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Equity Research Report

Step-by-Step Guide to Understanding an Equity Research Report

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equity research report jp morgan

What is an Equity Research Report?

Sell-side equity research analysts primarily communicate their ideas through published equity research reports.

In this article, we describe the typical components of a research report and show how they are used by both the buy side and sell side .

Equity research reports are usually available for a fee through financial data providers .

Near the bottom of the article, we include a downloadable sample equity research report by JP Morgan.

Equity Research Report Timing

Quarterly earnings release vs. initiating coverage report.

Barring a new company initiation or an unexpected event, equity research reports tend to immediately precede and follow a company’s quarterly earnings announcements.

That’s because quarterly earnings releases tend to be catalysts for stock price movements, as earnings announcements likely represent the first time in 3 months that a company provides a comprehensive financial update.

Of course, research reports are also released immediately upon a major announcement like an acquisition or a restructuring . Additionally, if an equity research analyst initiates coverage on a new stock, he/she will likely publish a comprehensive initiation piece.

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How to Interpret Equity Research Reports

Buy, sell, and hold ratings.

Equity research reports are one of several types of key documents analysts have to gather before diving into a full-scale financial modeling project. That’s because research reports contain estimates used widely by investment bankers to help drive the assumptions underpinning  3-statement models and other models commonly built on the sell side .

On the buy side , equity research is also widely used. Like investment bankers, buy-side analysts find the insights in sell-side equity research reports helpful. However, equity research is used to help the buy side professional understand the “street consensus,” which is important for determining the extent to which companies have an unrealized value that may justify an investment.

The three main types of ratings ascribed by equity research analysts are the following:

  • “Buy” Rating → If an equity research analyst marks a stock as a “Buy”, the rating is a formal recommendation that upon analyzing the stock and the factors that drive price movements, the analyst has determined the stock is a worthwhile investment. The markets tend to interpret the rating as a “Strong Buy”, especially if the report’s findings resonate with investors.
  • “Sell” Rating → In order to preserve their existing relationships with the management teams of publicly traded companies, equity analysts must strike the right balance between releasing objective analysis reports (and recommendations) and maintaining an open dialogue with the company’s management team. That said, a “Sell” rating is rather uncommon in occurrence because the market is aware of the relationship dynamics (and will interpret it as a “Strong Sell”). Otherwise, the analyst’s rating can be framed to not cause a steep decline in the market share price of the underlying company, while still releasing their findings to the public.
  • “Hold” Rating → The third rating, a “Hold”, is fairly straightforward as it indicates that the analyst concluded that the projected performance of the company is in line with either its historical trajectory, industry comparable companies, or the market as a whole. In other words, there is a lack of a catalyst event that could cause a substantial swing — either up or down — in the share price. As a result, the recommendation is to continue to hold and see if any notable developments emerge, but regardless, continuing to hold the stock not too risky and minimal volatility in pricing should be anticipated in theory.

In addition, two other common ratings are “Underperform” and “Outperform”.

  • “Underperform” Rating → The former, an “Underperform”, indicates the stock may lag behind the market, but the near-term slowdown does not necessarily mean that an investor should liquidate their positions, i.e. a moderate sell.
  • “Outperform” Rating → The latter, an “Outperform”, is a recommendation to buy a stock because it appears likely to “beat the market.” However, the anticipated excess return above the market return is proportionally minor; hence, the “Buy” rating was not offered, i.e. a moderate buy.

Sell-Side Equity Research Report Anatomy

Key sections of er report.

A full equity research report, as opposed to a short one-page “note”, usually includes:

  • Investment Recommendation : The equity research analyst’s investment rating
  • Key Takeaways : A one-page summary of what the analyst thinks is about to happen (ahead of an earnings release) or his/her interpretation of the key takeaways from what has just happened (immediately after the earnings release)
  • Quarterly Update : Comprehensive detail about the preceding quarter (when a company has just reported earnings)
  • Catalysts : Details about the company’s near-term (or long-term) catalysts that are developing are discussed here.
  • Financial Exhibits : Snapshots of the analyst’s earnings model and detailed forecasts

Equity Research Report Example: JP Morgan Hulu (PDF)

Use the form below to download a research report from JP Morgan by the analyst covering Hulu.

Get the Sample Equity Research Report

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I was looking for a template In word format, it would be very helpful. Nice webpage!

Thanks, but unfortunately we don’t have a Word template as these research reports have additional built-in functionality (charts, legal disclosures, etc).

was looking for an equity research report template

This article provides a report example, not a template. But we encourage you check out our financial statement modeling course!

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This communication is provided for information purposes only. Please read J.P. Morgan research reports related to its contents for more information, including important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.

This communication has been prepared based upon information, including market prices, data and other information, from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise.

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A summary of the latest trends in the markets (February 2024)

After markets ended 2023 on a strong note, performance in January was more mixed. Upbeat economic data in the US, combined with pushback from some central bankers on the market’s dovish outlook for rate cuts, proved to be a less positive environment for fixed income. Global bond yields rose 8bps during the month to reach 3.59%. Meanwhile, equity performance was mixed across regions. The S&P 500 reached a new high in January and was up 2% during the month, supported by strong growth and jobs data. Elsewhere, Japanese equities moved up 5%, and China is almost back to the lows it saw in October 2022 (down 11% in Jan.). As a result, the 60/40 global portfolio has fallen 0.2% so far this year. 

GTM_1

January was full of central bank activity. In the U.S., robust economic data helped propel the “soft landing” narrative with 3.1% GDP growth in 4Q23 and the economy adding 335,000 jobs in January. Given the above-trend data, the Fed will likely remain on pause until it can gain more confidence that inflation is still on track to hit 2%. Meanwhile, inflation in the Eurozone and UK has retraced about a third of its inflation surge, and Japan’s is still hovering at its peak. This means the Fed is likely to cut rates first followed by European central banks while the BoJ is still debating if rate hikes are appropriate.

For fixed income, reinvestment risk should be top of mind for investors in 2024. Investors heavily allocated to money market funds and cash should add exposure to riskier assets that typically outperform cash after peak rates. Assuming rates fall this year, bond investors should embrace intermediate-duration instruments and can still rely on attractive coupons to act as a “cushion” if rate views unexpectedly changes. They should also look for quality within fixed income to account for tighter-than-expected spreads and the chance for default rates to pick up.

The resetting of rate cut expectations led to a sell-off in US equities in early January, but they ended the month at near all-time highs. Valuations are now 19% above long-term averages. Stretched valuations mean investors should look for profitability and quality across sectors and use active management to identify discounts. Beyond multiples, it will be key to watch how markets react to company earnings. The 4Q23 earnings season kicked off in January with mixed results, especially for big tech. Sky-high expectations for the “magnificent 7” led to some disappointment despite the results being solid. Outside of the top 7, valuations remain in-line with historical averages. A soft landing and falling rates should lift sectors left behind in last year’s narrow rally.

