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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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10 best stock research websites & tools – rating the best stock market websites in 2024.

What are the best stock research websites and stock market analysis tools for investors in 2022? Read on to find out!

Financial writer

The internet is full of websites and stock research tools that analyze equity markets and help investors choose the best stocks out there.

Investors need to understand the product that is most suited to their investing style, risk tolerance and budget. Some investors are pure numbers-players, others connect dots around the world to come to a decision, while many are on the lookout for the next big idea.

Individual stock picking requires considerable analysis. Early investors who are starting out their journey are better off considering passive investments and low-cost index funds, rather than researching and buying stocks on their own.

We have put together a list of some of the best stock research sites where you can get news and data on companies, the economy and the market.

1. WallStreetZen (Best Stock Research Website In 2024)

WallStreetZen was created when its founders were frustrated with existing stock research websites, so they set out on a mission of creating a better stock analysis experience for investors who are serious about deeply understanding the stocks they invest in, but aren’t financial professionals themselves.

The idea behind this stock research website is simple – most stock research sites are created by finance professionals, for finance professionals. As a result, they tend to be cluttered with dense tables filled with financial ratios and numbers, but they don’t give you the context you need to easily understand the data.

WallStreetZen takes a different approach – they don’t just show you financial data, they also help you interpret the data and understand the context.

How, you might ask? Their Zen Score and automated due diligence checks run key financial checks that experienced investors would run (usually using spreadsheets), and they present the results in easy to understand, one line explanations.

See the Zen Score in action for yourself by looking up a stock here

And instead of packing every page to the point of data overload, they’ve carefully selected important metrics that every investor should pay attention to and they help you visualize the historical and industry context behind the numbers.

For example, here is how Yahoo Finance shows you the P/E ratio for AMZN:

Source: Yahoo Finance

Here is how WallStreetZen shows you the P/E ratio for AMZN :

Source: WallStreetZen

Here is how Yahoo Finance shows you Return on Equity for AMZN:

Here is how WallStreetZen shows you Return on Equity for AMZN :

Lastly, it’s obvious that WallStreetZen cares deeply about creating a great user experience.

Much like the Robinhood app provided a cleaner, sleeker user experience for investors who weren’t satisfied with the clunky interfaces of traditional brokerages, WallStreetZen does the same for stock research and analysis websites.

Unlike most stock research websites that are cluttered and packed with too much data in every pixel, WallStreetZen’s design is minimalist and clean while still focusing your attention on the information you need to make good investing decisions.

WallStreetZen is currently in beta mode, but its unique features and focus on user experience already make it one of the most indispensable stock research sites for investors who want the best stock analysis software with more insights, and less noise.

You’ll definitely want to experience it for yourself, just click here to give it a try (it’s free).

Just a little disclaimer: WallStreetZen was started by one of the founders of InvestmentZen, so while we can’t claim to be unbiased, you can check out the product and decide for yourself . 

2. Motley Fool Stock Advisor

The Motley Fool is one of the most well known and best stock research sites in the world.

It is one of the most popular stock advisor platforms out there when it comes to investment news and advice. Founded in 1993 by brothers David and Tom Gardner, The Motley Fool offers a combination of free news and paid financial advice and research. 

Motley Fool launched its Stock Advisor product in 2002. The product is priced at $99 for an annual subscription or $19 for a monthly subscription.

What this product does is simple: Both brothers recommend stocks (after extensive research) that aim to beat the market. Since inception, Stock Advisor picks have delivered 333% returns compared to 77% by the S&P 500.

The dynamic duo at the Motley Fool give out two monthly recommendations of stocks that they believe will beat the broader markets in the long-term.

Similar to most investors, David and Tom are not concerned about short-term volatility and expect the company’s strong fundamentals to outperform the S&P 500 over a period of time.

While it is not possible to buy every single recommendation, you need to buy a good number of recommended stocks to be successful and outpace overall market returns.

Apart from the Stock Advisor ( read our full Stock Advisor review here ) report, investors also get:

• Starter Stocks : This a curated list of 10 of the best stocks every month by Motley Fool experts for the investor who is just starting out in the market. These are rock-solid stocks that can build the foundations of a great portfolio (What’s a portfolio? Learn more and see an example of a stock portfolio .).
• Best Buys Now : David and Tom Gardner regularly give you a list of the best opportunities in the market at that moment.
• S.A. Knowledge Base : Provides 24/7 access to the full Stock Advisor library of proprietary reports and research compiled over eighteen years – ideal for all levels of investors with a desire to learn.
• Market News Coverage : This is a pitstop where you can any investment worthy news from across the world.
• The Motley Fool Community : Here every month investors can connect with fellow members and the actual analysts behind the Stock Advisor team. It promotes the exchange of investment ideas and a robust platform where investors can learn from each other. 

Stock Advisor’s biggest successes since launch include Booking.com that is up 5,561%, Marvel (later acquired by Disney ) which is up 5,464%, Amazon.com that is up 15,107% and Netflix stock that is up 18,497%.

Stock Advisor members who invested $1,000 in each of those stocks on the day Stock Advisor came out with their recommendations are sitting on over $450,285 today . You can try Motley Fool Advisor with a 30 day membership fee refund guarantee by signing up here .

You can also check out this Motley Fool Stock Advisor review if you want to learn more.

3. Tokenist’s Newsletter: Five Minute Finance

The Tokenist is a financial media publication which produces world-class educational content on all aspects of investing and personal finance.

Led by Timothy Fries, partner at Protective Technologies Capital, The Tokenist received a 100/100 rating from NewsGuard , an independent agency which evaluates media publications for journalistic integrity.

The Tokenist has a few different content offerings—and all of them are quite impressive.

First, the publication has a news desk, which specifically focuses on the integration of finance and technology, maintaining a macro-economic outlook. Coverage can include in-depth analysis on anything from digital assets, to meme stocks and Robinhood’s payment for order flow (PFOF), to the ways in which U.S. monetary policy is anticipated to impact certain asset classes.

The Tokenist’s editorial vision largely focuses on the ways in which emerging technology is becoming increasingly integrated into capital markets—which makes it quite unique.

The publication also routinely publishes extensive guides written by financial experts which aim to help readers optimize the wealth creation process. The Tokenist’s well-rounded, insightful library of guides will help individuals learn about all aspects from investing, to include choosing the right broker, trading stocks, options, forex, and more—for beginners and veteran traders alike. If this piques your interest, check out the best options trading platform .

The Tokenist also offers a free newsletter, called Five Minute Finance (5MF). Published each Friday, the newsletter captures five of the week’s biggest events in the realm of finance and technology—and provides additional context to illustrate ongoing trends.

And honestly, it’s clear to see that Five Minute Finance produces signal, among an overly crowded sea of noise. Five Minute Finance is largely why The Tokenist takes the number three spot in our list of the best stock research websites.

