DA Davidson
Upgrade grade
B
Downgrade grade
A
DA Davidson is an independent investment bank and wealth management firm founded in 1935 in Great Falls, Montana, by Davey Davidson, growing from its regional roots into a nationally recognized firm with approximately 1,900 employees. The firm maintains a reputation for providing thoughtful, balanced research across a broad spectrum of US equities, with nearly 5,000 analyst ratings calls in coverage that reflects their deep market engagement. DA Davidson has developed particular expertise in covering mid-cap and smaller companies across sectors including healthcare, technology, financials, and industrials, areas where their regional perspective and independent stance often surface valuable insights overlooked by larger Wall Street firms. What distinguishes DA Davidson's research culture is their commitment to remaining independent from outside ownership pressures, which has allowed their analysts to develop long-term relationships with management teams and maintain contrarian views when warranted, earning respect for intellectual honesty rather than consensus-chasing.
Upgrades
410
77.32% win rate
· avg +2.76% D1
Downgrades
447
78.08% win rate
· avg -4.34% D1
Avg Gap — Upgrades
+2.38%
open vs prev close
Avg Gap — Downgrades
-3.97%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Financial Services | 73.12% (93) | +1.63% | 74.07% (108) | -2.27% |
| Technology | 76.53% (98) | +3.49% | 79.80% (99) | -6.43% |
| Consumer Cyclical | 80.95% (63) | +2.71% | 77.78% (72) | -6.05% |
| Industrials | 88.33% (60) | +3.05% | 84.93% (73) | -4.13% |
| Basic Materials | 81.25% (32) | +4.36% | 72.41% (29) | -0.40% |
| Consumer Defensive | 72.00% (25) | +4.49% | 81.82% (33) | -6.19% |
| Real Estate | 72.22% (18) | +1.38% | 76.47% (17) | -2.41% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 45.5% | 11 | 76.9% | 13 |
| 2025 | 80.8% | 26 | 80.0% | 25 |
| 2024 | 74.1% | 27 | 91.7% | 36 |
| 2023 | 80.0% | 30 | 92.0% | 25 |
| 2022 | 85.7% | 21 | 79.4% | 34 |
| 2021 | 84.4% | 32 | 69.2% | 26 |
| 2020 | 66.7% | 57 | 78.9% | 57 |
| 2019 | 84.8% | 33 | 83.0% | 47 |
| 2018 | 72.2% | 36 | 76.5% | 17 |
| 2017 | 80.0% | 20 | 65.5% | 29 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 18, 2026 | NBIS | Nebius Group N.V. | Communication Services | Downgrade | Buy → Neutral | — | -1.1% | -9.1% |
| May 18, 2026 | CRWV | CoreWeave, Inc. Class A Common Stock | Technology | Downgrade | Buy → Neutral | — | -0.5% | -3.3% |
| May 15, 2026 | UNTY | Unity Bancorp, Inc. | Financial Services | Initiates | Buy | $68 | +0.5% | -0.2% |
| May 15, 2026 | ORRF | Orrstown Financial Services, Inc. | Financial Services | Initiates | Neutral | $41 | -0.7% | -2.3% |
| May 15, 2026 | EBC | Eastern Bankshares, Inc. | Financial Services | Initiates | Buy | $24 | +0.2% | -1.3% |
| May 15, 2026 | CCNE | CNB Financial Corporation | Financial Services | Initiates | Neutral | $34 | -0.9% | -3.3% |
| May 7, 2026 | YOU | Clear Secure, Inc. | Technology | Downgrade | Buy → Neutral | $60 | -2.3% | -4.6% |
| May 6, 2026 | BLD | TopBuild Corp. | Industrials | Downgrade | Buy → Neutral | $437 | +1.7% | +2.4% |
| May 4, 2026 | VITL | Vital Farms, Inc. | Consumer Defensive | Downgrade | Buy → Neutral | $16 | -4.7% | -8.3% |
| May 1, 2026 | ALRS | Alerus Financial Corporation | Financial Services | Maintains | Neutral → Neutral | — | +0.6% | +0.0% |
| May 1, 2026 | FIVN | Five9, Inc. | Technology | Maintains | Neutral → Neutral | — | +17.3% | +29.3% |
| May 1, 2026 | SPSC | SPS Commerce, Inc. | Technology | Maintains | Neutral → Neutral | — | +6.2% | +5.0% |
| May 1, 2026 | PFS | Provident Financial Services, Inc. | Financial Services | Maintains | Neutral → Neutral | — | -0.1% | -1.3% |
| May 1, 2026 | FIBK | First Interstate BancSystem, Inc. | Financial Services | Maintains | Buy → Buy | — | -0.1% | -0.1% |
| May 1, 2026 | UFPI | UFP Industries, Inc. | Basic Materials | Maintains | Buy → Buy | — | -0.4% | -4.8% |
| May 1, 2026 | FSS | Federal Signal Corporation | Industrials | Maintains | Neutral → Neutral | — | -0.1% | -1.2% |
| May 1, 2026 | BLDR | Builders FirstSource, Inc. | Industrials | Maintains | Neutral → Neutral | — | +0.9% | -4.3% |
| May 1, 2026 | RBLX | Roblox Corporation | Technology | Maintains | Neutral → Neutral | — | -23.3% | -18.3% |
| May 1, 2026 | RDDT | Reddit, Inc. | Communication Services | Maintains | Buy → Buy | — | +12.4% | +13.1% |
| May 1, 2026 | ORLY | O'Reilly Automotive, Inc. | Consumer Cyclical | Maintains | Buy → Buy | — | +0.6% | -2.7% |
| May 1, 2026 | CVNA | Carvana Co. | Consumer Cyclical | Maintains | Neutral → Neutral | — | -0.1% | -3.3% |
| May 1, 2026 | AAPL | Apple Inc. | Technology | Maintains | Neutral → Neutral | — | +2.8% | +3.2% |
| Apr 29, 2026 | EBMT | Eagle Bancorp Montana, Inc. | Financial Services | Maintains | Neutral → Neutral | — | +5.0% | +3.0% |
| Apr 29, 2026 | AVBH | Avidbank Holdings, Inc. | Financial Services | Maintains | Buy → Buy | — | -0.1% | -3.1% |
| Apr 29, 2026 | FRBA | First Bank | Financial Services | Maintains | Neutral → Neutral | — | -1.0% | -2.5% |