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What’s in an Equity Research Report?

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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.

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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.

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Research Reports on Capital IQ

Using Capital IQ, you can search for analysts' research reports on public companies, mutual funds and industries. 

From your dashboard, or any other screen on Capital IQ, place your cursor over the tab titled  Research ,  on the horizontal row of tabs near the top of the page. From there, type in the name or symbol of a company or mutual fund in the search box. Add other criteria as needed. Then press the Search button. The results for company searches may include industry reports as well as company reports.  Please note - only research reports published by firms associated with Standard and Poor's, such as CFRA, are available through our Capital IQ subscription. Others are only available in brief summaries. 

To search for the latest reports by a specific analyst or firm, leave the Name/Symbol box empty, and select a name from the drop-down menu under Contributors . Next, press the Search button. 

CFRA Industry Surveys

To access CFRA's latest industry surveys, select the Industry Surveys tab from the ribbon near the top of the screen. 

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The Morningstar Star Rating for Stocks is assigned based on an analyst's estimate of a stocks fair value. It is projection/opinion and not a statement of fact. Morningstar assigns star ratings based on an analyst’s estimate of a stock's fair value. Four components drive the Star Rating: (1) our assessment of the firm’s economic moat, (2) our estimate of the stock’s fair value, (3) our uncertainty around that fair value estimate and (4) the current market price. This process culminates in a single-point star rating that is updated daily. A 5-star represents a belief that the stock is a good value at its current price; a 1-star stock isn't. If our base-case assumptions are true the market price will converge on our fair value estimate over time, generally within three years. Investments in securities are subject to market and other risks. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detail information about the Morningstar Star Rating for Stocks, please visit here

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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.
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Search Broker Reports From 1,000+ Sources In Seconds with AlphaSense

Explore the many ways broker research and reports on the AlphaSense platform can power faster, smarter insights and decision-making for your organization.

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Traditionally considered a source of insight for sell-side firms, broker research and reports now provide critical insight for corporate and consulting professionals . In addition, corporate strategy professionals are increasingly turning to broker research to analyze market landscapes and better understand analyst assessments of market and industry trends, as well as performance of competitive peers.

However, manually finding broker reports and extracting the insights they contain requires significant time and effort—think multiple search engine queries and hours of combing through countless documents to identify important information. And even when you locate the right reports, broker research is often stuck behind frustrating paywalls.

The AlphaSense platform transforms the research experience by providing you with access to top broker research and other premium content and data sources , such as Wall Street Insights® , all within a single, centralized platform. 

With AI search technology supporting your research, you’ll also be able to quickly identify insights to uncover new opportunities, stay one step ahead of your market competitors, and deliver exceptional results for your clients.

Wall Street Insights®

AlphaSense provides global reports from 1,000+ research providers (comprised of sell-side analysts, strategists, and research teams) that cover companies, industries, asset classes, and economies. 

Our default proprietary offering Wall Street Insights® features equity research from the world’s leading brokerage firms including, but not limited to:

• Goldman Sachs
• Morgan Stanley
• Credit Suisse

Wall Street Insights® showcases both real-time and after-market research, is sourced from both broker partnerships and vendors, and covers North America, EMEA, APAC, and LATAM regions.

With Wall Street Insights®, you can conduct more comprehensive competitive analysis , improve client interactions, enhance internal research and strategy, and save your organization time and money with AI and automations. 

Broker Reports You Can Access on the AlphaSense Platform

On the AlphaSense platform, users can access several critical types of equity research reports, including:

• Upgrades/downgrades: published when a stock analyst changes their opinion of a stock, and subsequently, their investment recommendation
• Estimate / price target revisions: published when an analyst revises their previous price target (their prediction of the future price of a security)
• Initiation reports: published when a broker first begins covering a company
• Credit research
• All other company reports
• Industry reports – Analyze a set of companies within the same industry
• Fixed income reports – Demonstrate maturity distribution of portfolios
• Economic/macro reports – Shares analysts’ views on growth expectations, inflation, stock market volatility, and global market trade
• Commodities reports – Provide analysis of commodities within a particular industry, published weekly or monthly

Unlock Market Moving Insights Faster with AI & Automation

When you rely on an equity research platform that utilizes the power of AI search technology, you can be more confident in your research, knowing you are no longer at the mercy of human error. AlphaSense also allows you to automate certain research processes that previously would have required hours of manual work, streamlining your entire process so you can take action and make mission-critical decisions faster than ever. 

Here’s how our semantic search and smart automations can transform your workflow:

Smart Search

Smart Search technology doesn’t just recognize the keywords included in your query—it understands the intent behind your search, delivering content sources with the highest relevance and value to your search. It allows you to find all relevant data points with a single search, saving countless hours and increasing precision in your research.

Additionally, broker research is often inconsistently tagged because different firms may use different classification taxonomies, or include their own terms to define industries and trends. In addition to recognizing relevant language patterns, Smart Search assigns correct tagging to reports from thousands of analysts and research firms, regardless of which analyst published the report.

Smart Synonyms , our proprietary element of Smart Search, weeds out the sources that may include similar keywords but are not topically significant to your research, meaning you’ll never have to cut through excess noise to find the insights you need.

Relevance Rankings

AlphaSense automatically ranks results by their relevance to your research using a number of algorithmic factors, including search term proximity, Smart Synonyms, and document decay. You can be confident that the content sources at the top of your search results page are the ones most aligned with your current research needs.

Smart Alerts

Without a centralized search system, analysts are left to perform multiple manual searches and parse through Google Alerts for the ones with real relevance. On the AlphaSense platform, real-time alerts are customizable and can be set up for a particular company, industry, keyword, or topic (or a set/list of any of the above).

Customized alerts and watchlists give analysts real-time notifications about important news and updates while also ensuring they aren’t bogged down with alerts that are not in tune with what they really need (i.e. Google Alerts and other public search engine options).

Generative AI

AlphaSense’s generative AI is purpose-built for business professionals, leaning on 10+ years of AI tech development. Our proprietary genAI tool, Smart Summaries , generates insights across all four key perspectives—company documents, news, expert calls, and broker research. 

Sourced from across all broker research you are entitled to, published within the past 90 days, and covers sections including: 

• Upgrades and downgrades – Covers which brokers have upgraded/downgraded this company within the past 90 days and why 
• SWOT analysis – Covers the topics/trends identified as strengths/opportunities or threats/weaknesses from across broker reports about this company
• Competitive landscape – Covers the competitive landscape for this company from across broker reports

The Missing Perspective

Here at AlphaSense, we talk about market research in terms of the four perspectives . For every market-moving event, what are the perspectives of companies, news outlets, industry experts, and analysts on the topic? 

Historically, the latter has been the most challenging to access because companies needed to have existing relationships with specific brokerage or investment banking firms to get those insights. But with AlphaSense, you get easy access to multiple firms’ equity research, which allows you to take your research and strategic decision-making to the next level. 

