how to get investment bank research reports

• S&P Dow Jones Indices
• S&P Global Engineering Solutions
• S&P Global Market Intelligence
• S&P Global Mobility
• S&P Global Commodity Insights
• S&P Global Ratings
• S&P Global Sustainable1
• Investor Relations Overview
• Investor Presentations
• Investor Fact Book
• News Releases
• Quarterly Earnings
• SEC Filings & Reports
• Executive Committee
• Corporate Governance
• Merger Information
• Stock & Dividends
• Shareholder Services
• Contact Investor Relations
• Email Subscription Center
• Media Center

More than 1,800 contributors. Multi-asset class coverage. Global reach.

Get insights your business needs to gain a competitive edge with access to Real-Time or Aftermarket Research from leading brokerage, independent, and market research providers around the globe.

• On This Page

Real-Time Research

Aftermarket Research

• RatingsXpress®

Research Updates

Power your investment decisions.

Whether you’re generating investment ideas, performing financial analysis, or conducting risk assessments, our robust collection of sell-side research reports can help you gain the insights you need. Combine our research offerings with the power of data and analytics from the S&P Capital IQ Pro platform for a comprehensive enterprise-wide solution.

Keep up with the latest research from leading analysts worldwide with our extensive collection of broker and independent research reports. We provide streamlined access to research from the world’s largest investment banks, high quality regional brokers, boutiques and independents—along with the tools you need to monitor, search, and audit reports efficiently.

Our Aftermarket Research collection features more than 35 million analyst research reports from 1,800+ global investment research providers, including top-ranked investment banks such as Citi, Credit Suisse, Barclays, UBS, J.P. Morgan, HSBC, and Deutsche Bank. Gain the essential insights you need to monitor the markets and find new opportunities.

RatingsXpress®: Research

Leverage textual analysis and machine learning for investment, credit risk modeling, and developing sentiment/early warning models with RatingsXpress: Research, S&P Global Ratings’ digitized credit research.

1,800+ CONTRIBUTORS. 35+ MILLION RESEARCH DOCUMENTS.

Access our recap of 2023 broker research coverage

Real-time investment research.

Our comprehensive collection of real-time research features equity, fixed income, sector, economic, and strategy reports from leading analysts worldwide. Download analyst earnings models in their original Excel format for easy manipulation and streamline your workflow with our sophisticated search functionality, alerting tools, and links into the portals of top investment banks.

Access real-time research reports

including equity, fixed income, sector, economic and strategy reports from thousands of brokers.

Connect seamlessly

into the proprietary portals of the world's leading investment banks.

Pinpoint search results

by analyst, broker or report type.

Stay up-to-date with watchlists

and customized alerts delivered directly to your inbox.

Access real-time entitlements

by submitting contact information for your brokers to our support team

The market moves in real time. Don’t miss any key developments.

Explore our research solutions.

Deep sector coverage, analyze firms from a 360° perspective, insights on emerging trends, bolster market knowledge, get in-depth reports from 1,800+ research providers with aftermarket research.

• Access to a vast library of sector-focused investment research can help you stay on top of your most crucial markets. The Aftermarket Research collection from S&P Global Market Intelligence brings you fresh, exclusive insights from the leading brokers in each key sector, such as Barclays, Citi, Credit Suisse, Deutsche Bank, J.P. Morgan, Macquarie, ODDO BHF, UBS, and more.
• View our complimentary infographics to see how deep our Aftermarket Research coverage goes for the 11 GICS sectors by region and five of the largest global stock indices .
• Investment research customers are provided with direct access to our team of research experts for seamless diagnostic training and in-depth support. Customers can access our research without mid-term overage charges.

Tap into expert analysis on your next M&A target

• Assessing the credit risk of your peers, competitors and acquisition targets can be challenging if you don’t have high-quality research to help drive your due diligence.
• Company-level insights from the brokers in our Aftermarket Research collection can help users discover key information, including financial performance, leverage and valuations, to fuel risk analysis.
• See how the Aftermarket Research offering helped a bank assess the creditworthiness of potential acquisitions and enabled a leading private equity firm gain insights on ideal portfolio targets

Find out what Wall Street’s top analysts are saying with access to more than 35 million reports

• The Aftermarket Research collection from S&P Global Market Intelligence provides users with access to valuable company research and sector investment research from the world’s top brokers, providing you with a single source of insights on the latest trends, developments, and company performance.
• To help quantify the growing focus on the hottest topics in the financial markets, we've taken stock of the increased volume of inflation-related investment reports available in our Aftermarket Research collection and created infographics to visualize report totals, broker coverage, and some popular equity research reports. Access our latest infographics on AI , bank earnings , and electric vehicles .

Adapt to abrupt changes or dive into a new segment with exclusive research

• The Aftermarket Research platform is integrated into the S&P Capital IQ Pro and Capital IQ platforms for easy access to more than 35 million broker research reports on new or core markets. Users can preview research before downloading, create alerts to stay on top of the latest content, and search for research by company, topic, contributor, and other criteria.
• Read our case studies to learn how we help investment banks , commercial banks , universities , and other corporations monitor key trends for a competitive advantage.
• Learn more about the key regional brokers that have been added to our research library, underscoring our commitment to continually deliver new expert insights to our customers.

Unlock Valuable Insights for Your Law Firm with S&P Global Aftermarket Research

Search for Research with our AI-powered Document Viewer

Discovering and analyzing Investment Research on the Capital IQ Pro platform is now much easier, as research reports are now available on the Document Viewer. This tool enables users to:

• Instantly locate keywords and concepts within research reports
• Share excerpts with colleagues to enhance project collaboration
• Add personalized annotations to documents
• Access related company filings, transcripts, and investor presentations on a single screen
• Export tables directly to Excel with one click, with fully formatted data, ready for models and calculations.

The enhanced  Document Viewer  can help you stay ahead of the market and your competition by finding exactly what you need. Company and industry forecasts, and critical opinions from the market's leading research firms are at your fingertips. View our interactive tutorial  to see how you can access investment research through the Document Viewer.

Learn about the top five Aftermarket Research reports from each month

Ratingsxpress ®.

Data scientists, research teams, and quantitative strategists interested in textual analysis and machine learning for investment, credit risk modeling, and developing sentiment/early warning models can now use RatingsXpress: Research, S&P Global Ratings’ digitized credit research.

Create meaningful financial benchmarks

for internal risk models.

Gain more insights

into when the credit quality of an entity may be shifting.

Better differentiate

between issuers with the same rating.

Enhance your analysis with current and historical credit ratings.

Get the insights you need to power your decisions.

Hdfc securities investment research now available through s&p capital iq pro, wells fargo is now available in s&p global’s aftermarket research collection, tudor, pickering, holt & co. research now available, mizuho securities is now available in s&p global’s aftermarket research, shore capital is now available in s&p global’s aftermarket research collection, william blair officially added as an aftermarket research contributor, jmp securities is now available in the s&p global market intelligence aftermarket research collection, needham & company is now available in the s&p global market intelligence aftermarket research collection, baird research is now exclusively available in s&p global’s aftermarket research collection, s&p global market intelligence becomes exclusive provider of citigroup aftermarket research, nomura securities is now available in the s&p global market intelligence aftermarket research collection, request follow up.

You're one step closer to unlocking our suite of financial information solutions and services. Fill out the form so we can connect you to the right person.

We're proud of our recent awards!

• Best Corporate Actions Data Initiative, 2023
• Best Overall Sell-Side Technology Provider, 2023
• Most Innovative Regulatory Solution (Climate Risk & Transaction Reporting), 2023
• Best Overall Data Product or Service, 2023

And, we delight in supporting our customers with 24x7x365 customer service and a 98% customer service satisfaction rate. If your company has a current subscription for S&P Capital IQ Pro, you can register as a new user for access to the platform(s) covered by your license at S&P Capital IQ Pro or S&P Capital IQ

• Business Email *
• First Name *
• Last Name *
• Company Name *
• My most critical business need is (click plus sign to expand for more options): * Required field Capital Formation Workflow tools and capabilities that support every step of a transaction, from advice and deal origination, to portfolio risk analysis, optimization, and management. Add value and achieve greater operational efficiencies pre-, during, and post-trade. Deal Performance and Portfolio Monitoring Deal Valuation Execution Investor Targeting Market Monitoring and Idea Generation Credit & Risk Solutions With intuitive analytical tools, expert insights, robust data, and skilled managed services our credit, risk, and regulatory compliance solutions provide a single source of truth about your customers, suppliers, counterparties, and investments. Analytical Services Buy Side Risk Management China Credit Analytics Climate Credit Risk Models Credit Assessment Scorecards Credit Ratings and Research Credit Ratings Data and Delivery Default, Transition and Recovery Data Derivatives Counterparty Credit Risk FRTB Credit Risk Models Supplier Risk Indicator™ XVA Data & Distribution A single data source for detailed information on the companies, industries, and markets that matter to you - delivered via Desktop, Feed, API, and Cloud. Built on a foundation of reliable, timely, and differentiated data, delivered seamlessly. Alpha Signals Alternative Data Cross Reference Services Data Visualization & Charting Dividend Forecasting Enterprise Data Management Financial Digital Solutions Flexible Delivery Options Fundamental Financial Data Kensho Solutions OTC Derivatives Pricing and Valuation Data Short Interest Sector Coverage Textual Data Digital Transformation/Tech Make digital transformation a reality and overcome the challenges of the exponential growth of data. Track evolving technology disruptors and consumer preferences with analysis ranging from film to broadband, programming, and emerging technologies. 451 Research Media and Telecom Research Media and Telecommunications Outlooks Technology Research and Consulting Economics & Country Risk Our data, models, and experts provide companies with the complete perspective - from global economic strengths to industry level health and down to street-level risk assessments and everything in between. Comparative Industry Analysis Economic Insights Geopolitical Risk Purchasing Managers Index - PMI(TM) Regional Explorer: Economics, Risk, and Data Analytics Scenarios and Modeling Security and Intelligence Financial Technology Solutions Industry-leading enterprise solutions tailored to financial markets. Our proven software solutions and analytics help buy and sell-side firms uncover insights, increase efficiency, reduce and manage risk and maintain compliance Enterprise Data Management Loan Portfolio and Agency Administration Loan Syndication, Trading & Agency Loan Trade Settlement Portfolio Modelling & OMS Private Markets Portfolio Monitoring Investor Relations Harness the analytics, advisory solutions, and industry benchmarks to identify the right opportunities. Effectively monitor the financial markets, peers, and their company performance with next-gen solution-based workflow tools and advisory services. Investor Relations Advisory Services Investor Relations Digital Desktop Investor Targeting Market Data Desktop for IR Stock Surveillance & Identification Sustainability Solutions & Reporting Leveraged Loans Simplify operations and gain insights throughout the leveraged loan lifecycle. Our data and software span deal origination, syndication, portfolio modeling, trading, loan servicing, and portfolio risk analysis. Loan Portfolio Administration Loan Pricing & Reference Data Loan Syndication, Trading & Agency Loan Trade Settlement Portfolio Modelling & OMS Post Trade Processing Address compliance, maintain flexibility and keep costs low with trade processing solutions for FX, OTC derivatives, syndicated loans, commodities and documentation. Commodity Tracker Corporate Actions Corporate Actions Data OSTTRA Proxy Voting Risk & Regulatory Managed Services Securities Processing Private Markets Build a 360° view of the private markets with insights, data, software, and tools. Gain transparency into private capital flows at each stage of the fund lifecycle. Work seamlessly across PE, VC, Private Debt, and Real Assets. ESG Solutions Investor Contacts Portfolio Monitoring Private Asset Valuation Services Private Company Data Private Credit Solutions Private Markets Intelligence Risk, Compliance, & Reporting Industry-leading solutions, advisory and managed services changing the way you manage risk and regulatory compliance. Alternative Economic Scenarios Counterparty Manager Country Risk Investment Model Custodian Solutions for Risk and Regulatory Compliance Data Management Cappitech KYC Services Managed Services for Networks & Regulatory Solutions Maritime & Trade Risk & Compliance Supplier Risk Indicator™ Tax Solutions Third Party Risk Management Supply Chain Intelligence Unrivaled data on every stage of the global supply chain. From manufacturers and buyers to shipping and logistics, get the trade coverage you need to stay ahead of the competition. Built with powerful data visualizations and machine learning. Data Management Panjiva Supply Chain Intelligence Global Trade Analytics Suite Country Risk Supply Chain Spend Analytics Supplier Risk Indicator™ Sustainability Manage, measure, and report on ESG risks and opportunities. Our suite of in-depth data, analytics, and expert advisors help guide your ESG journey to a sustainable future. Get an integrated suite of solutions to support unique ESG requirements. Environmental Data and Climate Analytics ESG Data Management ESG Portfolio Analytics Financial Impact of Physical Climate Risks S&P Global ESG Scores TCFD Reporting Sustainability Solutions & Reporting Other (please specify in comments)
• Capital Formation Credit, Risk, & Regulation Data & Distribution Digital Transformation/Tech ESG & Sustainability Economics & Country Risk Financial Technology Solutions Issuer & IR Solutions Leveraged Loans Post Trade Processing Private Markets Risk, Compliance, & Reporting Sector Coverage Supply Chain Other (please specify in comments)

We generated a verification code for you:

• Enter verification Code here? * Incorrect Verification Code
• Yes, I would like to receive promotional emails containing essential industry insights, event invitations, and relevant solutions from S&P Global Market Intelligence.

One of our representatives will be in touch soon.

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

Penn Libraries FAQ

• Penn Libraries

Q. How do I find analyst reports (investment bank research)?

• Exhibitions
• Fisher Fine Arts
• General Information
• Phased Library Services
• Rare Books & Special Collections
• Systematic Reviews
• University Archives & Records Center

Answered By: Lippincott Library Last Updated: Apr 21, 2024     Views: 171965

Use LSEG Workspace (formerly Refinitiv).

• To find analyst reports (also known as sell-side, broker, or equity research reports) for a specific company, search for that firm's ticker symbol or name in the top search box. Then, on the News & Research  menu, click on Company Research . Use filters near the top of the page to refine your search. 
• To screen for analyst reports based on a set of criteria, type  ADVRES in the search bar and select the Research Advanced Search app, or click on  Research in the main menu. then, click on Advanced Research . You can filter for reports by industry, geography, contributor, keywords, and more.

Note: LSEG Workspace has a  150-page daily limit for viewing and downloading research content. This limit is in lieu of retail prices listed on reports and resets at 12:00 AM Eastern Time daily.

Bloomberg (see access details ) contains some analyst reports.

• Type your company's ticker symbol, then hit the yellow EQUITY key, then type DSCO and hit the green GO key.
• To find reports by industry or keyword, type RES and hit the green GO key.

Morningstar equity research reports and analyst cash flow models can be found in PitchBook .

Hoovers contains some analyst reports as well.

• Type in a company name and select the company you want.
• Scroll down the screen; if available, analyst reports appear under Advanced on the left side.
• Share on Facebook

Was this helpful? Yes 0 No 0

Join 307,012+ Monthly Readers

Get Free and Instant Access To The Banker Blueprint : 57 Pages Of Career Boosting Advice Already Downloaded By 115,341+ Industry Peers.

• Break Into Investment Banking
• Write A Resume or Cover Letter
• Win Investment Banking Interviews
• Ace Your Investment Banking Interviews
• Win Investment Banking Internships
• Master Financial Modeling
• Get Into Private Equity
• Get A Job At A Hedge Fund
• Recent Posts
• Articles By Category

What’s in an Equity Research Report?

If you're new here, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking . Thanks for visiting!

Even though you can easily find real equity research reports via the magical tool known as “Google,” we’ve continued to get questions on this topic.

Whenever I see the same question over and over again, you know what I do: I bash my head in repeatedly and contemplate jumping off a building…

…and then I write an article to answer the question.

To understand an equity research report, you must understand what goes into a  stock pitch first.

The idea is similar, but an ER report is a “watered-down” version of a stock pitch.

But banks have some very solid reasons for publishing equity research reports:

Why Do Equity Research Reports Matter?

You might remember from previous articles that equity research teams do not spend that much time writing these reports .

Most of their time is spent speaking with management teams and institutional investors and sharing their views on sectors and companies.

However, equity research reports are still important because:

• You do still spend some time doing the required modeling work (~15%) and writing the reports (~20%).
• You might have to write a research report as part of the interview process.

For example, if you apply to an equity research role or an equity research internship , especially in an off-cycle process, you might be asked to draft a short report on a company.

And then in roles outside of ER, you need to know how to interpret reports quickly and extract the key information.

Equity Research Reports: Myth vs. Reality

If you want to understand equity research reports, you have to understand first why banks publish them: to earn higher commissions from trading activity.

A bank wants to encourage institutional investors to buy more shares of the companies it covers.

Doing so generates more trading volume and higher commissions for the bank.

