Research Coverage & Interest Universe

11/2/2010

Market E.P.S. Last Current Next Current Prior Growth

Price 11/2/2010 Shares Cap Last Current Next FY FY FY Quarter Year Qtr. Rate
Symbol Rating* Target Price (mil) ($mil) FY FY FY FY P/E P/E P/E Estimate Actual Estimate Analyst

Products & Services

Ambassadors Group EPAX Neutral $13 $10.75 19.2 $206.4 DEC $1.05 A $0.48 E $0.47 E 10.2 22.4 22.9 ($0.34) ($0.32) 15% gjm
Buffalo Wild Wings BWLD Buy $50 $47.35 18.3 $864.1 DEC $1.69 A $2.08 E $2.48 E 28.0 22.8 19.1 $0.53 $0.46 20% gjm
Consumer

Caribou Coffee CBOU Buy $13 $10.52 20.2 $212.5 DEC $0.26 A $0.41 E $0.57 E 40.5 25.7 18.5 $0.05 $0.03 30% gjm
Green Mountain Coffee Roasters GMCR Buy $36 $33.68 137.9 $4,644.5 SEP $0.38 A $0.70 E $1.18 E 88.6 48.1 28.5 $0.20 $0.11 35% gjm
Jamba JMBA Neutral $3 $2.19 85.7 $187.7 DEC ($0.48) A ($0.15) E $0.02 E n/a n/a 109.5 $0.05 $0.03 20% gjm
Life Time Fitness LTM Buy $42 $36.00 41.3 $1,486.8 DEC $1.81 A $2.02 E $2.30 E 19.9 17.8 15.7 $0.48 $0.46 15% gjm
MarineMax HZO Buy $9 $7.42 22.8 $169.2 SEP ($4.10) A ($1.00) A ($0.75) E n/a n/a n/a ($0.35) ($1.72) 12% gjm
Peet's Coffee PEET Buy $39 $38.61 13.9 $536.7 DEC $1.09 A $1.29 E $1.56 E 35.4 29.9 24.8 $0.24 $0.19 20% gjm
ValueVision Media VVTV Buy $5 $2.27 32.7 $74.2 JAN ($1.29) A ($0.92) A ($0.45) E n/a n/a n/a ($0.30) ($0.40) 20% gjm

Services
American Dental Partners ADPI Buy $21.00 $11.60 16.0 $185.6 DEC $1.00 A $1.07 E $1.12 E 11.6 10.8 10.4 $0.25 $0.25 15% bgo
BioScrip BIOS Buy $10.00 $5.63 54.8 $308.5 DEC $0.20 A $0.27 E $0.50 E 28.2 20.9 11.3 $0.08 $0.09 25% bgo
Emergency Medical Services EMS I NA $55.06 43.1 $2,374.8 DEC $1.97 A $2.45 E $2.75 E 27.95 22.47 20.02 $0.60 $0.45 20% bgo
Catalyst Health Solutions, Inc. CHSI Buy $47.00 $37.15 44.5 $1,653.2 DEC $1.48 A $1.77 E $2.20 E 25.1 21.0 16.9 $0.45 $0.39 25% bgo
HealthSpring HS I NA $27.92 56.0 $1,563.7 DEC $2.12 A $2.17 E $2.01 E 13.2 12.9 13.9 $0.63 $0.51 15% bgo
Healthways HWAY Buy $15.00 $10.52 35.0 $368.2 DEC $0.98 A $1.11 E $1.00 E 10.7 9.5 10.5 $0.25 $0.22 15% bgo
IPC The Hospitalist Company, Inc. IPCM Buy $42.00 $32.15 16.5 $530.5 DEC $1.17 A $1.44 E $1.70 E 27.5 22.3 18.9 $0.40 $0.35 25% bgo
Alere Inc. ALR I NA $28.26 77.8 $2,198.0 DEC ($0.46) A $2.51 E $2.89 E NM 11.3 9.8 $0.60 $0.46 25% bgo
IntegraMed America, Inc INMD Buy $11.50 $8.40 11.8 $99.1 DEC $0.51 A $0.40 E $0.43 E 16.5 21.0 19.5 $0.09 $0.14 25% bgo
Health Care