Broker research reports have always been used by investors and hedge fund managers to come up with lucrative investment ideas and make smarter investment decisions. Now it is commonplace for cutting-edge corporations to utilize analyst perspectives in order to quickly get smart on market landscapes and understand analysts’ expectations on market trends, industry, and peer performance.

Here are just a few of the ways AlphaSense users rely on broker research to navigate ever-evolving market conditions and stay in the know about important trends:

Forecasting for the Future

In the interconnected world we live in today, economic, socio-political, and natural events that occur continents away can impact the success of your business. You need to know what market experts are saying about what’s happening in the world.

One of the biggest developments from the COVID-19 pandemic was the rise of virtual healthcare, or telemedicine. Using AlphaSense, our users were able to monitor rising mentions of the topic across all four perspectives, but it was specifically broker research that proved to be the most abundant source of information in the platform discussing the future of telemedicine, with analysts unanimously agreeing that healthcare systems will have no choice but to adopt telemedicine into their practices going forward.

Using broker research and our platform, we can forecast the trends and outlooks in the healthcare tech space for the future , based on current trends and analysis in areas like AI, medical robotics, and digital therapeutics

Following the Evolution of a Market Trend

ESG has been a dominant force in the investment world over the past several years. It was a trend that arrived forcefully and showed no signs of slowing down in importance to investors and consumers alike—until it did. 

Using AlphaSense, we were able to track the trajectory of the ESG movement—from its meteoric rise to the forefront of corporate discourse to its suddenly uncertain future as public scrutiny and distrust continue to build . 

Armed with the four perspectives, AlphaSense users were able to follow changing ESG dynamics and clearly understand the trend’s evolution, including shifting public and company sentiment and expectations. Broker research, in particular, was critical for staying ahead of these shifts. It not only informed users on all relevant information early on, but also gave interpretations and expert analyses of this information, allowing them to manage risk, capitalize on new opportunities, and gain a competitive edge. 

Peer Analysis

Peer analysis is critical for organizations to achieve and maintain dominance in their respective fields. This means accurately identifying and interpreting industry trends, opportunities, and threats, so you can respond quickly and effectively. AlphaSense helps you stay informed on your peers with customizable watch lists and alerts that notify you whenever a new investment research piece is published featuring one of the companies in your industry. 

When analyzing competitors, it is also important to understand what growth areas those companies are anticipating. By benchmarking competitors’ R&D investments , you can gain valuable insight into companies’ strategies and use that knowledge for your own strategic decision-making.  

Broker research provides instant access to sales revenue forecasts for specific products, as well as R&D percentage of sales for specific companies, and you can find every relevant equity research piece quickly and easily in AlphaSense.

Groundbreaking Insights from Industry Experts

Monitoring macro trends and conditions is essential for smart investing and apt decision making for any company. The broker research on AlphaSense provides consistent expert insight and direct commentary on economic trends, opportunities, and challenges, so that you can avoid being caught off guard by an unexpected market-shifting event. 

When the popular stationary bike company, Peloton Interactive, first announced its decision to partner with industry giant Amazon, many were blindsided. But those who were relying on the four perspectives available through AlphaSense were able to spot the telling signs and key milestones that led up to this deal . 

In particular, broker research in the AlphaSense platform showed that this decision was not unexpected at all, but rather played into Peloton’s overall strategy to recoup lost capital by spending less on digital advertising and relying instead on Amazon’s massive customer base.

Broker Research (aka Equity or Sell-Side Research) involves reports, models, and estimates on companies, industries, fixed income, currencies and commodities, strategy, and economics.  Broker reports are reports developed by sell-side firms for consumption by investors, fund managers, and corporate professionals to better understand market dynamics and make smarter business and investment decisions.

You can subscribe to have access to a specific broker’s research content, and/or you can often purchase individual reports or documents you want to access. With a platform solution like AlphaSense, however, you can bypass individual subscriptions and paywalls to access research in a single, centralized place.

The “best” brokerage report depends on your specific needs and research goals. Top brokers in the research field include JP Morgan, Credit Suisse, Morgan Stanley, Barclays, and HSBC (among others) — all accessible on the AlphaSense Platform.

Check that the broker is registered with the SEC . You can also use FINRA’s BrokerCheck Database to research broker track records and credentials in-depth.

AlphaSense’s premium research database (including exclusive Wall Street Insights® ) offers comprehensive data combined with in-depth capital market expertise. 

Coupled with advanced AI-powered semantic search capabilities, analysts and researchers are able to access information faster, analyze market sentiment across multiple sources, and pinpoint the exact insights they need to inform decisions.

When you’re on the AlphaSense platform, you can say goodbye to individual subscription expenses, the need for manual, time-consuming research, and a reliance on outdated search methods (like CTRL-F) to find important insights.

AlphaSense provides access to many types of broker reports — industry analyses, flash reports, commodities reports, company analyses and more — from top names in the research field, including: 

• Morningstar
• Deutsche Bank

Try AlphaSense for Free

The AlphaSense platform offers access to premium content that powers confident research—you’ll have the tools, resources, and support you need to execute a full-scale strategy to drive results.

If you’re ready to level up your research for smarter investing, start by exploring all that AlphaSense has to offer.

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• Equity Research Analyst: The Job
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• Equity Research Analyst FAQs

Equity Research Analyst: Career Path and Qualifications

Equity research analysts work for both buy-side and sell-side firms in the securities industry. They produce research reports, projections, and recommendations concerning companies and stocks. Typically, an equity analyst specializes in a small group of companies in a particular industry or country to develop the high-level expertise necessary to produce accurate projections and recommendations .

These analysts monitor market data and news reports and speak to contacts in the companies and industries they study to update their research daily.

Key Takeaways

• Equity research analysts work for both buy-side and sell-side firms in the securities industry producing research reports, projections, and recommendations surrounding companies and stocks.
• Most equity research analysts have a bachelor's degree in finance, accounting, economics, or business administration.
• Having a background in statistics and mathematics is beneficial for equity research analysts.
• Senior equity research analysts often have a master's degree. A Chartered Financial Analyst (CFA) designation, awarded by the CFA Institute, is recommended for analysts who want to move up the career ladder.

What Does an Equity Research Analyst Do?

In a buy-side firm—such as a wealth management firm , a pension fund, or a hedge fund—an equity research analyst typically supplies information and recommendations to the firm's investment managers, who oversee client investment portfolios and make final decisions about what securities to hold.

In a sell-side firm, such as a brokerage or a bank, an equity research analyst typically produces reports and recommendations for the firm's sales agents. The agents then go on to use the information to sell investments to their clients and the general public.

Analysts generally spend less time on financial modeling and more time writing reports and developing recommendations.

Career Paths in Equity Research

Most equity research analysts begin in entry-level research associate positions after completing bachelor's degree programs. Research associates work under the direction of a senior equity research analyst creating financial models and conducting research. New hires may work with a variety of analysts over the course of months as a general introduction to the job.