This is why you rarely, if ever, see “Sell” ratings, and why “Hold” ratings are far less common than “Buy” ratings.

Different Types of Equity Research Reports

One last point before getting into the tutorial: There are many different types of research reports.

“Initiating Coverage” reports tend to be long – 50-100 pages or more – and have tons of industry research and data.

“Sector Reports” on entire industries are also very long. And there are other types, which you can read about here .

In this tutorial, we’re focusing on the “Company Update” or “Company Note”-type reports, which are the most common ones.

The Full Tutorial, Video, and Sample Equity Research Reports

For our full walk-through of equity research reports, please see the video below:

Table of Contents:

• 1:43: Part 1: Stock Pitches vs. Equity Research Reports
• 6:00: Part 2: The 4 Main Differences in Research Reports
• 12:46: Part 3: Sample Reports and the Typical Sections
• 20:53: Recap and Summary

You can get the reports and documents referenced in the video here:

• Equity Research Report – Jazz Pharmaceuticals [JAZZ] – OUTPERFORM [BUY] Recommendation [PDF]
• Equity Research Report – Shawbrook [SHAW] – NEUTRAL [HOLD] Recommendation [PDF]
• Equity Research Reports vs. Stock Pitches – Slides [PDF]

If you want the text version instead, keep reading:

Watered-Down Stock Pitches

You should think of equity research reports as “watered-down stock pitches.”

If you’ve forgotten, a hedge fund or asset management stock pitch ( sample stock pitch here ) has the following components:

• Part 1: Recommendation
• Part 2: Company Background
• Part 3: Investment Thesis
• Part 4: Catalysts
• Part 5: Valuation
• Part 6: Investment Risks and How to Mitigate Them
• Part 7: The Worst-Case Scenario and How to Avoid It

In a stock pitch, you’ll spend most of your time and energy on the Catalysts, Valuation, and Investment Risks because you want to express a VERY different view of the company .

For example, the company’s stock price is $100, but you believe it’s worth only $50 because it’s about to report earnings 80% lower than expectations.

Therefore, you recommend shorting the stock. You also recommend purchasing call options at an exercise price of $125 to limit your losses to 25% if the stock moves in the opposite direction.

In an equity research report, you’ll still express a view of the company that’s different from the consensus, but your view won’t be dramatically different.

You’ll spend more time on the Company Background and Valuation sections, and far less time and space on the Catalysts and Risk Factors. And you won’t even write a Worst-Case Scenario section.

If a company seems overvalued by 50%, a research analyst would probably write a “Hold” recommendation, say that there’s “uncertainty around several customers,” and claim that the company’s current market value is appropriate.

Oh, and by the way, one risk factor is that the company might report lower-than-expected earnings.

The Four Main Differences in Equity Research Reports

The main differences are as follows:

1) There’s More Emphasis on Recent Results and Announcements

For example, how does a recent product announcement, clinical trial result, or earnings report impact the company?

You’ll almost always see recent news and updates on the first page of a research report:

These factors may play a role in hedge fund stock pitches as well, but more so in short recommendations since timing is more important there.

2) Far-Outside-the-Mainstream Views Are Less Common

One comical example of this trend is how all 15 equity research analysts covering Enron rated it a “buy” right before it collapsed :

Sell-side analysts are far less likely to point out that the emperor has no clothes than buy-side analysts.

3) Research Reports Give “Target Prices” Rather Than Target Price Ranges

For example, the company is trading at $50.00 right now, but we expect its price to increase to exactly $75.00 in the next twelve months.

This idea is completely ridiculous because valuation is always about the range of possible outcomes, not a specific outcome.

Despite horrendously low accuracy , this practice continues.

To be fair, many analysts do give target prices in different cases, which is an improvement:

4) The Investment Thesis, Catalysts, and Risk Factors Are “Looser”

These sections tend to be “afterthoughts” in most reports.

For example, the bank might give a few reasons why it expects the company’s share price to rise: the company will capture more market share than expected, it will be able to increase its product prices more rapidly than expected, and a competitor is about to go bankrupt.

However, the sell-side analyst will not tie these factors to specific share-price impacts as a buy-side analyst would.

Similarly, the report might mention catalysts and investment risks, but there won’t be a link to a specific valuation impact from each factor.

So the typical stock pitch logic (“We think there’s a 50% chance of gaining 80% and a 50% chance of losing 20%”) won’t be spelled out explicitly:

Your Sample Equity Research Reports

To illustrate these concepts, I’m sharing two equity research reports from our financial modeling courses :

The first one is from the valuation case study in our Advanced Financial Modeling course , and the second one is from the main case study in our Bank Modeling course .

These are comprehensive examples, backed by industry data and outside research, but if you want a shorter/simpler example you can recreate in a few hours, the Core Financial Modeling course has just that.

In each case, we started by creating traditional HF/AM stock pitches and valuations and then made our views weaker in the research reports.

The Typical Sections of an Equity Research Report

So let’s briefly go through the main sections of these reports, using the two examples above:

Page 1: Update, Rating, Price Target, and Recent Results

The first page of an “Update” report states the bank’s recommendation (Buy, Hold, or Sell, sometimes with slightly different terminology), and gives recent updates on the company.

For example, in both these reports we reference recent earnings results from the companies and expectations for the next fiscal year:

We also give a “target price,” explain where it comes from, and give our estimates for the company’s key financial metrics.

We mention catalysts in both reports, but we don’t link anything to a specific valuation impact.

One problem with providing a specific “target price” is that it must be based on specific multiples and specific assumptions in a DCF or DDM.

So with Jazz, we explain that the $170.00 target is based on 20.7x and 15.3x EV/EBITDA multiples for the comps, and a discount rate of 8.07% and Terminal FCF growth rate of 0.3% in the DCF.

Next: Operations and Financial Summary

Next, you’ll see a section with lots of graphs and charts detailing the company’s financial performance, market share, and important metrics and ratios.

For a pharmaceutical company like Jazz, you might see revenue by product, pricing and # of patients per product per year, and EBITDA margins.

For a commercial bank like Shawbrook, you might see loan growth, interest rates, interest income and net income, and regulatory capital figures such as the Common Equity Tier 1 (CET 1) and Tangible Common Equity (TCE) ratios:

This section of the report explains how the analyst or equity research associate forecast the company’s performance and came up with the numbers used in the valuation.

The valuation section is the one that’s most similar in a research report and a stock pitch.

In both fields, you explain how you arrived at the company’s implied value, which usually involves pasting in a DCF or DDM analysis and comparable companies and transactions.

The methodologies are the same, but the assumptions might differ substantially.

In research, you’re also more likely to point to specific multiples, such as the 75 th percentile EV/EBITDA multiple, and explain why they are the most meaningful ones.

For example, you might argue that since the company’s growth rates and margins exceed the medians of the set, it deserves to be valued at the 75 th percentile multiples rather than the median multiples:

Investment Thesis, Catalysts, and Risks

This section is short, and it is more of an afterthought than anything else.

We do give reasons for why these companies might be mis-priced, but the reasoning isn’t that detailed.

For example, in the Shawbrook report we state that the U.K. mortgage market might slow down and that regulatory changes might reduce the market size and the company’s market share:

Those are legitimate catalysts, but the report doesn’t explain their share-price impact in the same way that a stock pitch would.

Finally, banks present Investment Risks mostly so they can say, “Well, we warned you there were risks and that our recommendation might be wrong.”

By contrast, buy-side analysts present Investment Risks so they can say, “There is a legitimate chance we could lose 50% – let’s hedge against that risk with options or other investments so that our fund does not collapse .”

How These Reports Both Differ from the Corresponding Stock Pitches

The Jazz equity research report corresponds to a “Long” pitch that’s much stronger:

• We estimate its intrinsic value as $180 – $220 / share , up from $170 in the report.
• We estimate the per-share impact of each catalyst: price increases add 15% to the share price, more patients from marketing efforts add 10%, and later-than-expected generics competition adds 15%.
• We also estimate the per-share impact from the risk factors and conclude that in the worst case , the company’s share price might decline from $130 to $75-$80. But in all likelihood, even if we’re wrong, the company is simply valued appropriately at $130.
• And then we explain how to hedge against these risks with put options.

The same differences apply to the Shawbrook research report vs. the stock pitch, but the stock pitch there is a “Short” recommendation where we claim that the company is overvalued by 30-50%.

And that sums up the differences perfectly: A Short recommendation with 30-50% downside in a stock pitch turns into a “Hold” recommendation with roughly equal upside and downside in a sell-side research report.

I’ve been harsh on equity research here, but I don’t want to disparage it too much.

There are many positives: You do get more creativity than in IB, it might be better for hedge fund or asset management exits, and it’s more fun to follow companies than to grind through grunt work on deals.

But no matter how you slice it, most equity research reports are watered-down stock pitches.

So, make sure you understand the “strong stuff” first before you downgrade – even if your long-term goal is equity research.

You might be interested in:

• The Equity Research Analyst Career Path: The Best Escape from a Ph.D. Program, or a Pathway into the Abyss?
• Private Equity Regulation : 2023 Changes and Impact on Finance Careers
• Stock Pitch Guide: How to Pitch a Stock in Interviews and Win Offers

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews

Read below or Add a comment

15 thoughts on “ What’s in an Equity Research Report? ”

Hi Brian, what softwares are available to publish Research Reports?

We use Word templates. Some large banks have specialized/custom programs, but not sure how common they are.

Is it possible if you can send me a template in word of an equity report? It will help the graduate stock management fund a lot at Umass Boston.

We only have PDF versions for these, but Word should be able to open any PDF reasonably well.

Do you also provide a pre constructed version of an ER in word?

We have editable examples of equity research reports in Word, but we generally only share PDF versions on this site.

Hey Brian Can you please help me with coverage initiated reports on oil companies. I could not find them on the net. I need to them to get equity research experience, after which only I will be able to get into the field. I searched but reports could not be found even for a price. Thanks

We have an example of an oil & gas stock pitch on this site… do a search…

https://mergersandinquisitions.com/oil-gas-stock-pitch/

Beyond that, sorry, we cannot look for reports and then share them with you or we’d be inundated with requests to do that every day.

No worries. Thanks!

Hi! Brian! Do u know how investment bankers design and layout an equity research? the software they use. like MS Word, Adobe Indesign or something…? And how to create and layout one? Thanks

where can I get free equity research report? I am a Chinese student and now study in Australia. Is the Morning Star a good resource for research report?

Get a TD Ameritrade to access free reports there for certain companies.

How do you view the ER industry since the trading commission has been down 50% since 2007. And there are new in coming regulation governing the ER reports have to explicitly priced and funds need to pay for the report explicity rather than as a service comes free with brokerage?

In addition the whole S&T environment is becoming highly automated.

People have been predicting the death of equity research for over a decade, but it’s still here. It may not be around in 100 years, but it will still be around in another 10 years, though it will be smaller and less relevant.

Yes, things are becoming more automated, but the actual job of an equity research analyst or associate hasn’t changed dramatically. A machine can’t speak with investors to assess their sentiment on a company – only humans can do that.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Learn Valuation and Financial Modeling

Get a crash course on accounting, 3-statement modeling, valuation, and M&A and LBO modeling with 10+ global case studies.

Suggested Keywords

Businesses & Institutions

Award Winning Global Research

Delivering the insights you need to help achieve your investment goals.

Our award-winning analysts, supported by our BofA Data Analytics team, provide insightful, objective and in-depth research to help you make informed investing decisions. We service individual investors and a wide variety of institutional money managers including hedge funds, mutual funds, pension funds and sovereign wealth management funds.

Data driven insights

BofA Data Analytics

BofA Data Analytics offers powerful tools such as social media monitoring, industry surveys, alternative data on jobs and other third-party data sets which, when combined with the insights produced by our experienced research team, uncover new ways of answering fundamental questions across sectors, regions and asset classes. Reports branded BofA Data Analytics are instantly recognizable as containing unique data and analysis.

Disciplines and coverage

• Global Economics  — delivers a broad range of coverage and commentary on more than 50 emerging and developed economies. Our economists study monetary policy and analyze a wide variety of indicators to formulate views on what is driving global economic growth.
• Global Investment Strategy  — offers an in-depth analysis of critical global issues across disciplines, regions and asset classes, providing clients with investment ideas and macro perspectives.
• Global Equity Research  — provides institutional and retail clients with in-depth research and analysis covering more than 4,000 companies in 35 global sectors across developed and emerging markets (EM). Research includes fundamental and technical analysis and hedging strategies.
• Global Credit Research  — encompasses high-grade, high-yield, credit strategy, credit derivatives, mortgages and other structured finance, municipals, indices, EM credit strategy, sovereigns and EM corporate credit research. Our analysts provide in-depth capital structure analysis of corporates and value-added investment ideas.
• ESG Research  — delivers in-depth research and analysis of environmental, social, and governance (ESG) investment themes across asset classes and regions. The team has also developed a proprietary ESG scoring framework, ESGMeter™ which evaluates companies on the ESG metrics found to be the most effective signals of financial stability.
• Global Rates & Currencies Research  — includes rates, foreign exchange, derivatives, and portfolio and risk strategy. Our analysts provide coverage on approximately 45 currencies across more than 50 economies.
• Global Commodities Research  — encompasses fundamental strategy, derivatives and portfolio strategy, metals and bulks. The team provides forecasts and recommendations on approximately 30 commodities.
• ETF Research  — includes coverage on 300 exchange traded funds (ETFs). Our analysts’ ratings reflect both an ETF Outlook (i.e. the ETF’s attractiveness relative to the other ETFs within its category) and a Category Outlook (i.e. BofA Global Research’s view of the ETF’s category).
• Corporate Access  — connects corporates and investors via in-person and virtual conferences, road shows, field trips and strategic access events. Nearly 5,000 corporate access events are held per year.

Clients can access our full suite of proprietary Global Research reports — anywhere, anytime.

A sampling of flagship reports includes:

• The RIC Report  — a monthly publication by the Research Investment Committee (RIC) in which analysts share investment themes and actionable ideas including asset allocation recommendations.
• Global Fund Manager Survey  — a monthly report that canvasses the views of approximately 300 institutional, mutual and hedge fund managers around the world.
• U.S. Economic Weekly  — a weekly guidebook for investors, which covers the upcoming week's economic topics leveraging proprietary indicators, key economic data, debt issuance and policy speakers.
• The Flow Show — The Investment Strategy team highlight their proprietary Bull & Bear Indicator that illustrates market sentiment based on recent flow data.
• The Thundering Word  — a report featuring our Global Investment Strategy team's best thinking and trade ideas, inclusive of cross-asset, macro themes.
• Portfolio Strategy — focuses on portfolio construction and strategy guidance for equity portfolios.
• Liquid Insight — a report from the Global Rates & Currency Research team highlighting their latest views on macro trends in the FX markets.
• Thematic Reports  — a variety of publications which explore the five themes we believe are driving a transforming world: people, innovation, markets, government and earth, and their related sub-themes.
• Global Proprietary Signals  — a monthly report offering macro takeaways from the 50+ indicators maintained by BofA Global Research. Looking at these proprietary indicators collectively provides a more fulsome view on the direction of the economy. The piece also offers observations on the Research department’s various industry indicators, from the Truck Shipper Survey to the home RENO barometer.
• BofA Global Research Podcasts — a podcast featuring analysts across a variety of sectors and regions offering their views on trending themes—from growth industries to rising risks and opportunities in global markets. New episodes are released weekly.

< Back to BofA Global Research

Explore more

It’s not just research. It’s results.

We are honored to be named #1 in the All-America Research Team survey on Oct 24, 2023, collected during the polling period of May 30 – June 23. Read more for details and methodology.

See the latest from Bank of America Institute

Uncovering powerful insights that move business and society forward.

Must Read Research

What you should know from the past week

Start my free trial

Please fill out the form below and an AlphaSense team member will be in touch within 20 minutes to help set up your trial.

The Value of Equity Research

Equity research is an invaluable asset for anyone looking to stay up-to-date on market and industry trends. In this guide, you will learn about the type of information contained in equity research, the value it offers to corporate professionals, and how the most advanced teams are already leveraging the expertise of Wall Street’s top analysts to inform critical business decisions.

Get the guide

Introduction.

Equity research, which forms a multi-billion dollar industry for investment banks, is produced by thousands of analysts worldwide to provide the market with valuable information on companies, industries, and market trends. Today, over 90% of equity research is consumed by fund managers, who have the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For corporate strategy professionals who lack this access, however, equity research has historically been challenging to obtain and navigate.

To help corporations circumvent these challenges, AlphaSense has introduced Wall Street Insights, the first and only equity research collection purpose-built for the corporate user. Through the AlphaSense platform, any business making strategic plans or product decisions, conducting competitive analysis, evaluating M&A, or engaging in investor relations can now tap into the deep industry expertise of Wall Street’s top analysts.

What is Equity Research?

