCS Communications Inc. 175 PartnerRe Ltd. 182 Pebblebrook Hotel Trust 187 Pharmaceuticals 193 Software 204 SRA International, Inc. 232 Verisk Analytics, Inc. 240 Warner Chilcott Ltd. 247 Westar Energy, Inc. 255 Western Gas Partners, L.P. 262

  • May 7, 2010

    Summary – Market Close Packet

    All securities priced at previous day’s close. Page 2

    EEEaaarrrnnniiinnngggsss EEEssstttiiimmmaaattteee RRReeevvviiissseeeddd UUUppp Earnings Estimates FY2010 FY2011 FY2012 Company Price M.Cap

    (MMs) Rating Old New Old New Old New Valuation

    Range Analyst /Industry

    Devon Energy Corporation(DVN) $65.34 $29,272.3 1/V $5.92 $6.31 $7.31 $7.36 NE NE $88.00- $92.00

    Tameron/Energy

    El Paso Pipeline Partners, L.P.(EPB) $25.97 $3,511.1 2/V $2.05 $2.19 $2.14 $2.19 NE NE $25.00- $27.00

    Blum/Energy

    Encore Energy Partners, L.P.(ENP) $17.43 $789.6 1/V $2.53 $2.56 NE $2.57 NE NE $21.00- $23.00

    Blum/Energy

    Western Gas Partners, L.P.(WES) $22.05 $1,400.2 2/V $1.82 $1.85 NE $1.84 NE NE $21.00- $23.00

    Lui/Energy

    Warner Chilcott Ltd.(WCRX) $24.51 $6,188.8 1/V $3.32 $3.34 NE NE NE $28.00- $30.00

    Tong/Health Care

    MetroPCS Communications Inc.(PCS) $8.06 $2,874.2 2/V $3.19 $2.98 $3.55 $3.57 NE NE $8.00-$8.50 Fritzsche/Media & Telecommunications

    ExlService Holdings, Inc.(EXLS) $16.11 $468.8 2/V $0.56 $0.69 $0.68 $0.81 NE NE $18.00- $19.00

    Caso/Technology & Services

    SRA International, Inc.(SRX) $21.21 $1,204.7 2/V $1.26 NC $1.37 $1.40 NE NE $19.00- $21.00

    Caso/Technology & Services

    Verisk Analytics, Inc.(VRSK) $28.00 $5,306.0 2/V $1.33 $1.35 $1.48 $1.52 NE NE $30.00- $32.00

    Willi/Technology & Services

    EEEaaarrrnnniiinnngggsss EEEssstttiiimmmaaattteee RRReeevvviiissseeeddd DDDooowwwnnn Earnings Estimates

    FY2010 FY2011 FY2012 Company Price M.Cap

    (MMs) Rating Old New Old New Old New Valuation

    Range Analyst /Industry

    Energy Transfer Partners, L.P.(ETP) $45.10 $8,528.4 1 $3.90 $3.59 $4.41 $4.01 NE NE $51.00- $55.00

    Blum/Energy

    PartnerRe Ltd.(PRE) $73.18 $6,044.7 1 $6.87 $6.40 $10.30 $10.20 NE NE $86.00- $92.00

    Hall/Financial Services

    Leap Wireless International Inc.(LEAP)

    $16.78 $1,136.0 2/V $7.98 $7.81 $9.65 $9.08 NE NE $17.00- $18.00

    Fritzsche/Media & Telecommunications

    MetroPCS Communications Inc.(PCS) $8.06 $2,874.2 2/V $3.19 $2.98 $3.55 $3.57 NE NE $8.00-$8.50 Fritzsche/Media & Telecommunications

    Pebblebrook Hotel Trust(PEB) $18.67 $378.3 1/V $0.14 $0.07 $1.95 $1.41 NE NE $20.00- $23.00

    Donnelly/Real Estate, Gaming, And Lodging

    This document is only a summary of Wells Fargo Securities, LLC notes published on the date indicated above. Please contact your Institutional Salesperson for full-text notes or for additional information.