GTM_3

Outside the U.S., international equities are now trading at the biggest discount vs. the U.S. of the past 20 years. Given better cyclical and structural stories in places like Japan and India, some argue that a 35% discount is not justified. Positive rates, a stronger yen, and corporate governance changes are the key themes in Japan while India should continue to see positive tailwinds from “friendshoring” activities and strong domestic consumption. Meanwhile, outflows from China continued in January. Chinese equity valuations sit at very depressed levels as investors question if a floor has been reached and have some hopes for a tactical rebound.

Geopolitical tensions continued to grow during January with the attack on U.S. troops in Jordan and threats on ships in the Red Sea. Investors should tune in to how the Middle East conflict could affect the real economy. Shipping delays could cause a temporary re-acceleration in global goods inflation, but investors should still stick to their plans amid the uncertainty. History shows that the market impacts of geopolitical events are typically short-lived and that more time out of the market can result in long-term underperformance.

The divergence in performance across assets and regions in January help to underline the importance of diversification and risk management. In a year where 50% of the world’s population will be impacted by elections, looking beyond the short-term volatility is key for investors. The opportunities that exist in fixed income (like upcoming rate cuts), U.S. equities (broadening out of performance), and international equities (narrowing growth, interest rate differentials and discounted valuations) all reinforce the importance of stepping out of cash and adding exposure to interesting investment opportunities.

Snapshot of the economic and market update for the first quarter of 2024

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equity research report jp morgan

  • Big Tech giants shed a combined market value of around $2.5 trillion   in 2022.
  • In 2023, key headwinds include macro pressures such as inflation and currency volatility , stiff competition from rival products and services, supply chain woes and bloated cost structures .
  • Opportunities for Big Tech companies in 2023 include cost-cutting measures and leaning into long- term growth drivers .

2022 was a tough year for Silicon Valley. After solid growth for over a decade and a pandemic-induced boom, Big Tech behemoths such as Meta, Alphabet and Apple shed a combined market value of around $2.5 trillion due to macroeconomic headwinds, global supply chain issues and plummeting revenues. In November 2022, the Internet companies covered by Doug Anmuth, Head of the U.S. Internet team at J.P. Morgan, were down by 53% on average year-to-date, and by over 40% weighted by market capitalization—well below the performance of the S&P 500, which was down by 16% year-to-date.

Today, rampant inflation , rising interest rates, sluggish growth and a potential recession are forcing these companies to rethink their business models and reposition for the future. What is the 2023 outlook for Big Tech? Can the sector weather the storm?

TITLE: BRG – JPMPB – Big Tech Social – Descriptive Transcript

Side note: Background music plays.

On screen: This video begins showing the production of circuits in an automated factory.

Text on screen: What challenges and opportunities lie ahead for Big Tech in 2023?

On screen: A monitor screen (displaying technology-based information) appears reflected in a person's glasses.

Text on screen: Big Tech firms shed a combined market of around 2.5 trillion dollars in 2022. As macro headwinds and supply chain issues hit revenues. As a result, firms are cutting costs and streamlining their workforces.

On screen: A montage shows a large office building with wall-sized windows and an automated assembly line, producing circuit boards.

Text on screen: In 2023, Big Tech will continue to face macro-pressures, rising costs, and supply chain issues. But big opportunities lie ahead, as firms prioritize high growth areas, profits, and cash flow.

On screen: A time-lapsed video clip shows business professionals working and interacting at their computer desks in a spacious office room.

Logo: J.P. Morgan

Text on screen: jpmorgan.com/research.

Macroeconomic headwinds

Inflation is pressuring discretionary spending, and this is in turn dampening consumer demand for tech products and services. Apple has been particularly affected: In September 2022, the electronics giant told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family due to declining sales.

“Economic conditions or shifting consumer demand could cause greater than expected deceleration or contraction in the handset and smartphone markets. This would negatively impact Apple’s prospects for growth,” noted Samik Chatterjee, Head of the Telecom & Networking Equipment/IT Hardware team at J.P. Morgan.

Consumer spending slowed in 2022

Chase consumer card data in the U.S. (discretionary, card not present)

On the whole, Chase consumer card spending (card not present) decreased in the first 11 months of 2022 on a year-over-year basis compared with 2021.

Source: J.P. Morgan (Chase consumer card spending tracker, seven-day average of total spending, data through November 2022). 

Big Tech companies are also grappling with volatile currency markets . Amazon Web Services, a subsidiary of Amazon that provides on-demand cloud computing platforms, has been affected by the surging U.S. dollar. “Given AWS prices mostly in USD, it is working closely with international customers for whom the service has simply become more expensive. In some cases, we think this is resulting in price concession in an effort the mitigate the impact for customers,” noted Anmuth. Plus, against a recessionary backdrop, some customers are moving to lower storage tiers or instance levels in a bid to control costs.

Likewise, Microsoft recently posted its worst quarterly revenue growth in five years, citing factors including U.S. dollar strength, which dented international earnings from its Azure cloud-computing services. This is coupled with higher overheads—the company expects its operating margin to contract by around 1% in FY2023, partly due to an additional $800 million in energy bills. “In our view, Microsoft’s results speak to a more challenging environment for the near future,” said Mark Murphy, Head of the U.S. Enterprise Software research team at J.P. Morgan. “This serves as an unwelcome reminder of how the tangled web of inflationary cost pressures can create a minefield by reaching into overlooked corners of a business.”

Bloated cost structures and tech layoffs

Tech hiring became increasingly competitive in 2021 and 2022, with companies bumping up pay packages and benefits in a bid to attract and retain talent. However, the aforementioned macro pressures are now forcing Big Tech firms to optimize costs by streamlining their workforce.

During its recent third-quarter earnings call, Meta reported that overall revenue fell 4% year-on-year, largely driven by softening advertising sales against a challenging macro backdrop and heightened competitive pressures. Additionally, the company’s expenditure around the metaverse remains high. In November 2022, CEO Mark Zuckerberg cut 11,000 jobs (around 13% of Meta’s workforce) and announced a hiring freeze. The company is also decreasing its discretionary spending in other areas—specifically, by scaling back budgets, reducing perks and shrinking its global real estate footprint.

“We view the headcount reduction favorably in light of Meta’s slowing revenue growth and significant hiring increases over the last several quarters. Based on 2022 expenses per employee estimates, the headcount reduction could theoretically remove around $8 billion of costs on an annualized basis,” said Anmuth. “This shows management is operating with increased discipline.”