NightHawk Radiology NHWK Sell $6.50 $6.38 24.4 $155.7 DEC $0.52 A $0.18 E $0.28 E 12.3 35.4 22.8 $0.06 $0.17 0% bgo
NovaMed NOVA Buy $18.00 $12.00 7.9 $94.8 DEC $1.34 A $1.21 E $1.35 E 9.0 9.9 8.9 $0.29 $0.32 15% bgo
MEDNAX Medical Group MD Buy $66.00 $58.55 47.5 $2,781.1 DEC $3.71 A $3.98 E $4.64 E 15.8 14.7 12.6 $1.05 $1.03 15% bgo
SXC Health Solutions SXCI Buy $50.00 $37.81 62.8 $2,374.5 DEC $0.95 A $1.08 E $1.36 E 39.8 35.0 27.8 $0.26 $0.23 25% bgo
IT
HMS Holdings Corporation HMSY Buy $70.00 $59.00 28.5 $1,681.5 DEC $1.33 A $1.68 E $2.06 E 44.4 35.1 28.6 $0.50 $0.40 30% dc
Products
American Medical Systems AMMD Neutral $21.00 $20.27 75.3 $1,526.3 DEC $1.14 A $1.27 E $1.38 E 17.8 16.0 14.7 $0.29 $0.29 10% ch
Cyberonics, Inc. CYBX Buy $29.00 $27.10 28.7 $777.8 APR $0.76 A $1.04 E $1.35 E 35.7 26.1 20.1 $0.22 $0.15 30% ch
ZOLL Medical Corp ZOLL Buy $34.00 $32.61 21.9 $712.8 SEP $0.45 A $0.85 E $1.12 E 72.5 38.4 29.1 $0.31 $0.16 30% ch
Vascular Solutions VASC Buy $13.00 $11.29 17.0 $191.9 DEC $0.33 A $0.45 E $0.62 E 34.2 25.1 18.2 $0.11 $0.09 15% ch
AGA Medical AGAM Neutral $15.50 $20.74 51.1 $1,059.8 DEC NA A $0.51 E $0.80 E NA 40.7 25.9 $0.13 NA 12% ch
Uroplasty Inc. UPI NA $3.80 to $6.35 $4.52 22.6 $102.2 MAR ($0.53) A ($1.97) E ($0.26) E -8.5 -2.3 -17.4 ($0.60) ($0.48) 25% ch

Energy Technologies
Advanced Energy AEIS I NA $12.58 42.1 $530.0 DEC ($2.45) A $0.91 E $1.55 E nm 13.8 8.1 $0.25 ($0.38) 20% jam
American Superconductor AMSC I NA $32.50 45.1 $1,466.7 MAR $0.36 A $1.19 E $1.56 E 90.3 27.3 20.8 $0.23 $0.12 25% jam
Dynamic Materials BOOM Neutral $16.00 $15.19 12.6 $191.4 DEC $0.66 A $0.37 E $0.50 E 23.0 41.1 30.4 $0.07 $0.08 15% rar
Echelon ELON Neutral $8.00 $7.80 41.3 $322.1 DEC ($0.79) A ($0.74) E ($0.57) E nm nm nm ($0.19) ($0.20) nm jam
Industrial

Energy Recovery Inc. ERII Neutral $4.00 $3.50 53.7 $188.0 DEC $0.07 A $0.03 E n/a E 50.0 116.7 n/a $0.00 $0.00 15% gjm
GSE Systems GVP Buy $7.50 $3.54 16.7 $59.1 DEC ($0.05) A $0.14 E $0.30 E -70.8 NM 11.8 $0.04 $0.03 30% rar
Graham Corporation GHM Buy $23.00 $16.48 10.1 $166.4 MAR $0.64 A $0.62 E $0.95 E 25.8 26.6 17.3 $0.16 $0.08 15% rar
PMFG, Inc. PMFG Neutral $14.00 $15.15 13.2 $200.0 JUN $0.14 A $0.45 E $0.70 E 108.2 33.7 21.6 $0.04 $0.09 15% rar
Power-One, Inc. PWER Buy $16.00 $9.43 106.3 $1,002.4 DEC ($0.74) A $1.07 E $1.36 E nm 8.8 6.9 $0.43 $0.05 25% jam
Satcon Technology Corp SATC Buy $6.00 $4.00 115.0 $460.0 DEC ($0.57) A ($0.16) E $0.28 E nm nm 14.3 $0.03 ($0.11) 30% jam
Zoltek Companies ZOLT Neutral $11.00 $9.96 34.4 $342.6 SEP $0.04 A ($0.24) E $0.03 E nm nm nm ($0.02) ($0.09) nm jam
90 SOUTH SEVENTH STREET, SUITE 4300, MINNEAPOLIS, MINNESOTA 55402-4115
(612) 376-4000 (800) 328-4000
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Research Coverage & Interest Universe
11/2/2010