Here’s an inside view of a previous edition of 5MF:

5MF boasts over 111k subscribers – so while it does not provide actionable investing advice, it helps investors maintain a pulse on the market environment—explaining where things are now, and where they’re going.

There’s a lot of noise out there – but 5MF aims to deliver valuable insights by illustrating trends, keeping investors in the know about the most important events to impact financial markets.

In summary:

• Published once per week, each Friday
• Maintains a big picture view of financial markets, identifying larger trends to keep investors in the know
• Focuses on the integration of finance and technology, covering FinTech and digital assets

If you don’t want to miss out on the next big thing to hit the world of finance, be sure to sign up for Five Minute Finance —it’s free.

4. Morningstar

Morningstar is one of the world’s most widely respected equity research firms.

This is not a website for investors who trade using charts, this is for the value or fundamental investor.

There is no charting and technical analysis on this site and there is no talk of buy and sell indicators here, making it one of the best stock websites for long-term investors. 

You come to Morningstar to understand and start allocating your budget into assets and investments that suit your investing style. The Morningstar premium membership costs $199 annually and is well worth it.

It changes the way you look at investments because you start relying on hard data and sound analysis. You will find yourself making better decisions as you continue to use this tool. Numbers start to make sense and you feel like you are in constant touch with a financial advisor from the comfort of your home (and sans the expensive fees).

While Morningstar (see our Morningstar Premium review ) rates and analyses securities like stocks and bonds, its primary focus is mutual funds. This membership is perfect for investors who want to buy and hold for a long time.

Investors of every kind can tailor Morningstar research and tools according to their specifications. Premium members can:

• Find new investment ideas using the most popular screeners for research.
• Evaluate investment ideas by unveiling buying opportunities across sectors thanks to the unlocked data and ratings.
• Monitor their investments using Portfolio X-Ray that shows how your asset allocation is holding up, enabling premium members to rebalance their portfolios.

Morningstar has pre-sorted their current top mutual fund, stock, and ETF picks using proprietary data points and featured them by type and investing goal making it easy for premium members to pick the best.

Morningstar premium has planning tools for tax planning, personal finance, and retirement and education investing.

The Instant X-Ray tool, in particular, is one of the best out there, and it ensures that you are not over-invested in a particular country, sector or stock. The tool takes a mutual fund’s quarterly SEC reporting of its individual stock allocation and helps determine your investment spread.

Basically, this tool does take a look at your asset allocation and then helps you determine if you are overinvested in a particular company. The report divides your portfolio into Cyclical, Sensitive and Defensive. For example, housing is a cyclical sector while electricity is defensive. Tech stocks and oil stocks could be sensitive.

If you are not sure about going in for the premium membership, there is an option of a 14-day trial period, making it one of the most flexible and best stock analysis websites for investors.

Morningstar analyst reports provide in-depth, continuous analyses from over 150+ independent analysts. This enables investors make decisions with confidence knowing the data and research that has gone into every single one of the ratings.

A lot of free investing apps use Morningstar ratings to make it easier for investors to choose the right investment. That should give you an idea of how highly Morningstar is rated. Of course, you only get access to the detailed analysis and reports on the premium membership.   

Here’s a helpful comparison of Morningstar vs Motley Fool (our 2nd pick), if you want to learn more.

5. Seeking Alpha

Seeking Alpha is a website for advanced investors .  This is a rather different kind of website in the sense that it is crowdsourced, giving it exceptional coverage of smaller cap stocks that receive little or no attention from Wall Street analysts.

The site offers a lot of articles and blogs for stocks and financial markets. The writers include amateur as well as professional investors, a lot of whom have backgrounds in buy and sell-side research. 

If you are someone who understands advanced jargon and day-to-day terminology used in Wall Street, you’ll love following other finance professionals on Seeking Alpha. It is one of the best stock websites for people who want to access top-quality research for public equities. 

As you get used to the style at Seeking Alpha, it could very easily turn into a one-stop-shop for you for all things related to investing in stocks, market analysis and insights.

Most articles on Seeking Alpha are free for a limited period of time for registered users. Sometimes articles as young as 10 days go behind a paywall. Seeking Alpha Premium is the basic premium product from the company that charges subscribers $29.99 monthly or $19.99 (if paid annually).

Apart from basic news and articles, Premium offers unlimited access to Seeking Alpha archives. That’s over 1 million articles. You get to view author performance and ratings, along with quant ratings, dividend forecasts and scores. Check out this review of Seeking Alpha Premium for more details.

(What’s due diligence? Read: What Does DD Mean in Stocks? )

The Pro service provides charts, research, analysis, newsletters, emails and personalized service to all content on Seeking Alpha. For example: Members can create specific tickers tailored to the securities they want to analyze and invest in.

Seeking Alpha has priced at its Pro subscription at $299.99 a month or $2,399 (which is about $199.99 a month) for the entire year. Pro subscribers get the following benefits:

•         Unlimited Analysis : Access to all the research and analysis on the website.
•         Top Ideas : Pro members get exclusive access to timely and well thought out expert long and short ideas. These actionable strategies help investors analyze new opportunities early on.
•         Weekly Digest : The best stock calls, ideas, exclusive interviews and newsletters are emailed to members.
•         VIP Customer Service : Personalized priority support through Seeking Alpha’s phone and email service.
•         Powerful Screeners : Smart screening and filtering tools that enable members to surf Pro author content and search for investment ideas on different parameters. You can save time with more focused research and create investment opportunities for yourself according to your investing style and financial goals.

 6. AAII (American Association of Individual Investors)

You can add AAII to the list of best stock research websites. This is the only non-profit website that is on this list. Launched in 1978 by Dr. James B Cloonan the American Association of Individual Investors (AAII) has a simple mission. It wants to make individuals responsible for their own investment journeys by educating them, informing them and providing research to them, particularly in the mutual fund space.  

And it wants them to beat the average S&P 500 returns while taking on lower-than-average levels on risk. The premise is simple. An unbiased platform can provide the best investment advice.

Sounds far-fetched? Well, it isn’t. AAII runs on a freemium model like most sites.

While some information is available to everyone, only paying members get access to a monthly journal, mutual fund analysis, stock screeners and model portfolios. The Better Business Bureau gives AAII a rating of A+.

The membership fees at the AAII are a paltry $29 per year. You can also opt for a 30-day trial at just $1.

The most popular paid resources that the AAII provides are:

•         The AAII Journal : This journal is published, ad-free, every month.
•         Asset Allocation Models : Here members can view the performance of popular investment benchmarks.
•         Stock Ideas : Members get to explore a wide range of strategies and investment ideas best suited to their investing style.
•       AAII Model Shadow Stock Portfolios : This is our favorite product from the AAII stable. It provides investors guidance for investing in the micro-cap sector. The focus of this model portfolio is on reducing risk and portfolio formation.

It shows when you take multiple risky stocks into your portfolio but if your portfolio is well-diversified, the risk of individual stocks is reduced by 70%.

