Results for “Bank of America Merrill Lynch Banco Multiplo S.A”

…ere Renzi stays and no snap election, given current polls and the outstanding electoral reform court case. BTPs and the banks recaps remain a tail risks for the Italian economy, although the ECB extending QE should help. A big “No” vote would boost Five Star and undermine Renzi i...

…d OpEx ramp, 5) software monetization and 6) corporate wellness program growth. 54 Internet/e-Commerce | 06 April 2017 Bankof America <2 Merrill Lynch HOUSE_OVERSIGHT_014940

…ur patents, and $6.9 in cash and cash equivalents on Yahoo's balance sheet. We 58 _Internet/e-Commerce | 06 April 2017 Bankof America <2 Merrill Lynch HOUSE_OVERSIGHT_014944

…well for outperformance Cheapen long XLF upside to near 8y lows via selling upside on structurally challenged European banks & relatively more bearish outlook for US rates vs EU USDJPY and NKY the biggest beneficiaries of a Trump win Banks and Insurance are the most leveraged...

…or will be, directly or indirectly, related to the specific recommendations or view expressed in this research report. Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 59 HOUSE_OVERSIGHT_014945

…w average growth profile, and a relatively challenging regulatory environment. This is offset slightly by a lower risk Bankof America <> Merrill Lynch Top 10 US Ideas Quarterly | 03 January 2017.15 HOUSE_OVERSIGHT_014636

…well for outperformance Cheapen long XLF upside to near 8y lows via selling upside on structurally challenged European banks & relatively more bearish outlook for US rates vs EU Still depressed equity-bond correlation (US 5Y bonds vs. SPX in the 37th%-ile since Jun-88) cheapens...

…risks proving worse than expected, continued Strip competition, and continuing near-term softness in the Macau market. Bankof America 16 Top 10 US Ideas Quarterly | 03 January 2017 Merrill Lynch HOUSE_OVERSIGHT_014637

Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0.33 750 0.31 700 0.29 0.27 650 0.25 Oo Oo Wo Oo Oo Ob...

…orporate structure that limits shareholder control, a limited float, and share lock-ups that could weigh on the stock. Bankof America Merrill Lynch 2016 Future of Financials Conference | 17 November 2016 73 HOUSE_OVERSIGHT_014387

…4 January 2017 Homebuilders and Building Products: State of the union 12 December 2016 Financials / Real Estate: 2017 Banks Year Ahead: T-R-U-M-P: Find out what it means for “E” (20% potential upside) 10 January 2017 US Banks Chart of the Week: Muni exposure will mute benefit...

… are an inability to return capital to shareholders in a timely fashion or overpaying for an acquisition target. IBERIABANK Corp (IBKC) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $85 price objective and assign a 1.6x multiple to our 2Q17E TBY, i...

Research Analysts US Banks Erika Najarian Research Analyst MLPF&S +1 646 855 1584 [email protected] Ebrahim H. Poonawala Research Analyst MLPF&S +1 646 743 0490 [email protected] Michael Liu Research Analyst MLPF&S +1 646 855 3874 [email protected] Brandon B...

…on the April call, particularly given the velocity of new feature launches and potential investments in video content. Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 = 21 HOUSE_OVERSIGHT_014907

… will be, directly or indirectly, related to the specific recommendations or view expressed in this research report. ; Bankof America 36 European Equity Strategy | 01 December 2016 Merrill Lynch HOUSE_OVERSIGHT_014495