Equity Research
Broad scope, deep coverage.
Having the right resources, tools and information can make all the difference when you’re investing. That’s why at Raymond James, we are committed to being one of the premier research providers covering growth companies and serving the institutional and retail communities that invest in them. Raymond James Equity Research serves as a cornerstone of the firm, with more than 60 research analysts who cover approximately 1,200 companies in ten highly focused industries in North America. Our analysts possess more than 15 years of experience, on average, which affords them the wisdom to make informed investment recommendations.
While our focus remains on small- and mid- capitalization companies, our supply chain approach and desire to develop deep sector expertise results in substantial coverage of large-cap companies as well, ensuring we can provide stock recommendations across the market cap spectrum. Our fundamental approach incorporates our view of an industry’s complete supply chain from key suppliers to manufacturers to distributors to end users. This comprehensive coverage is designed to help investors “connect the dots” in key industries and across national borders and is often supported by proprietary research including surveys, deep dives and access to industry experts. Overall, we seek to leverage information from a multitude of sources and offer informed investment perspectives.
In addition to our company- and industry-focused research, we offer deep insights into public policy issues, including Washington policy and healthcare policy. Additionally, our institutional equity strategy team provides unique and differentiated insights that are geared toward senior investment professionals, portfolio managers and generalists, and is highly complementary to our fundamental research offering. We are currently ranked in the top five of research providers in North America for the number of companies under coverage and in the top three for North American SMID-cap coverage.
See here for more accolades about Raymond James Global Equities.
Meet our Equity Research Team >
Industry Coverage
Our Consumer equity research team covers approximately 120 companies. Our US coverage includes beauty, personal care and household products, building products, digital commerce, global brands, softlines retail, furniture and furnishings suppliers, hardline retail, leisure products, and restaurants. We also cover consumer and retail companies based in Canada.
Annual energy outlook
Bullish on natural gas while oil needs to overcome a potentially ugly early 2026 - Energy in 2025 continued its recent string of years with volatility and intense news flow. AI/power generation and its impact on natural gas markets remained at the forefront of the broader market conversation, while intense geopolitics continued to drive oil price volatility. AI remains the number-one story in the energy sector once again, and accommodating this incremental demand will take an all-of-the-above strategy: gas, renewables, and nuclear.
Our North American Energy team covers approximately 130 companies. Our US team covers the sectors of exploration & production, independent refiners, integrated oil & gas, midstream suppliers, oilfield services, renewable energy, clean technology, and utilities & power. Our Canadian team covers oil & gas energy services, oil & gas producers, and power and energy infrastructure. Overall, our coverage includes companies throughout the production and distribution chain of both fossil fuels and emerging renewable energy and clean technology resources.
2026 annual banking industry outlook
Regionals and SMID-cap banks have their day in the sun - We are bullish on U.S. banks for 2026, particularly the regional and small- and mid-cap banks. The operating backdrop has become increasingly favorable for banks, but the flow of negative headlines related to credit has spooked many generalist investors and long-only portfolio managers (PMs), leaving the banks trading at the lower end of historical forward P/E ranges on both an absolute and relative basis.
The Financial Services equity research team maintains coverage of approximately 270 companies spanning the four key sectors of banking, capital markets, insurance, and specialty finance. The majority of the companies under coverage are in the banking sector; our coverage of this sector is among the broadest in the US and includes large-cap multinational financial institutions and small-cap community banks located throughout the US, plus a broad array of national and larger regional banks. We also cover the diversified financials sector in Canada.
Our coverage of the Healthcare industry encompasses approximately 140 companies. Our North American team covers alternate site healthcare providers, biopharma, biotechnology, diagnostics & clinical laboratories, healthcare information technology, hospitals, integrated benefits management, life sciences tools & services, medical technology, and pharmaceuticals.
The Industrial equity research team maintains coverage of approximately100 companies based throughout North America in the sectors of chemicals, construction materials, forest products, infrastructure & construction, packaging, specialty/industrial distribution, waste & industrial, and water services. Infrastructure & construction includes coverage of the construction, engineering, and equipment distributors segments in Canada. Specialty/industrial distribution includes distributors of various construction and industrial supplies in the US, and waste & industrial services includes waste collection and industrial services providers throughout North America.
2026 Outlook
More Goldilocks as industrial policy keeps the economy expanding. Will the rate sensitive economy finally kick in? Our big picture thoughts are the economy starts reaccelerating, and the bond market’s reaction will determine equities.
The Mining team covers approximately 60 companies based throughout Canada. The Canada-based mining team boasts a broad coverage universe encompassing the segments of base metals and minerals, precious metals, and uranium.