The model encourages you to invest in at least 10 stocks to maintain a diversified portfolio. AAII manages this portfolio by simply reviewing earnings on a quarterly basis.

You can utilize the resources on AAII’s Stock Ideas to get a list of potential Shadow Stocks. This list is updated daily. The Ideas list shows all companies that meet the criteria for the Shadow Stock screen. However, this doesn’t mean that stocks that appear on the list will be added to the model portfolio.

The Model Stock Portfolio is a great tool that shows the investor how to develop a value-oriented approach towards investing. Considering that you will be investing in companies with great volatility, you will need to be extra careful here.

7. Zacks Investment Research

Zacks Investment Research is a well-known research website and stock picking service that often comes out with contrarian views. The website has a large archive of free content – the same as most websites — to hook readers and potential investors on to their research and information. Zacks goes beyond the usual articles with video commentary and podcasts in multiple topics, making it a comprehensive stock research website. 

Over 500,000 ‘Zacks Profit from the Pros’ members receive a free newsletter every morning ( ranked among WallStreetZen’s 3 best investment newsletters ) where they are briefed on key market developments. Along with this, they also get the Bull Stock of the Day from the Zacks Rank system. Zacks claims that this delivers more than doubles the market with an average gain of +24.13% per year.

One of the best things about Zacks is that they have their own mutual fund ranking system that helps its members evaluate the funds that will give them the most profit. That is all that Zacks focuses on- the bottom-line. In April 2020, approximately 19,000 mutual funds have been tracked and evaluated by Zacks.

Zacks’ rating system for mutual funds is simple. A 1 implies a great mutual fund while a ranking of 5 indicates a horrible one. Zacks’ research relies on quantitative data more than fundamental analysis which is not necessarily a bad thing depending on your investing style.

Investors who want more than the free stuff can opt for Zacks Premium which gives them the following:

•   Zacks #1 Rank List : This is a collection of the top stocks that have more than doubled returns compared to the S&P 500 since 1998.
• Industry Rank List : This is an extension of the #1 Rank List. Here, Zacks ranks industries by evaluating them on the Zacks Rank. The Zacks Industry Rank is calculated by considering the average Zacks Rank for all relevant stocks in a particular industry. The algorithm then assigns an ordinal rank to it.

Here, an industry with a lower average Zacks rank is better than an industry with a higher average Zacks Rank.

• Premium Screens : Zacks Premium Screens lets you evaluate and choose from over 45 predefined screens according to your investing style. You can choose to browse through Zacks’ bear market strategies. Considering the next couple of quarters don’t look great, this is a solid feature to exploit.
• Focus List : This is a collection of 50 top long-term performing stocks based on earnings momentum.
• ESP List : The Earnings Expected Surprise Prediction or ESP is a great way to make some quick profits as you can use this filter to predict what stocks will have a great earnings season and pick them up before announcements.
• Equity Research Reports : This is simple enough. Members get access to equity research reports for more than 1,000 stocks.

There’s a lot of data on Zacks. It can get overwhelming at times, especially when it comes to options contracts. If you’re interested in using Zacks Options Trader, head over to what is vega in options to start learning. 

Zacks Premium costs members $299 per year but you can also avail of a 30-day free trial period.

8. Yahoo! Finance

Yahoo! Finance is the most popular finance website in the US with 70 unique million users visiting it every month.

It is considered to be among the best stock market websites out there.

The amount of information available on this site is simply unmatched . A lot of websites on this list including Motley Fool, Seeking Alpha and Zacks ( read our review of Motley Fool vs Seeking Alpha vs Morningstar vs Zacks here ) derive a large amount of their traffic through Yahoo Finance. Its portfolio of stock research tools make it an ideal pick for the experienced investor. 

Yahoo! Finance is popular as a starting point beginners who are interested in investing.

The site has a basic set of tools that it provides investors to get started on their journey.

• Stock Screeners : Yahoo Finance has predefined, ready-to-use stock screeners that you can use to search stocks by industry, index membership and more.

Yahoo Finance has one of the best free stock screeners on the market.

Examples of screeners include Fair Value Screener (Undervalued stocks with a strong & consistent history of earnings and revenue growth), Undervalued Growth Stocks (Stocks with earnings growth rates better than 25% and relatively low PE and PEG ratios), Growth Technology Stocks (Technology stocks with revenue and earnings growth in excess of 25%), Undervalued Large Caps, Aggressive Small Caps and a lot more.

You will need a Yahoo account to get started on Stock Screeners.

• My Portfolio : This is our favorite Yahoo Finance tool. In case you haven’t spotted a trend, we like portfolio tools. They are a one-stop-shop to track our investments, and they show us all the data we need.

This Yahoo Finance tool lets you track portfolios (stocks, mutual funds, ETFs), you can customize the screen view, decide the parameters you want to input like valuation metrics and price movements.

You can manage your holdings efficiently and create custom views using over 60 data points. You can also key in the purchase prices of the shares you have invested in and calculate profits or losses. All the data is available in real-time. A Yahoo account is required to start building your portfolio.

•   Markets : The market data section on Yahoo Finance is another great place to start for the young investor. You just have to click on the Markets link on the home page and you can choose the category you want to take a look at. Everything from mutual funds, to cryptocurrencies to futures to US bonds and Treasuries is available in this section.

Yahoo launched its premium service in August 2019. Subscription costs $34.99 per month or $349.99 annually. The service is integrated into Yahoo Finance’s existing desktop and app products. Key features of the product include:

• Premium Data and Charting : This is great for ‘charters’ and day traders who can identify, evaluate and trade on new opportunities based on automated pattern recognition for technical analysis . If day trading is your thing, here’s the best trading platform for day trading .
•   Advanced Portfolio Analytics : The tool measure portfolio performance and you can analyze and manage risk and volatility.
• Research Reports and Investment Ideas : One of the largest repositories of third-party research reports created by analysts across the world. You can also get reports through an algorithm best suited to you. Stay updated on companies that you follow regularly and action ideas according to the current environment.
•   Company Profiles : Go beyond fundamentals as you get better insights into the hiring, innovation and patent updates for various companies.

9. Google Finance

Google is trying to compete with other financial websites in the best way it knows. By going completely free.

Google Finance is a tool that budding investors should use as they try to get their feet wet in the financial markets today. 

It’s a solid site to go and analyze a large amount of financial data , including stock quotes and financial news before you decide where you want to invest your money. It’s very similar to Yahoo! Finance in the sense that it is a repository of real-time data and offers a lot of similar services.

You have a world markets section where you can see how stock indices around the world are performing.  The currency section does the same when it comes to world currencies. You can also view bond yields.

The website used to have a stock portfolio tool and a stock screener that was pretty good but it has since been discontinued. However, there is a Watchlist section on the page where you can add securities that you want to track and it does a pretty good job of it. If you’re looking to dive into more complex data, take a look at the features in our Benzinga Pro review . 