Key opportunities for Big Tech in 2023 include rightsizing cost structures through headcount reduction and greater operating discipline, increasing focus on profits and cash flow, leaning responsibly into new growth drivers and gaining market share during this tough macro period.

Doug Anmuth

Head of U.S. Internet Equity Research, J.P. Morgan

Amazon, too, has reduced its workforce. Like its peers, the company’s third-quarter earnings fell short of expectations—largely due to macro pressures across its core e-commerce business and AWS. It has announced plans to lay off 10,000 employees in corporate and technology roles.

As with Meta, this move is aimed at trimming Amazon’s cost structure. “As we’ve seen with the rationalization of its fulfilment network and headcount, Amazon is balancing its investments between the near-term macro environment and long-term strategic opportunities,” noted Anmuth. “We remain confident that the company can re-accelerate revenue growth and expand its operating income margins into 2023.”

Tech supply chains

Even though global supply chain issues improved in the latter half of 2022, disruptions may continue to plague Big Tech companies in 2023. “For instance, while Amazon continues to benefit from high in-stock levels and faster delivery speeds, it is seeing some operational challenges around the supply of delivery drivers and higher labor costs,” said Anmuth.

Apple is also experiencing supply chain woes. In recent months, its key assembly plant in Zhengzhou, China—which is responsible for most of the world’s iPhone Pro supply—has been affected by COVID lockdowns and worker unrest. As a result, the company is expected to face a production shortfall of close to 6 million iPhone Pro units.

“The ongoing challenges around delays in returning to a normal level of production at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months,” noted Chatterjee. However, supply appears to have rebounded from trough levels, with lead times moderating across most regions. “We expect a portion of the shipment shortfall in the December quarter to be made up in the March quarter. Overall, we forecast total iPhone volumes to track around 237 million in the 2023 financial year, which implies a decline of 4% year-on-year,” added Chatterjee.

Tech industry competition

The growing threat posed by other social media platforms will prove to be another key headwind for Big Tech companies in 2023, particularly Meta and Alphabet. TikTok’s runaway popularity has led to increased competition for user attention—and consequently, advertising dollars. In fact, research company Omdia estimates TikTok’s ad revenue could exceed Meta and YouTube’s combined video ad revenue by 2027.

“For Meta, tough competition from TikTok and the Apple iOS changes—which give users greater control of their data—will both have a bigger impact than expected, and stronger engagement in Instagram’s Reels feature is cannibalistic to monetization in the near term,” said Anmuth. “In addition, advertising load is already reaching saturation on Instagram Feed and Stories.”

There is increased competition for user engagement

Average time spent by U.S. adult social media users, minutes per day

By 2024, U.S. adult social media users are expected to spend the most amount of time daily on TikTok (48 minutes on average), followed by YouTube (46 minutes), Snapchat and Instagram (31 minutes) and then Facebook (27 minutes).

Source: Insider Intelligence, April 2022. Note: ages 18+, includes all time spent regardless of device or multitasking. YouTube includes YouTube TV.

What is the future of Big Tech in 2023?

Overall, Big Tech faces myriad challenges in 2023, including macro pressures, increased competition, supply chain woes and bloated cost structures. However, every cloud has a silver lining: Companies are now rethinking their business strategies and this could pave the way for a more sustainable era for Big Tech.

This includes leaning into a smaller number of high-priority growth areas. For instance, Amazon’s Prime offering and flexibility in pushing first-party versus third-party inventory will serve as major advantages for its retail business in 2023 and its multi-year head start in cloud computing will cement AWS as a global market leader. Alphabet will seek to diversify its revenue streams by developing its non-ad businesses, such as Google Cloud. As for Meta, the company is expected to remain focused on its new AI discovery engine, its ads and business platforms, and its multi-year transition to the metaverse .

“Overall, key opportunities for Big Tech in 2023 include rightsizing cost structures through headcount reduction and greater operating discipline, increasing focus on profits and cash flow, leaning responsibly into new growth drivers and gaining market share during this tough macro period,” observed Anmuth. “Expectations have become more reasonable, and companies should lap some of the pressures felt in 2022.”

Big Tech companies continue to invest in long-term opportunities

In 2022, Amazon spent $81B on AWS, Alphabet spent $26B on Google Cloud and Meta spent $2.1B on Reality Labs.

Source: Company reports and J.P. Morgan estimates

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Expanded Unemployment Benefits and the Impact of Inaction

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Report Consumption Effects of Unemployment Insurance during the COVID-19 Pandemic

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Consumption Effects of Unemployment Insurance during the COVID-19 Pandemic

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The Early Impact of COVID-19 on Local Commerce Report

Changes in Spend Across Neighborhoods and Online

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Fed watchers now turn their attention to September

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2020-06-26T00:00:00.000+05:30

The Housing Wealth Effect in the Post-Great Recession Period

Evidence from Big Data

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Initial Impacts of the Pandemic Reflect that Families Changed their Saving and Spending Behavior

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Small Business Financial Outcomes during the Onset of COVID-19

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Data Dialogue: National Urban League, PolicyLink, and the Joint Center for Political and Economic Studies Discuss Racial, Economic, and Social Equity

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Data Dialogue: The Economic Impacts of COVID-19 on Small Business

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2020-05-27T00:00:00.000-04:00

The Initial Household Spending Response to COVID-19 Part 2

Evidence from Credit Card Transactions - Part 2

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2020-05-20T00:00:00.000-04:00

Tracking Spillovers During the Taper Tantrum

Evidence from Institutional Investor Transactions in Emerging Markets

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2020-05-14T00:00:00.000-04:00

The Initial Household Spending Response to COVID-19

Evidence from Credit Card Transactions

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2020-05-04T00:00:00.000-04:00

How COVID-19 is impacting local economies and small businesses

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A Cash Flow Perspective on the Small Business Sector

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2020-04-20T00:00:00.000+05:30

Racial Gaps in Financial Outcomes

Big Data Evidence

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2020-04-16T00:00:00.000-04:00

How COVID-19 could widen racial gaps in financial outcomes

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2020-04-09T00:00:00.000-04:00

Forbearance for mortgages a short-term solution; savings programs for the long term

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2020-04-01T00:00:00.000-04:00

Small Business Cash Liquidity in 25 Metro Areas

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2020-03-31T00:00:00.000-05:00

Expanded unemployment insurance may lessen impact of layoffs

JPMorgan Chase Institute take

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2020-03-31T00:00:00.000-04:00

Who benefits from a tax-payment deadline extension?

