Macquarie
Upgrade grade
C
Downgrade grade
C
Macquarie Group Limited was founded in 1969 as a merchant bank in Sydney, Australia, and has grown into a global financial powerhouse with operations spanning investment banking, equity research, asset management, and infrastructure advisory across more than 80 countries. The firm maintains a substantial research footprint with approximately 2,082 analyst ratings calls on US equities in its database, reflecting its deep engagement with American capital markets. Macquarie's research team is particularly known for rigorous coverage of infrastructure, utilities, and industrials sectors, though their analysts span broad industry coverage areas with a reputation for detailed, quantitative analysis that often emphasizes long-term value creation themes. Distinctive to Macquarie's research culture is the firm's strong Australian heritage and global perspective, which has historically enabled contrarian insights on sectors and companies that international investors might overlook, combined with a reputation for detailed infrastructure valuation expertise that stemmed from their pioneering work in project finance and asset management.
Upgrades
367
74.39% win rate
· avg +1.56% D1
Downgrades
398
71.86% win rate
· avg -2.04% D1
Avg Gap — Upgrades
+1.33%
open vs prev close
Avg Gap — Downgrades
-1.83%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Consumer Cyclical | 68.33% (60) | +1.12% | 77.94% (68) | -2.25% |
| Financial Services | 73.33% (60) | +0.98% | 73.53% (68) | -1.39% |
| Communication Services | 72.73% (55) | +2.31% | 66.04% (53) | -2.11% |
| Basic Materials | 87.50% (40) | +2.44% | 64.81% (54) | -2.17% |
| Industrials | 80.56% (36) | +2.28% | 81.82% (44) | -1.72% |
| Technology | 71.79% (39) | +1.29% | 71.88% (32) | -5.19% |
| Energy | 74.19% (31) | +0.98% | 56.25% (32) | -0.86% |
| Utilities | 71.43% (14) | +0.50% | 70.59% (17) | -1.53% |
| Real Estate | 70.00% (10) | +1.43% | 85.71% (14) | -1.27% |
| Consumer Defensive | 76.92% (13) | +2.44% | 80.00% (10) | -1.25% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2025 | 66.7% | 12 | 60.0% | 15 |
| 2024 | 70.6% | 17 | 70.6% | 17 |
| 2023 | — | — | 58.3% | 12 |
| 2022 | — | — | 72.7% | 11 |
| 2021 | 81.8% | 11 | — | — |
| 2020 | 63.6% | 11 | — | — |
| 2019 | 77.1% | 35 | 71.4% | 35 |
| 2018 | 77.5% | 40 | 75.0% | 36 |
| 2017 | 86.4% | 22 | 59.3% | 27 |
| 2016 | 79.5% | 39 | 76.6% | 64 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Jun 26, 2026 | TCOM | Trip.com Group Limited | Consumer Cyclical | Downgrade | Outperform → Neutral | $44 | -2.9% | +1.0% |
| Jun 4, 2026 | AVGO | Broadcom Inc. | Technology | Downgrade | Outperform → Neutral | $437 | -14.7% | -12.6% |
| May 29, 2026 | XPEV | XPeng Inc. | Consumer Cyclical | Upgrade | Neutral → Outperform | $19 | -0.2% | +0.1% |
| May 29, 2026 | LI | Li Auto Inc. | Consumer Cyclical | Upgrade | Underperform → Neutral | — | -3.1% | -3.4% |
| May 28, 2026 | PDD | PDD Holdings Inc. | Consumer Cyclical | Downgrade | Outperform → Neutral | $87 | -2.7% | -4.1% |
| May 11, 2026 | HUBS | HubSpot, Inc. | Technology | Downgrade | Outperform → Neutral | $190 | -0.4% | -3.0% |
| May 11, 2026 | NWSA | News Corporation | Communication Services | Upgrade | Neutral → Outperform | $29 | +1.3% | -0.0% |
| May 1, 2026 | IMAX | IMAX Corporation | Communication Services | Maintains | Outperform → Outperform | — | -6.6% | -4.0% |
| May 1, 2026 | TEAM | Atlassian Corporation | Technology | Maintains | Outperform → Outperform | — | +20.9% | +29.6% |
| May 1, 2026 | RBLX | Roblox Corporation | Technology | Maintains | Outperform → Outperform | — | -23.3% | -18.3% |
| May 1, 2026 | MA | Mastercard Incorporated | Financial Services | Maintains | Outperform → Outperform | — | +0.6% | -1.5% |
| Apr 30, 2026 | RRR | Red Rock Resorts, Inc. | Consumer Cyclical | Maintains | Outperform → Outperform | — | -3.5% | -3.7% |
| Apr 30, 2026 | MGM | MGM Resorts International | Consumer Cyclical | Maintains | Outperform → Outperform | — | +1.0% | -0.8% |
| Apr 30, 2026 | V | Visa Inc. | Financial Services | Maintains | Outperform → Outperform | — | -0.8% | -1.5% |
| Apr 29, 2026 | SRAD | Sportradar Group AG | Technology | Maintains | Outperform → Outperform | — | +0.4% | +2.2% |
| Apr 29, 2026 | CZR | Caesars Entertainment, Inc. | Consumer Cyclical | Maintains | Outperform → Outperform | — | +1.1% | +0.3% |
| Apr 29, 2026 | RSI | Rush Street Interactive, Inc. | Consumer Cyclical | Maintains | Outperform → Outperform | — | +19.3% | +16.6% |
| Apr 24, 2026 | BYD | Boyd Gaming Corporation | Consumer Cyclical | Maintains | Neutral → Neutral | — | -7.4% | -5.9% |
| Apr 24, 2026 | CHDN | Churchill Downs Incorporated | Consumer Cyclical | Maintains | Outperform → Outperform | — | +1.7% | +3.7% |
| Apr 23, 2026 | LVS | Las Vegas Sands Corp. | Consumer Cyclical | Maintains | Outperform → Outperform | — | -9.7% | -8.6% |
| Apr 23, 2026 | NOW | ServiceNow, Inc. | Technology | Maintains | Neutral → Neutral | — | -15.3% | -17.7% |
| Apr 22, 2026 | BALY | Bally's Corporation | Consumer Cyclical | Maintains | Neutral → Neutral | — | -0.2% | +0.0% |
| Apr 22, 2026 | MCRI | Monarch Casino & Resort, Inc. | Consumer Cyclical | Maintains | Neutral → Neutral | — | +4.5% | +15.9% |
| Apr 20, 2026 | FRMI | Fermi Inc. Common Stock | Utilities | Maintains | Outperform → Outperform | — | -19.5% | -17.6% |
| Apr 20, 2026 | HUBS | HubSpot, Inc. | Technology | Maintains | Outperform → Outperform | — | -0.5% | +3.3% |