This is a simpler website to use than the others. One thing that works in its favor is that we use so much of Google in our daily lives that navigating on this site is very intuitive. That said, think of Google Finance as your foundation building site before you move on to the big boys.

10. Barron’s

When it comes to compiling a list of best stock research websites, it is difficult to drop Barron’s from the list.

Barron’s is well known for its magazines that help people out with their investments. Investors are expected to already have an idea about financial basics and terminology. Barron’s comes out with a cover story every week that analyzes an industry or a business in great detail. 

The magazine itself is full of investment ideas where the authors go very deep into researching the articles and businesses they write on. The five picks they give out every week are based on business or fundamental analyses and not technicals. These are stocks you want to hold on for a long period.

Barron’s is one of the top online media platforms in the United States. Magazine readers get well researched weekly articles that equip them with investing ideas, recent market trends and trading concepts.

The Data section of Barron’s is split up into Stocks, Bonds, Currencies, Funds and ETFs, and Commodities. Barron’s target audience is made up of experienced financial professionals, money managers, hardcore individual investors and senior management.

It has a Market Week section that focuses on trading strategies ranging from options trades to ETF trades. If you’re looking into complex derivatives like options, do some research on the safest options strategies first. 

The pricing is expensive at $179 for the whole year or $99 for 30 weeks.

But Barron’s is running an offer right now where you can get 12 weeks for $12. It’s not a bad investment to check it out for a quarter and decide if this one is for you.

Honourable Mention

Here’s an honourable mention to StocksTelegraph.com which didn’t make the list but is another helpful stock research website.

For even more ideas, take a look at the top Bloomberg Terminal alternatives .

The Best Stock Research Websites – What’s The Bottom Line?

The above list is just a selection of the best stock market websites and the most popular investing resources out there for the avid investor. However if you have a specific style of investing, you may want to look at different sites (here is a list of fundamental analysis tools )

The best stock sites look to engage self-directed investors who aim to create and manage their own portfolio. The internet is full of websites and stock research tools that analyze equity markets and help investors choose the best stocks to buy now .

These platforms are vast oceans of knowledge and we know that knowledge is power. However, if you don’t have the time or expertise to pick individual stocks, you can opt to leverage passive investing instead.

Headline image used under creative commons attribution license  InvestmentZen Images

Aditya Ragunath

Aditya Raghunath is a financial writer who writes about business, public equities and personal finance. His work has been published on several digital platforms in the U.S. and Canada, including The Motley Fool and Market Realist. With a post-graduate degree in finance, Aditya has close to 8 years of work experience in financial services. If you are considering investing in the stock market, he recommends reading The Intelligent Investor by Benjamin Graham before taking the plunge.

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Answered By: Lippincott Library Last Updated: Jan 26, 2024     Views: 167703

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 BRC 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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• Interview Questions

Why Equity Research

How to answer the question "Why Equity Research"

Mr. Arora is an experienced private equity investment professional, with experience working across multiple markets. Rohan has a focus in particular on consumer and business services transactions and operational growth. Rohan has also worked at Evercore, where he also spent time in private equity advisory.

Rohan holds a BA (Hons., Scholar) in Economics and Management from Oxford University.

Prior to becoming a Founder for Curiocity, Hassan worked for Houlihan Lokey as an Investment Banking Analyst focusing on sellside and buyside  M&A , restructurings, financings and strategic advisory engagements across industry groups.

Hassan holds a  BS  from the University of Pennsylvania in Economics.

What Do Equity Research Professionals Do?

Why equity research interview question, other equity research interview questions, why equity research interview questions - final tips.

Equity research (ER) is a position for analysts to evaluate a company’s financial information and perform ratio analysis while forecasting future values by using applications like Excel to perform financial modeling .

More specifically, this role intends to find optimized scenarios to either buy or sell stocks and form investment strategies that would minimize risk while maximizing profit and return. 

Upon compiling all the quantitative analysis and calculations , equity research analysts put their findings in an equity research report .

Some clients wanting to hire equity researchers include investment banks for the sell side , institutions for the buy side , or independent organizations. 

Notably, equity research does not have a hierarchy or seniority like in investment banking. However, there are two main positions, which are associates and analysts. Unlike other fields of finance, an associate equity research professional is more junior than their counterpart. 

Some of the most reputable companies that perform equity research include:

• JP Morgan Chase and Co
• Bank of America Merrill Lynch 
• Credit Suisse
• Barclays Capital
• Goldman Sachs
• Morgan Stanley 

Equity research is a rather technical position to have, meaning that interview questions would entail a decent amount of conceptual questions.

This is because interviewers need to gauge how competent the candidate is in making approximations and investment decisions and understanding how different financial values indicate a company’s performance. 

To understand what types of technical questions sales and trading candidates may encounter, we must also understand what people do in this department.

From an overview standpoint, here is a list of things these analysts do before submitting their reports.

1. Perform valuations of listed companies 

By using stock exchanges like NYSE, Nasdaq , or Russell 3000, a researcher can find a general surface-level valuation of a company’s performance through metrics like stock price, trade volume, market cap , and P/E ratio, among others. 

From an interview standpoint, you would need to have a very profound understanding of market trends and other concepts to determine the value of a company based on stock charts. Some questions may ask you to determine if a company is under or overvalued based on a ratio.

2. Research the industry and other economic parameters

Suppose the company has a positive outlook regarding its business performance. In that case, the researcher will then analyze factors like GDP , growth rates, market size, competitive landscape and fragmentation, and EBITDA margins to grasp a more market-specific understanding of the business’s prospects.

In potential case studies through an interview setting, interviewers may ask you to perform market research and comparative analysis to understand how a company is doing. This will also factor into making decisions in sales and trading.

3. Analyze fundamental financials 

Upon learning about the industry’s landscape in more detail, the researchers can find the company's financial statements , including the balance sheet , cash flows, and income statement , and determine how well the company has been operating through trends.

Therefore, having great analytical skills and deconstructing financial statements are crucial when going into an interview. Some questions may entail coming up with an investment proposal after seeing a company’s financial information.

4. Project growth, revenue, and profits

Using the data from the financial information, researchers will then create projections from a managerial perspective on a company’s potential for expansion and increase in revenue or profits. Factors like customer retention and industry trends will also factor into this evaluation. 

5. Use financial evaluation models

Some of the company equity valuation models include discounted cash flow ( DCF ), initial public offering ( IPO ), leveraged buyout ( LBO ), relative valuations, or sum of the parts valuation. Researchers will undergo these calculations to assess a company's potential more holistically. 

This also means some interview questions may require you to walk through a financial modeling process. Make sure to be concise and straightforward when answering questions like this.

6. Compare findings to the stock exchange

The researchers will find a fair price for the company after going through the evaluation procedure above. Their goal is to compare this finding to the current market price displayed on the stock exchange.