Most research associates are eventually assigned to a single working group covering a small group of firms. With more experience and excellent performance, associates can move directly into analyst positions, taking more active roles in the research process.

Educational Qualifications for an Equity Research Analysts

To work in equity research , a candidate must have a bachelor's degree, preferably in a relevant business discipline such as finance, accounting, economics, or business administration. Undergraduate degrees that provide in-depth quantitative training are also good options, including degrees in mathematics, statistics, engineering, and physics.

A master's degree is not required to advance into senior analyst positions. However, a master's degree in business administration or finance can help pave the way for career advancement, especially advancement into portfolio and fund management positions. 

Many equity research analyst positions require a license from FINRA.

Non-business majors should consider taking some courses in finance and other business disciplines if considering a career as an equity research analyst.

Advanced Positions in Equity Research

After several years of working in junior positions, some analysts return to school to earn master's degrees.

Although, high-performing analysts may continue into more senior research roles without returning to school. A senior equity research analyst who has a high degree of expertise in their specialty area can move into an investment management role overseeing a research team and an investment portfolio.

A portfolio manager is responsible for using the information supplied by equity research analysts and other staff to manage the mix of securities in a portfolio daily.

Other Qualifications for Equity Research Analysts

The preeminent professional qualification for equity research analysts and others working in securities research is the Chartered Financial Analyst (CFA) designation, which is awarded by the CFA Institute .

This designation requires candidates to have a minimum of 4,000 hours of qualifying experience. Consequently, it is generally considered a qualification for advancement into more senior positions in the field. The designation requires candidates to pass a series of three examinations.

Many equity research analysts require a license from the Financial Industry Regulatory Authority (FINRA) , a national body charged with oversight of securities firms and brokers. The licensing process typically requires sponsorship from an employing firm, so most analysts complete license requirements only after hiring is complete.

How Much Does an Equity Research Analyst Get Paid?

According to GlassDoor, the average salary for an equity research analyst in the U.S. in 2023 is $114,225.

How Many Hours per Week Can a Research Equity Analyst Expect to Work?

An equity research analyst can expect to work up to 60 hours per week on a typical week, which can increase to upwards of 80 hours per week during earnings season.

Who Do Equity Research Analysts Work for?

Equity research can be divided into sell-side and buy-side firms. Sell-side analysts work for investment banks and brokerages and research stocks in order to provide investment recommendations for their clients and the public. Buy-side analysts research stocks to identify investments for their own firm to invest in.

CFA Institute. " Become a Member ."

Financial Industry Regulatory Authority. " Standards for Admission ."

GlassDoor. " How Much Does an Equity Research Analyst Make? "

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Equity Research: A Complete Beginner’s Guide

A Former JP Morgan Equity Analyst gives a basic overview of what equity research is, different job roles, important skills, how to approach completing a research report, and exit opportunities. It also introduces some of the basic equity research vocabulary.

By Created Kacper Borowiec (2019-01-16 21:16:00)

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All About Equity Research [The ONLY Guide You’ll Need in 2024]

Equity research is a key pillar in the world of finance that bridges the gap between companies, investors, and the market . In this guide, we will delve deep into the world of equity research, exploring its purpose, the process, the roles involved, and the skills required to succeed in this field.

We’ll also discuss the types of equity research, dissect the intricacies of equity research reports, and shed light on the exciting job opportunities this sector offers. Furthermore, we will touch upon the evolving trends in equity research and how they’re shaping the industry’s future.

Let’s get started-

What Is Equity Research?

In the world of finance, ‘equity’ refers to the ownership of assets after all debts associated with those assets are paid off. In simpler terms, if you were to sell all of your company’s assets and pay off its debts, the leftover money would represent your company’s equity. Hence, equity research is an in-depth analysis of a company’s total equity or value.

But equity research isn’t just a mere calculation of assets and liabilities. It’s a rigorous, methodical examination of all the aspects that contribute to a company’s financial performance, and thus, its equity. It is akin to a detective’s investigation, digging through layers of financial statements, market trends, sector overviews, and macroeconomic factors to arrive at a comprehensive understanding of a company’s financial standing and future prospects.

Understanding Equity Research With a Simple Example

Let’s illustrate this with an example. Suppose an equity research analyst is studying a pharmaceutical company . They won’t only look at the balance sheets or profit and loss statements. They’ll consider factors such as the company’s research and development efforts, the potential market for new drugs, any pending patents, the status of regulatory approvals, and even the broader trends in the healthcare industry.

They might investigate how the company performed during different economic conditions, how well its product pipeline compares to competitors, and how regulatory changes could impact future earnings.

The analyst will also look at macroeconomic indicators. For instance, if a new law threatens to increase the cost of a raw material vital to the company’s main product, that could impact the company’s future profitability, and the analyst would need to factor this into their analysis.

At the end of this investigation, the equity research analyst forms an estimation of the company’s intrinsic value, which they then compare to its current market value . If the intrinsic value is significantly higher than the market value, the analyst might recommend the stock as a good buy, as it’s likely undervalued . On the other hand, if the market value is much higher than the intrinsic value, the stock might be overpriced , and the analyst might recommend investors to sell or avoid it.

Equity research, in essence, is this deep dive into the world of a company’s financials , providing a guide to investors, helping them navigate through their investment journey. It’s the compass that points towards profitable investment decisions.

Roles and Responsibilities of an Equity Research Analyst

An Equity Research Analyst acts as a conduit between investors and the ever-dynamic financial markets, providing them with information and insights necessary to make sound investment decisions. Let’s see how their day looks like –

Deep-Dive Research

Their day-to-day responsibilities start with conducting extensive research i nto specific companies or sectors. They meticulously scrutinize financial reports, balance sheets, cash flow statements, and earnings releases. However, their research isn’t limited to mere numbers. They also keep tabs on industry trends, regulatory changes, and macroeconomic factors that could impact the companies they are following.

Example – An analyst is covering technology companies, they need to be abreast of developments like privacy legislation, advancements in artificial intelligence, or shifts in consumer behavior towards tech products. This requires constant learning and staying updated with news and trends in the sector.

Financial Modelling and Valuation

Equity Research Analysts are also adept at creating complex financial models . They use these models to project future earnings , based on various potential scenarios. Based on these projections, they calculate the intrinsic value of a company’s shares.

Example – Let’s say there’s an auto company that’s planning to launch a new electric car model. An Equity Research Analyst covering this company would build a financial model to estimate additional revenues from this new model, the costs associated with its production, the potential impact on the company’s market share, and so on. They would then use these estimates to calculate what this could mean for the company’s future profitability , and how it could impact the company’s share price.

Also Read: All About Financial Modeling [The ONLY Guide You’ll Need in 2024]

Writing Equity Research Reports

One of the key deliverables of an Equity Research Analyst is the Equity Research Report. These reports encapsulate the findings of their research and analysis in a format that’s digestible for investors. The report typically includes

• An overview of the company
• A summary of recent developments
• Detailed financial analysis
• Future projections, and
• Most importantly, an investment recommendation (buy, hold, or sell)

The equity research reports have a broad audience – institutional investors, retail investors, fund managers, and sometimes, the companies themselves. Given the diverse readership, the reports need to be accurate, unbiased, and clear. A well-written report can significantly influence investment decisions, underscoring the responsibility on the analyst’s shoulders.

