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Stephens equity research reports are compiled by our research analysts – independent industry experts who consider the perspective of an investor as well as an intermediary.

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Report Title PDF Companies Publish Date
After Reset, See Multiple Reasons to Own PDF WEN 11/04/2020
Afternoon Research Summary PDF 11/04/2020
CF 3Q20 First Look PDF CF 11/04/2020
CMP 3Q20: First Look PDF CMP 11/04/2020
Continued Cost Focus w/Aim for EBITDA on Right Side of Positive in '21; Rei... PDF DNOW 11/04/2020
CTVA: 3Q20 First Look PDF CTVA 11/04/2020
Current Trends Favor EXPD, But Sustainability Of Fundamentals Remain Uncert... PDF EXPD 11/04/2020
Down To The Wire On Elections - Positive Implications For Spec Fin Stocks PDF 11/04/2020
Election Thoughts Part 2: Split Senate Positive For Highly Regulated Lender... PDF 11/04/2020
Election Uncertainty and Heavy Materials Stocks PDF 11/04/2020
First Look at WEN F3Q20 PDF WEN 11/04/2020
First Look at WHD 3Q20 Results PDF WHD 11/04/2020
First Look: 3Q Exceeds Consensus, Dialing-In 4Q Below Pre-Call Consensus PDF PODD 11/04/2020
First Look: 3Q20 Results Well-Ahead of Expectations on 21.2% Title PT Margi... PDF FNF 11/04/2020
First Look: GPRE Reports 3Q20 PDF GPRE 11/04/2020
First Look: Looking Good Is Feeling Good, CUTR Exceeds 3Q Consensus PDF CUTR 11/04/2020
First Look: OSUR 3Q20 PDF OSUR 11/04/2020
First Look: Record ICL Revenue Drives Above Consensus, Record Quarterly Sal... PDF STAA 11/04/2020
JKHY 1Q 1st Look: Beat Rev/Profit, PF Rev Growth Accelerated, '21 Guide Rai... PDF JKHY 11/04/2020
Mid-Day Research Summary PDF 11/04/2020
Morning Research Summary PDF 11/04/2020
NCR 3Q Final: Hardware Headwinds To Continue, But There's Value Here; OW PDF NCR 11/04/2020
OSUR 3Q20 Wrap: Reiterate EW-Vol., PT to $15 PDF OSUR 11/04/2020
Resuming OW; Fortress Balance Sheet & Operating From a Position of Stre... PDF PPBI 11/04/2020
Resuming OW; TBV Compounder, Peer-Leading Profitability & Solid Growth ... PDF WAL 11/04/2020
Tight Election Outcome May Lessen Key Tail Risks for Diversified MCOs PDF 11/04/2020
V FY4Q Final: X-Border Will (Eventually) Return, Strong Ecom/Tap-N-Go Posit... PDF V 11/04/2020
We Are Buying EVBG on Risk/Reward Shift; Re-Opening Trade/EU PWS Catalyst A... PDF EVBG 11/04/2020
3Q EBITDA Triples, Tops Ests.; Guide Raised; $100mil. Buyback; Reit. OW, $5... PDF CWH 11/03/2020
3Q20 Initial: Modest 3Q Beat / Guidance Raise; 2022 Prelim. MA Rates Update... PDF HUM 11/03/2020
3Q20 Recap & Model Update: Tonnage Turns Positive In October PDF YELL 11/03/2020
3Q20 Wrap: All Set for ~10%+ MA / 16%+ Adj. EPS Growth in 2021; TP to $490 PDF HUM 11/03/2020
3Q20 Wrap: Margins Clear 10% Again in 3Q; M&A Pipe Remains in Focus; TP... PDF ADUS 11/03/2020
Afternoon Research Summary PDF 11/03/2020
AM Update: Revs, EBITDA Beat Ests.; Margins, SG&A Standout; 4Q Guide Pe... PDF W 11/03/2020
Cash Flow Inflection Is Here, CLX+ Increases LT Earnings Power; Upgrading t... PDF MATX 11/03/2020
Clean Beat As Large Customers Lean In; Reiterate OW and Street-High $375 PT... PDF ZBRA 11/03/2020
CTLT 1Q21 Wrap: COVID-19 Supplementing Robust Biologics Growth PDF CTLT 11/03/2020
Deferral Sale Leads to Higher Provision and Op. Loss - Lowering Est. & ... PDF OCFC 11/03/2020