Equity research is developed by sell-side firms to help investors and hedge fund managers discover market opportunities and make informed investment decisions. Increasingly, this expert analysis has also been identified by forward-looking corporations as a highly valuable tool to inform strategic decision-making.

There are thousands of sell-side firms that employ expert analysts around the globe to write equity research for the market. The majority of firms producing equity research are hyper-focused and only have one or two analysts developing reports on a specific industry. However, larger firms, such as Morgan Stanley and Bank of America, collectively employ thousands of analysts to write reports on thousands of public companies–covering everything from TMT giants to niche products.

Equity research analysts are deep subject matter experts who are often former executives, industry veterans, or academics. These analysts conduct in-depth research and publish reports on corporations, industries, and macro trends, offering an expert lens into a subject.

Historically, over 90% of equity research was consumed by buy-side fund managers, who had the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For buy-side professionals, equity research is a critical tool to inform sound investment decisions backed by expert insights.

Today, equity research is increasingly relied upon by corporate teams as a high-value source of information. These teams leverage equity research to make strategic business plans, conduct competitive analysis, evaluate mergers and acquisitions, and make product and marketing decisions. For corporations, the value of equity research lies in the detailed coverage of their company, their competitors, and how they are performing related to the marketplace they are within.

What is an Equity Research Report?

An equity research report is a document prepared by an equity research analyst that often provides insight on whether investors should buy, hold, or sell shares of a public company. In an equity research report, an analyst lays out their recommendation, target price, investment thesis, valuation, and risks.

There are multiple forms of equity research, including (but not limited to):

An update report that highlights the latest news, company announcements, earnings reports, Buy Sell Hold ratings, M&A activity, anything that impacts the value of the company.

A comprehensive company report that is compiled when an analyst or firm initiates their coverage of a stock. Initiation reports cover all of the divisions and products of a company in-depth to provide a baseline of what the company is and how it is performing. Initiation reports can be tens to hundreds of pages long, depending on the complexity of a company.

General industry updates that cover a group of similar companies within a sector. Industry-specific reports typically dive into additional factors such as loan growth, interest rates, interest income, net income, and regulatory capital.

A report compiled by research firms either daily or weekly. These reports can often be a great place to get more in-depth insight on commodities and also get market opinions from commodity analysts or traders who write the reports.

A quick 1-2 page report that comments on a news release from a company or other quick information

What is Included in a Typical Equity Research Report?

Research reports don’t need to follow a specific formula. Analysts at different investment banks have some latitude in determining the look and feel of their reports. But more often than not, research reports follow a certain protocol of what investors expect them to look like.

A typical equity research report includes in-depth industry research, management analysis, financial histories, trends, forecasting, valuations, and recommendations for investors. Sometimes called broker research reports or investment research reports, equity research reports are designed to provide a comprehensive snapshot that investors or corporate leaders can leverage to make informed decisions.

Here’s a quick overview of what a standard equity research report covers:

This section covers events, such as quarterly results, guidance, and general company updates.

Upgrades/Downgrades are positive or negative changes in an analyst’s outlook of a particular stock valuation. These updates are usually triggered by qualitative and quantitative analysis that contributes to an increase or decrease in the financial valuation of that security.

Estimates are detailed projections of what a company will earn over the next several years. Valuations of those earnings estimates form price targets. The price target is based on assumptions about the asset’s future supply & demand and fundamentals.

Management Overview and Commentary helps potential investors understand the quality and makeup of a company’s management team. This section can also include a history of leadership within the company and their record with capital allocation, ESG, compensation, incentives, stock ownership. Plus, an overview of the company’s board of directors.

This section covers competitors, industry trends, and a company’s standing among its sector. Industry research includes everything from politics to economics, social trends, technological innovation, and more.

Historical Financial Results typically cover the history of a company’s stock, plus expectations based on the current market and events surrounding it. To determine if a company is at or above market expectations, Analysts must deeply understand the history of a specific industry and find patterns or trends to support their recommendations.

Based on the market analysis, historical financial results, etc., an analyst will run equity valuation models. In some cases, analysts will run more than one valuation model to determine the worth of company stock or asset.

Absolute valuation models : calculates a company’s or asset’s inherent value.

Relative equity valuation models : calculates a company’s or asset’s value relative to another company or asset. Relative valuations base their numbers on price/sales, price/earnings, price/cash flow.

An equity research analyst’s recommendation to buy, hold, or sell. The analyst also will have a target price that tells investors where they expect the stock to be in a year’s time.

What Does an Equity Research Analyst Do?

Equity research analysts exist on both the buy-side and the sell-side of the financial services market. Although these roles differ, both buy-side and sell-side analysts produce reports, projections, and recommendations for specific companies and stocks.

An equity research analyst specializes in a group of companies in a particular industry or country to develop high-level expertise and produce accurate projects and recommendations. Since ER analysts generally focus on a small set of stocks (5-20), they become specialists in those specific companies and industries that they evaluate or follow. These analysts monitor market data and news reports and speak to contacts within the companies/industries they study to update their research daily.

Analysts need to comprehend everything about their ‘coverage’ to give investment endorsements. Equity research analysts must be conversant with the business regulations and regime policies within the country to decide how it will affect the market environment and business in general. The more you understand the industries in detail, the easier it will be for you to decipher market dynamics.

One prevalent aspect of an equity research analyst’s job is building and maintaining valuable relationships with corporate leaders, clients, and peers. Equity research is largely about an analyst’s ability to service clients and provide insightful ideas that positively influence their investing strategy.

EQUITY RESEARCH ANALYSTS:

• Analyze stocks to help portfolio managers make better-informed investment decisions.
• Analyze a stock against market activity to predict a stock’s outlook.
• Develop investment models and provide trading strategies.
• Provide expertise on markets and industries based on their competitive analysis, business analysis, and market research.
• Use data to model and measure the financial risk associated with particular investment decisions.
• Understand the details of various markets to compare a company’s and sector’s stock

Buy-Side vs. Sell-Side Analysts

Although the roles of buy-side and sell-side analysts do overlap in some respects, the purpose of their research differs.

How Do Corporates Currently Access Equity Research?

If you were to Google “equity research reports,” you would not get access to equity research, earnings call transcripts or trade journals. You would, however, discover an unmanageable amount of noise to sift through.

Accessing equity research reports is highly dependent on relationships and entitlements, particularly for corporate teams. Unlike financial firms and investor relations teams, who can access equity research by procuring the right entitlements, corporate teams have a much harder time finding and purchasing high-quality equity research.

If you were to search online for equity research, for example, you would be presented with sub-par options such as:

Some websites allow you to search for research reports on companies or by firms. Some of the reports are free, but you must pay for most of them. Prices range from just $15 to thousands of dollars.

If you want just the bottom-line recommendations from analysts, many sites summarize the data. Nearly all the websites that provide stock quotes also compile analyst recommendations, however, you will only get the big picture and not any of the detailed analysis.

Some independent research providers sell their reports directly to investors. These reports typically include an overview of what a stock’s price could be, plus an analysis of the company’s earnings. These reports often cost less than $100 but can be more.

The majority of equity research is completely unsearchable, which is why AlphaSense’s Wall Street Insights is changing the game for corporations globally. Now, with WSI, corporations can leverage this high-quality research to augment their understanding of specific companies and industries; plus, AlphaSense’s corporate clients can now conduct more meaningful analysis and make more data-driven decisions.

Real-Time Research : Real-Time research is available to eligible users (based on an entitlement) immediately upon publication by the broker. Financial Services users with entitlements are the primary consumers of real-time research, while some Corporate professionals are also eligible. Payment for real-time research is made directly from clients to brokers through trading commissions or hard dollar agreements.

Aftermarket Research : Aftermarket research is a collection of many of the same documents as the real-time collection, but it is available after a zero to fifteen-day delay. Investment bankers, consultants, and corporate users are the primary consumers of Aftermarket research.

What is Wall Street Insights?

Wall Street Insights is the first and only equity research collection purpose-built for the corporate market, providing corporations unprecedented access to a deep pool of equity research reports from thousands of expert analysts.

Through partnerships with Morgan Stanley, Bank of America, Barclays, Bernstein, Bernstein Autonomous, Cowen, Deutsche Bank, Evercore ISI, HSBC, and others, corporate professionals can now access the world’s most revered equity research, indexed and searchable in the AlphaSense platform.

From macro market trends and industry analyses to company deep-dives, the Wall Street Insights content collection provides corporate professionals with a 360-degree view of every market. With the valuable expertise of thousands of analysts on your side, corporate teams can quickly compare insights, validate internal assumptions, and generate new ideas to guide critical business decisions and strategies.

In terms of search and accessibility, Wall Street Insights is the first of its kind. Not only does AlphaSense offer hard-to-find equity research reports, but we also provide a robust and seamless search experience.

What Research Do You Get Access to with WSI?

Get access to the world’s leading equity research with Wall Street Insights. Download the e-book to learn more about equity research from Morgan Stanley, Barclays, Bernstein, Deutsche Bank, and more.

“We are delighted to partner with AlphaSense to expand access to Morgan Stanley’s global research platform,” says Simon Bound, Global Head of Research at Morgan Stanley. We have over 600 publishing analysts covering companies, industries, commodities, and macroeconomic developments across more than 50 countries. Morgan Stanley will bring corporates a unique perspective from our best in class analysts, a global platform, and a collaborative culture that enables us to unravel the most complex market and industry trends.”

How Can Companies Leverage Equity Research?

Discover how the world’s most innovative companies leverage Wall Street Insights to make critical business decisions every day. Download the e-book to read real case studies from a Corporate Development team and a Corporate Strategy team.

“AlphaSense’s corporate users are typically Corporate Strategy, Corporate Development, and Investor Relations professionals. Today, thousands of enterprises rely on equity research to power data-driven decision making. These teams leverage equity research reports to:”

• Create investment ideas
• Monitor peers in real-time (and discover what equity research is being produced about them)
• Model and evaluate companies (for M&A or general benchmarking)
• Dive deep into customers, partners, and prospects
• Get up-to-speed quickly on specific industry trends
• Prepare for earnings season

Ready to explore the world’s leading equity research

• Yale University Library
• Your Library Account
• Ask Yale Library
• Reserve Rooms
• Places to Study

Libraries & Collections

Information & policies.

• Yale Business Answers Now

Q. Where can I find analyst research (investment banking or equity research)?

• 23 Business Databases
• 14 Business Publications
• 1 Commodities
• 23 Company & Industry Information
• 1 Demographics
• 14 Economics
• 2 General Business & Management
• 1 Government & Law
• 5 Health Care
• 1 International Business
• 5 Library Access
• 3 Market Research
• 2 Marketing & Advertising
• 1 Nonprofits
• 1 Ross Library
• 1 Statistics

Answered By: Business and Management Librarians Last Updated: Nov 28, 2023     Views: 22995

The following library databases offer access to analyst reports:

Mergent Online   

To search for and download reports, select the  Investext  tab from the navigation bar at the top of the page. You can choose from a range of criteria to narrow your search, including company name, industry, or keyword.  

Analyst Research for a specific company can also be found from within a Company Profile in Mergent Online. To view available reports, click the Company Reports tab and select  Broker Research Reports  from the sub-navigation menu. 

In most instances, reports will be made available in Mergent Online 1-3 days after the original date of publication. 

LSEG Workspace  (previously known as Refintiv Workspace)

Access to our largest collection of analyst reports on companies and industries, dating back to 1982. Coverage and availability will vary by the contributor.  LSEG Workspace replaced Thomson ONE in late 2021 .

LSEG Workspace offers access to reports from the following banks: JP Morgan; Morgan Stanley; Deutsche Bank; Credit Suisse; Barclays; Bank of America; Wells Fargo; RBC Capital Markets; UBS; HSBC; Nomura: Jefferies.  Research from Goldman Sachs or Citi is  not  available. 

This resource requires users to register for an individual account.  Learn more here .

To locate research reports on a specific company:

• Search for a specific company by name or ticker and open the profile
• Select News &  Research  from the navigation bar, then click on  Company Research (New)
• Use the search filters located at the top of the page to customize your results

To search for and download reports:

• Click on the Menu  icon, located in the upper left corner of the page, then select  Research.  Next, choose A dvanced Research .
• Alternatively, you can enter  ADVRES  in the search bar at the top of the page.  
• Use the search filters to refine your search.
• Search options include Keyword Search, Industry filter, Report type, and Contributor (or publisher). 

View the OnDemand training Module from LSEG

Note: There is a 150-page daily download limit for research reports. This resets at 12 AM ET. 

LSEG Workspace provides access to research that is unavailable in Mergent Online. 

Additional analyst research reports are also available on Bloomberg, Capital IQ, and Morningstar Direct. 

Links & Files

• Getting Started with LSEG Workspace
• Share on Facebook

Was this helpful? Yes 0 No 0

Related Topics

• Company & Industry Information

Connect with a Business Librarian

• System Status
• Privacy Policy

• Baker Library

• Special Collections
• Fast Answers
• All Services
• Plan Your Visit
• Working Knowledge
• Academic Programs
• Faculty & Research
• Harvard Business Review
• Initiatives
• Map / Directions

Search our FAQs. Or, ask a new question!

Q. Investment analyst reports (equity research reports)

How do I find investment analysts' reports on companies, industries and geographies?

• 4 Analyst Reports
• 3 Business History
• 28 Career Resources
• 50 Company Financials
• 27 Company Profiles
• 71 Country & Regional Information
• 56 Course Information
• 54 Deals & Transactions
• 17 Demographics
• 32 Environmental, Social & Governance
• 8 Executives
• 64 Financial Markets & Indexes
• 100 Industries & Sectors
• 1 Learning Modules
• 28 Legal & Regulatory
• 13 Market Research
• 19 News & Trade Articles
• 8 Scholarly Research
• 28 Tools & Tips

Answered By: Meghan Dolan Last Updated: May 13, 2024     Views: 34324

Analyst Reports contain advice on whether to buy or sell the securities of specific companies or industries. They are produced by research analysts employed by firms that may have an interest in selling securities; however, they can provide a useful model to students in understanding how investment professionals analyze an industry and what data points they find of most interest. 

Please note:  analyst reports from several   highly ranked investment firms are  not  included in LSEG Workspace access (e.g. Goldman Sachs, BOFA Merrill Lynch, etc.) 

How to locate COMPANY analyst reports:

Use LSEG Workspace

• Enter the ticker symbol or company name
• On the company overview page, click on the Research tab and select Company Research
• Use the filters on the left to narrow down your results (Note: To limit to initiating coverage reports, use the Subjects/Topics filter, and select Initiation )

How to locate INDUSTRY/GEOGRAPHY analyst reports using keywords:

Use  LSEG Workspace

• Click on the Research tab and select Advanced Research
• Use the filters on the left to update the Date Range, select Industry, Country/Region, Contributor (investment bank or publisher), etc. and use the Keyword Search fields to enter your search terms

Video on Using LSEG Workspace:

Retention of reports: To comply with agreements they have with the banks, databases that aggregate investment reports will sometimes remove older reports, particularly if the author leaves the investment bank they were written for. For this reason, on occasion particularly older reports will suddenly disappear.

For a multimedia learning module on LSEG Workspace check out our Learn with Baker Library LSEG Workspace Introduction.

Additional investment report sources:

• Institutional Investor : For the latest rankings of the top investment bank research analysts for a particular industry click on "Research & Rankings" and then select ranking from the list (e.g. "All-American Research Team"). Entries include a summary of what the top analysts are saying about the industry they cover.
• EMIS : Once in a country's page in the database, click "Industry" and then select "Industry Research" to see whether any investment bank analyst reports are available.
• Bloomberg Research Portal

We also have several sources of analysis from a single firm :

• Morningstar Direct  (Morningstar reports also are available via Pitchbook . Select Library, then Research Center and choose Morningstar)
• Standard & Poor's NetAdvantage (for equity analysis)
• Standard & Poor's Ratings Direct within Capital IQ (for credit analysis)

Connect with Baker!

• Share on Facebook

Was this helpful? Yes 1 No 0

Copyright © 2022 President & Fellows of Harvard College.

Investment Research

Starting with the pivotal questions that matter to our clients' decisions, we apply the right research instruments to deliver clear insights.

UBS’s innovative approach to investment research, accessed through UBS Neo, gives you new ideas backed by primary evidence and the full value of best-in-class integration within the UBS Investment Bank. With an award-winning, multi-asset class global team, UBS Research’s primary goal is to help you advance your thinking around pivotal questions that matter to your investment decisions.

The flagship UBS Q-Series reports connect the dots across asset classes, geographies and sectors. Topics for Q-Series reports are selected from the UBS Question Bank, the central repository of thousands of investment questions gleaned from all research constituencies – clients, analysts and salespeople.

Organized and categorized to be easily browsed using UBS Neo’s advanced search capabilities, you can pull exactly the research you need in a matter of seconds. Customize your settings and we’ll serve up the research and insights related to the sectors, regions and topics you follow. You can also share research and commentary easily with colleagues and other UBS Neo users who have a subscription to UBS Research.

