CLSA
Upgrade grade
C
Downgrade grade
B
CLSA, founded in 1986 in Hong Kong by a group of former Morgan Stanley analysts, has grown into one of Asia's leading independent investment banks and a major player in equity research globally. The firm maintains a substantial research platform with significant coverage across multiple markets, including approximately 419 analyst ratings on US equities that span diverse sectors and industries. CLSA is particularly renowned for its deep expertise in Asian markets and technology stocks, leveraging its position as a bridge between Asian investors and Western capital markets, while also maintaining strong coverage capabilities across financials, consumer, and industrials sectors. A distinctive element of CLSA's research culture is its contrarian streak and willingness to challenge consensus views, earning the firm respect for independent thinking and detailed fundamental analysis that often distinguishes it from larger bulge-bracket competitors.
Upgrades
52
71.15% win rate
· avg +2.39% D1
Downgrades
85
77.65% win rate
· avg -2.58% D1
Avg Gap — Upgrades
+1.41%
open vs prev close
Avg Gap — Downgrades
-1.90%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Consumer Cyclical | 81.82% (11) | +2.03% | 73.33% (15) | -1.81% |
| Consumer Defensive | 72.73% (11) | +1.76% | 92.31% (13) | -5.43% |
| Technology | 90.00% (10) | +3.22% | 92.31% (13) | -3.68% |
| Basic Materials | — | — | 68.75% (16) | -2.11% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2016 | 92.3% | 13 | 74.2% | 31 |
| 2015 | 69.2% | 13 | 88.9% | 18 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Sep 28, 2026 | SPCX | Space Exploration Technologies Corp. | Industrials | Initiates | Outperform | $250 | — | — |
| Sep 3, 2026 | TMO | Thermo Fisher Scientific Inc. | Healthcare | Initiates | Outperform | $748 | +0.9% | +1.6% |
| Aug 28, 2026 | BZUN | Baozun Inc. | Consumer Cyclical | Upgrade | Hold → Outperform | $4 | +3.0% | +0.0% |
| Aug 19, 2026 | WIT | Wipro Limited | Technology | Downgrade | Hold → Underperform | — | -0.5% | +2.1% |
| Aug 19, 2026 | INFY | Infosys Limited | Technology | Downgrade | Outperform → Hold | — | -0.8% | +1.7% |
| Aug 19, 2026 | BEKE | KE Holdings Inc. | Real Estate | Initiates | Outperform | $24 | +2.4% | +3.0% |
| Jul 20, 2026 | WDAY | Workday, Inc. | Technology | Initiates | Underperform | $92 | -3.0% | +1.7% |
| Jul 20, 2026 | NOW | ServiceNow, Inc. | Technology | Initiates | Underperform | $72 | -2.6% | +1.4% |
| Jul 20, 2026 | CRM | Salesforce, Inc. | Technology | Initiates | Hold | $165 | -1.7% | +1.8% |
| Jul 20, 2026 | ORCL | Oracle Corporation | Technology | Initiates | Hold | $145 | -1.7% | -4.0% |
| Jul 20, 2026 | MSFT | Microsoft Corporation | Technology | Initiates | Outperform | $535 | -0.6% | +2.2% |
| Jul 20, 2026 | ADBE | Adobe Inc. | Technology | Initiates | Outperform | $300 | -0.7% | -1.1% |
| Jul 20, 2026 | CRL | Charles River Laboratories International, Inc. | Healthcare | Downgrade | Outperform → Hold | $219 | -1.9% | -2.1% |
| Jul 10, 2026 | MLCO | Melco Resorts & Entertainment Limited | Consumer Cyclical | Upgrade | Hold → Outperform | $6 | +1.7% | +3.8% |
| Jun 15, 2026 | CPNG | Coupang, Inc. | Consumer Cyclical | Initiates | Outperform | $24 | +2.3% | +1.8% |
| Jun 1, 2026 | CHA | Chagee Holdings Limited American Depositary Shares | Consumer Defensive | Initiates | Hold | $10 | -0.5% | +3.4% |
| May 29, 2026 | CRL | Charles River Laboratories International, Inc. | Healthcare | Upgrade | Hold → Outperform | $219 | +0.0% | -0.3% |
| Dec 5, 2025 | AAPL | Apple Inc. | Technology | Maintains | Outperform → Outperform | — | -0.1% | -0.7% |
| Sep 3, 2025 | MLCO | Melco Resorts & Entertainment Limited | Consumer Cyclical | Upgrade | Hold → Outperform | — | -0.1% | +1.3% |
| May 27, 2025 | SMR | NuScale Power Corporation | Utilities | Maintains | Outperform → Outperform | — | +0.4% | +17.5% |
| May 27, 2025 | OKLO | Oklo Inc. | Utilities | Maintains | Outperform → Outperform | — | +1.3% | +10.3% |
| May 27, 2025 | BWXT | BWX Technologies, Inc. | Industrials | Maintains | Outperform → Outperform | — | +2.2% | +2.4% |
| Sep 4, 2024 | CPNG | Coupang, Inc. | Consumer Cyclical | Upgrade | Hold → Outperform | — | +0.9% | +7.0% |
| Aug 30, 2024 | BZUN | Baozun Inc. | Consumer Cyclical | Downgrade | Outperform → Hold | — | -1.3% | -1.3% |
| Aug 21, 2024 | VIPS | Vipshop Holdings Limited | Consumer Cyclical | Downgrade | Outperform → Hold | — | +1.2% | +9.9% |