BTIG
Upgrade grade
A+
Downgrade grade
A
BTIG was founded in 2008 by a group of former Lehman Brothers bankers and traders during the financial crisis, establishing itself as an independent boutique investment bank when much of Wall Street was contracting. The firm has grown into a mid-sized player with significant influence, maintaining over 60 equity research analysts covering roughly 2,615 ratings calls across US equities and generating respected independent research. BTIG has built particular strength covering technology, consumer, healthcare, and financial services sectors, becoming known for deep sector expertise and access-driven research that appeals to sophisticated institutional clients. The firm has cultivated a reputation for contrarian analysis and independent thinking, consciously positioning itself outside the consensus view on many names and demonstrating a willingness to take bold stances that have earned it recognition as a credible alternative to bulge-bracket research franchises.
Upgrades
250
83.6% win rate
· avg +4.42% D1
Downgrades
302
77.81% win rate
· avg -6.58% D1
Avg Gap — Upgrades
+3.62%
open vs prev close
Avg Gap — Downgrades
-6.24%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Healthcare | 83.82% (68) | +6.78% | 79.78% (89) | -11.03% |
| Consumer Cyclical | 76.36% (55) | +3.16% | 84.00% (50) | -4.00% |
| Technology | 85.71% (42) | +4.38% | 80.00% (50) | -8.57% |
| Real Estate | 89.66% (29) | +1.67% | 75.68% (37) | -1.86% |
| Financial Services | 87.50% (24) | +4.44% | 72.41% (29) | -4.52% |
| Communication Services | 83.33% (12) | +3.07% | 69.23% (13) | -4.40% |
| Industrials | — | — | 71.43% (14) | -4.95% |
| Energy | — | — | 76.92% (13) | -2.44% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 86.7% | 15 | 50.0% | 12 |
| 2025 | 83.3% | 18 | 93.3% | 30 |
| 2024 | 86.4% | 22 | 83.3% | 36 |
| 2023 | 87.0% | 23 | 71.0% | 31 |
| 2022 | 69.6% | 23 | 80.0% | 35 |
| 2021 | 93.9% | 33 | 75.9% | 29 |
| 2020 | 84.6% | 26 | 80.8% | 26 |
| 2019 | 88.5% | 26 | 81.0% | 21 |
| 2018 | 68.8% | 16 | 81.0% | 21 |
| 2017 | 89.5% | 19 | 88.9% | 18 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | KIDS | OrthoPediatrics Corp. | Healthcare | Maintains | Buy → Buy | — | +4.8% | +3.8% |
| May 1, 2026 | CERS | Cerus Corporation | Healthcare | Upgrade | Neutral → Buy | — | +32.5% | +34.0% |
| May 1, 2026 | COLM | Columbia Sportswear Company | Consumer Cyclical | Maintains | Buy → Buy | — | +4.1% | +2.3% |
| May 1, 2026 | ATI | ATI Inc. | Industrials | Maintains | Buy → Buy | — | +1.1% | -0.1% |
| May 1, 2026 | TEAM | Atlassian Corporation | Technology | Maintains | Buy → Buy | — | +20.9% | +29.6% |
| May 1, 2026 | TWLO | Twilio Inc. | Communication Services | Maintains | Buy → Buy | — | +20.1% | +23.8% |
| May 1, 2026 | RBLX | Roblox Corporation | Technology | Downgrade | Buy → Neutral | — | -23.3% | -18.3% |
| May 1, 2026 | SYK | Stryker Corporation | Healthcare | Maintains | Buy → Buy | — | -0.6% | -6.5% |
| Apr 30, 2026 | SHOO | Steven Madden, Ltd. | Consumer Cyclical | Maintains | Buy → Buy | — | -0.7% | +1.6% |
| Apr 30, 2026 | CHEF | The Chefs' Warehouse, Inc. | Consumer Defensive | Maintains | Buy → Buy | — | +1.5% | +2.5% |
| Apr 30, 2026 | FROG | JFrog Ltd. | Technology | Maintains | Buy → Buy | — | -0.3% | +0.4% |
| Apr 30, 2026 | GKOS | Glaukos Corporation | Healthcare | Maintains | Buy → Buy | — | +21.0% | +22.8% |
| Apr 30, 2026 | KEX | Kirby Corporation | Industrials | Maintains | Buy → Buy | — | +3.3% | -1.3% |
| Apr 30, 2026 | CRS | Carpenter Technology Corporation | Industrials | Maintains | Buy → Buy | — | +1.3% | +5.3% |
| Apr 30, 2026 | CMG | Chipotle Mexican Grill, Inc. | Consumer Cyclical | Maintains | Buy → Buy | — | +6.4% | +3.0% |
| Apr 30, 2026 | CVNA | Carvana Co. | Consumer Cyclical | Maintains | Buy → Buy | — | +5.8% | -0.2% |
| Apr 29, 2026 | BDTX | Black Diamond Therapeutics, Inc. | Healthcare | Maintains | Buy → Buy | — | +1.5% | -4.8% |
| Apr 29, 2026 | CDNA | CareDx, Inc | Healthcare | Maintains | Buy → Buy | — | +2.1% | -5.1% |
| Apr 29, 2026 | ATEN | A10 Networks, Inc. | Technology | Maintains | Buy → Buy | — | -3.8% | -5.3% |
| Apr 29, 2026 | ESTA | Establishment Labs Holdings Inc. | Healthcare | Maintains | Buy → Buy | — | -0.4% | -3.1% |
| Apr 29, 2026 | ETSY | Etsy, Inc. | Consumer Cyclical | Maintains | Buy → Buy | — | +6.0% | +10.1% |
| Apr 29, 2026 | CSGP | CoStar Group, Inc. | Real Estate | Maintains | Buy → Buy | — | -0.9% | -5.1% |
| Apr 29, 2026 | GEHC | GE HealthCare Technologies Inc. | Healthcare | Maintains | Buy → Buy | — | -9.3% | -13.2% |
| Apr 29, 2026 | BE | Bloom Energy Corporation | Industrials | Maintains | Buy → Buy | — | +22.2% | +27.2% |
| Apr 29, 2026 | SBUX | Starbucks Corporation | Consumer Cyclical | Maintains | Buy → Buy | — | +4.9% | +8.4% |