Market E.P.S. Last Current Next Current Prior Growth

Price 11/2/2010 Shares Cap Last Current Next FY FY FY Quarter Year Qtr. Rate
Symbol Rating* Target Price (mil) ($mil) FY FY FY FY P/E P/E P/E Estimate Actual Estimate Analyst

Manufacturing & Industrial Technology

Alpha Pro Tech APT Neutral $2.50 $1.87 22.4 $41.9 DEC $0.39 A $0.12 E $0.22 E 4.8 15.6 8.5 $0.02 $0.02 15% jam
Astronics Corporation ATRO Neutral $15.50 $20.55 10.6 $217.8 DEC ($0.35) A $0.97 E $1.16 E -58.7 21.2 17.7 $0.22 $0.23 15% rar
Chart Industries GTLS Buy $30.00 $23.20 27.2 $631.0 DEC $2.10 A $0.82 E $1.66 E 11.0 28.3 14.0 $0.32 $0.53 15% gjm
Daktronics DAKT Buy $11.00 $11.04 41.0 $452.6 APR ($0.17) A 0.19 E 0.28 E -64.9 58.1 -0.1 $0.07 $0.12 15% rar
Industrial

Force Protection FRPT Buy $6.50 $5.49 70.3 $385.9 DEC $0.43 A $0.39 E $0.47 E 12.8 14.1 11.7 $0.13 $0.05 15% jam
IPG Photonics IPGP Buy $28.00 $24.03 46.5 $1,117.4 DEC $0.12 A $0.91 E $1.22 E 200.3 26.4 19.7 $0.34 $0.07 20% jam
PowerSecure Int'l POWR Buy $14.00 $9.28 18.6 $172.6 DEC $0.16 A $0.18 E $0.54 E 58.0 51.6 17.2 $0.00 $0.09 20% rar
Spartan Motors SPAR Buy $5.50 $5.17 32.9 $170.1 DEC $0.36 A $0.21 E $0.28 E 14.4 24.6 18.5 $0.10 ($0.01) 15% jam
Tennant TNC Buy $40.00 $33.31 19.0 $632.9 DEC $0.67 A $1.31 E $1.75 E 49.7 25.4 19.0 $0.29 $0.27 15% jam
Ultra Clean Technology UCTT Buy $14.00 $7.45 23.0 $171.4 DEC ($0.94) A $0.95 E $1.20 E -7.9 7.8 6.2 $0.24 $0.11 20% rar
Woodward Governor WGOV Buy $33.00 $31.01 69.9 $2,167.6 SEPT $1.57 A $1.56 E $1.81 E 19.8 19.9 17.1 $0.45 $0.34 10% gjm

Select Equity
Aegean Marine Petroleum Network ANW Buy $23.00 $16.04 47.4 $760.3 DEC $1.14 A $1.34 E $1.80 E 14.1 12.0 8.9 $0.34 $0.33 30% pcm
American Oil & Gas AEZ Buy $8.50 $8.75 61.6 $539.0 DEC ($0.21) A $0.02 E $0.34 E n/a 437.5 25.7 $0.00 ($0.03) 40% pcm
Entegris, Inc. ENTG Buy $7.00 $5.92 129.0 $763.7 DEC ($0.18) A $0.67 E $0.73 E 0.6 8.8 8.1 $0.18 $0.12 15% rar
Select