  • May 7, 2010

    Summary - Market Close Packet

    All securities priced at previous day’s close. Page 3

    CCCooommmpppaaannnyyy RRReeessseeeaaarrrccchhh NNNooottteeesss Company Price M.Cap

    (MMs) Rating Title Valuation Range Analyst /Industry

    Aqua America(WTR) $17.55 $2,392.1 2 WTR: In-line Q1; Focus On Pending PA And NJ Rate Cases

    $17.00-$18.00 Kalton/Energy

    Devon Energy Corporation(DVN) $65.34 $29,272.3 1/V DVN: Raising Estimates For 10-Q $88.00-$92.00 Tameron/Energy El Paso Pipeline Partners, L.P.(EPB) $25.97 $3,511.1 2/V EPB: Q1 Results Beat Estimates--

    Raising Estimates/Valuation $25.00-$27.00 Blum/Energy

    Encore Energy Partners, L.P.(ENP) $17.43 $789.6 1/V ENP: Q1 Operating Results In Line-- Raising Estimates

    $21.00-$23.00 Blum/Energy

    Energy Transfer Partners, L.P.(ETP) $45.10 $8,528.4 1 ETP: Q1 DCF In Line With Forecast-- Lowering Estimates

    $51.00-$55.00 Blum/Energy

    Exterran Partners, L.P.(EXLP) $22.44 $428.6 1/V EXLP: Q1 In Line With Full-Quarter Benefit From Dropdown

    $25.00-$27.00 Lui/Energy

    Westar Energy, Inc.(WR) $22.16 $2,446.5 1 WR: Bests Q1 Expectations On Strong Sales Growth

    $24.00-$25.00 Kalton/Energy

    Western Gas Partners, L.P.(WES) $22.05 $1,400.2 2/V WES: Q1 2010 Results Slightly Above Forecast--Raising Estimates

    $21.00-$23.00 Lui/Energy

    PartnerRe Ltd.(PRE) $73.18 $6,044.7 1 PRE: Conference Call Round-Up $86.00-$92.00 Hall/Financial Services Celgene Corp.(CELG) $58.10 $26,743.4 1 CELG: Looking Forward to ASCO $74.00-$82.00 Reames/Health Care Isis Pharmaceuticals, Inc.(ISIS) $9.36 $907.9 1/V ISIS: Mipomersen Data By End Of

    June? $15.00-$17.00 Reames/Health Care

    Warner Chilcott Ltd.(WCRX) $24.51 $6,188.8 1/V WCRX: 1Q Slight Beat But Revenue Missed, Raising Estimates

    $28.00-$30.00 Tong/Health Care

    Leap Wireless International Inc.(LEAP)

    $16.78 $1,136.0 2/V LEAP: Reports Strong Q1 Sub Growth- -Lowering Estimates

    $17.00-$18.00 Fritzsche/Media & Telecommunications

    MetroPCS Communications Inc.(PCS)

    $8.06 $2,874.2 2/V PCS: Solid Sub Growth; But Remain Concerned LT

    $8.00-$8.50 Fritzsche/Media & Telecommunications

    Brookfield Asset Management(BAM) $24.06 $13,930.7 1/V BAM: The Playing Out Of GGP Situation Highlights Why We Like BAM

    $24.00-$27.00 Maiorana/Real Estate, Gaming, And Lodging

    DCT Industrial Trust Inc.(DCT) $5.20 $1,234.9 3/V DCT: Q1 Results Below Expectations-- Maintains Guidance

    $4.00-$4.50 Maiorana/Real Estate, Gaming, And Lodging

    Pebblebrook Hotel Trust(PEB) $18.67 $378.3 1/V PEB: Will Have $320MM Post Acquisition, Lowering Ests.

