Baird
Upgrade grade
A
Downgrade grade
A
Robert W. Baird & Co. was founded in 1919 as a private investment bank and has grown into a major independent financial services firm with a strong presence in equity research, wealth management, and investment banking. The Milwaukee-based firm maintains a reputation for rigorous, fundamental analysis and has become one of the leading mid-market investment banks in North America, with thousands of professionals across numerous offices. Baird's research team is particularly well-regarded for their coverage of healthcare, consumer discretionary, industrials, and technology sectors, where they combine deep sector expertise with access to management teams across the Midwest and beyond. What sets Baird apart in the research community is their commitment to independence—as a private partnership, they have resisted pressure to compromise research integrity for investment banking relationships, earning them credibility among institutional investors who value unbiased equity analysis and actionable insights.
Upgrades
738
79.4% win rate
· avg +2.79% D1
Downgrades
858
78.9% win rate
· avg -4.03% D1
Avg Gap — Upgrades
+2.54%
open vs prev close
Avg Gap — Downgrades
-3.41%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Industrials | 85.79% (197) | +3.52% | 80.30% (203) | -2.99% |
| Consumer Cyclical | 85.32% (109) | +3.37% | 78.23% (147) | -3.54% |
| Healthcare | 70.21% (94) | +2.98% | 77.86% (131) | -6.01% |
| Technology | 82.52% (103) | +3.72% | 84.75% (118) | -5.66% |
| Real Estate | 73.42% (79) | +0.81% | 81.91% (94) | -1.67% |
| Financial Services | 78.95% (76) | +1.32% | 65.82% (79) | -1.47% |
| Energy | 56.00% (25) | +0.90% | 84.62% (39) | -10.01% |
| Basic Materials | 77.78% (18) | +2.18% | 80.00% (15) | -2.02% |
| Utilities | 68.42% (19) | +2.21% | 78.57% (14) | -1.00% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 65.2% | 23 | 72.4% | 29 |
| 2025 | 83.1% | 77 | 78.4% | 74 |
| 2024 | 81.8% | 44 | 70.3% | 64 |
| 2023 | 89.5% | 38 | 77.6% | 49 |
| 2022 | 70.5% | 44 | 86.6% | 82 |
| 2021 | 71.4% | 42 | 67.3% | 55 |
| 2020 | 74.7% | 83 | 71.1% | 76 |
| 2019 | 86.3% | 51 | 80.4% | 46 |
| 2018 | 85.7% | 56 | 86.4% | 66 |
| 2017 | 83.1% | 65 | 90.9% | 55 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | LYEL | Lyell Immunopharma, Inc. | Healthcare | Initiates | Outperform | $49 | +1.5% | +5.6% |
| May 1, 2026 | TFC | Truist Financial Corporation | Financial Services | Downgrade | Outperform → Neutral | $55 | -0.6% | -1.1% |
| Apr 30, 2026 | BLKB | Blackbaud, Inc. | Technology | Upgrade | Neutral → Outperform | $50 | +1.4% | -4.8% |
| Apr 29, 2026 | PII | Polaris Inc. | Consumer Cyclical | Maintains | Neutral → Neutral | — | -0.6% | +1.1% |
| Apr 29, 2026 | UHS | Universal Health Services, Inc. | Healthcare | Maintains | Neutral → Neutral | — | -1.6% | +3.3% |
| Apr 29, 2026 | SBUX | Starbucks Corporation | Consumer Cyclical | Maintains | Outperform → Outperform | — | +4.9% | +8.4% |
| Apr 29, 2026 | BKNG | Booking Holdings Inc. | Consumer Cyclical | Maintains | Outperform → Outperform | — | -5.1% | +0.3% |
| Apr 29, 2026 | SBUX | Starbucks Corporation | Consumer Cyclical | Reiterates | Outperform | $117 | +4.9% | +8.4% |
| Apr 29, 2026 | QGEN | Qiagen N.V. | Healthcare | Upgrade | Neutral → Outperform | $43 | -1.2% | -1.2% |
| Apr 28, 2026 | KFRC | Kforce Inc. | Industrials | Maintains | Outperform → Outperform | — | +25.0% | +43.3% |
| Apr 28, 2026 | ELF | e.l.f. Beauty, Inc. | Consumer Defensive | Maintains | Outperform → Outperform | — | -1.1% | -1.1% |
| Apr 28, 2026 | MIRM | Mirum Pharmaceuticals, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +0.9% | +1.6% |
| Apr 28, 2026 | SSD | Simpson Manufacturing Co., Inc. | Industrials | Maintains | Outperform → Outperform | — | +1.9% | +2.5% |
| Apr 28, 2026 | FR | First Industrial Realty Trust, Inc. | Real Estate | Maintains | Outperform → Outperform | — | -0.9% | +0.7% |
| Apr 28, 2026 | EGP | EastGroup Properties, Inc. | Real Estate | Maintains | Outperform → Outperform | — | +1.1% | +1.0% |
| Apr 28, 2026 | DPZ | Domino's Pizza, Inc. | Consumer Cyclical | Maintains | Outperform → Outperform | — | +0.9% | +1.5% |
| Apr 28, 2026 | NSC | Norfolk Southern Corporation | Industrials | Maintains | Neutral → Neutral | — | +0.7% | -0.7% |
| Apr 28, 2026 | CDNS | Cadence Design Systems, Inc. | Technology | Maintains | Outperform → Outperform | — | -2.0% | -3.3% |
| Apr 28, 2026 | RMBS | Rambus Inc. | Technology | Downgrade | Outperform → Neutral | $120 | -17.6% | -21.3% |
| Apr 28, 2026 | ODFL | Old Dominion Freight Line, Inc. | Industrials | Upgrade | Underperform → Neutral | $229 | +1.6% | +0.6% |
| Apr 27, 2026 | NTLA | Intellia Therapeutics, Inc. | Healthcare | Maintains | Neutral → Neutral | — | +4.4% | -4.3% |
| Apr 27, 2026 | GNTX | Gentex Corporation | Consumer Cyclical | Maintains | Neutral → Neutral | — | +0.4% | -0.1% |
| Apr 24, 2026 | SNDA | Sonida Senior Living, Inc. | Healthcare | Maintains | Neutral → Neutral | — | -0.1% | +2.5% |
| Apr 24, 2026 | THRM | Gentherm Incorporated | Consumer Cyclical | Maintains | Neutral → Neutral | — | +1.1% | +2.9% |
| Apr 24, 2026 | HTLD | Heartland Express, Inc. | Industrials | Maintains | Outperform → Outperform | — | +4.0% | +8.4% |