FSI Int'l FSII Buy $5.40 $2.64 31.6 $83.4 Aug. $0.39 A $0.44 E NA E 6.8 6.0 NM ($0.09) $0.00 15% rar
Northern Oil & Gas NOG Buy $21.00 $18.97 50.6 $959.9 DEC $0.08 A $0.39 E $0.97 E 237.1 48.6 19.6 $0.11 $0.04 40% pcm
Mine Safety Appliances MSA Buy $34.50 $28.13 36.2 $1,018.3 DEC $1.12 A $1.45 E $2.03 E 25.1 19.4 13.9 $0.40 $0.35 15% rar
Polymet Mining PLM Buy $6.00 $1.77 139.1 $246.2 JAN n/a n/a n/a n/a n/a n/a n/a n/a n/a gjm
Voyager Oil & Gas VYOG Buy $5.50 $3.42 45.3 $154.9 DEC n/a A $0.02 E $0.13 n/a 171.0 26.3 $0.00 n/a 40% pcm

Mobile Computing
InterDigital IDCC Buy $39.00 $32.95 44.6 $1,469.5 DEC $2.18 A $3.40 E $3.00 E 15.1 9.7 11.0 $0.71 $0.61 15% cla
Cypress Semiconductor CY Buy $17.00 $14.15 193.1 $2,732.4 DEC $0.10 A $0.93 E $1.11 E 141.5 15.2 12.7 $0.24 $0.16 20% cla
Synaptics SYNA Neutral $28.00 $26.78 35.9 $961.4 JUN $2.26 A $2.27 E $2.37 E 11.8 11.8 11.3 $0.68 $0.62 15-20% cla
Openwave Systems OPWV Buy $2.50 $1.97 84.0 $165.5 JUN $0.04 A ($0.03) E ($0.03) E 49.3 n/a n/a ($0.02) $0.04 5-10% cla
Immersion IMMR Buy $7.00 $5.91 28.5 $168.5 DEC ($1.03) A ($0.17) E $0.10 E -5.7 -34.8 59.1 ($0.05) ($0.32) 20% cla
MIPS Technologies MIPS Buy $15.00 $14.41 48.9 $704.9 JUN $0.38 A $0.49 E $0.55 E 37.9 29.4 26.2 $0.12 $0.09 20% cla

Software & Systems

Technology

Accelrys, Inc. ACCL Buy $7.50 $7.27 56.0 $407.1 Mar $0.19 A NE E $0.36 E 38.3 NE 20.2 $0.08 $0.06 17% rs
Ancestry.com ACOM Buy $30.00 $26.81 48.8 $1,307.6 Dec $0.51 A $0.75 E $0.95 E 52.6 35.7 28.2 $0.25 $0.20 22% rs
Constant Contact, Inc. CTCT Buy $25.00 $22.92 30.0 $688.4 DEC $0.13 A $0.36 E $0.65 E NM 63.7 35.3 $0.14 $0.09 40% rs
eResearchTechnology, Inc. ERES Buy $10.00 $7.57 49.4 $373.8 DEC $0.25 A $0.37 E $0.50 E 30.3 20.5 15.1 $0.11 $0.07 20% rs
Fundtech Ltd. FNDT Buy $19.00 $13.90 15.9 $221.3 DEC $0.52 A $0.83 E $1.02 E 26.7 16.7 13.6 $0.24 $0.18 20% rs
LogMe Inc. LOGM Buy $39.00 $37.59 24.9 $935.4 DEC $0.59 A $0.82 E $0.68 E 63.7 45.8 55.3 $0.24 $0.14 22% rs
Medidata Solutions, Inc. MDSO Buy $20.00 $18.48 23.7 $437.7 DEC $0.56 E $0.67 E $0.90 E 33.0 27.6 20.5 $0.16 $0.15 25% rs
Pegasystems, Inc. PEGA Neutral $30.00 $26.96 37.1 $999.0 DEC $0.93 A $0.93 E $1.30 E 29.0 29.0 20.7 $0.44 $0.18 25% rs
Phoenix Technologies PTEC Sell $3.85 $4.24 35.1 $148.8 SEP ($0.48) A $0.04 E $0.20 E nm 106.0 21.2 $0.01 ($0.07) 15% jam
Tyler Technlogies, Inc. TYL Neutral $18.00 $20.15 35.4 $713.5 DEC $0.89 A $0.86 E $1.02 E 22.6 23.4 19.8 $0.23 $0.22 20% rs
Ultimate Software Group, Inc. ULTI Neutral $34.00 $40.76 27.0 $1,100.6 DEC $0.29 A $0.47 E $0.77 E 140.6 86.7 52.9 $0.17 $0.10 35% rs
Vocus, Inc. VOCS Buy $23.00 $22.20 19.7 $437.7 DEC $0.65 A $0.70 E $0.71 E 34.2 31.7 31.3 $0.19 $0.15 15% rs
Wireless Ronin RNIN Buy $3.50 $1.41 14.8 $20.9 DEC ($1.41) A ($0.42) E ($0.04) E NM NM NM ($0.03) ($0.07) 20% rar