7. Conclude if the stocks are overvalued or undervalued

Here is how an equity researcher determines if a stock is overvalued or undervalued.

Fair price < Current market price

Then the stocks are overvalued, meaning that it is recommended for investors to sell their holdings. 

Fair price > Current market price

Then the stocks are undervalued, meaning that it is recommended for investors to buy stocks from the company.

Of course, if the fair price equals the current market price, the stock is neither overvalued nor undervalued, meaning it is fairly priced and that investors should hold. This also means minimal incentives exist to buy or sell the stock, depending on the investor’s personal projections and risk preferences. 

8. Recommend investment strategies and work with clients

With the report in hand and a conclusive suggestion established through financial modeling calculations, equity researchers will talk to their clients about the results. 

This means that being in sales and trading requires great communication skills. Some of the behavioral questions will assess this. 

This question is an opportunity for you to demonstrate your interest, passion, and commitment to the role.

As one of the most common questions when undergoing any interviews in the finance industry, you should always come prepared with an answer as you should expect this to come up.

This question could be asked in various ways, so let us cover some of the sample questions and answers.

Please note that the example answers we provided are merely for consideration. The intention is to give you a general idea and framework for how you should prepare for and answer these questions.

Why do you like ER?

This question assesses the candidate’s passion for the field. When responding, make sure to be genuine and authentic. Avoid mentioning money, exit opportunities, or irrelevant information that will harm your chances of being selected. 

This is because companies want salespeople and traders to be committed to their company and stay long. Having monetary or other non-sales and trading ambitions shows that you do not have a genuine interest in the role and do not have a passion or the motivation to excel in the position.

Therefore, you should be more personable and creative in how you structure your reasons. A way you can approach answering this question is by stating how your previous work experiences made you gravitate towards analyzing numbers and dive into quantitative reasoning.

Another way is to show how a club activity or research paper you have done made you wonder more about market trends and stock performance.

Sample answer:

“As someone who likes to immerse myself in determining the movement of stocks and the future prospects of a company, I am fascinated by deconstructing financial information to find the value of a business.  To me, finding the answer to whether the company is overpriced, undervalued, or fairly priced is like solving a math problem. I love to know the reasons behind a company’s performance and how an industry follows trends while undergoing this process.”

Here is another example of a similar question the interviewer might ask you:

What about equity research appealed to you?

“From a young age, I have been fascinated with drawing conclusions from numbers and data. In high school, I began investigating financial models and using Excel sheets to craft surface-level analyses of stocks. Through my quantitative strengths, I eventually began using my models to drive investment decisions after acquiring a Robinhood account. Eventually, I participated in many clubs during college where I could craft in-depth analytical reports on stock performances and compare them. Thus, I became drawn to equity research, and I view it as a mathematical game that requires a comprehensive understanding of the market.”

Why do you want to become an equity analyst?

“One of my hobbies is data storytelling. I like how numbers on a spreadsheet could draw a conclusion about a company or industry's financial and economic performance. It becomes more fascinating when these conclusions lead to investment strategies. Having prior trading experience, I now incorporate my strengths into my research to find undervalued stocks. The process of finding financial information, using financial modeling, and writing analytical reports to me is like building a puzzle.”

Here are some common ER questions with some sample responses to provide a basic framework as to how you should approach answering them. 

Please acknowledge that the sample answers in this article are surface-level and general. In your interview, make sure to dive deeper when possible and make the answers personal and specific. 

Other Interview Questions

This is a general behavioral question where the interviewer wants to know more about your past achievements and reflective skills. If possible, mention something that your resume may not have best reflected. 

“I am proud to have founded a nonprofit addressing food scarcity . From establishing an entity and recruiting members to cold calling and emailing businesses and establishing partnerships for donations, my team and I donated many servings to those in need. Beyond the statistical achievements, I felt joy by working with volunteers, restaurants, and food banks throughout the process. It is a warm feeling knowing that my work and effort have made a difference in my community.” 

This question intends to see if you are capable of managing tough situations that will be inevitable as an ER. By learning about how you cope with challenges, the interviewer assesses how fitting and capable you are of working in that environment.  Sample answer:

“Every Sunday, I plan my upcoming week’s schedule and reserve some free time in case of any changes or additional requirements. In my previous role, I had a lot of reports to make over a short interval.  By managing my time ahead and regularly updating my clients on the report’s status, I completed my tasks on time and alleviated stress by knowing what was planned ahead. Since transparency and honesty are two crucial values I stand by, I make sure to fulfill my customer’s satisfaction.”

This is a basic technical question to ensure you know the fundamental finance concepts that will play a prominent role when evaluating companies and stocks as an ER professional. Make sure to be concise in your answer while being clear and simple. 

“ EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a common metric used to assess a company’s financial health and performance and how much cash is allocated to operations.  Removing factors like interest and depreciation makes this valuation more effective and insightful than the net profit or revenue. Thus, EBITDA helps to estimate the free cash flow and evaluates a company through the EV/EBITDA multiple, which varies depending on the industry.”

This question intends to assess your ability to differentiate between two commonly used financial values. The interviewer wants to make sure you understand the distinction, and it is best if you can answer concisely and orderly by providing the equations and examples.

“Here is the equation for the enterprise value : Enterprise value = Market value of equity + Debt + Preferred stock + Minority interest - Cash Whereas: Equity value = Total shares outstanding * Current share price Equity value = Enterprise value - Debt This means that equity value is a part of enterprise value, where it represents the residual value after a company satisfies its obligations to shareholders. Contrarily, enterprise value has values for both equity and debt holders.”

This question also wants to assess how well you can grasp the must-know concepts in your position. Like the previous question, make sure to reference the equation and state the components factored into the calculation.

“Here is the equation for terminal value if we use the perpetual growth approach: Where  FCFt = forecasted cash flow denoted at time t  WACC = discount rate or the weighted average cost of capital g = terminal growth rate   The other method is by finding the EBITDA of a company and multiplying the number to the EBITDA multiple, which could be found when searching up the margin by industry or by finding a comparable company’s multiple values.” 

Try to answer this question by coming up with two or three points that answer the question while providing brief reasons why this is. 

Sample answer: 

“Different valuation methods have different assumptions. Usually, the precedent transaction or DCF method results in higher valuations more than a comparable company’s analysis or market valuation.  Factors like control premiums in precedent transaction models and optimistic outlooks in DCFs contribute to higher valuations.  Moreover, private companies do not disclose financial information. Valuations like DCF would not calculate a reliable WACC value without knowing the equity beta. Using industry multiples may also differ from the company’s actual performance.”

Answer this question by providing the calculation method after briefly explaining what the market risk premium is by definition. 

“The market risk premium is the required excess return when investing in stocks and not ‘risk-free’ securities like Treasury bonds . You can calculate the premium by subtracting the risk-free rate, which is the yield on a 10-yr Treasury, from the S&P 500 average market return.”

