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List of Equity Research Firms/Broker Dealers

For sell-side research, there are plenty of investment banks and stockbrokers / broker-dealers who publish equity research on companies that they cover. Credit and macro research also exists for the benefit of the firms’ clients.

There are two sets of stakeholders who would like equity research coverage. For the corporates themselves who are looking to have a broad and diverse investor base, equity research is an excellent tool to drum up awareness for the stock. Accordingly, if investment banks have an equity business and want to do equity capital markets, equity trading and equity sales for a publicly traded company, a condition may be that they publish research on the company (and no sell ratings! Just kidding, it is supposed to be impartial).

On the other hand, if a lot of clients on the buy side are interested in a stock, the broker-dealer may also consider publishing research on it as a service.

All major bulge bracket banks and regional investment banks will have an equity research arm. For example, Goldman Sachs, Morgan Stanley, Citi, Deutsche Bank, Credit Suisse, UBS, Wells Fargo, Banc of America Securities and JP Morgan will publish equity research. Likewise, Macquarie, Suntrust Robinson Humphreys, BMO Capital Markets, Scotiabank GBM and RBC Capital Markets will publish equity research.

This is a list of other firms that publish ER, but is by no means comprehensive. They may or may not also provide investment banking services but will at the very least be broker dealers – after all, research is usually a loss leader and it is rare for a company to make money from selling research alone. On the other hand, many advisory only firms will not publish research.

List of Equity Research Firms 

  • Evercore ISI
    • Evercore purchased ISI – outstanding research in my experience
  • Cantor Fitzgerald
  • Wedbush Securities
  • MKM Partners
  • Stephens
  • Baird
  • U.S. Capital Advisors
  • Northland Securities
  • Canaccord
  • Imperial Capital
  • FBR Capital
  • Nau Securities
  • Auctus Advisors
  • Peel Hunt
    • Major UK shop
  • Seaport Global
  • Johnson Rice & Company
  • Susquehanna Financial Group
    • An arm of quant hedge fund/firm Susquehanna – but provides value/fundamentals driven research
    • Main firm has poker games
  • Wolfe Research
  • Guggenheim
    • Also an elite boutique
  • KeyBanc Capital Markets
  • Raymond James
  • Davy Group
    • Davy Corporate Finance – biggest in Ireland
  • Schachter Energy Research
  • Berenberg Bank
  • BNP Exane Securities
    • BNP owner
  • Peters & Co.
  • Stifel Nicolaus
    • GMP Securities
  • Heikkenen Energy
    • Energy only
  • Jefferies & Co.
  • Piper Jaffray
    • Simmons
  • Cowen & Company
  • Petro Lotus
    • Energy only
  • Penn Capital
  • Oppenheimer & Co.
  • SMBC Nikko Securities
  • IPConcept
  • Union Investment
  • Daiwa Capital Markets
  • Williams Capital
  • Paradigm Capital
  • Eight Capital
  • Sundial Capital Research
  • Clarksons Platou Securities
  • Cormark Securities
  • Haywood Securities
  • R.W. Pressprich & Co.
  • Roth Capital Partners
  • Panmure Gordon & Co.
  • Numis Securities
  • Orient Securities
  • Wunderlich Securities/B. Riley Wealth Management
  • Tudor Pickering & Holt (owned by Perella Weinberg Partners, an advisory only elite boutique)
  • Alliance Bernstein
    • Alliance Bernstein (Alliance purchased famous research firm Sanford C. Bernstein) is actually a buy side firm with assets under management that also provides high quality equity research

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ex investment banking associate

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