Best Equity Research?

monkeysama's picture
Rank: King Kong | 1,620

Somebody mentioned that the BBs were not the best for Equity Research, so I was wondering if anyone knew if there was a best of list for ER.

Top Equity Research firms

The following ranking is provided by Institutional Investor research rankings.

  1. JP Morgan
  2. Bank of America
  3. Morgan Stanley
  4. Evercore
  5. Citi
  6. Barclays
  7. UBS
  8. RBC
  9. Wells Fargo
  10. Bernstein

from certified user @West Coast rainmaker

Extremely analyst dependent.

Institutional investor is probably the best you have access to. None of the top 3 analysts will be bad, but the survey overlooks a lot smaller shops. The BBs campaign relentlessly for votes.

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Comments (24)

Sep 28, 2010
Sep 28, 2010
MittRomney:

http://www.efinancialnews.com/story/2010-06-29/jpm...

Gah....I can't get FT cause it's behind a paywall (won't let me trial register either). Thanks for the reply though.

Sep 28, 2010
Sep 28, 2010
Sep 28, 2010

JP Morgan tops US research rankings

Shanny Basar in New York
29 Jun 2010

JP Morgan is the top bank for US equity research, according to annual rankings that show Wall Street's biggest banks have successfully captured market share freed up by the collapse of rivals during the crisis.

JP Morgan was ranked first in Greenwich Associates' US equity research rankings for 2010 and the Connecticut-based consultancy said bulge bracket firms have succeeded in retaining or capturing market share over the past 18 months.

Bank of America Merrill Lynch was in second place with Barclays Capital and Credit Suisse sharing joint third position. The report said: "Only 60 basis points in share separates the jointly fourth ranking firms of (in alphabetical order) Citigroup, Goldman Sachs, Morgan Stanley, Sanford C Bernstein, and UBS."

The consultancy interviewed 1,007 equity analysts at US buyside institutions between November 2009 and March 2010. Research providers are ranked by their share of the US institutional "research vote," which Greenwich weights by the amount of US equity trading commissions the fund manager pays out.

Greenwich said in a report yesterday that the loss of Bear Stearns, Lehman Brothers and Merrill Lynch initially boosted smaller research providers but added that the bulge-bracket firms as a whole captured a significant portion of the business freed up by market dislocations during the global crisis.

The report said: "Barclays Capital has been especially effective in securing the vast bulk of the relationships and research share formerly held by Lehman Brothers, the core US assets of which were acquired by Barclays in 2008."

Greenwich said that as the crisis receded, several US bulge-bracket firms have begun rebuilding depleted research franchises and hiring back top analysts, while overseas firms such as Nomura, CLSA and Macquarie have been building their own research teams in the country.

This month, Nomura said that Glenn Schorr from UBS will join the Japanese bank as head of its US financials equity research team. Greenwich said growth of overseas firms has had the biggest impact on smaller research providers.

Jay Bennett, a Greenwich Associates consultant, said: "To a large extent, some of the top mid-sized brokers and other non-bulge bracket providers are limited in the amount of the vote they can capture because they are only able to compete in US equities. For this reason, several of these firms are trying to build capabilities in Europe and Asia, while foreign firms look to build a bigger presence in US equities."

    • 1
Sep 28, 2010

MittRomney:

Thanks, but for the TR link, that just awards individual analysts, which I am not so interested in.
Your second link showed promise, but it is again behind a paywall.

Sorry for being so difficult. Thanks for the links though.

Sep 28, 2010

Mitt:

Hey thanks. Just what I wanted. Someone in another thread said that the BBs were not the places to be for ER and I was all like "really?" So I guess this just confirms what I had thought.

Too bad, cause I got all excited that there might be some shadow firms out there I had not heard of .

Ce'st levie.

the illustrious monkeysama

Sep 29, 2010
monkeysama:

Ce'st levie.

epic fail

Sep 29, 2010
awp:
monkeysama:

Ce'st levie.

epic fail

ahahahaha

Sep 28, 2010

Sanford Bernstein, which is mentioned in the above article, has a pretty good rep for ER, and is not a BB. CLSA, also mentioned, has some very good guys, particularly in Asia, and is likewise not a BB.