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2020-03-24T00:00:00.000-04:00

Coronavirus may impact workers' income volatility

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2020-03-20T00:00:00.000-04:00

Quick liquidity to small businesses could mitigate impacts from coronavirus

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2020-03-06T00:00:00.000-05:00

Tax Refunds and Household Spending

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2020-03-01T00:00:00.000-05:00

The potential economic impacts of COVID-19 on families, small businesses, and communities

Insights from five years of big data research

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2019-12-04T00:00:00.000-05:00

Small Business Financial Outcomes in Miami Communities

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2019-11-21T00:00:00.000-05:00

The Gender Gap: Exploring Consumer and Small Business Financial Health

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2019-11-05T00:00:00.000-05:00

Financial and Physical Health in a Changing Healthcare Market

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2019-10-31T00:00:00.000-04:00

Bridging the Gap

How Families Use the Online Platform Economy to Manage their Cash Flow

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2019-10-23T00:00:00.000-04:00

Weathering Volatility 2.0

A Monthly Stress Test to Guide Savings

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2019-09-30T00:00:00.000-04:00

Place Matters

Small Business Financial Health in Urban Communities

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2019-09-26T00:00:00.000-04:00

In Conversation: Experts on Student Loan Payments and JPMC Institute Research

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2019-08-12T00:00:00.000-04:00

Facing Uncertainty

Small Business Cash Flow Patterns in 25 U.S. Cities

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2019-07-31T00:00:00.000+05:30

Data and Collaboration for Good

The JPMorgan Chase Institute 2nd Annual Conference on Economic Research

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2019-07-01T00:00:00.000-04:00

Student Loan Payments

Evidence from 4 Million Families

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2019-06-01T00:00:00.000-04:00

Trading Equity for Liquidity

Bank Data on the Relationship Between Liquidity and Mortgage Default

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The San Francisco Economy

Household and Small Business Financial Outcomes

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2019-05-09T00:00:00.000-04:00

How Data Can Improve the Financial Health of U.S. Small Businesses

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2019-05-01T00:00:00.000-04:00

The Small Business Sector in Urban America

Growth and Vitality in 25 Cities

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2019-04-01T00:00:00.000-05:00

The Online Platform Economy in 27 Metro Areas

The Experience of Drivers and Lessors

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2019-03-22T00:00:00.000-05:00

Technology and the Future of Work

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2019-03-01T00:00:00.000-05:00

How Families Manage Tax Refunds and Payments

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2019-02-01T00:00:00.000-05:00

Gender, Age, and Small Business Financial Outcomes

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2019-01-15T00:00:00.000-05:00

Does the Timing of Central Bank Announcements Matter?

Trade-Level Data on Hedge Fund Behavior Before Swiss National Bank Meetings

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2018-12-04T00:00:00.000-05:00

Local Commerce Index

The Local Commerce Index (LCI) is a measure of the monthly year-over-year growth rate of everyday debit and credit card spending by over 64 million de-identified Chase customers across 14 metro areas in the US. The LCI is an alternative view of the health and vibrancy of the US consumer.

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Estimating Family Income from Administrative Banking Data

A Machine Learning Approach

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2018-12-01T00:00:00.000-05:00

Deferred Care

How Tax Refunds Enable Healthcare Spending

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Shopping Near and Far: Local Commerce in the Digital Age

Insights from 4 Billion Transactions across the United States

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2018-10-23T00:00:00.000-05:00

Measuring the Online Platform Economy

How Banking and Survey Data Compare

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2018-10-01T00:00:00.000-04:00

Falling Behind

Bank Data on the Role of Income and Savings in Mortgage Default

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On the Rise

Out-of-Pocket Healthcare Spending in 2017

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2018-09-01T00:00:00.000-05:00

The Online Platform Economy in 2018

Drivers, Workers, Sellers, and Lessors

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2018-08-29T00:00:00.000-04:00

JPMorgan Chase Institute 2018 Inaugural Conference on Economic Research

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2018-07-01T00:00:00.000-04:00

Growth, Vitality, and Cash Flows

High-Frequency Evidence from 1 Million Small Businesses

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2018-06-20T00:00:00.000-05:00

Where are all the Contingent Workers?

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2018-06-12T00:00:00.000-04:00

FX Markets Move on Surprise News

Institutional Investor Trading Behavior around Brexit, the U.S. Election, and the Swiss Franc Floor

equity research report jp morgan

2018-04-01T00:00:00.000-04:00

Filing Taxes Early, Getting Healthcare Late

Insights from 1.2 Million Households

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2018-03-15T00:00:00.000-04:00

Healthcare When It’s Needed

How to Mitigate High Costs and Deferred Care

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2018-03-01T00:00:00.000-05:00

The Commercial Vibrancy of Chicago Neighborhoods, 2016

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2018-02-01T00:00:00.000-05:00

Bend, Don’t Break

Small Business Financial Resilience After Hurricanes Harvey and Irma

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Weathering the Storm

The Financial Impacts of Hurricanes Harvey and Irma on One Million Households

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Local Consumer Commerce in the Wake of a Hurricane

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2017-12-14T00:00:00.000-05:00

Institute Insights for Open Enrollment

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2017-12-01T00:00:00.000-05:00

Mortgage Modifications after the Great Recession

New Evidence and Implications for Policy

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2017-11-01T00:00:00.000-04:00

Paying a Premium

Dynamics of the Small Business Owner Health Insurance Market

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2017-10-10T00:00:00.000-04:00

Younger and Lower Income Consumers Drive Small Business Spending

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2017-09-06T00:00:00.000-04:00

Coping with Medical Costs through Life

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2017-09-01T00:00:00.000-04:00

Paying Out-of-Pocket

The Healthcare Spending of 2 Million U.S. Families

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Mapping Segments in the Small Business Sector

equity research report jp morgan

2017-05-01T00:00:00.000-04:00

The Gender Gap in Financial Outcomes

The Impact of Medical Payments

equity research report jp morgan

2017-04-20T00:00:00.000-04:00

The Consumer Spending Response to Mortgage Resets

equity research report jp morgan

2017-04-01T00:00:00.000-04:00

The Consumer Spending Response to Mortgage Resets Report

Microdata on Monetary Policy

equity research report jp morgan

2017-03-17T00:00:00.000-04:00

The Monthly Stress-Test on Family Finances

equity research report jp morgan

2017-03-01T00:00:00.000-05:00

Consumption Inequality

What’s in Your Shopping Basket?