    $20.00-$23.00 Donnelly/Real Estate, Gaming, And Lodging

    CGI Group, Inc.(GIB) $14.32 $4,184.3 1/V GIB: Announces Acquisition of Stanley (SXE)

    $17.00-$18.00 Boyer/Technology & Services

    ExlService Holdings, Inc.(EXLS) $16.11 $468.8 2/V EXLS: Surprise 2011 Guidance Better Than Expected; Raising Ests

    $18.00-$19.00 Caso/Technology & Services

    SRA International, Inc.(SRX) $21.21 $1,204.7 2/V SRX: FQ3 Essentially In-Line; Little Change To The Story/Issues

    $19.00-$21.00 Caso/Technology & Services

    Verisk Analytics, Inc.(VRSK) $28.00 $5,306.0 2/V VRSK: Q1'10 EPS Ahead On Strong Decision Analytics

    $30.00-$32.00 Willi/Technology & Services

  • May 7, 2010

    Summary - Market Close Packet

    All securities priced at previous day’s close. Page 4

    SSSeeeccctttooorrr OOOvvveeerrrvvviiieeewwwsss

    Sector Subject Companies Title Analyst Master Limited Partnerships MLPs: Thoughts On The Sell-Off Blum Pharmaceuticals Impax Laboratories, Inc.(IPXL)

    Mylan Inc.(MYL) Teva Pharmaceutical Industries Ltd.(TEVA) Watson Pharmaceuticals, Inc.(WPI) Cumberland Pharmaceuticals, Inc.(CPIX) Endo Pharmaceuticals Holdings Inc.(ENDP) King Pharmaceuticals, Inc.(KG) MannKind Corporation(MNKD) Medicis Pharmaceutical Corporation(MRX) Pozen Inc.(POZN) Salix Pharmaceuticals, Ltd.(SLXP) Valeant Pharmaceuticals International(VRX) VIVUS, Inc.(VVUS) Warner Chilcott Ltd.(WCRX) Bristol-Myers Squibb Co.(BMY) Eli Lilly & Company(LLY)

    This Week In Wells Fargo Securities Pharma Tong

    Media & Entertainment Janedis' Online Recruitment Update Janedis Communication Technology Data Networking Weekly Preview Lubert Information Technology (IT) Services Accenture plc(ACN)

    CGI Group, Inc.(GIB) Computer Sciences Corporation(CSC) CACI International Inc.(CACI) DynCorp International, Inc.(DCP) ICF International, Inc.(ICFI) ManTech International Corporation(MANT) NCI, Inc.(NCIT) SAIC, Inc.(SAI) SRA International, Inc.(SRX) Stanley, Inc.(SXE)

    CGI Group Acquiring Stanley For $37.50 In Cash Caso

    Information Technology (IT) Services Wells Fargo Securities' Weekly Services Monitor Caso Software Adobe Systems Inc.(ADBE)

    Aspen Technology, Inc.(AZPN) Blackbaud, Inc.(BLKB) Deltek, Inc.(PROJ) Intuit Inc.(INTU) Oracle Corporation(ORCL) Salesforce.com, inc.(CRM) SuccessFactors, Inc.(SFSF) Unica Corp.(UNCA) Vocus Inc.(VOCS) ArcSight, Inc.(ARST) McAfee, Inc.(MFE) Symantec Corp.(SYMC) VMware, Inc.(VMW) Websense, Inc.(WBSN)

    Enterprise Software Weekly Rueppel

  • May 7, 2010

    Synopsis - Market Close Packet

    All securities priced at previous day’s close. Page 5

    Industry Energy M. Cap Analyst Price FY FY10E FY11E Rating (MM$) Aqua America(WTR) Kalton $17.55 DEC. $0.84 $0.92 2 $2,392.1 Last Reporting Date: 05/06/2010 After Close WTR: In-line Q1; Focus On Pending PA And NJ Rate Cases

    Summary. Clean Q1. We believe our '10E, '11E and long-term EPS growth estimates remain accurate. Rate relief, in particular the pending PA rate case, is the primary near-term EPS gr