90 SOUTH SEVENTH STREET, SUITE 4300, MINNEAPOLIS, MINNESOTA 55402-4115

(612) 376-4000 (800) 328-4000
2 MEMBER SIPC FINRA
Research Coverage & Interest Universe
11/2/2010

Market E.P.S. Last Current Next Current Prior Growth

Price 11/2/2010 Shares Cap Last Current Next FY FY FY Quarter Year Qtr. Rate
Symbol Rating* Target Price (mil) ($mil) FY FY FY FY P/E P/E P/E Estimate Actual Estimate Analyst
Hardware & Components
Globecomm Systems GCOM Buy $12.00 $8.69 20.4 $177.3 JUN $0.38 A $0.52 ## $0.65 E 22.9 16.7 NE $0.08 $0.06 15% rar
Integral Systems ISYS Buy $10.00 $8.48 17.4 $147.6 SEP $0.06 A ($0.04) E $0.25 E 141.3 -212.0 33.9 $0.10 ($0.06) 20% rar
Rimage Corporation RIMG Neutral $17.00 $14.34 9.6 $137.7 DEC $0.89 A $0.77 E $0.55 E 16.1 18.6 26.1 $0.24 $0.23 10% gjm
Taser International TASR Neutral $5.00 $3.89 62.5 $243.1 DEC $0.00 A ($0.06) E $0.06 E n/a n/a 64.8 $0.01 $0.07 15% gjm

Internet Services & Media

Global Traffic Network GNET Buy $7.50 $6.41 18.1 $116.0 JUN $0.03 A $0.22 E NA E NM NM NM $0.03 ($0.06) 25% rar
Vasco Data Security VDSI Neutral $8.00 $7.80 37.6 $293.3 DEC $0.31 A $0.19 E $0.30 E 25.2 41.1 26.0 $0.02 $0.04 15% jam

Applied Technologies
AeroVironment AVAV Neutral $20.00 $24.01 22.0 $528.5 APR $0.94 A $0.82 E $1.00 E 25.5 29.3 24.0 ($0.04) $0.10 3% jke
Applied Signal Technology APSG Buy $25.00 $33.30 13.2 $440.6 OCT $1.11 A $0.98 E $1.03 E 30.0 34.0 32.3 $0.24 $0.27 8% jke
Digi International DGII Buy $13.00 $9.81 25.2 $247.3 SEP $0.20 A $0.35 E $0.39 E 49.1 28.0 25.2 $0.08 $0.04 13% jke
DigitalGlobe DGI Buy $40.00 $32.50 46.1 $1,499.7 DEC $1.06 A $0.44 E $1.56 E 30.7 73.9 20.8 $0.11 $0.32 20% jke
Garmin GRMN Buy $48.00 $33.35 201.1 $6,706.4 DEC $3.53 A $3.11 E $3.20 E 9.4 10.7 10.4 $0.84 $1.02 10% jke
GeoEye GEOY Buy $50.00 $43.67 21.7 $947.1 DEC $1.30 A $1.86 E $2.00 E 33.6 23.5 21.8 $0.45 $0.61 20% jke
NIC EGOV Buy $11.00 $8.48 63.3 $536.5 DEC $0.25 A $0.24 E $0.26 E 33.9 35.3 32.6 $0.06 $0.09 18% jke
Technology