Communication and Presentation

Finally, an Equity Research Analyst often has to present their findings to clients, fund managers, or within their own organizations. This could be through conference calls, presentations, or even TV interviews. Hence, strong communication skills and the ability to explain complex financial concepts in a simple way are essential traits for an Equity Research Analyst.

The Process of Equity Research

The process of equity research is like peeling back the layers of an onion to reveal the core truth about a company’s financial health and potential. It involves multiple steps, each equally important in creating a well-rounded view of the company.

Step 1: Selection of Companies

The first step in equity research is the selection of companies. Analysts often specialize in specific sectors or industries , such as technology, healthcare, or energy. The choice of companies to analyze within those sectors depends on several factors, including market capitalization, relevance in the industry, or particular events like mergers or IPOs.

Step 2: Industry Analysis

After choosing the companies, analysts start with a broad industry analysis . They look at the industry size, growth rate, major competitors, regulatory environment, and key trends. This macro view provides context for the company’s operations and potential growth.

Step 3: Company Analysis

Once they’ve understood the industry context, analysts move onto detailed company analysis. This involves a deep dive into the company’s financial statements, including balance sheets, income statements, and cash flow statements. They also examine the company’s business model, products or services, competitive positioning, management quality, and corporate governance practices.

Step 4: Financial Modelling and Projections

After developing an in-depth understanding of the company, analysts use this information to build detailed financial models. These models involve projections of the company’s future revenues, expenses, and earnings, often under different scenarios. For example, they might project how the company’s earnings could be affected under different economic conditions or if a new product line succeeds or fails.

Step 5: Valuation

The next step is the valuation, where analysts use techniques such as Discounted Cash Flow (DCF) analysis, Price/Earnings (P/E) ratio, or Comparables analysis to estimate the intrinsic value of the company’s shares . This value is then compared with the current market price to determine whether the company’s shares are undervalued or overvalued.

Step 6: Report Writing and Recommendation

Finally, analysts compile their research findings, financial model outputs, and valuation results into a comprehensive equity research report . The report also includes a recommendation, typically a ‘buy’, ‘hold’, or ‘sell’ for the company’s stock based on the analyst’s analysis.

It’s important to note that equity research is a continuous process . Companies release financial information quarterly, industry trends evolve, and macroeconomic conditions change. Therefore, analysts regularly update their reports to reflect the most recent data and insights.

Key Aspects of Equity Research Reports

An Equity Research Report is a comprehensive document that encapsulates an analyst’s view of a company, sector, or industry . These reports are essential tools that investors use to understand and navigate the financial markets. Here are the key aspects of an equity research report:

Executive Summary

Every report begins with an executive summary that provides a brief overview of the analyst’s findings and recommendations. This part is designed to provide a quick snapshot of the key takeaways from the report.

Company Overview

This section provides a detailed description of the company , including its history, management, product or service offerings, and business model. It also includes an overview of the company’s key strategies and competitive advantages. This information helps readers understand the company’s operations and its position within its industry.

Industry Overview

The industry overview offers an analysis of the broader sector or industry in which the company operates. It covers aspects such as industry size, growth rates, key trends, major competitors, and regulatory environment . This context is crucial in understanding the company’s potential for growth and the challenges it might face.

Financial Analysis

In this part of the report, the analyst presents their detailed analysis of the company’s financials. This usually includes examination of the i ncome statement, balance sheet, and cash flow statement. The analyst may also discuss financial ratios, growth rates, profitability metrics, and other key financial indicators. This section provides insights into the company’s financial health and performance.

Financial Projections and Valuation

The heart of the equity research report is the financial projections and valuation section. Here, the analyst lays out their forecasts for the company’s future earnings and financial performance. They also present their valuation of the company’s stock, typically arrived at using financial modelling techniques like Discounted Cash Flow (DCF), Price/Earnings (P/E) ratio, or Comparables analysis.

Investment Thesis and Recommendations

In the final section, the analyst presents their investment thesis – their argument for why an investor should or should not invest in the company’s stock. They also provide a clear investment recommendation, typically a ‘buy’, ‘hold’, or ‘sell’ rating. This section is the culmination of all the analyst’s research and analysis.

Types of Equity Research

Equity research is carried out by different types of institutions for various purposes . Understanding the differences among them can help in comprehending the perspectives and potential biases in the research. Here are the key types of equity research:

Sell-Side Equity Research

Sell-side analysts work for brokerage firms and investment banks. Their research is primarily aimed at selling securities, providing investment recommendations, and facilitating transactions , which helps their companies earn brokerage and transaction fees. Sell-side research is generally freely available, and the firms distribute it widely to attract business from institutional and retail investors.

Buy-Side Equity Research

Buy-side analysts work for institutional investors such as mutual funds, hedge funds, pension funds, and insurance companies. They conduct research to assist the fund’s managers in making investment decisions for the fund’s portfolio. Their research is typically proprietary and is used solely for the benefit of the fund that employs them.

Independent Equity Research

Independent equity research firms are third-party entities that aren’t directly involved in trading securities. They sell their research to hedge funds, asset managers, and sometimes individual investors . Since these firms don’t have a trading department and aren’t seeking investment banking business, their research is perceived as unbiased. They have gained popularity over the past decade due to their perceived objectivity.

Internal Equity Research

Large corporations often have their internal equity research teams. These analysts perform research on competitors, suppliers, and customers to assist in strategic decision-making. This research is generally not available to the public as it is used for internal corporate strategy and planning purposes.

Each type of equity research has its strengths and weaknesses , and they all play essential roles in the financial ecosystem. Understanding their differences and potential biases can help investors and decision-makers use this research more effectively.

Skills Required for a Career in Equity Research

Equity research is a challenging and intellectually demanding field that requires a combination of hard and soft skills. If you’re considering a career in equity research, here are the key skills you’ll need to succeed:

Financial Literacy

A fundamental understanding of financial principles is the bedrock of equity research. This includes knowledge of financial accounting, corporate finance, economics, and statistics . Analysts need to be comfortable reading and interpreting financial statements, calculating financial ratios, and understanding economic indicators.

Analytical Skills

Equity research involves extensive data analysis. Analysts need to sift through large volumes of data, spot trends, interpret complex information , and draw meaningful conclusions. Strong analytical skills are crucial to understand the past performance of a company and make accurate forecasts about its future.

Financial Modelling

Financial modelling is an essential tool in an equity researcher’s arsenal. Analysts use financial models to forecast a company’s future revenues and earnings and estimate the intrinsic value of its shares. Proficiency in Excel and familiarity with valuation techniques such as discounted cash flow (DCF) and comparable company analysis is a must.

