TD Cowen
Upgrade grade
A
Downgrade grade
B
TD Cowen is a prominent investment bank and equity research firm with deep roots in American financial markets, having evolved through multiple iterations and mergers over decades of operations. The firm maintains substantial scale with approximately 3,178 analyst ratings covering US equities, positioning it as a significant voice in equity research across major market sectors. TD Cowen has built particular expertise in covering technology, healthcare, industrials, and consumer discretionary sectors, earning respect for its detailed fundamental analysis and access-driven research approach. What distinguishes TD Cowen in the research community is its reputation for producing thoughtfully contrarian calls at pivotal market moments, combined with a culture that emphasizes original thinking and detailed company-level work rather than consensus chasing, making it a notable resource for investors seeking differentiated perspectives on US equities.
Upgrades
450
78.44% win rate
· avg +3.25% D1
Downgrades
529
75.61% win rate
· avg -4.99% D1
Avg Gap — Upgrades
+3.37%
open vs prev close
Avg Gap — Downgrades
-4.49%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Industrials | 80.90% (89) | +2.00% | 71.00% (100) | -2.86% |
| Consumer Cyclical | 74.24% (66) | +2.74% | 76.67% (90) | -3.12% |
| Technology | 84.21% (76) | +3.96% | 81.25% (80) | -8.04% |
| Healthcare | 71.64% (67) | +6.67% | 81.18% (85) | -11.32% |
| Energy | 75.68% (37) | +2.59% | 71.11% (45) | -1.63% |
| Consumer Defensive | 83.33% (24) | +1.83% | 63.64% (33) | -2.70% |
| Basic Materials | 78.57% (28) | +3.08% | 88.46% (26) | -2.69% |
| Communication Services | 78.57% (28) | +2.71% | 80.00% (25) | -6.00% |
| Financial Services | 77.78% (18) | +1.63% | 60.00% (25) | -0.73% |
| Real Estate | 91.67% (12) | +1.91% | 90.91% (11) | -5.05% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 81.5% | 27 | 61.5% | 26 |
| 2025 | 77.1% | 35 | 59.4% | 32 |
| 2024 | 72.9% | 48 | 71.0% | 69 |
| 2023 | 79.3% | 29 | 79.6% | 54 |
| 2022 | 72.4% | 29 | 80.0% | 50 |
| 2021 | 76.7% | 43 | 78.6% | 28 |
| 2020 | 63.0% | 46 | 71.8% | 39 |
| 2019 | 79.3% | 29 | 85.4% | 41 |
| 2018 | 87.8% | 41 | 73.1% | 26 |
| 2017 | 91.7% | 24 | 78.1% | 32 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 20, 2026 | ZGN | Ermenegildo Zegna N.V. | Consumer Cyclical | Upgrade | Hold → Buy | $15 | — | — |
| May 20, 2026 | ORLA | Orla Mining Ltd. | Basic Materials | Upgrade | Hold → Buy | — | — | — |
| May 20, 2026 | FNV | Franco-Nevada Corporation | Basic Materials | Upgrade | Hold → Buy | $291 | — | — |
| May 19, 2026 | XE | X-Energy, Inc. Class A Common Stock | Industrials | Initiates | Buy | $35 | +2.9% | +4.6% |
| May 15, 2026 | AVGO | Broadcom Inc. | Technology | Reiterates | Buy | $500 | -1.6% | -3.3% |
| May 15, 2026 | JSPR | Jasper Therapeutics, Inc. | Healthcare | Downgrade | Buy → Hold | — | -4.5% | -11.4% |
| May 15, 2026 | FE | FirstEnergy Corp. | Utilities | Upgrade | Hold → Buy | $53 | +0.4% | -1.5% |
| May 14, 2026 | EOSE | Eos Energy Enterprises, Inc. | Industrials | Reiterates | Hold | $8 | -6.9% | -1.3% |
| May 14, 2026 | ENVX | Enovix Corporation | Industrials | Reiterates | Hold | $7 | -13.4% | -13.6% |
| May 14, 2026 | SBUX | Starbucks Corporation | Consumer Cyclical | Upgrade | Hold → Buy | $120 | +2.1% | +0.4% |
| May 13, 2026 | NXT | Nextpower Inc. | Technology | Reiterates | Hold | $135 | +19.0% | +8.8% |
| May 12, 2026 | KLRA | Kailera Therapeutics, Inc. | Healthcare | Initiates | Buy | $57 | +2.1% | -2.7% |
| May 12, 2026 | ALMR | Alamar Biosciences, Inc. | Healthcare | Initiates | Buy | $30 | +0.2% | -3.8% |
| May 12, 2026 | PLUG | Plug Power Inc. | Industrials | Reiterates | Hold | $3 | +7.1% | +1.1% |
| May 11, 2026 | KLAR | Klarna Group plc | Technology | Initiates | Hold | $16 | -0.5% | -0.8% |
| May 11, 2026 | TRGP | Targa Resources Corp. | Energy | Reiterates | Hold | $245 | +0.6% | +2.0% |
| May 11, 2026 | LNG | Cheniere Energy, Inc. | Energy | Reiterates | Buy | $270 | +0.3% | +0.2% |
| May 8, 2026 | SNCY | Sun Country Airlines Holdings, Inc. | Industrials | Reiterates | Buy | $17 | -1.0% | +0.9% |
| May 8, 2026 | RXO | RXO, Inc. | Industrials | Reiterates | Hold | $21 | +0.6% | -5.9% |
| May 8, 2026 | PCT | PureCycle Technologies, Inc. | Industrials | Reiterates | Hold | $6 | +0.6% | +6.6% |
| May 8, 2026 | CVX | Chevron Corporation | Energy | Reiterates | Hold | $205 | -0.3% | -0.5% |
| May 8, 2026 | PLNT | Planet Fitness, Inc. | Consumer Cyclical | Downgrade | Buy → Hold | $50 | -3.4% | +4.2% |
| May 8, 2026 | CG | The Carlyle Group Inc. | Financial Services | Downgrade | Buy → Hold | $53 | -0.2% | +3.3% |
| May 8, 2026 | PTCT | PTC Therapeutics, Inc. | Healthcare | Upgrade | Hold → Buy | $90 | +14.9% | +14.3% |
| May 7, 2026 | WMB | The Williams Companies, Inc. | Energy | Reiterates | Buy | $87 | -2.2% | -1.1% |