equity research report jp morgan

Going the Distance

Big Data on Resident Access to Everyday Goods

equity research report jp morgan

Seniors Lead the Slowdown in Local Consumer Commerce

equity research report jp morgan

2017-02-09T00:00:00.000-05:00

Why Managing Expenses Is Not an Easy Task

equity research report jp morgan

2017-02-01T00:00:00.000-05:00

Coping with Costs

Big Data on Expense Volatility and Medical Payments

equity research report jp morgan

2017-01-18T00:00:00.000-05:00

The Ups and Downs of Small Business Employment

equity research report jp morgan

2017-01-01T00:00:00.000-05:00

The Ups and Downs of Small Business Employment Report

Big Data on Payroll Growth and Volatility

equity research report jp morgan

2016-11-15T00:00:00.000-05:00

Is the Online Platform Economy the Future of Work?

equity research report jp morgan

2016-11-01T00:00:00.000-05:00

The Online Platform Economy

Has Growth Peaked?

equity research report jp morgan

2016-11-01T00:00:00.000-04:00

Shedding Light on Daylight Saving Time

equity research report jp morgan

2016-09-21T00:00:00.000-04:00

For Small Businesses: Cash is King

equity research report jp morgan

2016-09-09T00:00:00.000-04:00

Big Spend on the Weekend:

The Local Consumer Commerce Index declined in May

equity research report jp morgan

2016-09-01T00:00:00.000-04:00

Cash is King: Flows, Balances, and Buffer Days

Evidence from 600,000 Small Businesses

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2016-08-18T00:00:00.000-05:00

Past 65 and Still Working

Big Data Insights on Senior Citizens’ Financial Lives

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2016-07-14T00:00:00.000-04:00

A Year of Low Gas Prices: The Consumer Response in 15 Metro Areas

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2016-07-11T00:00:00.000-04:00

The Consumer Response to Lower Gas Prices

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2016-07-01T00:00:00.000-04:00

The Consumer Response to a Year of Low Gas Prices

Evidence From 1 Million People

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  • Bloomberg Professional Services This link opens in a new window To find analyst reports for a company, type the company's ticker symbol, press the yellow Equity key, type BRC, and then press the GO key. For all research, type RES for the Bloomberg Research portal.
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  • J.P. Morgan Research This link opens in a new window This database features thousands of analyst reports covering over 3,000 global companies and all industries. Reports cover equities and company performance, global and regional economics and financial strategy, foreign exchange, commodities, liquidity, and emerging markets more... less... Coverage is from 2011 onwards, with a one week embargo.

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Use LSEG Workspace  (formerly Refinitiv).

  • To find analyst reports (also known as sell-side, broker, or equity research reports) for a specific company, search for that firm's ticker symbol or name in the top search box. Then, on the News & Research  menu, click on Company Research . Use filters near the top of the page to refine your search. 
  • To screen for analyst reports based on a set of criteria, type  ADVRES in the search bar and select the Research Advanced Search app, or click on  Research in the main menu. then, click on Advanced Research . You can filter for reports by industry, geography, contributor, keywords, and more.

Note: LSEG Workspace has a  150-page daily limit for viewing and downloading research content. This limit is in lieu of retail prices listed on reports and resets at 12:00 AM Eastern Time daily.

Bloomberg (see access details ) contains some analyst reports.

  • Type your company's ticker symbol, then hit the yellow EQUITY key, then type 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.

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What’s in an Equity Research Report?

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equity research report jp morgan

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:

Equity Research Report Cover Page

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 :

Equity Research Report for Enron With Buy Recommendation

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:

Equity Research Report with Target Share Price Range

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:

equity-research-report-04

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:

ERR Buy Recommendation

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:

equity-research-report-06

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:

equity-research-report-07

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:

Equity Research Report Investment Risks

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

equity research report jp morgan

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.

Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews

Read below or Add a comment

15 thoughts on “ What’s in an Equity Research Report? ”

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Hi Brian, what softwares are available to publish Research Reports?

equity research report jp morgan

We use Word templates. Some large banks have specialized/custom programs, but not sure how common they are.

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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.

' src=

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.

' src=

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!

' src=

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

' src=

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.

' src=

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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Top Research Reports for Apple, Berkshire Hathaway & JPMorgan Chase

April 12, 2022 — 01:14 pm EDT

Written by Sheraz Mian for Zacks  ->

Tuesday, April 12, 2022

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 Apple Inc. (AAPL), Berkshire Hathaway Inc. (BRK.B), and JPMorgan Chase & Co. (JPM). 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 >>>  

Apple shares have gained +24% over the past year against the +8.2% gain for the S&P 500 index on the back of continued momentum in services and robust performance from iPhone, Mac, Wearables, and an expanding App Store ecosystem. Availability of new Mac Studio, new iPad Air and the most affordable iPhone SE. Apple TV+ is gaining recognition with shows like Ted Lasso winning Emmy and CODA wining Academy Award for Best Picture.  

However, Apple did not provide revenue guidance for the second quarter of fiscal 2022, given the uncertainty around the impact of the pandemic. Nevertheless, Apple expects to achieve solid year-over-year revenue growth and set a second quarter revenue record despite significant supply constraints, which it estimates to be less than the fiscal first quarter. (You can read the full research report on Apple here >>> ) Shares of Berkshire Hathaway have outperformed the Zacks Insurance - Property and Casualty industry over the past year (+31.8% vs. +19%). The Zacks analyst sees this performance continuing for this property and casualty insurance leader that is effectively financial conglomerate and Warren Buffett's investment vehicle. A strong cash position supports earnings-accretive bolt-on buyouts and indicates the company's financial flexibility. Continued insurance business growth fuels an increase in float, drives earnings, and generates maximum return on equity. The non-insurance businesses are delivering improved results with increased revenues over the past few years. A sturdy capital level provides further impetus. However, exposure to catastrophe loss induces earnings volatility and also affects the property and casualty underwriting results of Berkshire. Huge capital expenditure remains a headwind for the company. (You can read the full research report on Berkshire Hathaway here >>> ) Shares of JPMorgan have underperformed the Zacks Banks - Major Regional industry over the past year (-11.4% vs. -1.7%) on growing uncertainty about the economic outlook in the wake of recent yield-curve developments. We will get a better sense of the operating environment after this week's Q1 earnings report, but estimates have been coming down lately given weak investment banking and trading business and rising expenses.

The ongoing Fed tightening cycle is a net positive for JPMorgan and the peer group as it will help boost margins. The outlook for loan demand also appears favorable, though sustainability of the trend is far from certain.