Related content

UBS Evidence Lab

45 specialized labs and insight-ready datasets for 1000s of companies.

UBS Knowledge Network

Macro FX, Rates and Credit sales and trading views, commentary and investment ideas.

Search, follow, create alerts and customize your market insights to suit you.

Access UBS Neo

This website uses cookies to make sure you get the best experience on our website. You can find more information under the Privacy Statement  and our  cookie notice . You are free to change your cookies' settings in the privacy settings.

You are now on the English website

Once you are done reading, you can return to the previous page by using your browser's back button.

Authorized UBS clients can login here

• Login to UBS Neo

Select your domicile

• North America
• Asia Pacific
• Middle East & Africa
• Latin America
• Netherlands
• Switzerland
• United Kingdom
• United States
• Mainland China
• Hong Kong SAR
• New Zealand
• Philippines
• Saudi Arabia
• South Africa
• United Arab Emirates
• More branches and offices in Middle East Africa

• Skip to main navigation
• Skip to guide navigation
• Skip to main content
• Library Home
• Library Guides

Company Information

• Investment Research & Analyst Reports
• Company Profiles
• Financial Data
• Private Company Information

Databases with Analyst Reports

• Annual Reports & Corporate Filings
• Stock Prices
• Directories
• Business & Economics Home
• Contact the Business Librarians

Refinitiv Workspace includes the Investext database of analyst reports, which covers major investment banks. It is the best starting point for analyst reports.

• Refinitiv Workspace This link opens in a new window Type ADVRES in the search bar to get directly to the report search. You are limited to viewing and downloading 150 pages per day. & more less... Refinitiv Workspace brings together company information from a variety of sources that are produced by Refinitiv. This includes company financials and filings, mergers and acquisition data and analyst reports.
• S&P Global NetAdvantage This link opens in a new window Reports from smaller investment advisors. & more less... Features S & P's Industry Surveys, which provide macro-level analysis of 56 major industries. Also includes company profiles and financial data with analyst rankings of investment potential as well information about company executives.
• Morningstar Investment Research Center This link opens in a new window Detailed reports on over 1,500 stocks, 2,000 mutual funds and 400 ETFs & more less... Stock, mutual fund and ETF screening tool that also includes reports from Morningstar analysts, company financials and insider and institutional holders data. Accessible for five users simultaneously.
• << Previous: ESG Data
• Next: Annual Reports & Corporate Filings >>
• Subjects: Business , Economics
• Updated: Mar 13, 2024 2:46 PM
• URL: https://guides.lib.uchicago.edu/company_research
• Report a problem
• Login to LibApps

Open sourcetools

At Morgan Stanley, we lead with exceptional ideas. Across all our businesses, we offer keen insight on today's most critical issues.

Personal Finance

Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals.

Market Trends

From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets.

Technology & Disruption

Whether it’s hardware, software or age-old businesses, everything today is ripe for disruption. Stay abreast of the latest trends and developments.

Sustainability

Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics.

Diversity & Inclusion

Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Hear their stories and learn about how they are redefining the terms of success.

Wealth Management

Investment Banking & Capital Markets

Sales & Trading

Investment Management

Morgan Stanley at Work

Sustainable Investing

Inclusive Ventures Group

Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals.

We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals.

We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments.

Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services.

We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions.

We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors.

We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology.

We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues.

From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success.

Core Values

Giving Back

Sponsorships

Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Underpinning all that we do are five core values.

Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back.

Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Our board of directors and senior executives hold the belief that capital can and should benefit all of society.

From our origins as a small Wall Street partnership to becoming a global firm of more than 80,000 employees today, Morgan Stanley has been committed to clients and communities for 87 years.

The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world.

Morgan Stanley is differentiated by the caliber of our diverse team. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients.

Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research.

At Morgan Stanley, giving back is a core value—a central part of our culture globally. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best asset—Morgan Stanley employees.

As a global financial services firm, Morgan Stanley is committed to technological innovation. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses.

At Morgan Stanley, we believe creating a more equitable society begins with investing in access, knowledge and resources to foster potential for all. We are committed to supporting the next generation of leaders and ensuring that they reflect the diversity of the world they inherit.

Why Morgan Stanley

How We Can Help

Building a Future We Believe In

Get Started

Stay in the Know

For 88 years, we’ve had a passion for what’s possible. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals.

At Morgan Stanley, we focus the expertise of the entire firm—our advice, data, strategies and insights—on creating solutions for our clients, large and small.

We have the experience and agility to partner with clients from individual investors to global CEOs. See how we can help you work toward your goals—even as they evolve over years or generations.

At Morgan Stanley, we put our beliefs to work. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give back—all to contribute to a future that benefits our clients and communities.

Meet one of our Financial Advisors and see how we can help you.

Get the latest insights, analyses and market trends in our newsletter, podcasts and videos.

• Opportunities
• Technology Professionals

Experienced Financial Advisors

We believe our greatest asset is our people. We value our commitment to diverse perspectives and a culture of inclusion across the firm. Discover who we are and the right opportunity for you.

Students & Graduates

A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley.

Experienced Professionals

At Morgan Stanley, you’ll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. See how you can continue your career journey at Morgan Stanley.

At Morgan Stanley, our premier brand, robust resources and market leadership can offer you a new opportunity to grow your practice and continue to fulfill on your commitment to deliver tailored wealth management advice that helps your clients reach their financial goals.

Through timely, in-depth analysis of companies, industries, markets and world economies, Morgan Stanley has earned its reputation as a leader in the field of investment research.

Scaling Up the Impact of Obesity Drugs

The global market for the blockbuster drugs could increase by more than 15-fold over the next five years as their benefits expand beyond weight loss, with expected implications for consumer goods and longevity.

What Could Keep India’s Bull Market Going?

As India votes, the election’s outcome and other key factors could help determine whether its stock market maintains its trajectory.

Where Will Older Adults Live?

Investors should watch how a growing 65-plus demographic in the U.S. is creating opportunities for providers of senior living and targeted healthcare solutions.

Next-Day Disruption

E-commerce is upending package delivery as retailers restructure their supply chains to focus on short-haul, regionalized models.

Election 2024: Inflation Outlook

It's too early to predict the results of the election on inflation and the broader economy, but there are three areas investors should watch.

K-Pop's Investment Potential

The pop music genre out of South Korea is set to broaden its horizons, with the $130 billion global music industry in its sights.

Japan Offers Lessons in Longevity

Japan's approach to the fastest-aging population may provide a guide for other nations in navigating the challenges of longevity.

Why 2024 Could Be a Hot year For M&A

Morgan Stanley Research predicts a 50% increase in deal volumes compared with 2023, thanks to growing corporate confidence and positive news on the global economy.

Aging Consumers Shop for Wellness

As the population grows older and wealthier, expected growth in health-enhancing products and services in Europe could offer lessons for the world on this demographic’s consumption preferences.

European Equities Could Keep Rising Like It's 1995

A look at the soft landings of the mid-1990s shows why European equities could see double-digit growth this year.

Will AI Plan Your Next Vacation?

Generative artificial intelligence could upend travel planning, bringing disruption and opportunity to online travel agencies and search engines.

Powering the AI Revolution

Generative AI’s tremendous growth will cause a surge in energy usage, which could benefit data centers and power providers—but it could also offer sustainability benefits.

What 'Edge AI' Means for Smartphones

As generative artificial intelligence gets embedded in devices, consumers should see brand new features while smartphone manufacturers could see a sales lift.

What Global Turmoil Could Mean for Investors

Weighing the investment impacts of global conflict and geopolitical tensions to international trade, oil prices and China equities.

Three Investing Trends for 2024 And Beyond

Longevity, decarbonization and technology disruption could provide long-term investment opportunities.

Exceptional Leaders/Exceptional Ideas

Morgan Stanley’s James Gorman: Seizing the Moment

James Gorman, Morgan Stanley’s Executive Chairman, reflects on his 14-year tenure as CEO, leading the firm during periods of unprecedented disruption and opportunity.

Van Hauwermeiren: 'Everyone Can Innovate'

Tim Van Hauwermeiren, co-founder and CEO of argenx, talks about how the biotech develops novel treatments for autoimmune conditions, why the line between success and failure is “razor thin” for fledgling companies and why innovation should happen in all corners of an organization.

Delta's Ed Bastian: Making Travel Magical

Delta Air Lines CEO Ed Bastian talks about how the COVID-19 pandemic helped build brand loyalty, his conviction to take tough stands and how he sees sustainability shaping the future of air travel.

Astrazeneca: Creating a Culture of Innovation

Pascal Soriot, the CEO of AstraZeneca, talks about how AI is changing drug development, the significance of ‘smart chemo’ and why real innovation requires taking risks.

The Home Depot: 'Our Culture is our Differentiator'

Ted Decker, CEO of The Home Depot, talks about the outlook for home improvement after its pandemic-driven boom, why technology makes DIY more accessible, and how he plans to lead The Home Depot through the next phase of growth.

Bill Gates: Big Ideas on Digitalization and Clean Energy

Bill Gates has spent a lifetime chasing what he calls “wild ideas.” Now he’s focused on breakthroughs in clean energy and digitalization as a tool to tackle global poverty.

Harley-Davidson: Revamping an Iconic Brand

Morgan Stanley sits down with Harley-Davidson CEO Jochen Zeitz to talk about what might be the biggest challenge of his career: making sure the iconic brand stays relevant without losing its authenticity.

How Digitalization is Transforming India

Morgan Stanley sits down with Nandan Nilekani, one of the visionaries behind India’s digital transformation, to discuss how India’s digitalization is transforming healthcare, education and banking in India.

Northrop Grumman: Redefining What's Possible

Morgan Stanley sits down with Northrop Grumman President and CEO Kathy Warden to talk about how one of the world’s largest aerospace companies thinks about innovation and exploration.

RWE: A Major Coal Producer Makes a Big Bet On Clean Energy

CEO of Germany’s RWE talks about how the company has transformed from one of the world’s largest brown coal producers to a leader in the global transition to clean energy.

Palo Alto Networks: Staying Ahead of Cyber Threats

Morgan Stanley sits down with Nikesh Arora, Chairman & CEO of Palo Alto Networks, to talk about how the pandemic changed the cybersecurity landscape.

Amgen: How Biotechnology is Transforming Medicine

Chairman and CEO of one of the world’s leading biotechnology companies, Bob Bradway, talks about how this one-niche segment is driving some of the biggest breakthroughs in medicine.

Walmart: Can the World’s Largest Retailer Keep Growing?

President & CEO of Walmart talks about how the company pulled off one of the greatest omnichannel transformations in retail history.

Listen to Thoughts on the Market

Managing for Economic Uncertainty

As the U.S. economy continues to send mixed signals, our CIO and Chief U.S. Equity Strategist explains how markets are likely to oscillate between “soft landing” and “no landing” outcomes.

Seeking Better Value in Emerging Market Debt

Our Head of Corporate Credit Research explains why the debt of high-rated EM countries is a viable alternative for investors looking for high yields with longer duration.

The Narrow Scope of U.S. Tariffs on China

Our Global Head of Fixed Income and Thematic Research explains that the Biden administration’s new tariffs on Chinese imports are narrower than those of 2018 and 2019, but still send a signal about the economic relationship between the U.S. and China.

Asia Equities: A Quarter of Dispersion

Our Chief Asia and Emerging Market Equity Strategist reviews an up-and-down first quarter for markets across the region, and gives an update on which sectors investors should be eyeing.

European Financials: Why Confidence Has Returned

The perspective from our recent European Financials Conference looked positive for UK markets, loan demand and M&A activity. Our European heads of Diversified Financials and Banks Research discuss.

A ‘Hot’ Summer for Oil?

Oil demand has been higher than expected so far in 2024. Our Global Commodities Strategist explains what could drive oil to $95 per barrel by summer.

Making Sense of Confusing Economic Data

Our Global Macro Strategist explains the complex nature of recent U.S. economic reports, and which figures should matter most to investors.

Morgan Stanley Technology, Media and Telecom 2024

Discover the latest trends in generative artificial intelligence and other themes shaping technology, media and telecom from this year’s TMT conference in San Francisco.

Open Banking: Is the Clock Ticking for European Banks?

Open Banking, which gives third-party providers secure access to customer data, hasn’t been as disruptive as feared, but it's still a force to be reckoned with for European Banks.

A New Space Economy on the Edge of Liftoff

Join Morgan Stanley as we explore the market forces, technology and imagination driving the new Space Age. Just as the elevator changed real estate, will the reusable rocket bring opportunities we can’t yet imagine?

Why COVID-19 Could Reshape the Future of Health Care

The pandemic reveals U.S. health-care system flaws and underscores benefits from innovation and streamlined regulation. See the 5 areas likely in focus for change.

Meet Our Analysts

Ellen Zentner

Benjamin Swinburne

• Find a Branch
• Schwab Brokerage 800-435-4000
• Schwab Password Reset 800-780-2755
• Schwab Bank 888-403-9000
• Schwab Intelligent Portfolios® 855-694-5208
• Schwab Trading Services 888-245-6864
• Workplace Retirement Plans 800-724-7526

... More ways to contact Schwab

  Chat

• Schwab International
• Schwab Advisor Services™
• Schwab Intelligent Portfolios®
• Schwab Alliance
• Schwab Charitable™
• Retirement Plan Center
• Equity Awards Center®
• Learning Quest® 529
• Mortgage & HELOC
• Charles Schwab Investment Management (CSIM)
• Portfolio Management Services
• Open an Account

Our award-winning investment research can help you make informed investment decisions.

• In-depth investment research from third-party providers and Schwab experts
• Specialized tools, support, and solutions for investors

Access stock market research with timely, fact-based insights from Schwab and leading independent providers.

Indices - View the latest movements of the most popular domestic and international indices, or dive in for a closer look. 

Sectors & industries - See how sectors are trending at a glance with heat maps based on your chosen time frame.

Breaking news - See the latest headlines to help you stay on top of the markets.

Schwab insights and commentary - Receive timely market and economic analysis from our specialists so you can make more informed investing decisions. View our latest market insights .

Market reports - Get a balanced perspective with premium, independent research from third-party firms, including Morningstar ® and Argus. See a sample report .

Find and analyze possible opportunities with investment research tools that help you filter out the noise.

These convenient features can help you quickly find potential trade opportunities. 

Schwab Stock List™

These lists offer a convenient way to find top-ranked companies based on factors like Analyst Ratings, Price Performance, and more.

Select Lists

ETFs and mutual funds on our Select Lists have been screened to provide a basic standard of liquidity, viability, and structural stability to help you make more informed investing decisions.  

Use pre-defined screens or customize your own to find trade candidates that fit your criteria. 

Once you have a trade idea in mind, these easy-to-use and customizable tools can help you conduct detailed analysis on a wide range of data and information.

Analyze price movement, volume, and more with interactive price charts and an array of overlaid indicators and comparisons. 

Access the latest pricing information, historical performance data, and other critical financial metrics of any potential trade or investment, such as dividends, expected earnings, and more. 

Access data-driven resources and support to help inform your decisions.

Schwab Equity Ratings®

Schwab assigns an A–F grade to approximately 3,000 U.S.-traded stocks to provide you with a quick assessment of our 12-month outlook. 

Live, personalized support

Talk one-on-one with experienced trading specialists who share your passion for trading. 

Continue your trading and investing journey.

Preview our research tools, learn about trading stocks, explore our investment products, have more questions we're here to help., morningstar.

• Asia Pacific
• Latin America
• Middle East & Africa
• North America
• Australia & New Zealand

Mainland China

• Hong Kong SAR, China
• Philippines
• Taiwan, China
• Channel Islands
• Netherlands
• Switzerland
• United Kingdom
• Saudi Arabia
• South Africa
• United Arab Emirates
• United States

From startups to legacy brands, you're making your mark. We're here to help.

• Innovation Economy Fueling the success of early-stage startups, venture-backed and high-growth companies.
• Midsize Businesses Keep your company growing with custom banking solutions for middle market businesses and specialized industries.
• Large Corporations Innovative banking solutions tailored to corporations and specialized industries.
• Commercial Real Estate Capitalize on opportunities and prepare for challenges throughout the real estate cycle.
• Community Impact Banking When our communities succeed, we all succeed. Local businesses, organizations and community institutions need capital, expertise and connections to thrive.
• International Banking Power your business' global growth and operations at every stage.
• Client Stories

Prepare for future growth with customized loan services, succession planning and capital for business equipment.

• Asset Based Lending Enhance your liquidity and gain the flexibility to capitalize on growth opportunities.
• Equipment Financing Maximize working capital with flexible equipment and technology financing.
• Trade & Working Capital Experience our market-leading supply chain finance solutions that help buyers and suppliers meet their working capital, risk mitigation and cash flow objectives.
• Syndicated Financing Leverage customized loan syndication services from a dedicated resource.
• Employee Stock Ownership Plans Plan for your business’s future—and your employees’ futures too—with objective advice and financing.