Pharma and biotech 2026 policy outlook
The pharmaceutical industry faced heated rhetoric and the threat of real policy actions that could negatively impact the space, yet managed to skate away largely unscathed, in our view. Events at the Food and Drug Administration created the most unsettling drama. In this outlook report, we discuss some of the 2025 policy developments and what we are watching for 2026.
New speedway boogie
Resuming coverage of commercial real estate mortgage REITs - After several years of working in, and through, “darkness” (i.e., COVID fallout, FOMC policy tightening, borrower issues, asset valuation resets, etc.), the darkness is beginning to give. As the darkness gives, our view on the space, broadly speaking, is constructive. Despite a negative pall lingering over most things real estate amidst the current macro environment, the sector’s 2025 total return has been acceptable, and in some cases noteworthy, especially against many property REIT and financial indices' performance.
Our Real Estate research team covers approximately 100 companies, including housing, lodging, and REITs focused on the healthcare, hotel, industrial, net lease, real estate finance, residential, self-storage, shopping center, and timber sectors.
Our Canadian team now covers a number of companies in the Sustainability space, including the sectors of bio-based chemicals and fuels, clean generation, food and agriculture, mobility, and resource management.
Technical perspectives and 2026 outlook; positioning for a transition into phase 2
Our technical work suggests that a new four-year cycle (three- to five-year cyclical bull market) took hold at the April 8th, 2025 equity market lows. The recent corrective phase in equity markets from October to November 2025 likely marked the transition into phase 2 of the market cycle model (the “boring middle”), and should be a tailwind for the technology, industrials, and materials sectors through 2026.
Our Technology & Communications coverage encompasses approximately 250 companies operating in 14 sectors spanning the entire IT supply chain. The hallmark of Raymond James’ technology & communications research is an expansive look at the channels and markets for technology products and providers in addition to broad-ranging company-specific research, a necessary approach in this dynamic industry. Our analysts cover the sectors of application software, communications services, connected devices, data infrastructure, defense technology, financial technology & payments, government services, industrial technology, infrastructure hardware, Internet, IT services, IT supply chain, security software, semiconductors, and software/IT services.
Our coverage of the Transportation industry includes approximately 40 companies. Our coverage universe includes the sectors of advanced air mobility, airlines, and an array of segments within the broader transportation services sector. We cover airlines based in the US, Canada, Europe, and Latin America; our coverage includes the hybrid carriers, legacy carriers, low cost carriers, and regional carriers operating throughout these four regions. On the transportation services side, we cover companies operating in the railroads, trucking, and intermodal and asset-light logistics segments throughout North America, in addition to the major parcel carriers based in the US (but operating worldwide).
As business and policy increasingly intersect, there’s a deep need to understand how regulatory issues will impact the industries we cover now and in the future. Our team includes specialized analysts who offer added layers of insight and context to better support our research and your investment decisions.
Our Washington policy analyst, Ed Mills, concentrates on the impact of Wall Street reform and housing finance policy on the financial markets and provides in-depth analysis of student lending, budget, and corporate taxation policy. He is frequently consulted by policymakers and stakeholders, and his work has been featured extensively in media outlets, including The Wall Street Journal, The New York Times, The Washington Post, American Banker and CNBC.
Chris Meekins, our healthcare policy analyst, focuses on key regulatory and policy issues impacting the healthcare sector, enabling our analysts to deliver differentiated investment ideas to our retail and institutional clients. His broad and deep knowledge of our healthcare system allows him to connect the dots between policy, business fundamentals and equity values.
Our institutional equity strategist, Tavis McCourt, works collaboratively with our fundamental research analysts to identify key investment themes that may cross sectors, regions and asset classes – providing timely investment ideas, particularly in the small- and mid-cap space. It’s a different approach from many other institutional strategists, who tend to operate independent from fundamental research teams while focusing on large-cap stocks.
Small and mid-cap securities generally involve greater risks and are not suitable for all investors. Companies engaged in business related to a specific sector are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification. International investing involves additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. These risks are greater in emerging markets.
Explore featured research
Find extensive research gathered by our experienced analysts in nine focused industries.
Disclosures & Definitions
To better understand our offerings at Raymond James Equity Research, review these key terms and disclosures.
Log in to Equity Research
Institutional clients can find recommended lists, market commentaries, equity research and company information when you log in to your account. If you are already a client but do not have a login, or if you do have a log-in but would like to gain access to the equity research of an additional region, please contact your institutional salesperson.
Interested in becoming a client of Raymond James? Please contact rjsales@raymondjames.com and a member of the institutional sales department will be in touch to assist you.