Zacks analyst believes that the normalization of the trading business is expected to hurt the company's fee income growth, going forward. Further, relatively lower interest rates in the near term are expected to keep weighing on the company’s margins and interest income. Steadily rising operating expenses remain a major near-term headwind.   However, opening new branches, strategic acquisitions/investments, global expansion and digitization initiatives, and decent investment banking (IB) pipeline are expected to keep supporting the company's financials. Additionally, its steady capital deployments look sustainable and will enhance shareholder value. (You can read the full research report on JP Morgan here >>> )

Other noteworthy reports we are featuring today include NVIDIA Corporation (NVDA), Mastercard Incorporated (MA), and Bank of America Corporation (BAC).  

Sheraz Mian   Director of Research  

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>>>

Today's Must Read

Robust Portfolio, Services Strength to Benefit Apple (AAPL)

Berkshire (BRK.B) Continues to Gain From Insurance Business

Buyouts, Loan Growth Aid JPMorgan (JPM), Higher Costs a Woe

Featured Reports

Strong GPU Adoption in Gaming, Datacenter Aids NVIDIA (NVDA) Per the Zacks analyst, rapid adoption of NVIDIA's GPUs in the gaming and datacenter markets is driving top-line. However, coronavirus menace could negatively impact its near-term revenues.

Accretive Buyouts, Strong Balance Sheet Aid Mastercard (MA) Per the Zacks analyst, a number of buyouts have helped Mastercard expand its portfolio, thereby aiding the top line. Its healthy balance sheet enables investments, which expects to drive long-term growth.

Cost Saving Efforts Aid Bank of America (BAC), Low Rates Ail Per the Zacks analyst, Bank of America's efforts to save costs and enhance digital capabilities will aid profits. Despite several rate hike expectations, relatively low rates hurt net interest yields.

Abbott (ABT) Banks on Diabetes Business amid Forex Woes The Zacks analyst is impressed with Abbott's progress with diabetes business led by strong growth in FreeStyle Libre. Yet, adverse currency movement continues to pose concerns.

Amgen (AMGN) Rapidly Advancing Pipeline Development The Zacks analyst says that Amgen is rapidly advancing its robust pipeline of early and late-stage assets. Several phase III readouts are due in 2022.

Cost Management & Regulated investment Aid Exelon (EXC) Per the Zacks analyst Exelon's cost management initiatives will have positive impact on margins and its planned $29B investments through 2025 will strengthen its operation.

New Products Aid Cadence (CDNS) Sales Amid Elevated Spending While expanding product portfolio and frequent product launches are aiding Cadence's top line, increased spending on research & development is likely to hinder its margins, per the Zacks analyst.

New Upgrades

Lodging Industry Recovery, Top Assets Aid Host Hotels (HST) Per the Zacks Analyst, with a rebound in the lodging industry, a solid portfolio of upscale hotels across lucrative markets and capital-recycling moves, Host Hotels is likely to witness RevPAR growth.

Matador (MTDR) Banks on Prolific Delaware Basin Acreages The Zacks analyst likes Matador's high-quality Delaware Basin acreage and significant drilling inventory in the region, which enhances the company's production outlook.

High-Quality Eagle Ford Acreage to Aid Magnolia (MGY) The Zacks analyst believes that Magnolia Oil and Gas' high-quality acreage in the core of the Eagle Ford provides it with attractive economics, industry-leading breakevens and fast payback.

New Downgrades

Aptiv (APTV) Grapples With Weak Global Vehicle Production The Zacks analyst believes that weak global vehicle production due to continued impacts of the pandemic and worldwide semiconductor shortage are expected to weigh on Aptiv's business performance.

Chip-Crunch Related Headwinds to Weigh on Adient (ADNT) Per the Zacks analyst, Adient's near-term prospects remain muted amid chip shortage, operating inefficiencies, increased commodity and freight costs, tough labor market and logistical challenges.

High Capital Spending & Commodity Woes to Hurt Lear (LEA) The Zacks analyst is of the view that rising commodity costs (especially steel and copper) along with high R&D costs and capex to support electrification will limit Lear's near-term margins.

7 Best Stocks for the Next 30 Days

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Since 1988, the full list has beaten the market more than 2X over with an average gain of +25.4% per year. So be sure to give these hand-picked 7 your immediate attention. 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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JP Morgan: “If Ripple wins SEC lawsuit, XRP is poised for significant adoption”

“If the company is able to win the SEC lawsuit and trading resumes on major cryptocurrency exchanges like Coinbase, XRP is poised for significant adoption”.

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JP Morgan’s North America Equity Research report published earlier this month puts XRP in the spotlight, even stating the digital asset is poised for significant adoption.

While the price of XRP has fallen in recent days, along with the rest of the cryptocurrency market, Ripple Labs has been working non-stop in signing new partners for its RippleNet network and On-Demand Liquidity service, thus spreading the use of XRP, especially in the cross-border payments space.

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XRP vs SWIFT

The JP Morgan report started out by stating “XRP was engineered to facilitate transactions on Ripple’s blockchain-based digital payment network. Benefits of the network include expedited payments and reduced transaction fees”.

The paper mentions its founding date, 2012, and co-founders Jed McCaleb (who has left the company to launch Stellar) and Chris Larsen (who is a co-defendant in the XRP lawsuit filed by the SEC).

“While traditional money transfers – most commonly SWIFT transfers – are costly and can take up 5 business days to complete, transactions using Ripple’s XRP can be completed in as little as 3 to 5 seconds and transaction fees are just 0.0001 XRP. SWIFT transfers are more expensive due to the numerous intermediary banks involved that charge fees to both the sender and recipient.”

The Ripple network includes more than 100 financial institutions, including Bank of America, Santander, and American Express.

XRP vs stablecoins

Then, the JP Morgan document explained XRP’s unique value in comparison to stablecoins using the words of Ripple’s senior director of global operations Emi Yoshikawa.

“The role of XRP as a bridge asset in international settlement is not competing with stablecoins but on the contrary, it is complementary.”

XRP is not pegged to an underlying currency unlike stablecoins, which follow their underlying currency’s volatility.

The SEC v. Ripple lawsuit is an inevitable topic of discussion for XRP. On that matter, JP Morgan points to the Howie test as the end goal and gives away the likelihood of a Ripple win.

The Howie test says that an investment contract exists when these four conditions are met: investment of money in a common enterprise with the expectation of profit to be derived from the effort of others.

“For the SEC to win the suit, Judge Sarah Netburn […] must determine that all aforementioned four points are met; if she determines that one or multiple points are not met, Ripple will win the suit”.

More news on Ripple (XRP):

Why has XRP lawsuit gone silent?

SEC v. Ripple got XRP delisted but Jed McCaleb sold $2b in 2021: double standard?

Ripple’s string of wins analyzed, XRP lawsuit to drag on until Spring 2022

SEC v. Ripple: What to wait for in XRP lawsuit agenda?