Institutional Investing

Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.

• Institutional Investors We put our long-tenured investment teams on the line to earn the trust of institutional investors.
• Markets Direct access to market leading liquidity harnessed through world-class research, tools, data and analytics.
• Prime Services Helping hedge funds, asset managers and institutional investors meet the demands of a rapidly evolving market.
• Global Research Leveraging cutting-edge technology and innovative tools to bring clients industry-leading analysis and investment advice.
• Securities Services Helping institutional investors, traditional and alternative asset and fund managers, broker dealers and equity issuers meet the demands of changing markets.
• Financial Professionals
• Liquidity Investors

Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.

• Center for Carbon Transition J.P. Morgan’s center of excellence that provides clients the data and firmwide expertise needed to navigate the challenges of transitioning to a low-carbon future.
• Corporate Finance Advisory Corporate Finance Advisory (“CFA”) is a global, multi-disciplinary solutions team specializing in structured M&A and capital markets. Learn more.
• Development Finance Institution Financing opportunities with anticipated development impact in emerging economies.
• Sustainable Solutions Offering ESG-related advisory and coordinating the firm's EMEA coverage of clients in emerging green economy sectors.
• Mergers and Acquisitions Bespoke M&A solutions on a global scale.
• Capital Markets Holistic coverage across capital markets.
• Capital Connect
• In Context Newsletter from J.P. Morgan
• Director Advisory Services

Accept Payments

Explore Blockchain

Client Service

Process Payments

Manage Funds

Safeguard Information

Banking-as-a-service

Send Payments

• Partner Network

A uniquely elevated private banking experience shaped around you.

• Banking We have extensive personal and business banking resources that are fine-tuned to your specific needs.
• Investing We deliver tailored investing guidance and access to unique investment opportunities from world-class specialists.
• Lending We take a strategic approach to lending, working with you to craft the fight financing solutions matched to your goals.
• Planning No matter where you are in your life, or how complex your needs might be, we’re ready to provide a tailored approach to helping your reach your goals.

Whether you want to invest on your own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.

• Invest on your own Unlimited $0 commission-free online stock, ETF and options trades with access to powerful tools to research, trade and manage your investments.
• Work with our advisors When you work with our advisors, you'll get a personalized financial strategy and investment portfolio built around your unique goals-backed by our industry-leading expertise.
• Expertise for Substantial Wealth Our Wealth Advisors & Wealth Partners leverage their experience and robust firm resources to deliver highly-personalized, comprehensive solutions across Banking, Lending, Investing, and Wealth Planning.
• Why Wealth Management?
• Retirement Calculators
• Market Commentary

Who We Serve

Explore a variety of insights.

Global Research

• Newsletters

Insights by Topic

Explore a variety of insights organized by different topics.

Insights by Type

Explore a variety of insights organized by different types of content and media.  

• All Insights

We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.

Institutional Investor Surveys

2024 Institutional Investor Surveys

J.P. Morgan Global Research. Setting a new standard. 

Please provide your feedback in the  Institutional Investor  surveys.

Strategic, full-service solutions to support your evolving governance needs

Key opportunity spaces for the pharmaceuticals sector in 2024.

Chris: Heading into 2024, we're seeing a really exciting opportunity to revisit the pharmaceutical sector given some of the underperformance we saw in 2023. We've got investors sentiments actually pretty bearish for the group right now. And we think that's going to be a really nice opportunity for investors to look at a fairly well positioned group at record low valuations.

Chris: We're really excited about the innovation more broadly across the sector. If you just think about 2023, we had the first disease modifying Alzheimer's drug fully approved by the FDA. If you look at oncology market, we had new technologies, things like CAR-T, bispecific antibodies, ADCs, meaningfully improving standard of care in a number of tumor types. These are huge markets where you haven't seen innovation in the last decade or longer.

Chris: The GLP one category. This year has been really an exciting year. We're estimating that this will be over a hundred billion revenue opportunity for the sector by the time we go out to the early 2030s. And that would make the GLP-1s the largest therapeutic market we've ever seen. We're expecting the capacity for the GLP-1s to double in 2024, increase another 50% in 2025, and that should really alleviate the bottlenecks we have from the capacity standpoint.

Chris: As we think about M&A, the themes really remain growth and innovation and that should lead to further consolidation of the small and mid-cap biotech sector, particularly the higher quality names. What we're seeing is a pivot away from larger, more complex transactions that we saw in the past. And instead what the industry seems to be doing is looking at these kind of smaller assets that are easier to integrate.

Chris: As I think about healthcare reform, the big focus for us is going to be on drug price negotiations. This is really coming about because of the inflation reduction act, which is allowing the US government for the first time to directly negotiate drug pricing with the pharmaceutical industry. Many of these are going to make drugs more affordable for seniors, which is great. But for the drug industry specifically, we're got to really watch to see how these negotiations go. It's a big overhang for the sector. One we think is manageable, but obviously we've got to watch exactly how these negotiations play out.

Lisa: Things to watch for in 2024 when we think about healthcare services specific to managed care and facilities, one, utilization trends. If you think about 2023, we saw an uptick in Medicare advantage utilization trends, we anticipate that those trends will carry forward into the first half of 2024. Second, GLP-1, the impact on both sides. How will this impact the commercial market? How will it impact PBMs? Third, the presidential election.

Lisa: GLP-1 were a big area of topic in 2023. They are currently not covered by Medicare or Medicaid. However, as we move into 2024, We'll need a legislative change for them to be covered.

We recently conducted a survey of 50 of the top 500 companies in the country, a large percentage of them are saying they're not going to cover it for weight loss, so we'll have to wait and see what happens.

Lisa: As we think about the medical costs and pharmacy costs in 24, we're getting back to normalization. Post covid, we had two years where people did not go to the doctor. They did not have surgical procedures done.

We had anticipated coming into 23 that we would see a higher acuity level. what we saw this year is that both cardiac procedures as well as orthopedic procedures, were higher than expected.

As we go into 2024, we expect that trend to continue within Medicare Advantage. On the commercial side, we have generally seen in line, utilization trends across the commercial population.

Lisa: As we think about potential legislative changes for the PBM, pharmacy benefit management business. One of the areas that they're trying to drive is more transparency in the business model. We believe any of the legislation is pretty benign to the current industry as we see it and therefore remain positive on the industry.

Environmental Social Governance is growing in every geography around the globe. It’s in the headlines, high up on the agendas of corporations, and at the forefront of investor interest.

Even though it started to take shape in the 1960s, ESG has gained significant momentum in recent years, with 2020 standing out as a milestone year in this space. Adoption across the global asset management industry more than doubled, with total ESG funds growing more than 100 percent. And companies are now rally more ambitious ESG goals.

What’s driving the move from momentum to mainstream?

This is ESG Investing, Unpacked.

ESG Investing looks at an asset, like equities or bonds, through an Environmental, Social and Governance lens.

The goal is to determine whether the asset makes a positive impact. For example, fighting climate change or supporting safe working conditions. Governance is all about how a company balances stakeholder interests: How are decisions made? What processes are in place? Who benefits?

Here’s another way to think about it: The “E” and “S” are the end results. The “G” determines how these results are achieved.

This data helps investors make better-informed decisions.

The rise of ESG investing is based on a few points in history. Among them are the social movements against the Vietnam war and apartheid in South Africa, when companies faced divestments in opposition.

In 1981, the first major U.S. organization that advances responsible investing was founded: The U.S. Sustainable Investment Forum. And key events created global awareness of environmental issues.

In 2008, the Financial Crisis called into question the industry’s social license to operate: How can the financial system works for everyone and not just shareholders? In 2015, 196 countries signed the Paris Agreement to reduce carbon emissions.

Most recently, the COVID-19 pandemic demonstrated the connectivity between crises: Public health, climate change and social inequality. In response, companies prioritized even more ambitious goals around ESG.

Three main ESG Investing strategies are growing quickly. Negative Screening typically excludes investments related to weapons, tobacco and fossil fuels. While exclusions were historically based on moral or religious preferences, now it’s about the financial risk associated with the negative impact of industries, such as human health for tobacco and climate change for fossil fuels.

ESG Integration has become the leading strategy. It focuses on how companies incorporate ESG criteria into their daily activities to achieve long-term financial performance. Then, ESG considerations and timelines are factored into risk analysis and investment decisions moving forward.

Impact Investing is the newest strategy. It intentionally aims to create positive social and environmental impact that is actively measured, as well as financial return. Like investing in the private debt of a company with a business model aimed at providing access to high-quality education for students from low-income backgrounds. Impact Investing is becoming increasingly common because more people want their money to contribute to the United Nation’s Sustainable Development Goals.

The ESG lens can be applied to any asset class. While equity is the most common, representing half of total ESG assets under management, green bonds are on the rise. Typically purchased by institutional investors, they help finance a company’s specific project climate-related or environmental project.

Sustainability-linked bonds are also gaining traction. These are performance-based and tied to whether the issuer achieves pre-defined ESG objectives within a set timeline.

Many investors are now looking beyond ESG targets and are increasingly focused on measurable results with clear plans. This trend, along with wanting more of a say in a company’s ESG practices, is expected to continue for the next several years.

Heightened regulation including environmental, employment, and civil protections, is another factor driving ESG market growth. Around 90 percent of oversight was implemented in the last 20 years and 50 percent arrived after 2010.

Europe leads this effort, where public companies are required to report implemented policies and where regulations are constantly evolving to reflect broader sustainability goals. Take the EU Green Deal, a set of policies to help the EU reduce emissions 55 percent by 2030 and reach net zero by 2050.

But sustainability challenges are global and require mobilized capital to solve them, all countries are working on ESG. Asia is beginning to implement its own regulations, and the U.S. administration is currently working on its own standards as well.

For the next several years, innovation will continue to shape the ESG landscape. From advancements in clean energy, like the growing hydrogen market, to how companies will deliver on advancing racial equality, and the upcoming public investments on clean infrastructures, all eyes are on ESG.

How healthy is the US economy? Could a recession be coming? How do investors feel about the current economic situation?

While none of us can see into the future, yield curves can help us map what lies ahead, answering these questions and many more with surprisingly-high levels of accuracy. So what exactly is a yield curve and how can one little line tell us so much? "

This is "Yield Curves: Unpacked.

In a nutshell, a yield curve is found on a graph that compares bond yields to maturity dates. Once plotted, the points are joined together with a line, forming the familiar yield curve. Here are four terms you'll need to understand to wrap your head around yield curves.

Bonds are debt securities issued by governments and corporations to raise money. In other words, bonds are a loan from an investor to an issuer. If an investor buys a Treasury bond, for example, they're essentially lending money to the U.S. government. Coupons are fixed interest payments, which investors receive periodically. This is the same as the interest paid on any loan, such as a mortgage or personal loan.

Maturity is when a bond's term comes to an end. This can be from 1 year to more than 10 years. At this point, the investor will get back the money they paid for the bond.

Yields are the returns made on a bond. The simplest version of yield is calculated by dividing the interest rate by the bond's current market price. Longer-term bonds will have higher yields-- in a stable economic environment, anyway. This is because they're considered riskier investments, as there's more time for market conditions and bond prices to change.

While a price change doesn't affect the fixed coupon payment, it does affect the yield. When prices go up, yields go down, making the bond less appealing. When long-term bonds have higher yields than short-term bonds, this forms the typical upward slope of a yield curve from left to right. A steeper slope can signal better economic conditions ahead, with higher growth and inflation, meaning better returns on long-term bonds.

Yield curves can also invert and slope in the opposite direction. This happens when short-term bonds have higher yields than long-term bonds. It's rare, but it can signal that an economic slowdown or even a recession is coming. This is particularly true of the U.S. Treasury yield curve, which tracks yields on short- and long-term treasuries. If you hear someone talking about the yield curve, they're likely referring to this one. And it's predicted past recessions with a great degree of accuracy.

How is this possible? First, the Treasury yield curve is a good reflection of investor sentiment. If investors expect interest rates to fall in the future, they might buy longer-term bonds to lock in the current rate, pushing up the price and lowering the yield. This is one way a yield curve can invert.

Low interest rates are usually associated with a weak economic environment, which is why this pattern can spell bad news for the economy-- if investors are correct, of course. Another reason is simply that the Treasury yield curve is so widely watched. Potential signs of a flattening curve may be enough to put markets in a spin.

There can be many reasons behind the pattern seen on a yield curve. And it's hard to account for all the forces at play within the bond market. But whatever the reasons might be, the Treasury yield curve will remain a strong signal of economic activity.

Research insights

Watch our Research Insights to learn about the key trends impacting the global economy.

Research podcasts

Research Podcast

At Any Rate

Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Global Data Pod

Economists from J.P. Morgan Global Research offer their analysis on the economic data, macro trends and monetary and fiscal policy impacting the world today.

Our platforms

J.P. Morgan Markets

Delivering the latest Research, Trading and Post-Trade services to clients.

A portal into the industry-leading proprietary financial market data from Markets Research and Trading.

Global Index Research

Providing insights, bespoke products and informed index management decisions.

Macro quantamental trading made easy by breaking down the barriers between purely quantitative and fundamental trading styles.

Research in numbers

Research coverage

analysts located in 25 countries

countries covered

companies covered

Best-in-class thought leadership

pieces of research

Global recognition

Through breadth of our coverage, the depth of our expertise and our commitment to client service, we have become the trusted advisor for clients across the globe. Our top rankings across industry surveys reflect the deep trust and important relationships we have developed with our clients.

Top Global Research Firm (2023)

Institutional Investor

Top Global Fixed Income Research Firm (2023)

#2 global equity research firm (2023), top us fixed income research firm (2023), top latin america fixed income research firm (2023), #2 all-america equity research firm (2023), #3 latin america equity research firm (2023), top developed europe fixed income research firm (2023), top emerging emea fixed income research firm (2023), #3 developed europe equity research firm (2023), top emerging emea equity research firm (2023), #2 asia (ex-japan) fixed income research firm (2023), top japan fixed income research firm (2023), #3 asia (ex-japan) equity research firm (2023), top international equity research firm in japan (2024), modal title.

You're now leaving J.P. Morgan

J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name.

• NYU Libraries

NYU Libraries' FAQs

• 1 Accessibility
• 8 Ask a Librarian
• 5 Audio, Video, and Music
• 17 Avery Fisher Center
• 14 Bern Dibner
• 79 Bobst Library
• 31 Borrow & Request
• 2 Building Policies
• 228 Business FAQs
• 41 Circulation
• 4 Computing
• 1 Consortium
• 4 Cooper Union
• 26 Course Reserves
• 21 Data Services
• 18 Digital Scholarship Services
• 2 Digital Studio
• 4 Donating Collections and Materials
• 2 Donations & Purchase Suggestions
• 147 E-Resources
• 8 Finding Articles & Databases
• 11 Finding Books & More
• 1 Friends of Bobst
• 9 Help by Subject
• 20 Interlibrary Loan
• 2 Jack Brause
• 2 Library Classes & Instruction
• 5 Locations & Hours
• 2 Microform
• 32 NYU Abu Dhabi
• 1 NYU Archives
• 2 NYU Classes
• 3 NYU Health Sciences
• 80 NYU Shanghai
• 4 Printing, Copying, Scanning
• 5 Privileges
• 3 Reference Materials
• 6 Research & Project Support
• 10 RETU(R)NINGS
• 1 Safety and Emergencies
• 42 Search our Collections
• 2 Spaces and Reservable Rooms
• 5 Special Collections
• 5 Study Spaces & Room Reservations
• 3 Teaching & Learning
• 3 Tech Support
• 5 The New School
• 30 UltraViolet Repository

Question: How do I find analyst reports (investment bank reports)?

Research Reports a.k.a Analyst Reports or Investment Banker Reports may focus on a stock or industry as well as financial instruments or geographic regions.  Generally a research report is produced by the investment industry analysts in order to provide guidance to investors. Not all investment reports are public.  The depth and quality of analyst reports vary considerably. They often provide very useful overviews with current event data.

Go to the Business Library's  Analyst Reports page for links to useful resources including links to the following suggested resources.

LSEG Workspace :  Formerly called Refinitiv, provides access to equity analyst research reports on companies and industries. Search the company or industry and click on Research in the tool bar.  Select either company or industry research to generate a list of analyst reports.   For information on how to access Refinitiv Workspace refer to the information at the link  to the database.

Mergent Online: Log in and click on the "Investext" tab on the top tool bar to access the analyst reports.

Bloomberg:  Use the  BRC or DOCS  commands. See also: Bloomberg guide .

On the NYU Business Library Company page : 

Morningstar Investment Research Center :  Provides comprehensive data and independent analysis on thousands of investments, spanning mutual funds, stocks, exchange-traded funds, and closed-end funds.  Go to Equity and select , Equity Analyst Reports.