Raven RAVN Buy $48.00 $40.64 18.1 $733.9 JAN $1.67 A $1.96 E $2.18 E 24.3 20.7 18.6 $0.43 $0.40 13% jke
Stratasys SSYS Neutral $23.00 $31.25 20.4 $638.8 DEC $0.28 A $0.57 E $0.63 E 111.6 54.8 49.6 $0.15 $0.14 15% jke
Tesla TSLA Buy $30.00 $21.41 101.0 $2,162.4 DEC N/A A ($1.36) E ($1.69) E N/A -15.7 -12.7 ($0.30) N/A 20% jke
Trimble TRMB Buy $41.00 $35.49 123.8 $4,394.7 DEC $1.04 A $1.45 E $1.70 E 34.1 24.5 72.8 $0.34 $0.25 20% jke

Digital Media
Coinstar CSTR Neutral $56.00 $57.86 32.9 $1,903.6 DEC $0.79 A $2.18 E $3.35 E 73.2 26.5 9.8 $0.83 $0.18 25% sbf
DTS DTSI Neutral $40.00 $39.04 17.8 $694.9 DEC $0.60 A $0.79 E $1.12 E 65.1 49.4 15.9 $0.16 $0.11 20% sbf
Dolby DLB Buy $82.00 $62.93 115.3 $7,255.8 SEP $2.11 A $2.39 E $2.77 E 29.8 26.3 41.6 $0.51 $0.38 20% sbf
Imax IMAX Buy $30.00 $23.16 66.7 $1,544.8 DEC $0.36 A $1.09 E $1.20 E 64.3 21.2 55.6 $0.28 $0.20 25% sbf
Netflix NFLX Neutral $142.00 $167.37 53.9 $9,021.2 DEC $1.99 A $2.82 E $3.75 E 84.1 59.4 14.4 $0.73 $0.56 35% sbf
Sonic Solutions SNIC Buy $16.00 $11.58 49.0 $567.4 MAR ($0.05) A ($0.03) E $0.17 E -231.6 -386.0 288.2 ($0.01) ($0.01) 25% sbf
SRS Labs SRSL Buy $12.00 $8.69 15.6 $135.6 DEC $0.14 A $0.36 E $0.61 E 62.1 24.1 25.6 $0.09 $0.10 25% sbf

E.B.I.T.D.A Last Current Next

Last Current Next CY CY CY
Enterprise Infrastructure/Services CY CY CY EV/EBITDA EV/EBITDA EV/EBITDA
Equinix EQIX Buy $100.00 $82.89 45.7 $4,570.0 DEC $408.60 A $551.30 E $674.60 E 12.3 9.1 7.4 $155.40 $115.50 20% mk
Internap INAP Buy $6.00 $4.78 50.1 $300.6 DEC $28.00 A $38.70 E $47.80 E 7.4 5.3 4.3 $9.30 $7.60 25% mk
Rackspace RAX Neutral $22.00 $25.36 132.7 $2,919.4 DEC $200.60 A $249.50 E $308.70 E 16.6 13.3 10.8 $62.70 $51.40 25% mk
Savvis SVVS Buy $29.00 $23.78 55.3 $1,603.7 DEC $220.00 A $231.90 E $252.70 E 9 8.5 7.8 $63.50 $54.90 9% mk
Terremark TMRK Neutral $10.50 $22.00 65.2 $684.6 MAR $76.50 A $96.60 E $116.60 E 13.1 10.4 8.6 $22.50 $69.80 20% mk

The information contained herein is based on data obtained from sources considered reliable. Such information is not represented or guaranteed to be accurate or purported to be complete. Because of individual client requirements, advice regarding the securities mentioned herein should not be construed as suitable for all accounts. Some securities mentioned herein relate to small
speculative companies which may be unsuitable for some accounts. Any opinion expressed is subject to change. From time to time, Dougherty and Company LLC, or its officers, directors or agents or members of their families, may have a position in securities mentioned and may make purchases or sales of the same in the open market or otherwise. Dougherty and Company LLC as
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* Ratings designated as “I” are companies of interest to our analysts for which our analysts do not have all necessary information to author research reports, ratings, or price targets. Rather, our analysts have knowledge on companies of interest due to previous research coverage, a customer/peer/competitor relationship with a research-covered company, and/or consummation of
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IMPORTANT DISCLOSURES
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