Attention to Detail

The devil is often in the details when it comes to equity research. Analysts need to pay close attention to the footnotes in financial statements, the nuances in a CEO’s comments during an earnings call, or the implications of a regulatory change. A small detail can sometimes have a significant impact on a company’s valuation.

Communication Skills

Analysts need to communicate their findings effectively. This includes writing clear, concise research reports that can be understood by people without a financial background. It also involves presenting and defending their views to clients, colleagues, and sometimes, the media. Strong written and verbal communication skills are vital.

Curiosity and Continuous Learning

Equity research analysts need to stay on top of industry trends, economic news, and changes in financial regulations. This requires a natural curiosity and a commitment to continuous learning. An analyst who stops learning risks falling behind in the fast-paced world of finance.

Job Opportunities in Equity Research

Equity research provides a host of job opportunities in a range of firms including investment banks, asset management companies, research firms etc. Let’s understand these roles, their typical responsibilities, average salaries in India, and potential employers:

Equity Research Analyst

As an Equity Research Analyst, you’ll delve deep into company financials, industry trends, and macroeconomic factors to provide investment recommendations. You may focus on a specific sector or cover a broad range of industries. This role involves financial modelling, report writing, and communicating with clients and company representatives.

Average Salary in India : ₹ 7-10 Lakhs per annum Employers : Major employers include JP Morgan, Goldman Sachs, Morgan Stanley, Credit Suisse, Kotak Securities.

Associate Analyst

Those just starting in equity research often begin as Associate Analysts. Working closely with senior analysts, Associates help in collecting data, building financial models, and drafting research reports. It’s a role that provides a solid foundation in the fundamentals of equity research.

Average Salary in India : ₹ 4-6 Lakhs per annum Employers : Firms like Ernst & Young, KPMG, Deloitte, and PwC.

Senior Analyst/Research Director

With experience, an Analyst or Associate can move up to become a Senior Analyst or Research Director. These roles involve more strategic oversight, including deciding which companies or sectors to cover, mentoring junior analysts, and representing the firm to clients, the media, and the public.

Average Salary in India : ₹ 12-20 Lakhs per annum Employers : Multinational banks and brokerage firms like Citigroup, Barclays, ICICI Securities.

Portfolio Manager

Some equity research analysts transition into portfolio management roles over time. As a Portfolio Manager, you would use the insights from equity research to make investment decisions for a fund or portfolio. This role requires a deep understanding of financial markets, risk management, and asset allocation strategies.

Average Salary in India : ₹ 15-25 Lakhs per annum Employers : Asset management companies like HDFC Asset Management, ICICI Prudential, Reliance Nippon Life Asset Management.

Equity Strategist

Equity Strategists work with a macro view, examining factors like economic indicators, industry trends, and market data to provide investment strategies and identify attractive sectors or themes in the market. While less company-specific than an analyst role, strategists still utilize many of the research and analytical skills developed in equity research.

Average Salary in India : ₹ 10-18 Lakhs per annum Employers : Major investment banks and financial services firms like Deutsche Bank, HSBC, UBS.

Investor Relations Role

Equity research analysts can also move into investor relations roles within companies. These professionals communicate with shareholders, analysts, and the broader financial community. Understanding the perspective of equity analysts is valuable in this role since you’ll be communicating key financial and strategic information about the company to the investment community.

Average Salary in India : ₹ 9-15 Lakhs per annum Employers : Large corporations across industries like Tata Group, Reliance Industries, Infosys, Wipro.

Sales & Trading

Some equity research professionals transition into roles in sales & trading. In this capacity, they use their deep knowledge of industries and companies to advise clients on investment strategies, facilitate transactions, and connect buyers and sellers in the financial market.

Average Salary in India : ₹ 8-16 Lakhs per annum Employers : Banks and brokerage firms such as Axis Bank, HDFC Bank, Edelweiss, Sharekhan.

Trends and Future of Equity Research

Equity research, like all facets of finance, is continually evolving in response to changing regulations, technologies, and investor behaviours. Here are some of the current trends and potential future developments in the field:

Digitization and Automation

The digitization of financial information and the development of advanced data analytics tools are transforming the way analysts conduct research. Automated tools are increasingly being used to collect and process data, allowing analysts to focus more on interpreting the data and generating insights.

For example , artificial intelligence (AI) and machine learning (ML) tools are now used to analyze financial statements, track sentiment in news articles and social media, and even to predict future stock price movements.

Increased Regulatory Oversight

In recent years, regulators around the world have been placing increased scrutiny on equity research to promote transparency and prevent conflicts of interest.

For example , the European Union’s MiFID II regulations now require investment firms to separate the costs of research from trading fees. This has led to more demand for independent research and is forcing sell-side firms to demonstrate the value of their research more explicitly.

Demand for ESG Analysis

There’s a growing trend among investors to consider Environmental, Social, and Governance (ESG) factors in their investment decisions. This is leading to increased demand for equity research that includes analysis of companies’ ESG performance. Analysts are now required to assess factors such as a company’s carbon footprint, its labor practices, and its board diversity in addition to its financial performance.

Crowdsourced Equity Research

Crowdsourced equity research platforms, where independent analysts and investors share their research and opinions, are gaining popularity. These platforms offer a wider range of views and analyses than traditional equity research sources. However, they also pose new challenges in terms of verifying the credibility of the information.

Emergence of Alternative Data

Equity researchers are increasingly using alternative data – information derived from non-traditional sources like s ocial media sentiment, satellite imagery, or website traffic data – to gain additional insights into a company’s performance. These data sources can provide real-time indicators that can complement traditional financial data and provide an edge to the analysts.

Equity research serves as a vital link between companies, investors, and the financial markets . It involves detailed analysis of financial data, sector trends, and macroeconomic factors to formulate clear, actionable investment recommendations.

With its varied roles – from Equity Research Analysts to Portfolio Managers, and from Equity Strategists to Investor Relations Roles – this field offers numerous career paths, each with its own unique blend of challenges and rewards.

Whether you’re a finance enthusiast exploring career paths or an investor seeking insights into your investment choices, understanding the nuances of equity research is highly beneficial. So take the leap, dive deep, and explore the rewarding world of equity research!

Frequently Asked Questions

Equity research analysts examine financial data, conduct analyses, build financial models, and write research reports to make investment recommendations.

Skills include strong analytical abilities, understanding of financial markets, proficiency in financial modeling, and excellent communication skills.

CA Yash Jain

Bain & Co. 5000+ Students Trained in the field of Investment Banking, FRM & CFA

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Q. Investment analyst reports (equity research reports)

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

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Answered By: Meghan Dolan Last Updated: May 13, 2024     Views: 34357

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)

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Where to Find sell side Research Report

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I work for a sell side research firm, does anyone know where one could find good sell side reports for free? (equity, HY , macro, commodities, anything that relates to investment analysis on certain security)

Some online brokerages will provide reports. Charles Schwab offers CS reports sometimes.