Standard & Poor’s NetAdvantage :  Provides equity analyst research reports on companies and industries.  Go to the  Company  page  and select Investment Research.  Under Markets select Industry Surveys .

Related Topics

• E-Resources
• Business FAQs

• IESE Library

Q. Investment analyst reports (investment bank research)

How do I find investment analysts' reports on companies, industries and geographies?

• 81 Companies
• 9 Countries
• 35 Databases
• 17 Economics
• 10 Exchanges and Indexes
• 141 Finance
• 20 General Business
• 9 Health care industries
• 4 IESE Business School
• 41 IESE Library
• 36 Industries & Markets
• 26 International Business
• 22 Management
• 26 Marketing and Advertising
• 33 Publications
• 10 Rankings
• 34 Statistics
• 11 Taxation and Accounting

Answered By: IESE Library Last Updated: Oct 11, 2023     Views: 119

- LSEG (Refinitiv) Aftermarket Research AMR (formerly Thomson ONE Research)  We have online access to a range of investment bank reports via  RLSEG (Refinitiv) Aftermarket Research (AMR) . For Aftermarket Research reports, please contact the Library .

- Bloomberg (available at Barcelona Library Financial room)

Analyst reports for a company: Type your company's ticker symbol, then hit the yellow  EQUITY  key, then type  BRC  and hit the green GO key.

Bloomberg also contains analyst recommendations for companies.

Type your company's ticker, then hit the yellow  EQUITY  key, then type  ANR  and hit the green GO key.

• Share on Facebook

Was this helpful? Yes 0 No 0

Comments (0)

Related topics, useful links.

• Recently Active
• Top Discussions
• Best Content

By Industry

• Investment Banking
• Private Equity
• Hedge Funds
• Real Estate
• Venture Capital
• Asset Management
• Equity Research
• Investing, Markets Forum
• Business School
• Fashion Advice
• Investment Banking Forum IB

Where can I find equity research reports?

• Share on Facebook
• Share on Twitter
• Share on LinkedIn
• Share via Email

Where can I find equity research reports that projects apples revenues from 2010-2015? Thanks

If you are still in school, check out your college's library. My school's library offers online access to research reports through the school's online portal or whatever.

I guess this type of stuff is not free to the public?

XYZ US Equity BRC

are you referring to bloomberg terminal?

Wall street equity research reports are not freely available. They're like $100 a page.

http://www.raymondjames.com/rsch.htm

Ray Jay says contact financial advisors

There are a bunch of other ways to go about acquiring reports.

I don't know how in depth you want, but I get analyst reports from Bloomberg (the terminal) all the time. PM me with the tickers and I can email you PDF's tomorrow when I am on.

could you please help me with RJ's research report on Antero Midstream Partners (NYSE:AM). My mail id is sharma(dot)dhiraj0 @ gmail (dot) com

Just sign up for a brokerage account but don't deposit funds. You still have access to everything on there for a while. TD Ameritrade gives you reports from CS , S&P, and a few less well-known companies. Like LIBOR said check with your school, you may have access even if you already graduated.

Best ER Reports Available Online ( Originally Posted: 04/29/2010 )

Who provides the best ER reports online? I have an Ameritrade account and can access reports from Credit Suisse, The Street.Com, Ford Equity Research, and S&P but I just wanted to know what shop has the best reports that the common man has access to.

I personally like CS reports. MS isn't too bad. Big 5 Canadian banks are great for mining too...

Where do you get a feed of MS reports?

You won't be able to find any online unless you somehow have access to themarkets.com or ThomsonOne. No firms give out their research for "free", at least not to the common man that is. You may be able to find some ER reports flow through to news articles (e.g., Barrons) since they're usually distributed to the media once published. But outside of that, you won't be able to get your hands on one unless you have a buddy at a sell-side firm or one who works on the buy-side that has access to them.

The Credit Suisse reports are ok. I actually like S&P reports the best, but as someone who has aspirations in ER I also would like to have reports from a major bank as a reference.

I wonder why CS provides reports to Ameritrade while the rest of the BB's don't. I'm sure they get a hefty fee, but it just sticks out to me that one BB would play in that market and the rest don't.

Is anybody a suscriber to Zack's? Their monthly fee is only $9.99 and they seem to have a solid rep with retail investors, from what I've heard.

CS reports to Schwab too. Personally, CS is avg... nothing really special in my opinion.

Used to be that GS gave Schwab research. That was cool.

I'd pay for briefing or streetaccount to get abridged research, rather than counting on it via your online broker.

CS appears with TD Ameritrade, and also with ETrade, if you have $100k placed with them.

BarCap reports appear with Fidelity.

ER is a sophisticated form of marketing. Banks can no longer really generate revenue from this department anymore; at least, not directly. However, the function is still necessary to support the S&T platform. By allowing people access to their reports, they building up brand recognition and goodwill - if they can't get revenue out of the department, then they can at least get something else.

To be honest, out of the ones you've mentioned, I actually find Ford Equity Research to be the most accurate. They keep it simple, and it's hard for their trends to go wrong. However, their formulaic approach is a bit too obvious (outdated information on certain companies). S&P reports tell you the most about the company, but I'm not convinced at all by their prescience. With Credit Suisse, I've noticed that the less they rely on formulas and the more confident they are with their analysts' insight, the better their calls tend to be.

Any idea as to how much a subscription to ThomsonOne or themarket.com goes for on an annual basis? I would imagine at least $1K/month?

top ER firms=barcap, jp , bank of america

Equity Research Report ( Originally Posted: 12/26/2011 )

Does anybody know where I could find an example of an ER report? Just trying to get insight on structure and formatting. Thanks in advance

find equity research reports ( Originally Posted: 10/17/2014 )

my school has Thomson One Banker. How do I find equity research reports from it?

Call the help line and ask?

If you don't subscribe to any you won't see them.

Equity Research Reports ( Originally Posted: 02/02/2010 )

Are there free equity research reports anywhere on the internet? They don't have to be current.

Message me your email address and I'll send you one.

Not sure if this is what you had in mind, but here you go. http://www.freeman.tulane.edu/burkenroad/companies.php

How to find existing ER reports on Google? ( Originally Posted: 06/09/2013 )

I tried a few search options, but couldn't find anything... How do you find existing reports of stocks that are covered?

I want to pick a few stocks for an ER interview that I have...

If you sign up for a free Fidelity account you can access Credit Suisse reports. Other than that I've never been able to access reports outside of a database like Bloomberg or Thomson One.

Illuminate: If you sign up for a free Fidelity account you can access Credit Suisse reports. Other than that I've never been able to access reports outside of a database like Bloomberg or Thomson One.

Thanks a lot, man... just realized I had access to Thomson One through the school's database... They have everything I need :)

Interview Help: Equity Research Report ( Originally Posted: 03/18/2016 )

Freshman here.

Can someone help me with Equity Research reports (research reports, industry data etc.) for Apple? I have to prepare a detailed model on Apple for an ib interview and I would just like to read the reports that are out there but are not available for free. If someone can pass them to me, that would be great.

Really appreciate it.

If you're inexperienced and you do a pitch on apple, it's likely you'll be crushed

I am not really making a pitch. I am a freshman and I have been looking for an M&A summer internship in my home country (Scandinavia). I finally manage to convince an MD to interview me. He liked my story but he is not sure about my modelling skills. He asked me to create a detailed financial model (with scenario analysis), Merger Model & an lbo model.

After few people advised me on Apple in my previous post, I went through their annual report and I feel a bit comfortable working on them. So that's why, I picked Apple. Can you recommend me some other company which is not a household name but also fairly easy to value for a first timer?

I'm not sure if I would pitch Apple if the focus of the interview is on your modeling ability - it's very heavily covered (arguably one of the most watched companies in the world), and their massive amount of difficult-to-quantify brand equity might make some parts of the valuation a little bit more difficult. If you're projecting out earnings, for example, it would be very difficult to just fix a mature and steady rate of growth because it fluctuates very heavily (and others would argue that the smartphone market is becoming saturated and more competitive, etc.).

At the end of the day though, if you feel comfortable with Apple and their business model you should just go ahead and do it.

Can anyone pull an equity research report for me? ( Originally Posted: 10/21/2009 )

Unfortunately I don't have access to equity research reports and I could really use a few pulled for a firm that I have to look into. Can anyone pm me and help me out?

GibsonLA: Unfortunately I don't have access to equity research reports and I could really use a few pulled for a firm that I have to look into. Can anyone pm me and help me out?

Which sector are you looking for?

PM me with what you are looking for and I'll see what I can find.

quadruple post

Help: Equity Research Report ( Originally Posted: 11/17/2009 )

I was wondering if any of you with access to equity research reports could help me out and pull a few reports for a specific firm. It would really help me with a project that I'm working on.

Thank you in advance

Your brokerage account should offer free reports. I know trade king do and so do etrade.

Et vero quia velit autem. Minus autem recusandae qui in.

Magni dolor qui inventore. Optio culpa in nobis temporibus ducimus consequatur. Sit quia dicta delectus dolorum tempora. Fuga aliquid ullam ipsum qui asperiores.

Nisi similique sint quis beatae consequatur odio quis. Non minima nulla accusantium et vel. Eligendi nihil sed molestias quia et.

See All Comments - 100% Free

WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)

or Unlock with your social account...

Sunt est voluptas qui officiis rem sapiente. Possimus sapiente quia unde id repudiandae assumenda. Minima pariatur ex reprehenderit et nobis ipsum iusto non. Dolor praesentium voluptatem deleniti vitae et.

Quaerat architecto suscipit quia nobis maiores dolores commodi est. Eveniet eos soluta officiis ut. Qui provident eum aliquam nobis qui non molestias.

Doloribus pariatur consequuntur voluptas dolor laudantium rerum consequatur quia. Placeat iusto et incidunt exercitationem. Adipisci enim delectus animi necessitatibus. Dicta dolore numquam commodi fugiat odio dignissimos quia quibusdam.

Want to Vote on this Content?! No WSO Credits?

Already a member? Login

Trending Content

Career Resources

• Financial Modeling Resources
• Excel Resources
• Download Templates Library
• Salaries by Industry
• Investment Banking Interview Prep
• Private Equity Interview Prep
• Hedge Fund Interview Prep
• Consulting Case Interview Prep
• Resume Reviews by Professionals
• Mock Interviews with Pros
• WSO Company Database

WSO Virtual Bootcamps

• Jun 01 Private Equity Interview Bootcamp 10:00AM EDT
• Jun 08 Financial Modeling & Valuation Bootcamp Jun 08 - 09 10:00AM EDT
• Jun 22 Investment Banking Interview Bootcamp 10:00AM EDT
• Jun 29 Foundations Bootcamp 10:00AM EDT
• Jul 13 Real Estate Modeling Bootcamp 10:00AM EDT

Career Advancement Opportunities

May 2024 Investment Banking

Overall Employee Satisfaction

Professional Growth Opportunities

Total Avg Compensation

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

• Silver Banana
• Banana Points

“... I believe it was the single biggest reason why I ended up with an offer...”

Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.

or Want to Sign up with your social account?

• Get 7 Days Free
• Help Center

Finding a Stock Analyst Report

Example: To evaluate Boeing, begin typing the name or the ticker (BA) in the upper left search box, then select the stock.

Be selecting this stock you are direct to Stock Analyst Report with Quote tab selected by default. Each tab offers in depth information.

On the stock’s quote page , the following tabs are available.

• Quote: Contains bid/size, ask/size, day range, volume / avg, year range, forward div yield, market cap, investment style, price/sales, beta, (5-year), consensus forward P/E, price/book, a snapshot of Morningstar analysis, analyst note, view report archive, company profile.
• Stock Analysis: Access our analyst’s comprehensive review, including Morningstar’s exclusive Star Rating, Moat Rating and Fair Value Estimate.
• News: contains articles from Market Watch, PR Newswire, Global News Select.
• Price vs Fair Value: contains price vs fair value chart.
• Trailing Returns: contains trailing returns chart (daily, monthly, quarterly).
• Financials: contains valuation, growth (3-year annualized), financial health, profitability, income statement, balance sheet, cash flow.
• Valuation: contains valuation chart.
• Operating Performance: contains fiscal chart, financial leverage chart.
• Dividends: contains dividends & splits chart, ex-dividend date, payable date, divided type, amount, dividend yield (TTM), dividend reinvestment plan.
• Ownership: contains ownership data for funds and institutions.
• Executive: contains key executives, board of directors, committees, transaction history.

• Search Search Please fill out this field.

Equity Research

Investment banking, key differences, special considerations, the bottom line.

• Career Advice

Equity Research vs. Investment Banking: What's the Difference?

Equity Research vs. Investment Banking: An Overview

Investment banking may no longer be the undisputed first choice for the best and brightest. Instead of streaming into investment banking , many top graduates are now opting for careers in management consulting, technology, or launching their own startups. While the allure of investment banking may have dimmed, due to long hours and a stressful work environment, the industry still attracts many workers. Equity research is also another destination for prospective financial employees.

Equity research is sometimes viewed as the unglamorous, lower-paid cousin of investment banking. The reality, though, differs from this widely held perception. In order to help you formulate your own opinion, here's a head-to-head comparison of equity research (sell-side research that is conducted by the research departments of broker-dealers) and investment banking in 10 key areas.

Key Takeaways

• A career in finance can take many paths, including investment banking and equity research.
• Investment bankers work on M&A deals and issue new securities to the market.
• Equity researchers conduct thorough analysis and research of companies and their share price to issue investment recommendations.
• Each role has different responsibilities and hours, which will suit prospective candidates differently.
• The pay for investment bankers is a bit higher in the early career stage, especially when bonuses are included, and this gap further widens over the course of a career.

Equity researchers analyze stocks to help portfolio managers make better-informed investment decisions. Equity researchers employ problem-solving skills, data interpretation, and various other tools to understand and predict a given security’s behavioral outlook.

This often involves quantitatively analyzing a stock’s statistical data in relation to recent market activity. Finally, equity researchers may be tasked with developing investment models and screening tools that identify trading strategies that help  manage portfolio risk .

Equity researchers are responsible for identifying patterns with current market price changes and using this information to create algorithms that identify profitable stock investment opportunities. The equity researcher should be able to understand the idiosyncratic differences between various international markets in order to cross-compare domestic and foreign stocks.

The low end of the salary range is $52,000, while the high end sits at $147,000. The average salary is over 93,000 as of 2024. Private equity firms and other financial services companies are the chief employers of equity researchers. The majority of these jobs are based in New York City, although firms are increasingly offering positions in major metropolitan hubs like Chicago, Boston, and San Francisco.

Investment banking is a specific division of banking related to the raising of capital for other companies, governments, and other entities. Investment banks underwrite new debt and equity securities for all types of corporations; aid in the sale of securities; and help to facilitate  mergers and acquisitions , reorganizations, and broker trades for both institutions and private investors.

Investment banks also provide guidance to issuers regarding the issue and placement of stock. Investment banking positions can include elements of consulting, banking, capital market analysis,  research , trading, and much more. Each requires a specific skills to be developed.

A degree in finance, economics, accounting, or mathematics is a good start for an investment banking career. However, most investment banking jobs focus their recruiting on elite universities.

Those interested in investment banking should strongly consider pursuing a  Master of Business Administration  (MBA) or other professional qualifications.

Great people skills are a huge positive in any investment banking position. Even dedicated research analysts spend a lot of time working as part of a team or consulting with clients. Some positions require more of a sales touch than others, but comfort in a professional social environment is key. Other important skills include communication skills (explaining concepts to clients or other departments) and a high degree of initiative.

1. Work-Life Balance

Equity research is the clear winner here. Although 12-hour days on weekdays are the norm for equity research associates and analysts, there are at least phases of relative calm. The busiest times include initiating coverage on a sector or specific stock, and earnings season when corporate earnings reports have to be analyzed rapidly.

The hours in investment banking are almost always brutal, with 60-80 hours per week being a baseline for investment banking analysts (the lowest on the totem pole). During busy times, work weeks can be up to 100 hours or more.

There has been a growing backlash against the atrocious hours demanded by investment banking analysts. In response, Goldman Sachs has enacted a rule guaranteeing that bankers will not have to work between 9 p.m. Friday and 9 a.m. on Sunday. These restrictions may do little to change the "work hard, play hard" culture of investment banking.

The most common complaint of those who have quit investment banking is that the total lack of work-life balance leads to burnout. That complaint is seldom heard from those employed in equity research.

Major financial jobs tend to be concentrated in major financial hubs such as New York, Chicago, London, and Hong Kong. This is no different for equity research analysts and especially investment bankers, many of whom are paid to relocate to their firm's home city.

2. Visibility

Equity research is the winner in this area as well. Associates and junior analysts often receive recognition for their work by being named on research reports that are distributed to a firm's sales force, clients, and media outlets.

Since senior analysts are recognized experts on the companies they cover in a sector, they are sought after by the media for comments on these companies after they report earnings or announce a material development.