FANG 3Q20 First Look: Better-than-Expected LOE; Further Well Cost Improveme... PDF FANG 11/03/2020
First Look At 3Q20 Top & Bottom Line Beat PDF EXPD 11/03/2020
First Look at BLD 3Q20 Results; Strong Margins Help Offset Lower Install Vo... PDF BLD 11/03/2020
First Look at DOOR 3Q20 Results; Strong Beat Driven by Impressive Pricing PDF DOOR 11/03/2020
First Look at EMR F4Q20 Results PDF EMR 11/03/2020
First Look at ZBRA 3Q20 Results PDF ZBRA 11/03/2020
First Look: ANDE Reports 3Q20 PDF ANDE 11/03/2020
First Look: AVNS Delivers Upside To Revenue & Adjusted Earnings PDF AVNS 11/03/2020
First Look: BG Announces Sale Of Refinery In Rotterdam PDF BG 11/03/2020
First Look: CTLT 1Q21 Beat and Raised FY21 Guidance PDF CTLT 11/03/2020
First Look: DAR Reports 3Q20 PDF DAR 11/03/2020
First Look: KAR Reports 3Q20 Adj. EBITDA Beat PDF KAR 11/03/2020
First Look: October Preliminary Class 8 Orders PDF 11/03/2020
First Look: Reports Sizable 3Q EPS Beat, October Tonnage +10% PDF ARCB 11/03/2020
FMC 3Q20: Growth Is Broadening Out PDF FMC 11/03/2020
Headwinds at Tims and a Catalyst Vacuum at BK Prompt Us to Resume QSR With ... PDF QSR 11/03/2020
IAA Reports 3Q20 Beat; Revising Estimates & PT; Reiterate OW Rating PDF IAA 11/03/2020
Increasing 12-Month Price Target To $48: The Set-Up Remains Favorable PDF AVNS 11/03/2020
Incrementally increasing Estimates & PT Following Solid 3Q Results PDF WSBC 11/03/2020
INGR Reports 3Q20; Revising Estimates; Reiterate OW(Vol.) Rating PDF INGR 11/03/2020
Light at the End of the Deferral Path Tunnel - Increasing P/T PDF NWBI 11/03/2020
LPX 3Q20 First Look PDF LPX 11/03/2020
LPX 3Q20: Steady Demand PDF LPX 11/03/2020
Mid-Day Research Summary PDF 11/03/2020
Morning Research Summary PDF 11/03/2020
MOS 3Q20: Guilt by Association PDF MOS 11/03/2020
NTR 3Q20 First Look PDF NTR 11/03/2020
NTR: 3Q20: Potash Doesn't Look Much Different, Really PDF NTR 11/03/2020
Own ECN Into 3Q20 Print Next Week: Earnings Preview PDF ECN-CA 11/03/2020
Revs, EBITDA Beat Ests.; Margins, SG&A Standout; 4Q Revenue +50% To-Dat... PDF W 11/03/2020
Stephens Inc. Real Estate Services Valuation Tables PDF 11/03/2020
Strong Earnings Power and Lower Deferrals Keeps Thesis Intact - Maintain OW... PDF CNOB 11/03/2020
TREX 3Q20 Earnings Recap; Adjusting Estimates, Reiterate EW, Target to $76 PDF TREX 11/03/2020
Updating Our Model for 3Q20 Earnings PDF ITRI 11/03/2020
USCR 3Q20 Earnings Recap; Adjusting Estimates, Reiterate EW, Target to $40 PDF USCR 11/03/2020
Used Car Prices Continues To Ease According To Black Book; Hertz Closes Ret... PDF 11/03/2020
Valuing Consistency: Reiterate O Rating & 12-Month, $200 Price Target PDF STE 11/03/2020
VNOM 3Q20 First Look: In-Line Quarter, Forward Guide Tracking PDF VNOM 11/03/2020
Weekly Commodity Monitor (10/20/20) PDF 11/03/2020
"Unprecedented" Demand For Its Assets Providing Multi Year Growth Visibilit... PDF ATSG 11/02/2020
3Q Recap & Model Update: Business Trends Recovering & Guide Seems C... PDF FWRD 11/02/2020
3Q20 Initial: 3Q Beat Across All Key Metrics; Announces New Personal Care D... PDF ADUS 11/02/2020
3Q20 Wrap: Improved Fundamentals in 3Q With UK Sale Again on Horizon; Raise... PDF ACHC 11/02/2020
3Q20 Wrap: Raising Ests on Mix / Margins; Acutes Still Tough to Model Right... PDF UHS 11/02/2020