Ripple brings fight to lawmakers to put an end to “SEC hostility”

Did Ripple lie about its XRP-powered liquidity platform?

Legal experts analyze SEC v. Ripple as cautionary tale for market participants

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Stock market will fall 20-30% from 2024 peak, predicts JP Morgan report

While the overall 2024 outlook for stock market seems bleak, investing in small caps can be favourable this year, said the jp morgan note..

While majority of the top indices of the world are expected to hit a new high this year, JP Morgan's equity strategists have cautioned that the stock market's rise could be short-lived, and the markets can see a significant dip this year.

Stock market may see a dip this year (AP Photo/Ahn Young-joon)

According to a note published by JP Morgan analysts, the stock market could see a dip of around 20 to 30 percent after hitting a significant peak in 2024. Strategists also warned of significant volatility and high risks this year.

"We stick to our view that upside from here appears limited and that equities will fall 20-30% from a 2024 peak," JP Morgan strategists wrote in a note, reported Investing.com. While the overall 2024 outlook for stock market seems bleak, investing in small caps can be favourable this year, said the note.

JP Morgan strategists in their note highlighted several reasons why markets can remain volatile in 2024, including economic recession and an invested yield curve. Another risk is large caps reaching new heights, touching bloated values.

Another major risk flagged off by the analysts was historically low yield spreads despite the significant hike in interest rates by central banks this year. Currently, the corporate balance sheets are weaker than they were ahead of the 2008 recession, the note said.

"In our 25-year career, we have seen equity markets behave irrationally before and these were always times to act with caution as 2 + 2 ALWAYS ends up being 4," JP Morgan strategists concluded in their note.

The caution sounded by JP Morgan strategists gives a forecast of how global stocks could decline over the coming months, urging investors to make smarter and measured choices while buying stock.

Will India's stock market rise ahead of elections?

ICICI Direct predicted earlier this month that the Indian stock market can see a significant spike in the coming months with 2024 being an election year. It predicted that the NSE Nifty index could rise to 23,400 points by June 2024.

In the past three decades, the median market returns in election years have been 17 percent. ICICI Direct further urged the investors to embrace the dip in the markets during February-March, and the 2024 Lok Sabha elections will lead the markets to a significant spike.

Further, ICICI Direct also said that the outperformance of PSU Bank stocks is expected to amplify over the next couple of months, and investors should also keep an eye out for IT stocks despite the current dip in the market.

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JPMorgan researcher shows up at Goldman Sachs via Morgan Stanley

JPMorgan researcher shows up at Goldman Sachs via Morgan Stanley

Equity research jobs might not be quite as in-demand as they’ve been historically, but experienced equity researchers are still able to tour the top houses. Goldman Sachs' latest hire worked for Morgan Stanley and JPMorgan previously.

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James Quigley joined Goldman Sachs' London office earlier this month as an executive director in the bank's pharma & biotech research team for Europe. Quigley also spent four years in Morgan Stanley’s team for Europe, which he joined after 5 years with JPMorgan. He has a 1.58 star rating as an analyst on Tipranks .

Equity researchers moving jobs is nothing new, of course, but staying within banking is becoming less popular than it used to be. We’ve seen senior researchers moving to investor relations more than ever recently, with tech companies such as AT&T and IBM popular destinations. Both AT&T and IBM’s heads of investor relations came from Goldman Sachs’ equity research teams. Now that he's exhausted most of the big US banks, Quigley's next move could be to big pharma. 

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Is JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM) a Strong ETF Right Now?

Designed to provide broad exposure to the Broad Emerging Market ETFs category of the market, the JPMorgan Diversified Return Emerging Markets Equity ETF ( JPEM Quick Quote JPEM - Free Report ) is a smart beta exchange traded fund launched on 01/07/2015.

What Are Smart Beta ETFs?

The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment.

Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.

If you're the kind of investor who would rather try and beat the market through good stock selection, then smart beta funds are your best choice; this fund class is known for tracking non-cap weighted strategies.

These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.

This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.

Fund Sponsor & Index

The fund is managed by J.P. Morgan. JPEM has been able to amass assets over $312.56 million, making it one of the average sized ETFs in the Broad Emerging Market ETFs. This particular fund seeks to match the performance of the FTSE Emerging Diversified Factor Index before fees and expenses.

The JP Morgan Diversified Factor Emerging Markets Equity Index reflects the performance of emerging market securities representing a diversified set of factor characteristics which include Value, Price, Momentum, Earnings, Revisions and Quality characteristics.

Cost & Other Expenses

Expense ratios are an important factor in the return of an ETF and in the long-term, cheaper funds can significantly outperform their more expensive cousins, other things remaining the same.

Annual operating expenses for this ETF are 0.44%, making it on par with most peer products in the space.

JPEM's 12-month trailing dividend yield is 4.33%.

Sector Exposure and Top Holdings

ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

Taking into account individual holdings, Infosys Ltd Common Stock (INFY_D.) accounts for about 1.54% of the fund's total assets, followed by Vale Sa Common Stock Brl (VALE3) and Petroleo Brasileiro Sa (PETR4).

JPEM's top 10 holdings account for about 10.18% of its total assets under management.

Performance and Risk

The ETF has added roughly 3.06% and was up about 10.72% so far this year and in the past one year (as of 02/21/2024), respectively. JPEM has traded between $47.68 and $53.89 during this last 52-week period.

The ETF has a beta of 0.72 and standard deviation of 13.98% for the trailing three-year period, making it a medium risk choice in the space. With about 548 holdings, it effectively diversifies company-specific risk.

Alternatives

JPMorgan Diversified Return Emerging Markets Equity ETF is a reasonable option for investors seeking to outperform the Broad Emerging Market ETFs segment of the market. However, there are other ETFs in the space which investors could consider.

Vanguard FTSE Emerging Markets ETF ( VWO Quick Quote VWO - Free Report ) tracks FTSE Emerging Markets All Cap China A Inclusion Index and the iShares Core MSCI Emerging Markets ETF ( IEMG Quick Quote IEMG - Free Report ) tracks MSCI Emerging Markets Investable Market Index. Vanguard FTSE Emerging Markets ETF has $74.65 billion in assets, iShares Core MSCI Emerging Markets ETF has $74.67 billion. VWO has an expense ratio of 0.08% and IEMG charges 0.09%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Broad Emerging Market ETFs.

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center .

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  1. Global Research

    J.P. MORGAN MARKETS RESEARCH PORTAL • Latest research • Videos • Podcasts • Platforms • Research in numbers • Global recognition RESEARCH Market outlook for 2024: Slow global growth clouds forecast for equities December 13, 2023 What does the challenging macro backdrop of sluggish growth and stubborn inflation mean for markets?