Investment bankers, on the other hand, toil in relative obscurity at the junior level; however, their visibility increases significantly as they climb the investment banking ladder, especially if they are part of a team that works on large, prestigious deals.

3. Advancement

Investment banking wins in this area. There is a clear path with defined time frames for career progression in investment banking. This begins with the analyst position (two to three years), then transitions to an associate position (three-plus years), after which one is in line to become a vice president and eventually director or managing director.

The career path in equity research is less clearly defined but generally goes as follows—associate, analyst, senior analyst, and, finally, vice president or director of research. Within the firm, however, investment bankers probably have better prospects for reaching the very top, since they are deal makers and manage relationships with the firm's biggest clients.

Research analysts, on the other hand, might be viewed as number crunchers who do not have the same ability to bring in big business.

4. Job Functions

Investment banking probably wins here as well, albeit only over the longer term. Equity research associates start off by doing a lot of financial modeling and analysis under the supervision of the analyst who is responsible for the coverage of a specific sector or group of companies.

Also, associates also communicate to a limited extent with buy-side clients, top management of the companies under coverage, and the firm's traders and salespeople. Over time, their responsibilities evolve to less financial modeling and a greater degree of report writing and formulating investment opinions and theses; however, there isn't a great deal of variability in the job functions of associates and analysts. What varies is the relative time spent on these functions.

Investment bankers, on the other hand, spend the first few years of their careers immersed in financial modeling, comparative analysis, and preparing presentations and pitchbooks . But as they climb the ladder, they get the opportunity to work on exciting deals such as mergers and acquisitions or initial public offerings.

Research analysts only get this opportunity occasionally, when they are brought "over the wall" (the "wall" refers to the mandatory separation between investment banking and research) to assist on a specific deal involving a company that they know inside out.

5. Education and Designations

A bachelor's degree is a must for any aspiring equity research analyst or investment banking associate. Common areas of study include economics, accounting, finance, engineering, computer science, mathematics, or even physics. While it is possible to get hired with just a bachelor's degree, further qualifications can be used to get hired. They are also great for furthering one's career.

The difference between an equity researcher and an investment banker is determined by what post-graduate credentials are usually obtained. Most equity researchers earn a Chartered Financial Analyst (CFA) designation and most investment bankers get a Master of Business Administration (MBA) degree.

The CFA, widely regarded as the gold standard for security analysis, has become almost mandatory for anyone wishing to pursue a career in equity research. But while the CFA can be completed at a fraction of the cost of an MBA program, it is an arduous program that needs a great deal of commitment over many years. Being a self-study program, the CFA does not provide an instant professional network as an MBA class does.

The MBA curriculum, by virtue of being more business-oriented and less investment-oriented than the CFA, makes it more suitable for the investment banking profession; however, the competition to get into the best business schools—which is where most Wall Street firms hire their associates—is intense. Many aspiring investment bankers enter into some other financial field, perhaps working as analysts or advisors, and work toward their MBA.

Investment Bankers are required to pass the FINRA Series 79 Investment Banking Representative Exam.

6. Skill Sets

Both jobs require a great deal of analytical and mathematical/technical skills, but this especially applies to equity research analysts. These analysts need to be able to perform complex calculations, run predictive models, and prepare financial statements with quick turnarounds.

As noted earlier, financial modeling and in-depth analysis are common to both investment bankers and research analysts in the earlier stages of their careers. Later on, the skill sets diverge, with investment bankers required to be adept at closing deals, handling large transactions, and managing client relationships.

Research analysts, on the other hand, need to be effective at both verbal and written communication and have the ability to make balanced decisions based on rigorous analysis and due diligence .

7. External Opportunities

Successful research analysts and investment bankers generally have no shortage of external opportunities because of their experience, knowledge, and skills. Research analysts are likely to gravitate toward the buy-side (i.e., money managers, hedge funds, and pension funds), while seasoned investment bankers usually join private equity or venture capital firms.

8. Barriers to Entry

Both investment banking and equity research are difficult areas to get into, but barriers to entry may be slightly lower for equity research. Investment banking tends to draw more applications, due to prestige and higher pay.

9. Conflicts of Interest

Although investment bankers and research analysts both have to steer clear of conflicts of interest , this is a bigger issue in equity research than in investment banking. This was highlighted by the U.S. Securities and Exchange Commission's (SEC)  enforcement actions against 10 leading Wall Street firms in 2003, relating to analyst conflicts during the telecom/dot-com boom and bust of the late 1990s and early 2000s.

Under the settlement, the firms paid disgorgement and civil penalties totaling $875 million, among the highest ever imposed in civil securities enforcement actions. The 10 firms also had to agree to undertake a host of structural reforms designed to completely separate their research and investment banking arms.

10. Compensation

Both investment banking and equity research are well-paid professions, but over time, investment banking is a much more lucrative career choice.

Investment bankers are famous for their high pay and large signing bonuses. According to the online finance community "Wall Street Oasis," summer interns earn the equivalent on a pro-rata basis of around $77,000, plus a signing bonus of around $6,000 . First-year analysts earn an average salary of $80,239 in 2024, plus bonuses, according to PayScale.

Total compensation will vary greatly depending on job location, company, and the employee's performance review.

The real moneymakers, however, are investment banking associates, who earn between $150,000 and $200,000, with a 50% to 100% bonus. It is not unusual for total compensation for a senior vice president or managing director to exceed $400,000 annually.

The average equity research analyst earns over $93,000 in annual compensation in 2024, according to PayScale, plus a bonus. While it's higher than investment banking analysts starting out, this profession doesn't typically see the same magnitude of bonuses or salary growth as the career progresses. Research analysts indirectly generate revenues through sales and trading activities that are based on their recommendations.

The reputation of a firm's research department may be a significant factor in swaying a company's decision when selecting an underwriter when it has to raise capital. But even though the investment firm may make a substantial amount through underwriting fees and commissions, research analysts are prohibited from being compensated directly or indirectly from investment banking revenues.

Instead, research analysts are compensated over and above their salaries from a bonus pool. These periodic bonuses are determined by a number of factors including trading activity based on the analysts' recommendations, the success of such recommendations, the profitability of the firm, and its capital markets division and buy-side rankings.

Nonetheless, due to larger bonuses, entry-level investment bankers may receive total compensation that is higher than their research counterparts, and this gap may widen markedly over time.­

Is Equity Research the Same As Investment Banking?

No, equity research is not the same as investment banking. Both jobs have similarities but clear distinctions in overall purpose. Equity researchers evaluate companies with the goal of making investment recommendations. They analyze a company in all aspects, from its financials to its competition to its industry outlook, and its share price, to determine how the company might perform in the future and how its share price might move. Investment bankers also analyze companies in a similar fashion, but their goal is to determine whether a company is suitable for a merger or acquisition.

What Skills Do You Need for an Equity Research Job?

The skills required for an equity research job include an understanding of finance, economics, and accounting. An equity researcher must be able to analyze a company's financial statement. Equity researchers should also know financial modeling, Excel, and valuation methods. In addition to the quantitative skills required, equity researchers should be able to write well as they will be writing investment recommendations based on their quantitative analysis.

How Many Hours Does an Equity Research Associate Work?

An equity research associate typically works 55 to 60 hours per week, which can increase to 70 to 80 hours per week during earnings releases. Typically, equity researchers do not need to work weekends. The hours for an equity research associate or analyst are often less than that of an investment banker, who often has to work weekends.

Overall, if one has to make a choice between embarking on a career in equity research versus one in investment banking, factors such as work-life balance , visibility, and barriers to entry favor equity research. On the other hand, factors like prospects for advancement, job functions, and compensation tilt the scales in favor of investment banking. Ultimately, however, the choice comes down to your own skill set, personality, education, and ability to manage work pressures and conflicts of interest.

Payscale. " Average Equity Analyst Salary ."

Mergers and Inquisitions. " The Equity Research Associate: Remnant of a Dying Industry, or the Hero That Gotham Deserves ."

Career Principles. " Investment Banking Hours: The 100-Hour Work Week ."

Forbes. " After Complaints of ‘100-Hour’ Workweeks, Goldman Sachs Is Allowing Bankers To Take Off on Saturdays ."

FINRA. " Series 79 – Investment Banking Representative Exam ."

U.S. Securities & Exchange Commission. " Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflicts of Interest Between Research and Investment Banking ."

Wall Street Oasis. " What Is a Summer Analyst (SA)? "

PayScale. " Average Investment Banking Analyst Salary ."

Wall Street Oasis. " Investment Banker Salary & Compensation, Average Bonus in Banking ."

PayScale. " Average Equity Analyst Salary ."

U.S. Securities and Exchange Commission. " Commission Approves Rules To Address Analyst Conflicts; SEC Also Requires Edgar Filings by Foreign Issuers ."

• Is Finance a Good Career Path? 1 of 30
• Making It Big on Wall Street 2 of 30
• Best Websites to Find a Job in Finance 3 of 30
• Top 4 Financial Jobs You Can Do From Home 4 of 30
• How to Get a Head Start on Your Financial Career 5 of 30
• 10 Ways to Land a Finance Career Without a Finance Degree 6 of 30
• Most Prestigious Finance Internships 7 of 30
• A Career Guide for Marketing Majors 8 of 30
• How to Land a Finance Job with a Bachelor’s Degree 9 of 30
• Uncommon Jobs for Your Finance Degree 10 of 30
• What's the Average Salary for a Finance Major? 11 of 30
• Best Series 7 Exam Prep Courses 12 of 30
• Best Series 63 Exam Prep Courses 13 of 30
• Best CPA Prep Courses of 2024 14 of 30
• Is a Career in Financial Planning in Your Future? 15 of 30
• How to Become an Investment Bank Analyst 16 of 30
• How to Become a Managing Director at an Investment Bank 17 of 30
• How to Transition Into a Finance Career 18 of 30
• How to Become a Financial Writer 19 of 30
• How to Become a Financial Analyst 20 of 30
• Financial Analyst: Career Path and Qualifications 21 of 30
• A Day in the Life of a Financial Analyst 22 of 30
• Financial Analyst vs. Data Analyst: What's the Difference? 23 of 30
• Financial Analyst vs. Accountant: Knowing the Difference 24 of 30
• Financial Analyst vs. Financial Consultant Careers 25 of 30
• Investment Banking vs. Corporate Finance: What's the Difference? 26 of 30
• Equity Research vs. Investment Banking: What's the Difference? 27 of 30
• Career As an Investment Banker 28 of 30
• A Day in the Life of a Financial Advisor 29 of 30
• 5 Forex Careers for Financial Professionals 30 of 30

• Terms of Service
• Editorial Policy
• Privacy Policy
• Your Privacy Choices

What investors can take away from Q1 bank earnings reports

earnings reports, which revealed a fair degree of optimism balanced by caution, as senior executives set the tone for the rest of the year.

merchant fee-pricing issue from previous years . While the liability is more than double what the firm originally estimated in July 2023, Discover's Chief Financial Officer John Greene saw positives in revenue of $4.2 billion that was higher than anticipated.

Bank of America 's report card. Profits dipped as the bank sought to build a cushion for net charge-offs that reached $1.5 billion at the end of the quarter by posting a $1.3 billion provision for the losses. Despite the rise in charge-offs, David Fanger, senior vice president of the financial institutions group at Moody's, described the bank's credit performance in the first quarter as "resilient."

Visa card spending remains strong, despite a slowdown in Asia

various federal agencies probing the unit for potential money laundering issues.

In response to an analyst's question about whether the investigations would alter the business strategy around wealth management, CFO Sharon Yeshaya said they wouldn't. "This is a phenomenal business … and we're in a great position," she said. "There are no changes in our ability to do business, and we're extremely confident in our ability to grow and to deepen the relationship with the breadth of firm offerings that we have to serve our clients."

considering reducing headcount and pay in its investment banking business.

JPMorgan's investment banking performance across different products. He said that the narrative around initial public offerings has "changed to a meaningful degree this quarter," and the bank has started to see more promising performance after some disappointing results.

Truist gets an earnings boost from its investment banking unit

Citi executives had previously predicted. Boosting revenue may not be as easy, but Mason sees "flexibility" in having an expense target range of between $51 billion and $53 billion.

At the same time, "we've got a mix of businesses that I think we've demonstrated resiliency around … and we expect for those to continue to drive some top-line momentum," Mason said. "But we've got levers in case they don't."

Catch up on these stories in our roundup of first-quarter earnings report news.

'Solid' results buoy Discover, despite millions assigned to overcharge liability

overcharging certain merchants and acquirers from 2007 through last year. 

about $365 million . "After extensive discussions with several constituencies, including merchants and regulators, Discover decided to significantly increase our liability for the card misclassification issue," said Shepherd during the call.

Due to the funds set aside for the merchant issue, Discover's net income for the quarter ended Jan. 31, 2024, was $309 million, down 68% from the same period a year earlier, said John Greene, Discover's chief financial officer. Revenue was $4.2 billion, beating analysts' expectations.

Discover cuts its profit to resolve its old merchant missteps

Credit card and office loan losses fail to dampen enthusiasm at Bank of America

Bank of America reported that its net charge-offs increased by more than 80% in the first quarter from the same period last year, from $807 million to $1.5 billion, as consumers struggled to pay off their credit card debt and the bank faced continued turbulence in the commercial real estate sector. To manage the rising credit risk, the bank posted a $1.3 billion provision for credit losses, up from $931 million a year earlier. 

"All of this is still well within our risk appetite and our expectations, and it's consistent with the normalization of credit we've discussed with you in prior calls," Chief Financial Officer Alastair Borthwick told analysts during the bank's quarterly earnings call in April.

The firm pulled in net income of $6.8 billion last quarter, down from $8.2 billion in the first quarter of 2023, dampened in part by the credit-loss provision and a special assessment from the Federal Deposit Insurance Corp. related to bank failures last spring.

Bank of America hurt by rising losses in credit cards, office loans

Full steam ahead for Morgan Stanley despite regulatory scrutiny

CEO Ted Pick reported record revenue of $6.9 billion in the firm's wealth management business during the company's first-quarter earnings call, as well as strong margins and a boost in net new assets.

the existence of multiple investigations into how the investment bank vets prospective clients and the source of their wealth, saying that the firm has "been spending time, effort and money" on the issues for many years.

"This is not a new matter," Pick told analysts. "We've been focused on our client onboarding and monitoring processes for a good while."

Wealth management has been critical to Morgan Stanley's business model since the 2008 financial crisis. Last year, the unit reported net revenues of $26.3 billion, nearly half of the firm's total net revenues of $54.1 billion.

Amid probes, Morgan Stanley vows not to change its wealth strategy

'Green shoots' emerge for investment banking at JPMorgan Chase and Wells Fargo

Wells Fargo after the slump that hit the entire industry last year.

JPMorgan Chase raked in $2 billion of investment banking revenue during the first quarter, up 27% year-over-year, as it took advantage of fees from equity and debt market activity. "We were happy to see the good results in investment banking this quarter, quite strong," Chief Financial Officer Jeremy Barnum said in April during a call with reporters.

Wells Fargo CFO Mike Santomassimo said all of its investment banking products saw increased activity during the first quarter, earning $474 million in revenue, up 24% from the previous quarter.

"Our results benefited from the areas where we have had strength for some time such as investment-grade debt capital markets and from the talent we've been attracting into the business," Santomassimo said. "While it is still early, we are encouraged by the green shoots we're seeing."

Investment banking gives Wells Fargo, JPMorgan Chase earnings boost

Citi may get a boost from an early downturn in expenses

Citi executives had previously predicted. 

Citi has the flexibility to reduce expenses by even more if firmwide revenues fall short of the targeted compound annual growth rate of between 4% and 5% through 2026.

multiyear risk management overhaul , Mason said. The "flexibility" comes from having an expense target range of between $51 billion and $53 billion, he added.

Citi makes progress on expenses as it waits for revenues to rise

The payday loan industry is looking to extend its years-long legal fight with the Consumer Financial Protection Bureau. It's planning to ask a federal appeals court to revisit a ruling that upheld a proposed limit on how often payday lenders can try to pull money from their customers' accounts.

New York Community Bancorp hasn't said who will replace Chief Operating Officer Julie Signorille-Browne, who is resigning amid a management shake-up.

A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.

Nash, the head of tech, media and telecom coverage, has no intention of ending her four-decade career anytime soon.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.

Pima Federal Credit Union in Tucson plans to buy Republic Bank of Arizona in a cash transaction slated to close in the second half of this year. It's the ninth deal in 2024 in which a whole bank would sell itself to a credit union.

This site uses cookies to optimize functionality and give you the best possible experience. If you continue to navigate this website beyond this page, cookies will be placed on your browser. To learn more about cookies, click here .

Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre . Please read our Privacy Policy .

See Headlines »

News in your inbox

For Finextra's free daily newsletter, breaking news and flashes and weekly job board.