    • 1
Sep 28, 2010

And.....I've sent both those firms my resume. Huzzah!

the illustrious monkeysama

Sep 28, 2010
Sep 29, 2010
ERon:

Wall Street Journal's Best on the Street

http://webreprints.djreprints.com/2437250593234.pdf
also here: http://online.wsj.com/public/page/best-on-the-stre...

  1. Stifel Nicolaus
  2. Credit Suisse
  3. Deutsche Bank
  4. UBS
  5. JP Morgan
  6. Wells Fargo
  7. Raymond James
  8. Bank of America Merril Lynch
  9. KeyBanc Capital markets
  10. Keefe Bruyette & woods
  11. Oppenheimer & Co.
  12. Citigroup
  13. Barclays Capital
  14. Standard & Poors

Wow thanks! Definitely some non-obvious (to stupid little me) ones on there. great.

Oct 19, 2012
ERon:

Wall Street Journal's Best on the Street

http://webreprints.djreprints.com/2437250593234.pdf
also here: http://online.wsj.com/public/page/best-on-the-stre...

  1. Stifel Nicolaus
  2. Credit Suisse
  3. Deutsche Bank
  4. UBS
  5. JP Morgan
  6. Wells Fargo
  7. Raymond James
  8. Bank of America Merril Lynch
  9. KeyBanc Capital markets
  10. Keefe Bruyette & woods
  11. Oppenheimer & Co.
  12. Citigroup
  13. Barclays Capital
  14. Standard & Poors

I'd say this list is still pretty close to accurate. Move BarCap up into the top 5, push UBS out completely, drop S&P and KeyBanc and I think we're good.

Oct 19, 2012
BlackHat:
ERon:

Wall Street Journal's Best on the Street

http://webreprints.djreprints.com/2437250593234.pdf
also here: http://online.wsj.com/public/page/best-on-the-stre...

  1. Stifel Nicolaus
  2. Credit Suisse
  3. Deutsche Bank
  4. UBS
  5. JP Morgan
  6. Wells Fargo
  7. Raymond James
  8. Bank of America Merril Lynch
  9. KeyBanc Capital markets
  10. Keefe Bruyette & woods
  11. Oppenheimer & Co.
  12. Citigroup
  13. Barclays Capital
  14. Standard & Poors

I'd say this list is still pretty close to accurate. Move BarCap up into the top 5, push UBS out completely, drop S&P and KeyBanc and I think we're good.

It's missing Sanford Bernstein. Jefferies research is also pretty good. I want to say Gugg is also up there based on their recent hiring, but I haven't paid enough attention nor read their reports.

Strange to see Keefe, Bruyette, Woods up there. They're good, but are financials only. Sandler O'Neill and Evercore are at least par for quality in the sector, arguably ahead since KBW's recent cutbacks.

And agreed, UBS shouldn't be there, nor should S&P and Keybanc. Citi might deserve a drop - I can't think of any instance in which they would be my first choice for a report. Also surprised to see Oppenheimer at 11. I don't know enough about their research to comment.

    • 1
Sep 28, 2010

BarCap

Sep 30, 2010

C'est la vie

So, good thing I'm not a french major. You guys suck and now I'm sad.

You made me a sad panda.

Oct 1, 2010

I think you really need to look at each research analyst and not one firm in its entirety. There's a lot of crap that goes into ranking firms based off their research products... keep it simple and follow the smart analysts.

Oct 18, 2012

Can someone post the 2012 top US research firms from WSJ? (like the webprints link posted above)

Oct 18, 2012

Can someone post the 2012 top US research firms from WSJ? (like the webprints link posted above)

Oct 18, 2012

Really depends on the sector I think. Institutional investor is a great place to start.

Oct 19, 2012

Very highly analyst dependent but UBS, CS, JPM and BAML for the BB. Bernstein and Stifel are also excellent MM shops.

Oct 19, 2012
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