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Raymond James Equity Research employs more than 60 research analysts dedicated to providing insights and context that help investors connect the dots in key industries and across national borders, and make informed investment decisions. They cover approximately 1,200 companies in ten highly focused industries – consumer, energy, financial services, healthcare, industrial, mining, real estate, sustainability, technology and communications, and transportation – and collaborate to produce detailed supply chain surveys, reports and industry updates.
Please see below for brief overviews of some of our recent in-depth equity research reports. The full reports are available to clients via their financial advisor, institutional salesperson or other Raymond James representative. Institutional clients can access our equity research by logging in below. If you would like to learn more about becoming a client of Raymond James, please contact us. For all relevant equity research disclosure, visit the Disclosures and Definitions page.
Semi‐annual Canadian oil and gas executive management survey
Our survey covers M&A, institutional interest, oilfield cost pressures, spending plans and other topical questions. Overall, we continue to see a number of positive attributes. The overall business outlook has meaningfully improved compared to past surveys, increased M&A is on the horizon with more debt re‐payment and dividends expected (vs. capex spending).
Bank M&A update: Signs of life amidst an ever‐challenging backdrop
Following a subdued 2022, bank M&A activity was soft in 1H23 and is on pace to be among the lowest levels in which our database reliably goes back (1991). That said, we have begun to see some signs of life where the number of deals announced has increased in each of the past two quarters.
Your earnings package has been delivered
Our industry comment on the packaging sector details how we continue to expect a resumption of growth in 2024, partially a function of lapping easy destocking-related comps. We favor companies leveraged to both idiosyncratic growth and margin expansion as growth via acquisition appears less favorable in the current environment.
2024 equity outlook
In 2024 we’ll find out if it is a soft landing or something worse. A rotation into defensive and interest rate sensitive names seems likely either way. We see the benchmark indexes as broadly staying within the channels they have been in since November 2020, with single-digit returns a decent base case.
3Q23 stats pack: Golds positioned to meet guidance, coppers require strong 4Q; debt rising
A statistical review of operating and financial performance in the quarter and YTD as well as a discussion on themes emerging from the quarter including views on operating themes and risks, cost trends, balance sheet analysis, corporate activity and project updates.
2024 election outlook: Market performance around elections
In our deep-dive report, we provide analysis of how the market performs around U.S. elections, as well as an update on the state of the 2024 race. Election years see pockets of negative returns as political uncertainty increases. On average, election years see the second lowest market returns during presidential terms. However, markets quickly play catch up after election year uncertainty is resolved.
Timber REITS: Lumber and OSB pricing outlook remains challenged
Despite resilient strength in the pace of single-family home production (starts up 13% y/y in October), cash market price realizations across the lumber composite indices have drifted to new YTD lows in November. Likewise, oriented strand board (OSB) and structural panel pricing has also taken a turn for the worse since September, giving back a portion of the strong pricing gains achieved this summer.
Sustainability conference highlights – renewables outlook far better than valuations imply
Pricing for renewable power purchase agreements has trended higher in most key markets on strong corporate demand. With a combination of rising corporate demand for renewable power, continued ambitious targets for renewable generation in key regions globally, and a lack of shovel-ready projects, the prices independent power producers are able to secure for new projects have increased materially in recent years.
A primer on DevSecOps: Alright stop, collaborate and listen
We provide an introduction to DevSecOps (development, security, and operations) and CI/CD (continuous integration, continuous delivery/deployment) frameworks, bottom-up and top-down methods for framing the opportunity, key competitors, and outline the opportunity for our “winners circle” concept in which the growth/profitability/reinvestment cycle is repeated to create significant enterprise value over time.
Initiating coverage of capital equipment semiconductors with a positive stance
We believe cyclical correction in SemiCaps is largely behind and that risk/reward is attractive despite YTD stock moves. We expect wafer fab equipment spending to bottom in 2H23, and see enough drivers for high-single-digit growth longer term.
Initiating coverage of media – that’s showbiz, baby!
The traditional media sector is in a transition period from the profitable but declining linear TV business to the more difficult but growing streaming business, and has been further impacted by COVID‐19’s effects on movie theaters, an advertising downturn, strikes, etc. But while sentiment has been quite negative for several quarters, we believe the expected cash flow growth is compelling and that there are opportunities for attractive returns, particularly given that valuations have come down.
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