Citizens
Upgrade grade
B
Downgrade grade
A
Citizens is a mid-sized investment bank and equity research operation that has built a solid presence in U.S. equity analysis, with approximately 378 analyst ratings calls tracked across our database. The firm emerged from Citizens Bank's broader financial services platform and has grown to establish itself as a meaningful contributor to equity research coverage, particularly serving institutional clients seeking independent market perspectives. Citizens has developed particular expertise in analyzing domestically-focused companies and has cultivated credibility in covering consumer-oriented sectors and regional economic trends. What distinguishes Citizens in the research landscape is their emphasis on fundamental, bottom-up analysis grounded in direct company engagement and regional market knowledge, reflecting their roots in a banking organization with deep community and mid-market relationships across the United States.
Upgrades
25
80.0% win rate
· avg +4.26% D1
Downgrades
33
84.85% win rate
· avg -10.47% D1
Avg Gap — Upgrades
+4.45%
open vs prev close
Avg Gap — Downgrades
-8.45%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Technology | — | — | 100.00% (10) | -9.43% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 84.0% | 25 | 83.9% | 31 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Aug 11, 2026 | ACVA | ACV Auctions Inc. | Consumer Cyclical | Downgrade | Mkt Outperform → Mkt Perform | — | — | — |
| Aug 11, 2026 | SECZ | — | — | Initiates | Mkt Outperform | $15 | — | — |
| Aug 10, 2026 | SION | Sionna Therapeutics, Inc. | Healthcare | Downgrade | Mkt Outperform → Mkt Perform | — | -90.5% | -91.2% |
| Aug 7, 2026 | RXO | RXO, Inc. | Industrials | Upgrade | Mkt Perform → Mkt Outperform | $30 | +3.2% | +7.2% |
| Aug 7, 2026 | EXFY | Expensify, Inc. | Technology | Upgrade | Mkt Perform → Mkt Outperform | $3 | +9.6% | +35.9% |
| Aug 4, 2026 | EBAY | eBay Inc. | Consumer Cyclical | Downgrade | Mkt Outperform → Mkt Perform | — | -0.9% | +2.3% |
| Jul 31, 2026 | ESS | Essex Property Trust, Inc. | Real Estate | Upgrade | Mkt Perform → Mkt Outperform | $330 | -0.4% | +0.8% |
| Jul 30, 2026 | LONA | LeonaBio, Inc. | Healthcare | Upgrade | Mkt Perform → Mkt Outperform | $18 | +2.3% | +3.6% |
| Jul 29, 2026 | UWMC | UWM Holdings Corporation | Financial Services | Upgrade | Mkt Perform → Mkt Outperform | $3 | +3.8% | +6.5% |
| Jul 27, 2026 | SNDA | Sonida Senior Living, Inc. | Healthcare | Initiates | Mkt Outperform | $50 | +2.5% | +2.7% |
| Jul 27, 2026 | LIME | — | — | Initiates | Mkt Outperform | $45 | -1.2% | -3.9% |
| Jul 22, 2026 | PEGA | Pegasystems Inc. | Technology | Downgrade | Mkt Outperform → Mkt Perform | — | -18.2% | -16.0% |
| Jul 21, 2026 | ANNX | Annexon, Inc. | Healthcare | Initiates | Mkt Underperform | $3 | -3.1% | -3.2% |
| Jul 20, 2026 | GLOO | Gloo Holdings, Inc. | Technology | Initiates | Mkt Outperform | $8 | +0.9% | +4.0% |
| Jul 20, 2026 | FTH | — | — | Initiates | Mkt Outperform | $51 | +2.5% | +9.0% |
| Jul 15, 2026 | FIP | FTAI Infrastructure Inc. | Industrials | Reiterates | Mkt Outperform | $10 | +0.4% | -2.5% |
| Jul 15, 2026 | FTAI | FTAI Aviation Ltd. | Industrials | Reiterates | Mkt Outperform | $375 | +4.2% | +3.7% |
| Jul 15, 2026 | XPO | XPO Logistics, Inc. | Industrials | Initiates | Mkt Perform | — | +0.5% | -2.5% |
| Jul 15, 2026 | WNC | Wabash National Corporation | Industrials | Initiates | Mkt Outperform | $25 | -11.0% | -5.8% |
| Jul 15, 2026 | UPS | United Parcel Service, Inc. | Industrials | Initiates | Mkt Perform | — | +0.4% | -0.6% |
| Jul 15, 2026 | UNP | Union Pacific Corporation | Industrials | Initiates | Mkt Outperform | $350 | -0.0% | +0.0% |
| Jul 15, 2026 | UHAL | U-Haul Holding Company | Industrials | Initiates | Mkt Outperform | $90 | +0.9% | +0.9% |
| Jul 15, 2026 | R | Ryder System, Inc. | Industrials | Initiates | Mkt Perform | — | +0.4% | -1.3% |
| Jul 15, 2026 | RXO | RXO, Inc. | Industrials | Initiates | Mkt Perform | — | +0.9% | -3.5% |
| Jul 15, 2026 | RLGT | Radiant Logistics, Inc. | Industrials | Initiates | Mkt Perform | — | +0.3% | +0.2% |