Citizens
Upgrade grade
B
Downgrade grade
A
Citizens is a mid-sized investment bank and equity research operation that has built a solid presence in U.S. equity analysis, with approximately 378 analyst ratings calls tracked across our database. The firm emerged from Citizens Bank's broader financial services platform and has grown to establish itself as a meaningful contributor to equity research coverage, particularly serving institutional clients seeking independent market perspectives. Citizens has developed particular expertise in analyzing domestically-focused companies and has cultivated credibility in covering consumer-oriented sectors and regional economic trends. What distinguishes Citizens in the research landscape is their emphasis on fundamental, bottom-up analysis grounded in direct company engagement and regional market knowledge, reflecting their roots in a banking organization with deep community and mid-market relationships across the United States.
Upgrades
25
80.0% win rate
· avg +4.26% D1
Downgrades
33
84.85% win rate
· avg -10.47% D1
Avg Gap — Upgrades
+4.45%
open vs prev close
Avg Gap — Downgrades
-8.45%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Technology | — | — | 100.00% (10) | -9.43% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 76.5% | 17 | 88.9% | 27 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 21, 2026 | BRO | Brown & Brown, Inc. | Financial Services | Initiates | Mkt Outperform | $70 | — | — |
| May 21, 2026 | RM | Regional Management Corp. | Financial Services | Upgrade | Mkt Perform → Mkt Outperform | $45 | — | — |
| May 8, 2026 | UPWK | Upwork Inc. | Industrials | Downgrade | Mkt Outperform → Mkt Perform | — | -27.9% | -16.9% |
| May 8, 2026 | ENGN | enGene Holdings Inc. | Healthcare | Downgrade | Mkt Outperform → Mkt Perform | — | -0.6% | -12.8% |
| May 7, 2026 | DDOG | Datadog, Inc. | Technology | Upgrade | Mkt Perform → Mkt Outperform | $225 | +30.8% | +31.3% |
| May 5, 2026 | BMRA | Biomerica, Inc. | Healthcare | Initiates | Mkt Outperform | $9 | +0.5% | +1.4% |
| May 5, 2026 | JRVR | James River Group Holdings, Ltd. | Financial Services | Downgrade | Mkt Outperform → Mkt Perform | — | -16.0% | -23.7% |
| May 1, 2026 | DBVT | DBV Technologies S.A. | Healthcare | Maintains | Market Outperform → Market Outperform | — | +1.0% | -5.4% |
| May 1, 2026 | HG | Hamilton Insurance Group, Ltd. | Financial Services | Maintains | Market Outperform → Market Outperform | — | +0.0% | -3.6% |
| May 1, 2026 | NMRK | Newmark Group, Inc. | Real Estate | Maintains | Market Outperform → Market Outperform | — | +1.4% | -0.5% |
| May 1, 2026 | ROKU | Roku, Inc. | Communication Services | Maintains | Market Outperform → Market Outperform | — | +7.7% | +6.0% |
| May 1, 2026 | TWLO | Twilio Inc. | Communication Services | Maintains | Market Outperform → Market Outperform | — | +20.1% | +23.8% |
| May 1, 2026 | RDDT | Reddit, Inc. | Communication Services | Maintains | Market Outperform → Market Outperform | — | +12.4% | +13.1% |
| May 1, 2026 | EBAY | eBay Inc. | Consumer Cyclical | Maintains | Market Outperform → Market Outperform | — | -0.5% | +0.6% |
| May 1, 2026 | CVNA | Carvana Co. | Consumer Cyclical | Maintains | Market Outperform → Market Outperform | — | -0.1% | -3.3% |
| Apr 30, 2026 | MDXG | MiMedx Group, Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | -1.3% | +8.7% |
| Apr 30, 2026 | ALKT | Alkami Technology, Inc. | Technology | Maintains | Market Outperform → Market Outperform | — | -6.5% | -3.9% |
| Apr 30, 2026 | LMND | Lemonade, Inc. | Financial Services | Maintains | Market Outperform → Market Outperform | — | +0.0% | +1.1% |
| Apr 30, 2026 | RRR | Red Rock Resorts, Inc. | Consumer Cyclical | Maintains | Market Outperform → Market Outperform | — | -3.5% | -3.7% |
| Apr 30, 2026 | THG | The Hanover Insurance Group, Inc. | Financial Services | Maintains | Market Outperform → Market Outperform | — | +8.0% | +5.7% |
| Apr 29, 2026 | AXGN | AxoGen, Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | -1.1% | -0.5% |
| Apr 29, 2026 | CZR | Caesars Entertainment, Inc. | Consumer Cyclical | Maintains | Market Outperform → Market Outperform | — | +1.1% | +0.3% |
| Apr 29, 2026 | PCOR | Procore Technologies, Inc. | Technology | Upgrade | Market Perform → Market Outperform | — | +0.7% | +0.8% |
| Apr 29, 2026 | CSGP | CoStar Group, Inc. | Real Estate | Maintains | Market Outperform → Market Outperform | — | -0.9% | -5.1% |
| Apr 29, 2026 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | -0.9% | -3.3% |