Bloomberg terminal - if you go to the page for the equity there will be a tab with a lot of research/coverage

Acquiring Research/Sell-Side Research ( Originally Posted: 05/31/2015 )

Hello WSO ,

I have finished a complete financial statement model and analysis of both a the REIT sector and a company within but would now like to read some research on the company in question. Is there anyway for someone to get sell-side research or any resources to get research/info on specific companies? I know it's a lot to ask.

Umm, Seeking Alpha? :) Unless you have a Bloomberg terminal or FactSet/Reuters subscription through your business school library, you're out of luck!

Where I can buy sell-side analysts' reports? ( Originally Posted: 11/21/2015 )

I want to purchase sell-side analyst reports of various investment banks ( Goldman Sachs , J.P.Morgan, Citi etc.). Does anyone know where I can buy them (except Thomson Reuters or Bloomberg )?

If you have friends who work in finance it's easy enough to get someone to send you some.

Try to do what above poster said....do you know what these would cost if you were to buy them on your own??

Thanks for your reply. It will be paid by my company. So it is okay even if it is expensive. Do you know where I can buy them?

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Are you a momentum investor this 1 stock could be the perfect pick.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.

Is This 1 Momentum Stock a Screaming Buy Right Now?

For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

Vertex Pharmaceuticals (VRTX)

Boston, MA-based Vertex Pharmaceuticals Incorporated is focused on the discovery, development, and commercialization of small molecule drugs targeting serious diseases. The company’s main area of focus is cystic fibrosis (CF).

VRTX is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of A and VGM Score of B. Shares are up 3.7% over the past one week and up 11.5% over the past four weeks. VRTX has gained 31.2% in the last one-year period as well. Looking at trading volume, an average of 1,089,863.25 shares exchanged hands over the last 20 trading days.

Momentum investors also pay close attention to a company's earnings. For VRTX, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.22 to $17.14 per share for 2024. VRTX boasts an average earnings surprise of 5.9%.

Investors should take the time to consider VRTX for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Vertex Pharmaceuticals Incorporated (VRTX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

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Here's Why Sensata (ST) is a Strong Momentum Stock

I t doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores?

The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value Score

For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth Score

While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum Score

Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank

A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Sensata (ST)

Headquartered in Attleboro, MA, Sensata Technologies is a global industrial technology company that develops, manufactures and sells sensors and sensor-rich solutions as well as electrical protection components and systems.

ST is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Computer and Technology stock. ST has a Momentum Style Score of A, and shares are up 26.2% over the past four weeks.

For fiscal 2024, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.01 to $3.75 per share. ST boasts an average earnings surprise of 0.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, ST should be on investors' short list.

To read this article on Zacks.com click here.

The state of diversity in global private markets: 2023

Over the course of 2022, the global private markets industry experienced a slowdown in fundraising and deal making because of rising interest rates and other factors. Despite the rocky year, private equity and alternative investments (hereafter PE) and alternative investments remain significant in the global economy. The industry now manages $11.7 trillion in assets, up from $8.0 trillion the previous year. 1 “ McKinsey Global Private Markets Review: Private markets turn down the volume ,” McKinsey, March 21, 2023. The financial power of PE reinforces the importance of understanding the composition of its talent, particularly the professionals who decide how this capital is deployed.

About the authors

This report is a collaborative effort by Pontus Averstad , Fredrik Dahlqvist , Eitan Lefkowitz, Alexandra Nee , Gary Pinshaw , David Quigley,  and Mohammed Shafi, representing views from McKinsey’s Private Equity & Principal Investors Practice.

Building on McKinsey’s 2022 report , this year’s report examines the diversity of talent in PE firms, which we will refer to simply as PE firms. Specifically, we examine the gender breakdown in every region in our study and look at ethnicity and race in the United States and Canada (for more on the research and analysis, see sidebar “About the study”).

We are excited to invite Private Equity/Alternative Investing firms and Institutional Investors to participate in McKinsey & Company’s State of Diversity in Global Private Markets 2024 study! This annual study is the largest and most comprehensive study of diversity in private market firms globally.

This year’s report centers on the following core research objectives:

• understand the current state of gender diversity globally, and ethnic and racial diversity in the US and Canada, for the PE industry—specifically, which types of firms are leading and lagging on diverse talent
• how institutional investors influence the representation of diverse talent at PE firms, and the extent to which diversity matters to them
• highlighting the specific challenges facing different minority groups and identifying actions that can increase the diversity of talent in PE firms

About the study

In our second annual report, we build on the insights and findings from our inaugural report in 2022, as well as on prior McKinsey research on diversity in the workplace. This research explores diversity, equity, and inclusion (DEI) in the global private-markets industry, with a focus on private equity and alternative investment firms (PE) and institutional investors. We aim to make this the largest study of gender diversity and ethnic and racial diversity in the global private markets industry.

This year’s survey covers 66 discrete PE firms and institutional investors around the world. We also conducted interviews with several industry leaders to supplement the survey data we received from their firms. Participating firms directly employ more than 60,000 people globally and range from megafirms with more than $100 billion in assets under management (AUM) to smaller funds with less than $5 billion in AUM. Collectively, participating PE firms manage more than $6 trillion, and participating institutional investors manage more than $5 trillion in AUM.

Given the limitations of data collection, this report largely focuses on gender diversity globally and ethnic and racial diversity in private market firms with offices in the United States and Canada. We recognize there are several other categories that contribute to employee diversity and hope to broaden the categories we examine in future research as private market firms collect more diversity data on their employee base.

This report finds encouraging signs of progress in recent years. Diversity on investment committees (ICs) has ticked up, and the reporting of diversity metrics to institutional investors continues to grow.

Still, gaps remain, particularly regarding gender diversity in senior investing roles and uneven rates of progress for different ethnic and racial groups across roles and regions, and types of firms. Given the current pace of progress, it will be several decades before the PE industry achieves gender parity at the principal and managing-director levels.

Given the current pace of progress, it will be several decades before the PE industry achieves gender parity at the principal and managing-director levels.

A global view on gender diversity in private equity and alternative investing

There is a popular assumption that PE is dominated by men, but the evidence reveals a more nuanced reality. As we noted last year, PE firms have almost achieved gender parity globally at the entry level. At the end of 2022, 48 percent of all entry-level roles in PE were held by women.

Job levels in private equity

The language we use to classify jobs in private equity (PE) has not changed from last year's. The six levels we identify apply to PE jobs in investing, operational, and other noninvesting functions. For most of these levels, we include multiple possible job titles. In descending order of seniority, the roles are as follows:

L1. C-level executives or fund heads. We refer to this level as the C-level or C-suite.

L2. Managing directors or partners. We refer to jobs at this level as managing directors.

L3. Principals, directors, or senior vice presidents. We refer to jobs at this level as principals.

L4. Vice presidents or senior managers. We refer to jobs at this level as VPs.

L5. Associates or managers. We refer to jobs at this level as associates.

L6. Entry level roles.

For the sake of simplicity, we will refer to each level with only one title.

