Top Tech ER Analysts
I’m thinking about making a lateral move. Who would be some of the top tech equity research analysts on the street?
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Based on previous WSO threads, here are some insights on identifying top tech equity research analysts:
TipRanks: A useful resource to check out is TipRanks.com, which aggregates analyst performance and can help you identify top-performing tech analysts.
Equity Research Reports: Reviewing reports from top-rated research houses can give you an idea of who the leading analysts are. These reports often highlight analysts with strong track records in the tech sector.
Corporate Access: Analysts who have strong relationships with tech companies and provide valuable corporate access are often highly regarded. This can be a key differentiator in the quality of their research.
Industry Knowledge: Top tech analysts are those who have an in-depth understanding of the technology sector, including knowledge of key components, supply chains, and market trends.
For more detailed information, you might want to explore specific threads and discussions on Wall Street Oasis related to top analysts and their performance.
Sources: What would you like to know about Equity Sales / Research?, Overview of the Equity research Industry, What would you like to know about Equity Sales / Research?, Ask a VP in Equity Research anything - 2018 Edition, Equity Research: Wall Street's Best Kept Secret
Dunno but it’s not like you’ll have your choice of pick. They have to be hiring and also pick you. Could be good to network with some people so they consider you later.
That’s true but I do have the luxury of waiting for at least a decent seat to open up.
If it helps, I’m looking for more advertising based coverage. I don’t know if there is a team that is just advertising but that would be ideal. I think it’s probably going to be under some sort of media or internet coverage.
There are only five ad agencies, they're on three different continents, and there's almost no market cap. At most you might have a senior associate that covers them on some of the bigger teams. There's some adtech too but it's very small.
Edited to add: Media/telecom is very much seen as a backwater with most of the top analysts from 20 to 5 years ago having left ER for CFO/IR roles and been backfilled with their juniors. Definitely doesn't deserve to be mentioned in the same breath as 'tech' like software, semis, or internet. Doesn't mean there aren't good analysts, just that it's not a good place for someone who's overly concerned with prestige and clout.
I was also thinking more along the lines of DSPs, SSPs, ad networks, and other related companies. I guess this would be the adtech side of the business.
Good to know about the perception of media/telecom. I’m assuming the poor perception would also result in lack of buyside exits?
Not necessarily. They're hard sectors to model with a ton of KPIs. If you can do that, you can do almost anything.
Agree with above, while the model concept is simple (usually its user * arpu = revenue), the amount of segments you have for many of these companies makes modelling them annoying. For example, a telecom company will report its mobile, broadband, fibre, landline subscribers, etc and then you have ARPU, churn, net additions, etc. Seems simple but sometimes these models become long and boring. Then if you have some international telecoms that operate in 8-9 countries, they report each statistic mentioned for each country. I wont say media/telecom is the hardest, as I've heard PU&I, O&G can have complicated models as well.
I’m not as interested in the telecom side for the reasons you mentioned and others. If we are saying that media is the advertising and adtech coverage, then I’d rather pursue a media and internet specialization. I’m not sure how it is broken out usually but I think I’ve seen some media and internet pairings.
There used to be one at my old bank but he got chopped. “AdTech”
Interesting to hear, sounds like exactly what I want. Willing to share where he ended up if he’s still on the sell side?
Oh, btw, if you want to learn more about advertising you should follow the Madison and Wall substack. It's free and its author is an ex-sellsider and really nice guy.
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