  2. Market Outlook 2024

    For the S&P 500, J.P. Morgan Research estimates earnings growth of 2-3% next year with earnings per share (EPS) of $225 and a price target of 4,200, with a downside bias. J.P. Morgan economists expect U.S. and global growth to slow by the end of 2024.

  3. Global Equities

    Global Equities In today's equity markets, anticipate change. Count on J.P. Morgan for timely relevant insights, efficient electronic trading, renowned intellectual capital, and liquidity when you need it most. Insights Capabilities Track Record Insights With continuous market and regulatory fluctuation, change is the one true constant.

  4. 2022 market outlook: More upside for stocks, economic ...

    Equities Looking to 2022, J.P. Morgan Research expects to see market upside, though more moderate, on better-than-expected earnings growth with supply shocks easing, China/EM backdrop improving and normalizing consumer spending habits.

  5. Global Equity Views 1Q 2024

    Our U.S. equity research team sees 12% earnings growth this year, well balanced across both regions and sectors. In our view, the sectors where profits have recently lagged (health care, semiconductors) have largely worked their way through periods of weaker demand. Meanwhile the reliable growth companies just keep going.

  6. Equity Research Report

    Near the bottom of the article, we include a downloadable sample equity research report by JP Morgan. Equity Research Report Timing Quarterly Earnings Release vs. Initiating Coverage Report

  7. PDF Global Equity Views

    Our U.S. equity research team sees 12% earnings growth this year, well balanced across both regions and sectors. In our view, the sectors where profits have recently lagged (health care, semiconductors) have largely worked their way through periods of weaker demand. Meanwhile the reliable growth companies just keep going.

  8. Is Stock Market Concentration Rising?

    Today, the top 10 stocks by market cap in the U.S. account for approximately 29.4% of the overall equities market, according to Khuram Chaudhry, Head of European Quantitative Strategy at J.P. Morgan. "Sharply higher rates and a slower growth outlook have resulted in an outflow from long-duration and cyclical assets.

  9. Global Research

    Please read J.P. Morgan research reports related to its contents for more information, including important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this ...

  10. Equity

    JUESX U.S. Equity Fund Designed to provide high total return primarily through a portfolio of U.S. large cap equity securities. More about this fund VGIIX U.S. Value Fund Broadening the scope of high-quality value investing. The Fund utilizes a bottom-up stock selection process targeting high-quality U.S. companies with attractive valuations.

  11. Equity Insights

    Equity securities are subject to "stock market risk" meaning that stock prices in general (or in particular, the prices of the types of securities in which a portfolio invests) may decline over short or extended periods of time. When the value of a portfolio's securities goes down, an investment in a fund decreases in value.

  12. J.P. Morgan Global Index Research

    J.P. Morgan's Global Index Research is a market leader in fixed income indices with over 30 years of experience as thought leaders developing indices in emerging and developed markets.

  13. Guide to the Markets

    In the U.S., robust economic data helped propel the "soft landing" narrative with 3.1% GDP growth in 4Q23 and the economy adding 335,000 jobs in January. Given the above-trend data, the Fed will likely remain on pause until it can gain more confidence that inflation is still on track to hit 2%. Meanwhile, inflation in the Eurozone and UK ...

  14. Reports

    Explore our publications to learn more about our work and impact in our communities. We believe the scale and reach of our business and our approach to ESG matters helps drive this progress and contribute to a more sustainable and inclusive economy. Explore our annual ESG Report to learn more about our efforts.

  15. PDF 21st Century Fox Overweight

    J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 24 28 32 36 40 $

  16. The future of Big Tech

    J.P. Morgan Research explores the 2023 outlook. Big Tech giants shed a combined market value of around $2.5 trillion in 2022. In 2023, key headwinds include macro pressures such as inflation and currency volatility, stiff competition from rival products and services, supply chain woes and bloated cost structures.

  17. Research

    Jump to a topic Filter by Research Type Household Income & Spending Household Pulse: Balances through October 2023 Household Income & Spending The Purchasing Power of Household Incomes: Worker outcomes through August 2023 by income and race Household Income & Spending Household Pulse: Balances through March 2023 Household Income & Spending

  18. JPMorgan Chase & Co. (JPM) Stock Research & Reports

    JP Morgan Chase & Co. Analyst Report: JPMorgan Chase & Co. JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with nearly $4 trillion in assets. It ...

  19. Equities: Analyst/Research Reports

    J.P. Morgan Research This database features thousands of analyst reports covering over 3,000 global companies and all industries. Reports cover equities and company performance, global and regional economics and financial strategy, foreign exchange, commodities, liquidity, and emerging markets more... Find Annual Reports Financial Databases

  20. How do I find analyst reports (investment bank research)?

    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 ...

  21. Equity Research Report: Samples, Tutorials, and Explanations

    What's in an Equity Research Report? Watch on 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

  22. Top Research Reports for Apple, Berkshire Hathaway & JPMorgan ...

    April 12, 2022 — 01:14 pm EDT Tuesday, April 12, 2022 The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports...

  23. JP Morgan: "If Ripple wins SEC lawsuit, XRP is poised for significant

    November 20, 2021 4:00 am UTC, Rick Steves. "If the company is able to win the SEC lawsuit and trading resumes on major cryptocurrency exchanges like Coinbase, XRP is poised for significant adoption". JP Morgan's North America Equity Research report published earlier this month puts XRP in the spotlight, even stating the digital asset is ...

  24. Stock market will fall 20-30% from 2024 peak, predicts JP Morgan report

    Explore now! "We stick to our view that upside from here appears limited and that equities will fall 20-30% from a 2024 peak," JP Morgan strategists wrote in a note, reported Investing.com. While ...

  25. JPMorgan researcher shows up at Goldman via Morgan Stanley

    Equity research jobs might not be quite as in-demand as they've been historically, but experienced equity researchers are still able to tour the top houses. Goldman Sachs' latest hire worked for Morgan Stanley and JPMorgan previously. Get Morning Coffee ☕ in your inbox. Sign up here. James Quigley joined Goldman Sachs' London office earlier this month as an executive director in the bank's ...

  26. JPMorgan to pay about $350 million penalty over trade reporting gaps

    Feb 16 (Reuters) - JPMorgan Chase and Co (JPM.N) will pay civil penalties of about $350 million to regulators for reporting incomplete trading data to surveillance platforms, it said in a ...

  27. Is JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM) a

    Smart Beta ETF report for JPEM. Designed to provide broad exposure to the Broad Emerging Market ETFs category of the market, the JPMorgan Diversified Return Emerging Markets Equity ETF (JPEM Quick ...