This question does not have a correct answer as it depends on the industry. Since P/E is the number of dollars an investor is paying for one dollar of earnings, it could vary from one company to another. 

For instance, high-growth industries like technology may consider this ratio low because companies have higher growth potential. On the contrary, pharmaceutical companies may consider this ratio high due to its slow but steady growth. 

“A P/E ratio of 13 can not be determined as a high or low number because it depends on the company’s industry. Whereas some companies may deem it as low because they are a tech company and expect higher valuations, pharmaceutical companies may consider it high.” 

For more questions, including difficult technical questions and tricky brain puzzles, make sure to check them out here .

Here are some final recommendations and suggestions to keep in mind when going into an interview for ER. 

• Be authentic, confident, and polite to showcase your personality and character when answering the questions. 
• Make sure to organize your thoughts before you speak. Your responses should be concise but informative and straightforward. 
• Please wait for the interviewer to finish before asking any clarifying questions.
• Always do your research on the firm you are applying to so you can demonstrate interest and diligence.
• Be appropriately dressed in the proper attire. 
• Practice in advance, whether for the interview or the online assessments, especially the technical questions. 
• Always aim to arrive roughly 10-15 minutes before the interview to make a good first impression.
• Saying phrases like “Thank you for your time” and asking “How are you” can go a long way.
• You want to show dedication and commitment in staying with the company if asked about your career or future goals.

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The Best Firms for All Levels in Equity Research

Discover the top firms for equity research, catering to all levels of expertise.

Posted May 11, 2023

Equity research is the practice of analyzing and evaluating stocks and companies to provide insights and recommendations for investors. Whether you're a beginner or advanced investor, finding the right equity research firm is crucial to making informed investing decisions. In this article, we will explore the best equity research firms for all levels of investors, from beginners to advanced, and provide detailed insights into the factors to consider when selecting an equity research provider.

Why Equity Research is Essential for Investors

Equity research provides investors with essential insights into companies and their stocks so that they can make informed investing decisions. It helps investors to understand the potential risk and return profile of a stock, analyze the company's financial health and strengths, and identify any potential red flags. With the right equity research firm, investors can access high-quality, objective research reports and investment recommendations that can help them make better investment decisions.

Moreover, equity research can also help investors to stay up-to-date with the latest market trends and industry developments. By analyzing market trends and industry developments, equity research firms can provide investors with valuable insights into the future prospects of a company and its stock. This can help investors to make more informed decisions about when to buy or sell a stock, and can also help them to identify potential investment opportunities that they may have otherwise missed.

What to Look for in an Equity Research Firm

When choosing an equity research firm, it's essential to consider the level of service, quality of research, and data access. Top-ranked equity research firms typically have a strong track record in providing objective and insightful research, access to robust data, and a team of experienced analysts. Other factors to consider include the cost of services, the firm's reputation and client base, and their focus on providing research for individual or institutional investors.

It's also important to consider the firm's coverage universe. Some equity research firms specialize in specific industries or sectors, while others have a broader coverage universe. If you're interested in investing in a particular industry or sector, it's best to choose a firm that has expertise in that area. Additionally, you may want to consider the frequency and format of the research reports. Some firms provide daily or weekly updates, while others may only release reports on a quarterly basis. Make sure to choose a firm that provides research reports in a format that works for you and your investment strategy.

Top-Ranked Equity Research Firms for Beginner Investors

For beginner investors, some of the top-ranked equity research firms include Morningstar, Zacks Investment Research, and CFRA Research. These firms offer a range of objective and comprehensive research reports, tools, and resources tailored to beginner investors. Their research reports typically cover stocks that are widely held and well-known, and offer excellent analysis of financial metrics, valuation, and overall investment opinions.

In addition to the above-mentioned firms, there are other equity research firms that cater to beginner investors. One such firm is The Motley Fool, which offers a range of investment advice and research reports. The firm's research reports are easy to understand and provide valuable insights into the stock market.

Another equity research firm that is popular among beginner investors is Seeking Alpha. The firm offers a range of research reports, news articles, and analysis tools that can help investors make informed investment decisions. The firm's research reports cover a wide range of stocks and provide detailed analysis of financial metrics, valuation, and overall investment opinions.

The Best Firms for Intermediate Investors in Equity Research

For intermediate investors looking for more detailed research and insights, firms such as Stifel, Barron's, and Cowen might be a good fit. These firms offer a range of comprehensive research reports and tools, including analyst notes, industry research, and equity strategy. They also provide access to research from experienced and knowledgeable analysts who specialize in specific sectors and industries.

In addition to Stifel, Barron's, and Cowen, there are other firms that intermediate investors may want to consider. One such firm is Morningstar, which offers a wide range of equity research tools and reports, including stock and fund analysis, market insights, and portfolio management tools. Morningstar also provides access to independent research from a team of experienced analysts.

Another firm that intermediate investors may want to explore is Zacks Investment Research. Zacks offers a variety of research tools and reports, including stock and fund analysis, market insights, and portfolio management tools. Zacks also provides access to independent research from a team of experienced analysts who specialize in specific sectors and industries.

Advanced Equity Research Firms: Which Ones Stand Out?

For advanced investors looking for sophisticated research and insights, firms such as Evercore ISI, Goldman Sachs, and Jefferies might be the best fit. These firms offer institutional-grade research and data access and are known for their analysis of complex financial metrics and advanced investment themes. They also have team members with strong track records in their respective, specialized sectors.

Comparing the Costs of Different Equity Research Providers

When selecting an equity research provider, it's essential to consider the costs associated with their services. Costs vary across different firms, and it's essential to compare them to get the best value for your investment. In general, beginner research providers tend to charge less than advanced research providers, and the cost of research reports and tools can also vary depending on the level of detail and the amount of information provided.

Another factor to consider when comparing the costs of equity research providers is the frequency of their reports. Some providers may offer daily or weekly reports, while others may only provide monthly or quarterly reports. The frequency of reports can impact the cost, as more frequent reports may require more resources and manpower to produce.

It's also important to consider any additional fees or charges that may be associated with the equity research provider's services. For example, some providers may charge extra for access to certain data or analysis tools, while others may have a minimum subscription period or require a certain level of investment to access their services.

How to Evaluate the Quality of Equity Research Reports

When evaluating the quality of equity research reports, it's essential to consider the level of detail, the quality of data, and the objectivity of the recommendations. The best equity research firms provide comprehensive and detailed reports that analyze every aspect of the company's financial health and valuation. The reports should also use reliable and accurate data sources and provide objective insights and investment recommendations.

The Importance of Access to High-Quality Data in Equity Research

To provide accurate and reliable investment recommendations, equity research firms require access to high-quality data. The best equity research firms typically have access to a range of private and public data sources, including industry analysis and financial metrics, that aid in their analysis of a company's financial health and strengths. Investors should look for equity research firms offering access to robust databases and tools for data analysis and research.