Related Companies

Lead channel.

TCF 2024 day 2: ESG, AI, and the market outlook

Benjamin Ensor, director of research and strategy at 11:FS, moderated the first panel of the day to look at a market updates. He was joined by Kanika Hope, chief strategy officer, Temenos; Dan Broten, chief technology officer, EQ Bank; and Rob Keijsers, chief digital and information Officer, ASA International.

Regarding the slowdown in the number of digital banks being launched, Hope commented: “We're entering unchartered territory with the rising interest rate and inflationary environment, because we're facing tightening funding and incumbent fight back. Funding levels have fallen by 80% since 2021, because investor scrutiny has shifted from growth to profitability.”

She added on the reasons for the lessening interest in challenger banks, stating: “The issue really is that these challenger banks, the customers that they have are not as profitable, they tend to be younger, they tend to be less creditworthy and the primary relationship they still maintain with a conference who have a broader range of products.”

Keijsers: “From a divergent strategy 10/15 years ago, people want to go back to converging financial services, but then with the quality of those specific service providers combined into one.”

Looking to the future of embedded finance, Hope commented: “Twice as many banks want to keep the customer relationship and orchestrate digital ecosystems themselves. So whether they succeed or not, it's a different matter, but they want to be able to create superapps themselves and have their brand name out there in the marketplace.”

Broten commented on their decision to embrace cloud and SaaS as a business: “The main benefits we were chasing were scalability, resilience and security. And we achieved all of those in a very, very short order.”

He added: “Now that we're not focusing on the infrastructure and managing that, we can redirect some of that energy in terms of our DevOps capability and our engineering capability on how fast we can build. How fast we can learn? How fast we can deliver value?”

Looking to the patterns in the next five years, Keijsers commented that many of the markets they are in may not be on cloud yet, but predicted African mobile banking “leapfrogging” the West. Hope argued that AI and generative AI will likely make the biggest impact, while Broten sees an increasing emphasis on big data.

Driving ESG on the cloud

Kalliopi Chioti, chief marketing and ESG officer, Temenos took to the stage to discuss some of the ESG measures the company wanted to highlight.

Chioti specified four reasons to focus on ESG:

• Regulation and reporting requirements
• Reputational risks
• Competition and customers
• Cost and efficiency

Chioti moved on to say it is important to think about sustainability on the cloud and sustainability of the cloud.

Broten then came back on stage with Chioti to elaborate on the experiences of EQ bank.

He emphasised the importance of the company to measure all of their emissions. He said: “We can only do that with the right data and partnerships. So that's where we had the opportunity to get together with Microsoft seminars and ourselves to come up with a way of solving that problem.”

Regarding how they embed sustainability into their operations, Broten said: “It factors into the core decisions across the bank. That's one of the principles that kind of weaves across everything we do. So we think about our investors, our shareholders, our employees, and our customers.

“This becomes one of the themes that we look at when we consider decisions. So maybe it's where we're lending and the type of investments we may make and how we finance factors directly into them. But also in terms of the type of technology decisions that we're selecting and making.”

Reality of generative AI

Prema Varadhan, president product and COO, Temenos, introduced the “super demo” of Temenos’ new AI software . She stated this demo was to show an “end-to-end user journey that is seen through the lens of a customer, explaining how with all of these capabilities and technologies, you can drive that customer growth and satisfaction.”

Ermes Dajko, senior cloud solutions architect, Temenos, showed the first part of this demo. He said: “The way we look at personalisation now is outdated. If you think about it, if you have a second look, personalisation in today's world is more or less analysing data of the past and trying to predict customer behaviour and preferences of the future. On the other hand, product offerings are one size fits all and tailoring is limited to just pricing.”

Dajko illustrated a situation of asking the Temenos AI product questions about specific users with the scenario of finding a new segment to target for products.

Stelios Makrinos, senior product solution manager, Temenos, took over the demo at this stage to show how the AI can be used to further develop a product for a the target market. He claimed this tool would enable users to build a product in under five minutes per product.

Finally, Arun Thallapelly, global head of BSG, Temenos, finished the AI demo. He said: “We are transforming the way we distribute products. We're moving away from one size fits all to truly tailored products solutions for our customers.” Thallapelly concluded the session: “This technology is not just an enhancement, it's a revolution. It is poised and promising to take and redefine the landscape of customer service, personalisation and financial efficiency.”

Temenos Leap

In one of the final breakout sessions of this year’s conference, Terry Page, director of global client delivery, Temenos, went through Temenos Leap , the programme of updating users to the latest platform and technology.

Page said: “Its latest technology, security performance, and it's accelerated… We're talking about doing this in months.”

He concluded: “It begins the process of preparing for cloud, it doesn't mean you go to cloud. You will have your own views on where you need to go within your business and where you get the value, but when you when you engage with Leap and Leap programme, these are the key values that you're going to get.”

Sponsored: [Webinar] Trade based financial crime: Mitigating TBFC compliance risk with technology

Comments: (0)

• News on Finextra
• Corporate Profile

Write a blog post about this story (membership required)

Visa unveils suite of new products for the digital age

16 May 0 4 10

Banco Santander suffers data breach at third party supplier

14 May 0 1 1

'Neobank in a box' startup Fintech Farm raises $32 million

13 May 1 1 5

/regulation

Australia passes digital id bill, related news.

TCF 2024 day 1: New CEO gives opening address

16 May 2024 0 1 1

Temenos ramps up AI offensive

13 May 2024 0 2

Temenos appoints CEO; says sales hit by Hindenburg report

&#39;Neobank in a box&#39; startup Fintech Farm raises $32 million

Investing in fintech: how technology is reshaping the financial services landscape, see all reports ».

Fraud and AML Case Management: How to Operate at the Speed of Risk

10 downloads

The Future of UK Fintech - 2015-2035

417 downloads

Definitive Differentiators - Forging a future-proof payments model

564 downloads

• Global (EN)
• Albania (en)
• Algeria (fr)
• Argentina (es)
• Armenia (en)
• Australia (en)
• Austria (de)
• Austria (en)
• Azerbaijan (en)
• Bahamas (en)
• Bahrain (en)
• Bangladesh (en)
• Barbados (en)
• Belgium (en)
• Belgium (nl)
• Bermuda (en)
• Bosnia and Herzegovina (en)
• Brasil (pt)
• Brazil (en)
• British Virgin Islands (en)
• Bulgaria (en)
• Cambodia (en)
• Cameroon (fr)
• Canada (en)
• Canada (fr)
• Cayman Islands (en)
• Channel Islands (en)
• Colombia (es)
• Costa Rica (es)
• Croatia (en)
• Cyprus (en)
• Czech Republic (cs)
• Czech Republic (en)
• DR Congo (fr)
• Denmark (da)
• Denmark (en)
• Ecuador (es)
• Estonia (en)
• Estonia (et)
• Finland (fi)
• France (fr)
• Georgia (en)
• Germany (de)
• Germany (en)
• Gibraltar (en)
• Greece (el)
• Greece (en)
• Hong Kong SAR (en)
• Hungary (en)
• Hungary (hu)
• Iceland (is)
• Indonesia (en)
• Ireland (en)
• Isle of Man (en)
• Israel (en)
• Ivory Coast (fr)
• Jamaica (en)
• Jordan (en)
• Kazakhstan (en)
• Kazakhstan (kk)
• Kazakhstan (ru)
• Kuwait (en)
• Latvia (en)
• Latvia (lv)
• Lebanon (en)
• Lithuania (en)
• Lithuania (lt)
• Luxembourg (en)
• Macau SAR (en)
• Malaysia (en)
• Mauritius (en)
• Mexico (es)
• Moldova (en)
• Monaco (en)
• Monaco (fr)
• Mongolia (en)
• Montenegro (en)
• Mozambique (en)
• Myanmar (en)
• Namibia (en)
• Netherlands (en)
• Netherlands (nl)
• New Zealand (en)
• Nigeria (en)
• North Macedonia (en)
• Norway (nb)
• Pakistan (en)
• Panama (es)
• Philippines (en)
• Poland (en)
• Poland (pl)
• Portugal (en)
• Portugal (pt)
• Romania (en)
• Romania (ro)
• Saudi Arabia (en)
• Serbia (en)
• Singapore (en)
• Slovakia (en)
• Slovakia (sk)
• Slovenia (en)
• South Africa (en)
• Sri Lanka (en)
• Sweden (sv)
• Switzerland (de)
• Switzerland (en)
• Switzerland (fr)
• Taiwan (en)
• Taiwan (zh)
• Thailand (en)
• Trinidad and Tobago (en)
• Tunisia (en)
• Tunisia (fr)
• Turkey (en)
• Turkey (tr)
• Ukraine (en)
• Ukraine (ru)
• Ukraine (uk)
• United Arab Emirates (en)
• United Kingdom (en)
• United States (en)
• Uruguay (es)
• Uzbekistan (en)
• Uzbekistan (ru)
• Venezuela (es)
• Vietnam (en)
• Vietnam (vi)
• Zambia (en)
• Zimbabwe (en)
• Financial Reporting View
• Women's Leadership
• Corporate Finance
• Board Leadership
• Executive Education

Fresh thinking and actionable insights that address critical issues your organization faces.

• Insights by Industry
• Insights by Topic

KPMG's multi-disciplinary approach and deep, practical industry knowledge help clients meet challenges and respond to opportunities.

• Advisory Services
• Audit Services
• Tax Services

Services to meet your business goals

Technology Alliances

KPMG has market-leading alliances with many of the world's leading software and services vendors.

Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

• Our Industries

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

• What sets us apart

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Relevant Results

Sorry, there are no results matching your search..

FRB Reports: Supervision and Regulation; Financial Stability

Increasing supervisory findings and declining ratings at banks of all sizes; focus on governance/controls and IT/operational risk

KPMG Insights:

• Regulatory Findings Increase: There are increasing numbers of outstanding supervisory findings for institutions of all sizes. Only about one-third of the large financial institutions have satisfactory ratings across all three rating components: 1) capital planning and positions, 2) liquidity risk management and positions, and 3) governance and controls.
• Span of Findings: Approximately two-thirds of large institution's outstanding findings relate to governance and control issues (including operational resilience, cybersecurity, and BSA/AML compliance). For CBOs and RBOs, the top outstanding findings relate to IT/operational risk and risk management/internal controls.
• Market Challenges: The FRB acknowledges challenges due to changes in depositor behavior, higher funding costs, reduced market for investment securities, and increased commercial real estate and consumer loan delinquencies. 

_______________________________________________________________________________________________________________________________________

The Federal Reserve Board (FRB) issues the semiannual reports on Supervision and Regulation and Financial Stability.

1.  The Supervision and Regulation Report assesses current banking conditions and transparency into the FRB's supervisory priorities and actions. For institutions of all sizes, highlights include:

• Increasing numbers of outstanding supervisory findings.
• A supervisory focus on liquidity, interest rate, and credit risk management.
• Declining numbers of institutions with satisfactory ratings.

2. The Financial Stability Report presents FRB's current assessment of the stability of the overall U.S. financial system, noting:

• Increasing asset valuations, improving financial conditions for households and businesses, sound levels of overall leverage, and ample liquidity in the financial system.
• Concerns around interest rates and inflation, geopolitical tensions and policy uncertainty, and deteriorating real estate market conditions, particularly around commercial real estate (CRE).

Details of the reports are outlined below.

1.  Supervision and Regulation Report

Highlights of the FRB's Supervision and Regulation Report follow.

Banking System Conditions. The FRB states, "The banking system remains sound and resilient. Most banks continue to report capital and liquidity levels above applicable regulatory requirements. Deposits have increased overall since the last report. Some banks still face challenges navigating changes in depositor behavior, higher funding costs, and reduced market values for investment securities. Asset quality generally remains sound. However, CRE and consumer loan delinquencies have been increasing. Earnings have declined as banks have increased loan loss provisions and incurred higher funding costs."

Regulatory Developments. The report highlights regulatory developments since November 2023, including an interagency (FRB, FDIC, OCC) request for comment on reducing regulatory burden and guidance on third-party risk management (TPRM) for community banks.

Supervisory Developments. The FRB states that it "conducted examinations and closely monitored liquidity positions and risk management at large financial institutions, including reviewing recent deposit trends, deposit and liability management strategies, liquidity risk-management practices, access to secured funding, liquidity stress test projections related to deposits, and liquidity buffer composition." Supervisors also completed examinations to assess the following:

• Interest rate risk management practices.
• Credit risk management practices, particularly CRE and credit card loan quality, internal risk reporting, loss forecasting, and adequacy of reserves for credit loss.
• Cybersecurity risk management.

Similarly, the FRB states that it "intensified" monitoring of CBOs and RBOs that appeared most vulnerable to funding pressures (including access to contingency funding, liquidity asset buffers, and deposit outflow assumptions) and those with large CRE concentrations.

2024 Supervisory Priorities. The report outlines FRB's supervisory priorities for the remainder of 2024 for large financial institutions (with $100 billion or more in total assets), community banking organizations (CBOs) (with less than $10 billion in total assets), and regional banking organization (RBOs) (with between $10 and $100 billion in total assets). These priorities are outlined in the table below.

Trends in Supervisory Findings and Ratings

The report includes the following data indicating that supervisory findings for large financial institutions, CBOs, and RBOs continue to increase. For large financial institutions, the FRB states that approximately two-thirds of the outstanding conclusions relate to governance and control issues (including operational resilience, cybersecurity, and AML/BSA compliance), followed by an increasing number of findings related to liquidity and interest rate risk management practices. For CBOs and RBOs, the top outstanding findings relate to IT/operational risk and risk management/internal controls.

The report also finds a declining number of institutions of all sizes with satisfactory ratings. Weaknesses at large institutions were found in liquidity and interest rate risk management and governance and controls, with only about one-third of institutions receiving a satisfactory rating across all three components (capital planning and positions, liquidity risk management and positions, and governance and controls). Weaknesses at CBOs and RBOs were also found to relate to liquidity and interest rate risk management.

2.  Financial Stability Report

The FRB's Financial Stability Report distinguishes between shocks to and vulnerabilities of the financial system, and primarily focuses on vulnerabilities across four categories and several near-term risks to the financial system, each of which is highlighted below.

Overview of financial system vulnerabilities. The report provides an overview of financial system vulnerabilities in four areas:

• Asset Valuations: The report states that asset valuations have increased to elevated levels relative to fundamentals, corporate credit spreads have narrowed, residential real estate valuations remain near their peak, and CRE market conditions (e.g., vacancy rates, rent rates) continue to deteriorate, particularly for the office sector, since the October 2023 report.
• Borrowing by Businesses and Households: The FRB notes businesses and households continue to improve their financial condition (e.g., reducing outstanding debts, leverage), but vulnerabilities remain moderate as measured by indicators for businesses and households (e.g., overall leverage, interest coverage ratios (ICRs), household debt, mortgage credit risk, and general consumer credit risk).
• Leverage within the Financial Sector: The FRB states that the overall banking system remains sound, with bank profitability remaining robust. Despite rising delinquency rates in some consumer and CRE loan segments, credit quality also remained sound. However, vulnerabilities associated with financial leverage remained notable, reflecting fair value losses on fixed-rate assets for some banks and elevated leverage at some nonbanks.
• Funding Risks: Overall, the report states that there remains a high level of liquidity in the banking industry. However, structural vulnerabilities (e.g., rapid outflows/runs) persist at money market funds, other cash management vehicles, and stablecoins, and liquidity risks persist in bond mutual fund asset holdings and with central counterparties amid interest rate volatility.

Near-Term Risks to the Financial System. The FRB highlights possible interactions between the existing vulnerabilities and the following near-term risks to the financial system:

• "Higher-for-longer" interest rates in the U.S. and other advanced economies could strain the global financial system.
• Worsening global geopolitical tensions could lead to broad adverse spillovers and policy uncertainty.
• Weaknesses in economic activity could compound existing strains in real estate markets, both domestically and globally (particularly CRE), and amplify risks to the global financial system.

Dive into our thinking:

Explore more.

Points of View

Insights and analyses of emerging regulatory issues and their impact.

Regulatory Insights View

Series covering regulatory trends and emerging topics

Regulatory Alerts

Quick hitting summaries of specific regulatory developments and their impact.

Get the latest from KPMG Regulatory Insights

KPMG Regulatory Insights is the thought leader hub for timely insight on risk and regulatory developments.

Meet our team

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement .

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Job seekers

Visit our careers section or search our jobs database.

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

• Public Service That Makes a Difference ®

How do banks manage risks in their credit card portfolios?

New boston fed working paper analyzes how firms track risks and respond to ‘breaches’.

bernie_photo/Getty Images

DOWNLOAD PDF

SUMMARY  | BACKGROUND REPORT

This site uses cookies to optimize functionality and give you the best possible experience. If you continue to navigate this website beyond this page, cookies will be placed on your browser. To learn more about cookies, click here .