Overview:  41 Top Ideas: We highlight 36 Top Outperform Ideas (summary link here) and 5 Top Underperform Ideas.

What is New?

 4 New #1 Top Outperform: OTLY, KRP, SQ, XLRN.

 5 Top Underperform Ideas:. WSM, NGL, WU, AXP, IRM.

 ‘High Conviction Calls’: Our highest-conviction top picks include: • Outperform: AAP, AMZN, CAT, CMCSA, EQH, EW, HSY, IBM, JCI, MSI, PWR, PZZA, SEAS, TECK. Page 5 • Underperform: AXP, IRM, WSM. Page 8.

 Credit Suisse HOLT®: We have included a HOLT® analysis on each of our #1 Top Picks.

 HOLT Valuation Gap: Screening top picks for the least and most demanding market expectations include: • Outperform: AAP, AMZN, CAT, CMCSA, DVN, EQH, HCA, HSY, IBM, MSI, PFSI, SYF, TECK, UNH, UPS. Page 6.

• Underperform: IRM. Page 9.

 ‘Top of the Crop’: Outperform-Rated Ideas. Our highest conviction combined with the least demanding market expectations. Page 7 . And our UnderperformRated Ideas. Our highest conviction and widest valuation gap. Page 10.