Choosing the Right Firm Based on Your Investment Goals and Risk Tolerance

Choosing the right equity research firm depends on your investment goals, risk tolerance, and investment style. If you're a beginner investor looking for basic research and guidance, you'll need a firm that can provide simple and easy-to-understand research reports. Intermediate investors may require a more in-depth analysis of companies and sectors, while advanced investors may need access to complex financial metrics and data points.

How Technology Is Changing the Landscape of Equity Research

Advancements in technology are changing the equity research landscape, with data tools and algorithms playing a significant role in the analysis and evaluation of stocks and companies. Investors should look for firms that are adapting to new technologies and leveraging them to provide better and more comprehensive research reports and tools.

Emerging Trends in Equity Research and Their Implications for Investors

Emerging trends in equity research, including increasing competition, regulatory changes, and the rise of passive investing, are changing the way investors interact with research reports and tools. Investors should stay informed and aware of these emerging trends and adjust their investment strategies and research accordingly.

Tips on How to Make the Most of Your Relationship with an Equity Research Firm

To make the most of your relationship with an equity research firm, it's essential to stay engaged with their research reports, ask questions, and provide feedback. Investors should also ensure they understand and can rely on the recommendations provided by the firm and seek additional research and resources when necessary.

Common Pitfalls to Avoid When Choosing an Equity Research Provider

Common pitfalls when choosing an equity research provider include selecting firms that lack objectivity, providing low-quality research, or charging excessive fees. To avoid these pitfalls, investors should conduct thorough research on firms, their reputation, and analyze their research reports and data. It's also essential to understand the impact of potential conflicts of interest and ensure that the firm operates independently and is not influenced by external factors.

The Role of Independent vs. In-House Equity Researchers

The role of independent versus in-house equity researchers can vary significantly, depending on the target audience of their research. Independent researchers typically provide research for individual investors and have less potential for conflicts of interest. In contrast, in-house researchers primarily provide research for institutional investors and may have a closer relationship with the company they are analyzing. It's essential to understand the research type and source when evaluating equity research reports.

Understanding the Impact of Political and Economic Factors on Equity Research

Political and economic factors can have a significant impact on equity research, particularly with the potential for significant changes to regulatory environments and taxes. Investors should stay up-to-date with political and economic news and how these changes may affect their investments and the research provided by their equity research firms. It's also important for firms to be aware of these changes and adjust their research and recommendations accordingly.

Navigating Regulatory Compliance in Equity Research

Regulatory compliance is a critical consideration for equity research firms, with many firms facing significant fines for failure to comply with regulations. Investors should consider the compliance measures in place when selecting an equity research firm, including their reporting practices and the disclosure of potential conflicts of interest.

Conclusion: Finding the Right Firm for You

In summary, selecting an equity research firm can be a challenging process, but it's essential to consider the level of service, quality of research, and data access offered by different firms. A range of firms is available, providing research tailored to different levels of investors and financial strategies. With thorough research and analysis, investors can select a firm that meets their needs and provides them with the essential insights and information they need to make informed investment decisions.

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How to Write an Equity Research Report

By Brian Dzingai |

 Reviewed By Rebecca Baldridge |

November 15, 2022

What is an Equity Research Report?

An equity research report may focus on a specific stock or industry sector, currency, commodity, or fixed-income instrument, or even on a geographic region or country, and generally make buy or sell recommendations. These reports are produced by a variety of sources, ranging from market research firms to in-house research departments at large financial institutions or boutique investment banks.

Key Learning Points

• An equity research report is a document prepared by an analyst that provides a recommendation to buy, hold, or sell shares of a public company. 
• An equity research report is a document prepared by an analyst who is part of an investment research team in a brokerage firm or investment bank
• It provides an overview of the business, the industry it operates in, the management team, the company’s financial performance, and risks, and includes a target price and investment recommendation.
• It is intended to help an investor decide whether to invest in a stock.

Equity Research Report Structure

An equity research report can include varying levels of detail, and although there is no industry standard when it comes to formatting, there are common elements to all equity research reports. This guide includes some fundamental features and information that should be considered essential to any research report, as well as some tips for making your analysis and report as effective as possible. 

Access the download to see a real-world example of an Equity Research Report, annotated to show each element discussed below. 

Basic Information

The research report should begin with basic information about the firm, including the company’s ticker symbol, the primary exchange where its shares are traded, the primary sector and industry in which it operates, the current stock price and market capitalization, the target stock price, and the investment recommendation. 

In addition, a security’s liquidity and float are important considerations for the equity analyst. The liquidity of a stock refers to the degree to which it can be purchased and sold without affecting the price. The analyst should understand that periods of financial stress can affect liquidity. A stock’s float refers to the number of shares that are publicly owned and available for trading and generally excludes restricted shares and insider holdings. The float of a stock can be significantly smaller than its market capitalization and thus is an important consideration for large institutional investors, especially when it comes to investing in companies with smaller market capitalizations. Consequently, a relatively small float deserves mention. Finally, it is good practice to identify the major shareholders of a firm. 

Business Description 

This section should include a detailed description of the company and its products and services. It should convey a clear understanding of the company’s economics, including a discussion of the key drivers of revenues and expenses. Much of this information can be sourced from the company itself and from its regulatory filings as well as from industry publications. 

Industry Overview and Competitive Positioning

This section should include an overview of the industry dynamics, including a competitive analysis of the industry. Most firms’ annual reports include some discussion of the competitive environment. A group of peer companies should be developed for competitive analysis. The “Porter’s Five Forces” framework for industry analysis is an effective tool for examining the health and competitive intensity of an industry. Production capacity levels, pricing, distribution, and stability of market share are also important considerations. 

It is important to note that there are different paths to success. Strength of brand, cost leadership, and access to protected technology or resources are just some of the ways in which companies set themselves apart from the competition. Famed investor Warren Buffett describes a firm’s competitive advantage as an economic “moat.” He says, “In business, I look for economic castles protected by unbreachable moats.” 

Investment Summary

This section should include a brief description of the company, significant recent developments, an earnings forecast, a valuation summary, and the recommended investment action. If the purchase or sale of a security is being advised, there should be a clear and concise explanation as to why the security is deemed to be mispriced. That is, what is the market currently not properly discounting in the stock’s price, and what will prompt the market to re-price the security? 

This section should include a thorough valuation of the company using conventional valuation metrics and formulas. Equity valuation models can derive either absolute or relative values. Absolute valuation models derive an asset’s intrinsic value and generally take the form of discounted cash flow models. Relative equity valuation models estimate a stock’s value relative to another stock and can be based on a number of different metrics, including price/sales, price/earnings, price/cash flow, and price/book value. Because model outputs can vary, more than one valuation model should be used. 

Financial Analysis

This section should include a detailed analysis of the company’s historical financial performance and a forecast of future performance. Financial results are commonly manipulated to portray firms in the most favorable light. It is the responsibility of the analyst to understand the underlying financial reality. Accordingly, a careful reading of the footnotes of a company’s financial disclosures is an essential part of any examination of earnings quality. Non-recurring events, the use of off-balance-sheet financing, income and reserve recognition, and depreciation policies are all examples of items that can distort a firm’s financial results. 

