Featured Research
Make informed decisions with in-depth insights
Raymond James Equity Research employs more than 60 research analysts dedicated to providing insights and context that help investors connect the dots in key industries and across national borders, and make informed investment decisions. They cover approximately 1,100 companies in ten highly focused industries – consumer, energy, financial services, healthcare, industrial, mining, real estate, sustainability, technology and communications, and transportation – and collaborate to produce detailed supply chain surveys, reports and industry updates.
Please see below for brief overviews of some of our recent in-depth equity research reports. The full reports are available to clients via their financial advisor, institutional salesperson or other Raymond James representative. Institutional clients can access our equity research by logging in below. If you would like to learn more about becoming a client of Raymond James, please contact us. For all relevant equity research disclosure, visit the Disclosures and Definitions page.
Initiating coverage of U.S. gaming operators
We believe that disappointing results in 1Q, weaker-than-expected digital/online performance and macro headwinds (higher rates/concerns about the consumer) have driven the stocks to compelling valuations. While there are headwinds in both Las Vegas and regional markets, we believe the stocks are pricing in significantly worse fundamentals versus reality.
Resuming coverage of senior oil & gas
We are resuming coverage on five businesses in the senior oil & gas space. While we view these as some of the best businesses in Canadian energy, we believe that the stocks are in the ballpark of fairly-valued based on strip pricing. As such, we generally see better value elsewhere in Canadian energy.
Can the U.S. generate enough electricity for the AI boom?
This report is a cross-industry collaboration with colleagues across multiple sectors and represents our holistic analysis on the interplay of AI and U.S. electricity consumption, driving underappreciated opportunities for natural gas equities. The report highlights many of the relevant stocks vis-à-vis AI’s read-through for the U.S. energy sector, then zooms out for the global perspective.
Financial Indices 101
Our comprehensive overview of financial index providers, including explanations of the business model and differences among index providers, as well as an exploration of relevant data and key trends. High barriers to entry, significant operating leverage, and low capital requirements have resulted in the index business becoming a high-margin jewel for several of the companies in our coverage universe.
Biotechnology moonshots
Certain Canadian microcap biotech companies are looking to effect extraordinary change in areas of extraordinary unmet need: pancreatic cancer and type 1 diabetes. In each of these clinical contexts, patients have extremely limited prospects for material life extension or cure, respectively, and clinically meaningful outcomes of new therapies in either of these areas would represent a gigantic leap forward for patients.
ESG monthly: Anti-ESG election headlines, but what’s really at risk?
Our ESG monthlies examine the ESG- and sustainability-related themes of our equity research, including public policy issues, national regulatory frameworks, and all company-specific ESG-related insights. In addition, the reports detail the top ESG stock picks from our analysts and equity strategy team.
AI inflation places upward capex bias; optimization tailwinds bolster cloud growth.
Our report is a multipart analysis on public cloud growth and capex expectations for 2024. We also see “AI inflation” driving up capex expectations as the platforms/startups race to further SOTA (state of the art machine learning) performance, redefine mobile computing with agents, and improve enterprise assistant/agent capabilities.
SMB underdogs are GenAI beneficiaries
The small- and medium-sized business (SMB) internet space has been circled as a group exposed to GenAI disruption given early consumer/prosumer text/image gen use cases, which we think has constrained multiples to a degree; however, as part of our SMB GenAI underdog thesis, we actually believe AI creates a net opportunity for the web tool platforms to incorporate GenAI technologies that should lessen the burden to create a web/commerce presence and structurally improve adoption curves.
Resuming coverage of truckload and freight brokerage sectors
Our report includes our primary takeaways, an extensive industry overview and individual company analysis. The upcycle of late 2020 and 2021 included the largest trough-to-peak increase in spot pricing ever, driven by COVID-induced goods demand and supply chain disruption. Since then, demand has moderated, causing a record decline in spot rates, leading to carrier exits. While industry operators and pundits have called for the next upcycle to begin in 2H24, we are more inclined to an upcycle taking longer to develop given the continued resiliency of supply, while also of the view that the next upcycle will not be as strong as the prior cycle.
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