BTIG Research
Upgrade grade
A
Downgrade grade
B
BTIG, which stands for Banc of America Investment Services LLC, was founded in 2001 as an independent equity research and trading firm focused on institutional clients. The firm has grown into a mid-sized but respected voice in Wall Street equity research, maintaining a nimble structure compared to larger investment banks while building credibility across multiple sectors. BTIG is particularly well-known for deep expertise in consumer, technology, and healthcare sectors, with analysts who are frequently cited for their contrarian takes and detailed industry knowledge. What distinguishes BTIG's research culture is their reputation for unconventional thinking and willingness to challenge consensus views, often gaining notice for calls that prove prescient when market sentiment eventually shifts, which has built loyalty among institutional investors who value independent perspectives outside the traditional bulge-bracket establishment.
Upgrades
91
81.32% win rate
· avg +3.92% D1
Downgrades
113
77.88% win rate
· avg -4.79% D1
Avg Gap — Upgrades
+3.46%
open vs prev close
Avg Gap — Downgrades
-4.16%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Healthcare | 92.31% (26) | +6.30% | 81.08% (37) | -5.82% |
| Consumer Cyclical | 64.71% (17) | +2.31% | 85.71% (21) | -5.15% |
| Financial Services | 93.33% (15) | +5.07% | 70.59% (17) | -3.59% |
| Technology | 83.33% (12) | +3.63% | 86.67% (15) | -7.71% |
| Real Estate | 70.00% (10) | +1.08% | 66.67% (12) | -1.98% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2019 | 94.4% | 18 | 81.3% | 16 |
| 2018 | 70.6% | 17 | 81.0% | 21 |
| 2017 | 85.0% | 20 | 83.3% | 18 |
| 2016 | — | — | 65.2% | 23 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 18, 2026 | OTLK | Outlook Therapeutics, Inc. | Healthcare | Downgrade | Buy → Neutral | — | +0.9% | +0.4% |
| May 14, 2026 | DOCS | Doximity, Inc. | Healthcare | Downgrade | Buy → Neutral | — | -21.9% | -23.0% |
| May 13, 2026 | BIOA | BioAge Labs, Inc. | Healthcare | Initiates | Buy | $40 | +2.0% | +5.2% |
| May 12, 2026 | GTM | ZoomInfo Technologies Inc. | Technology | Downgrade | Buy → Neutral | — | -33.8% | -32.8% |
| May 8, 2026 | ORGO | Organogenesis Holdings Inc. | Healthcare | Downgrade | Buy → Neutral | — | -19.4% | -6.3% |
| May 7, 2026 | ARAY | Accuray Incorporated | Healthcare | Downgrade | Buy → Neutral | — | -25.4% | -38.6% |
| May 7, 2026 | FTNT | Fortinet, Inc. | Technology | Upgrade | Neutral → Buy | $125 | +17.0% | +20.0% |
| May 6, 2026 | EMBC | Embecta Corp. | Healthcare | Downgrade | Buy → Neutral | — | +2.3% | -8.7% |
| May 6, 2026 | VFC | V.F. Corporation | Consumer Cyclical | Upgrade | Neutral → Buy | $23 | +3.7% | +5.9% |
| May 1, 2026 | RBLX | Roblox Corporation | Technology | Downgrade | Buy → Neutral | — | -23.3% | -18.3% |
| May 1, 2026 | CERS | Cerus Corporation | Healthcare | Upgrade | Neutral → Buy | $4 | +32.5% | +34.0% |
| Apr 29, 2026 | SBUX | Starbucks Corporation | Consumer Cyclical | Reiterates | Buy | $115 | +4.9% | +8.4% |
| Apr 24, 2026 | NTHI | Neonc Technologies Holdings, Inc. | Healthcare | Initiates | Buy | $15 | +10.6% | -0.2% |
| Apr 22, 2026 | SYF | Synchrony Financial | Financial Services | Downgrade | Buy → Neutral | — | +0.8% | +1.4% |
| Apr 22, 2026 | BRSP | BrightSpire Capital, Inc. | Real Estate | Upgrade | Neutral → Buy | $7 | +3.7% | +3.1% |
| Nov 25, 2020 | RPT | Rithm Property Trust Inc. | Real Estate | Downgrade | Buy → Neutral | — | -1.0% | -1.0% |
| Nov 25, 2020 | OFIX | Orthofix Medical Inc. | Healthcare | Downgrade | Buy → Neutral | — | -0.7% | -1.4% |
| Nov 25, 2020 | MTCH | Match Group, Inc. | Communication Services | Upgrade | Sell → Neutral | — | +0.5% | +0.2% |
| Nov 25, 2020 | FOXA | Fox Corporation | Communication Services | Upgrade | Neutral → Buy | — | -0.1% | -0.6% |
| Nov 25, 2020 | FOXA | Fox Corporation | Communication Services | Downgrade | Buy → Neutral | — | -0.1% | -0.6% |
| Sep 23, 2020 | AAPL | Apple Inc. | Technology | Maintains | Buy → Buy | — | -0.2% | -4.2% |
| Mar 23, 2020 | IIIV | i3 Verticals, Inc. | Technology | Upgrade | Neutral → Buy | — | +2.8% | -3.3% |
| Mar 19, 2020 | CACC | Credit Acceptance Corporation | Financial Services | Maintains | Sell → Sell | — | -6.5% | -3.1% |
| Mar 16, 2020 | DOC | Healthpeak Properties, Inc. | Real Estate | Downgrade | Buy → Neutral | — | -9.0% | -22.8% |
| Mar 9, 2020 | CARS | Cars.com Inc. | Consumer Cyclical | Upgrade | Neutral → Buy | — | -3.9% | -5.5% |