However, women in PE are still underrepresented in leadership positions, with only 20 percent representation in managing-director roles (for more on job levels, see sidebar “Job levels in private equity”). As Kelley King, senior vice president and chief DEI officer at HarbourVest, explained, “Identifying and attracting early-career diverse talent is not as challenging as finding later-career talent. As you ascend higher in the organization, the more patient and intentional firms need to be to reap the benefits of their DEI efforts.”

Women are well represented in most noninvesting roles, but gender parity remains distant in investing and operating roles

Disaggregating the data into investing, operating, and other noninvesting roles (the latter of which we will refer to as noninvesting roles) reveals that women hold only 33 percent of entry-level investing roles, compared with 44 percent of operating roles and 59 percent of noninvesting roles at that level. Women are also underrepresented at the managing-director level (L2), with only 15 percent of managing-director-level investing roles (Exhibit 1).

Women in PE have made modest gains in investing roles over the course of 2022. The share of C-suite roles held by women globally increased by 3.5 percentage points over the past year to 17 percent at the end of 2022. Similarly, women’s representation in post-MBA investing associate (L5) roles improved by three percentage points. However, gender diversity at the managing-director level remained constant.

Women in PE are slightly less represented in operating roles than in investing roles, with women holding only 25 percent of all operating roles. Notably, women in operations have achieved gender parity at the associate level (L5), with 52 percent of roles. However, gender diversity undergoes a steep decline at higher levels, with women holding just 21 percent of managing-director-level (L2) operating jobs.

Progress is generally cause for optimism, but if the pace of progress doesn’t accelerate, the path to gender parity in the industry will be long. At the current rate of progress, reaching gender parity in investing roles at the managing-director level (L2) would take more than six decades. Achieving gender parity at the principal level (L3) would take more than three decades (Exhibit 2).

While these numbers are sobering, the outlook is significantly brighter at the entry level. Based on current figures, the industry could reach gender parity at the analyst level (L6) and associate level (L5) within the next decade.

At the current rate of progress, reaching gender parity in investing roles at the managing-director level (L2) would take more than six decades.

Promotion rates: Women in investing face a longer road

In demanding PE careers, women find themselves navigating a longer route to reach the same milestones as their male colleagues. At almost every level, women in investing roles are promoted at significantly lower rates than men. Globally, men in investing roles are about 50 percent more likely, on average, to be promoted than their female colleagues, a trend that persists across all levels in investing roles (Exhibit 3).

The largest gap affects promotions into the principal level (L3), with men 2.75 times more likely than women to be promoted. One contributor to this disparity may be limited sponsorship and mentorship for women at the vice president (VP) level. As the head of talent for a North American PE fund put it, “At that [middle] level is where we find a number of ethnic minorities and women who have really felt like the levels they are at have a sticky floor. They found that it’s really hard to get that next promotion. They feel left out. They haven’t received the kind of mentorship and the kind of apprenticeship that they’re really going to need or the sponsorship to get promoted.”

The road to meaningful progress will likely be long. However, there’s a bright spot: the promotion gap at the managing-director level (L2) shrank in 2022.

Globally, men in investing roles are about 50 percent more likely, on average, to be promoted than their female colleagues.

Significant differences in representation between leading and lagging firms

Some firms have made noteworthy strides on the diversity of their talent pool, so much so that the industry’s global average of women in 15 percent of investing managing-director roles looks paltry by comparison. Leading firms had women in 45 percent of managing-director (L2) roles as the end of 2022. These firms also had significantly higher proportions of women at every level and overall had women in 38 percent of their investing roles, compared with the global average of 25 percent.

Interestingly, firms that were leaders in gender diversity (as indicated by relatively high proportions of women in managing-director roles) also retained women at higher rates than the industry average. However, firms that lagged on gender diversity showed significantly higher attrition in 2022 among women in investing. These firms in our sample did not have women in managing-director (L2) investing roles and had only 17 percent women in investing roles overall compared to the 25 percent global benchmark. Furthermore, these firms’ attrition rates for women in investing were 1.7 times higher, at 27 percent, than the global average over the course of 2022 (Exhibit 4).

For investing roles, our findings suggest a correlation between the representation of women at the top and higher overall gender representation, as well as between lack of women at the top and their ability to retain women at all levels of investing roles.

Our findings on gender diversity over time also highlight the feasibility of substantial progress when decision makers deploy effective strategies. Indeed, the results of our study show that not all PE firms are equal when it comes to cultures that support diverse talent.

Different regions have different timelines to gender parity

The timelines to achieving gender parity vary by region. For instance, despite advances, Europe still faces significant challenges related to women’s representation at senior levels. At its current pace, Europe would require more than six decades to reach gender parity at senior levels.

By contrast, based on the rate of recent progress, the Americas are the furthest from achieving gender parity at middle and junior levels for investing roles. The situation is notably different in the Asia–Pacific region, which has done the most to close the gender gap at middle and senior levels recently (Exhibit 5).

A concerning trend has emerged over the past two years: gender representation has seen a minor decrease in the Asia–Pacific region at the associate level (L5). Although this decline starts from a relatively high base, it indicates the need for ongoing efforts to maintain a diverse talent pipeline that can help the industry achieve gender parity.

Ethnic and racial diversity in private equity

Consistent with our past findings, ethnic and racial minorities in PE face similar underrepresentation as women. At nearly every level, investing roles have lower ethnic and racial diversity than noninvesting and operating-partner roles.

Our research data from the United States and Canada shows that ethnic and racial minorities represent only 20 percent of managing-director-level investing professionals (Exhibit 6). For context, people who identify as ethnic and racial minorities account for 30 percent of the Canadian population and 41 percent of the US population. 2 “QuickFacts: United States population estimates,” US Census Bureau, July 1, 2022; “The Canadian census: A rich portrait of the country's religious and ethnocultural diversity,” Statistics Canada, October 26, 2022. However, we found positive progress in ethnic and racial diversity in ICs in 2022. Ethnic and racial minorities represented 18 percent of investment committee members, nearly matching the ethnic and racial diversity of managing directors (L2) that year.

The improvement in the diversity of talent in investment committees over the course of 2022 may be the result of new requirements for PE firms to disclose C-suite- and investment-committee-level diversity data to prospective investors. The chief HR officer of a midsize PE firm headquartered in North America referred to this as “a standard part of the due diligence questionnaire these days.”

Investment professionals who identify as White held 70 percent of all investing roles and 80 percent of managing-director roles. As of 2022, White men made up the majority of White PE professionals at 79 percent, with 86 percent at the managing-director level. By contrast, women who identify as ethnic and racial minorities were the least represented group among investment professionals across all levels. White professionals lead promotion rates into every level except principal (L3). The difference in promotion is most drastic at the managing-director level (L2), in which White professionals were more than 2.3 times more likely to be promoted than any other race or ethnicity. And once they make it to the top, White professionals has the lowest rates of attrition, trailing only Hispanic and Latino investing professionals in attrition rates at the principal level (L3) and managing-director level (L2).