Financial modeling of future results helps to measure the effects of changes in certain inputs on the various financial statements. Analysts should be especially careful, however, about extrapolating past trends into the future. This is especially important in the case of cyclical firms. Projecting forward from the top or bottom of a business cycle is a common mistake. 

Finally, it can be informative to use industry-specific financial ratios as part of the financial analysis. Examples include proven reserves/shares for oil companies, revenue/subscribers for cable or wireless companies, and revenue/available rooms for the hotel industry. 

Investment Risks

This section should address potential negative industry and company developments that could pose a risk to the investment thesis. Risks can be operational or financial or related to regulatory issues or legal proceedings. 

Although companies are generally obligated to discuss risks in their regulatory disclosures, risks are often subjective and hard to quantify (e.g., the threat of a competing technology). It is the job of the analyst to make these determinations. Of course, disclosures of “qualified opinions” from auditors and “material weakness in internal control over financial reporting” should be automatic red flags for analysts. 

Environmental, Social & Governance (ESG)

This section should include information on how the company manages the relationships related to Environmental, Social, and Governance. Below are some examples within these three areas that can have a lasting impact on the company’s short- and long-term prospects:

• E nvironmental – how is the company working towards the conservation of the natural world? This can include climate change and carbon emissions, air and water pollution, energy efficiency, waste management, and more. 
• S ocial – how does the company consider people and relationships? This can include community relations, human rights, gender and diversity, labor standards, customer satisfaction, and employee engagement. 
• G overnance – what are the standards for running the company? This can include board composition, audit committee structure, executive compensation, succession planning, leadership experience, and bribery and corruption policies. 

Enroll in our online ESG course and learn to identify the principles of ESG and how they are applied to investment strategies.

If you are interested in a career as an equity research analysts or in fixed income research, our online course covers all the key skills needed as either a sell side analyst in an investment bank or a buy side analyst working in an investment management firm.  

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An equity research report is the document prepared by an analyst which provides a recommendation on whether investors should purchase hold, or sell shares of public company. Additionally, it provides an overview of the business, the industry it operates in, the management team, its financial performance risks, and the target price. The equity research is the study of the equities or stocks for the investment purpose. You can also see more on  Research Report in Google Docs Templates.

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Research Daily

Top Stock Reports for Amazon.com, American Express & Philip Morris

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Prime momentum & growing aws adoption benefit amazon (amzn), improving volumes aid american express (axp), high costs hurt, philip morris (pm) benefits from strong smoke-free revenues.

Monday, March 18, 2024 The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Amazon.com, Inc. (AMZN), American Express Company (AXP) and Philip Morris International Inc. (PM). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today’s research reports here >>> Amazon.com shares have outperformed the Zacks Internet - Commerce industry over the past year (+78.5% vs. +53.4%). The company is gaining on solid Prime momentum owing to ultrafast delivery services and strong content portfolio. Strengthening relationship with third-party sellers is a positive. Additionally, strong adoption rate of AWS is aiding the company’s cloud dominance. Expanding AWS services portfolio is continuously helping Amazon in gaining further momentum among the customers. Robust Alexa skills and expanding smart home products portfolio are positives. The company’s strong global presence and solid momentum among the small and medium businesses remain tailwinds. Growing capabilities in grocery, pharmacy, healthcare and autonomous driving are other positives. Also, deepening focus on generative AI is a major plus. However, adverse macroeconomic challenges remain concerns. (You can read the full research report on Amazon.com here >>> ) Shares of American Express have outperformed the Zacks Financial - Miscellaneous Services industry over the past year (+40.8% vs. +23.5%). The company’s growth initiatives, like launching new products, reaching new agreements and forging alliances, are boosting its revenues. Consumer spending on T&E, which carries higher margins for AmEx, is advancing well. Its balance sheet looks strong with ample cash. Solid cash-generation abilities enable the pursuit of business investments and prudent deployment of capital via buybacks and dividends. However, with higher utilization of the firm’s cards, expenses in the form of card member services and card maember rewards are likely to go up and strain its margins. Its current debt level amid a high-interest rate environment induces a rise in interest expenses. AmEx seems overvalued at the current price/earnings level. As such, the stock warrants a cautious stance. (You can read the full research report on American Express here >>> ) Shares of Philip Morris have outperformed the Zacks Tobacco industry over the past year (+3.1% vs. -0.2%). The company has demonstrated impressive resilience amid rising costs due to its smoke-free strength. The company has been gaining from its pricing power. Higher pricing variance was an upside to the company’s performance in the fourth quarter of 2023 and is likely to remain a driver. The consistent success of IQOS and the impressive growth of ZYN have further solidified the company’s position, keeping it well-placed to become a majority smoke-free company by 2030. For 2024, management expects net revenues to increase 6.5-8% on an organic basis. However, growth-oriented investments, especially in IQOS ILUMA, may impact profits. Also, management expects the increased cost of leaf and wages to linger into 2024 before easing thereafter. Apart from this, Philip Morris has been witnessing soft cigarette volumes, which declined 1.4% in 2023. (You can read the full research report on Philip Morris here >>> ) Other noteworthy reports we are featuring today include NIKE, Inc. (NKE), Bayer Synopsys, Inc. (SNPS) and Valero Energy Corporation (VLO). Director of Research Sheraz Mian Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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March Madness is upon us after a chaotic championship week and plethora of bid stealers. Predicting how the 2024 NCAA men’s tournament will unfold on the court can be tricky—which is why we’re here to help.

March Madness: Forty Things to Watch in the 2024 NCAA Men’s Tournament

Now that the field of 68 is set, S ports Illustrated ’s Kevin Sweeney and Pat Forde make their picks for each round of the tourney, all the way to the Final Four in Phoenix.

[ March Madness 2024: News & Analysis | Schedule | Bracket ]

Below are our expert brackets.

Kevin Sweeney

Click here for a full-sized version of Sweeney’s picks.

Sweeney’s Final Four:   Auburn Tigers ,  Baylor Bears ,  Houston Cougars  and  Purdue Boilermakers .

Sweeney’s 2024 champion:  Purdue .

Click here for a full-sized version of Forde’s picks.

Forde’s Final Four:   UConn Huskies ,  Baylor Bears ,  Houston Cougars  and  Creighton Bluejays .

Forde’s 2024 champion:  UConn .

2024 NCAA men's tournament regional breakdowns

• South Region: Top Two Seeds Houston and Marquette Have Strong Cases For Final Four
• West Region: North Carolina Earns Last No. 1 Seed But Has Hard Path
• Midwest Region: Can Purdue Finally Break Through?
• East Region: Auburn Could Stand in UConn’s Way of a Repeat National Championship

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