Firms with more ethnic and racial diversity at the top tend to have more-diverse talent pools

Not all PE firms have struggled to attract and develop talent from ethnic and racial minorities. Leading firms have reached or are nearing representative levels, with 42 percent of investing talent identifying as ethnic or racial minorities, compared with 30 percent of the Canadian population and 41 percent of the US population.

Lagging firms, on the other hand, have almost no ethnic and racial diversity at senior levels. These challenges at the top are reflected throughout the organization, with only 23 percent of investing professionals at lagging firms identifying as ethnic and racial minorities.

Firms that lead the industry in ethnic and racial diversity have demonstrated that significant progress is possible, but there is still work to be done to make PE offices in the United States and Canada more representative. Black and Hispanic professionals remain underrepresented, even at firms that lead on ethnic and racial diversity. Fourteen percent of the US population is Black, and 19 percent is Hispanic, 3 “QuickFacts: United States population estimates,” US Census Bureau, July 1, 2022. but even at leading firms, only 8 percent of managing directors are Black, and 9 percent are Hispanic.

Institutional investors are asking more about DEI metrics

When making funding decisions, institutional investors increasingly take PE firms’ DEI practices into account.

Institutional investors are broadening their view of DEI beyond the investment team and institutional investors now increasingly ask about DEI metrics within portfolio companies and their boards (Exhibit 7). This growing interest from institutional investors has encouraged PE firms to systematically track and report on these metrics, fueling momentum toward diversity and inclusion in the industry. As a partner at a North American PE fund put it, “Data requests from LPs [limited partners] on diversity and inclusion have gone from zero in the 2000s to everyone asking about it today.”

Notably, some institutional investors track PE firms’ year-over-year improvements in diversity and inclusion as part of their DEI assessments. Forward-looking institutional investors have started to move beyond simply tracking DEI metrics and are beginning to set minimum thresholds on some metrics. For instance, one institutional investor in our sample requires PE firms to meet minimum racial- and gender-diversity thresholds before the institutional investor considers making an investment.

Structural barriers for PE firms owned by ethnic and racial minorities and women

Institutional investors are continuing to gather data on diversity inclusion. But are their allocations consistent with their stated priorities?

Institutional investors that participated in last year’s study said they would be willing to give more capital to more-diverse deal teams. 4 “QuickFacts: United States population estimates,” US Census Bureau, July 1, 2022. However, institutional investors face challenges in making that promise a reality. As of 2021, PE firms owned by ethnic and racial minorities and women managed only 6 percent of total AUM in PE. 5 Knight diversity of asset managers research series: Industry , Knight Foundation, December 2021. If diversity is high on institutional investors’ priority list, why don’t minority-owned funds receive more capital?

The hurdle for minority- and women-owned funds is not their track record or the investing team’s experience. The challenges are structural and make it harder for institutional investors to allocate to these firms. For instance, compared with their competitors, minority- and women-owned firms are smaller and newer on average. In the current macroeconomic environment, institutional investors are relying more on existing long-term relationships with general partners to weather the cycle, leaving even fewer slots for these firms to compete over. To connect with these firms, institutional investors would have to go through brokers or adjust their minimum allocation rules to directly invest in smaller raises.

As institutional investors continue to shape the future of private equity, their influence will be vital in ensuring that DEI remains top of mind. Through thoughtful capital allocation and continued focus on DEI metrics, institutional investors have the power to drive meaningful change in the sector, making PE more inclusive, more diverse, and ultimately more successful.

From aspiration to action: Tangible steps toward a more diverse future

Our study highlights that to achieve a more diverse, equitable, and inclusive industry, firms require additional internal actions and practices as well as external pressures. Strategies to retain and promote diverse talent within PE firms would need to coexist with a collaborative commitment from institutional investors to demand DEI metrics and support women- and minority-owned funds. Our discussion focuses on specific actions and regional considerations that can accelerate the path to greater diversity of talent within investing roles in private markets globally.

Must-haves: A focus on retaining diverse talent and practices that accelerate the path to equity

PE firms have made initial progress in diversifying their entry-level talent pipelines. To establish a more inclusive culture and move toward gender parity, those efforts would need to extend to the senior ranks. It’s important for practices that promote diversity and inclusion to be embedded in every level of the organization. DEI should not be seen as just a recruitment initiative.

Key practices to implement include the following:

• analyzing attrition and promotion rates by gender, ethnicity, and race where possible, along with other measures of diversity, to shed light on firms’ effectiveness in retaining and promoting diverse talent
• developing intentional sponsorship and mentorship programs that can guide diverse talent, especially in midlevel roles
• establishing employee resource groups (ERGs) for diverse talent to offer safe spaces for interaction, discussion, and mutual support
• implementing more flexible HR policies, such as remote work, to cast a wider net for talent and improve inclusion for professionals from diverse backgrounds
• hosting unconscious-bias and conscious-inclusion training to minimize the impact of unconscious prejudices on decision-making processes
• creating intentional on-ramps and off-ramps for employees as they transition to and from parental leave or extended time off to help normalize these journeys

These initiatives go beyond recruitment and are crucial in building an inclusive environment that not only welcomes diverse team members but also enables them to flourish and ascend the ranks. By committing to these practices, PE firms can nurture diversity throughout their organizations, from the entry level to top leadership.

The road toward equity in PE is long, but a continued focus on actions that could accelerate progress can put the industry’s aspirations within reach. Institutional investors can continue to reinforce the industry’s commitment to DEI, and by acting on these commitments, PE firms can hone the edge that comes with diversity.

Pontus Averstad and Fredrik Dahlqvist are senior partners in McKinsey’s Stockholm office; Eitan Lefkowitz is a consultant in the New Jersey office; Alexandra Nee is a partner in the Washington, DC, office, where Mohammed Shafi is a consultant; Gary Pinshaw is a senior partner in the Sydney office; and David Quigley is a senior partner in the New York office.

The authors wish to thank Alejandro Beltrán, Diana Ellsworth, Carlos Esber, Tim Ewing, Catherine Falls, James Gannon, Chris Gorman, Kori Hill, Alexis Howard, Gil Sander Joseph, Claudy Jules, Bruck Kebede, Drew Knapp, Connor Kramer, Alexis Krivkovich, Ju-Hon Kwek, Bola Lawrence, Robin Lore, Tess Mandoli, Emma Moriarty, Andrew Mullin, Suraya Narayan, Margret-Ann Natsis, Hilary Nguyen, Daniel Obed, Vivek Pandit, David Pinski, Luis Rivera, Nicole Robinson, Elise Sauve, Jennifer Schmidt, Jeanette Stock, Neha Verma, Monne Williams, Jackie Wong, and Lareina Yee for their contributions to this report.

The authors also wish to thank all the participating private equity firms and institutional investors, without whose participation these industry-wide benchmarks would not be possible.

We are appreciative of McKinsey and LeanIn.org’s Women in the Workplace study, which has informed the creation of this work.

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