ADM Reports 3Q20; Revising Estimates; Reiterate OW(Vol.) Rating and PT PDF ADM 11/02/2020
Afternoon Research Summary PDF 11/02/2020
BLDR 3Q20 Earnings Recap; Adjusting Estimates, Reiterate OW, Target to $43 PDF BLDR 11/02/2020
Clean Beat + Improved Balance Sheet/Cash Flow Outlook; Reiterate OW PDF MRC 11/02/2020
CMS Drops 2022 MA Preliminary Rates at +2.82%; Strong Start to 2022 MA Set-... PDF 11/02/2020
EXP F2Q21 Earnings Recap; Adj. Estimates, Reiterate OW and $110 Price Targe... PDF EXP 11/02/2020
First Look at ITRI 3Q20 PDF ITRI 11/02/2020
First Look: 3Q Results Above Pre-Announced Range PDF MATX 11/02/2020
First Look: 3Q20 Results Top Expectations; CFO Steps Down PDF YELL 11/02/2020
First Look: IAA Reports 3Q20 Beat PDF IAA 11/02/2020
First Look: INGR Reports 3Q20 PDF INGR 11/02/2020
First Look: STE Delivers Top- and Bottom-Line Beat: SOLID & STEADY PDF STE 11/02/2020
FMC 3Q20 First Look PDF FMC 11/02/2020
Grand Rounds: Weekly Medical Device & Hospital Supply Review PDF 11/02/2020
Initial Look: October 2020 PMI 59.3% vs. Consensus of 55.7% and Sept. 55.4%... PDF 11/02/2020
Margin Expansion Lights Way to a 1.00% ROA - Maintain OW Rating PDF ISBC 11/02/2020
Mid-Day Research Summary PDF 11/02/2020
MLM 3Q20 Earnings Recap; Adj. Estimates, Reiterate EW, Target to $290 PDF MLM 11/02/2020
Morning Research Summary PDF 11/02/2020
Morning Update: 3Q Beats By Wide Margin, Guide Raised; $100 mil. Buyback; O... PDF CWH 11/02/2020
MOS 3Q20 First Look PDF MOS 11/02/2020
PYPL 1st: TPV/Rev/EBIT Beat, Users +22%, 4Q TPV Guide Beat / EPS Miss (On S... PDF PYPL 11/02/2020
PYPL Call: Plan To Up Med-Term Guide "Substantially" But Neg EBAY '21 Impac... PDF PYPL 11/02/2020
Reduced Expenses Offset Lower Core Margin; Increase Estimates, Maintain OW PDF SSB 11/02/2020
Restaurant Weekly: 11/2 PDF 11/02/2020
RUTH Remains a Top Small Cap Pick; Reviewing the F3Q20 PDF RUTH 11/02/2020
SBUX Showing Progress in Key Market; Staying EW on Valuation PDF SBUX 11/02/2020
Solid Core Trends; Increasing Forecasts; Maintain Overweight Rating PDF OBNK 11/02/2020
Super Regional Banks: Updated Conviction List PDF 11/02/2020
Trimming Estimates Following 3Q Results; Maintain EW Rating PDF BKU 11/02/2020
USAK To Use 2021 To Put Network On Sound Footing For The Future PDF USAK 11/02/2020
Weekly Reader: CERS, CTLT, NEO, RGEN, TECH PDF 11/02/2020
10-Q Discloses Expected +$100 Mil. Impact From Updated CARES Guidance in 4Q... PDF THC 10/30/2020
3Q EPS Beats on Franchise Dealer Strength, EchoPark Store Growth Ramping; O... PDF SAH 10/30/2020
3Q In Line With Raised Bar, 2021 Should See Healthy Margin Improvement PDF SNDR 10/30/2020
3Q20 Adj. EPS Beat; Increases 2020 Guidance Range; Reiterate Overweight PDF WAB 10/30/2020
3Q20 Beat Partially Muted by 4Q20 Guide; Positioned for Strong Growth in 20... PDF HUBG 10/30/2020
3Q20 Beats as End Markets Rebound; Sustainability Into 2021 Still an Unknow... PDF CTS 10/30/2020
3Q20 BLKB Earnings Review PDF BLKB 10/30/2020
3Q20 Miss From Slow Aviation Recovery; Optimistic Outlook for a Ramp in 202... PDF FTAI 10/30/2020
3Q20 Wrap: Biz Trends Mostly Improving But With Some Pockets of Resistance PDF EHC 10/30/2020
3Q20 Wrap: Chunky Positive Estimate Revisions Help to Justify Premium Valua... PDF AMED 10/30/2020
A Good 3Q Recovery at Cheesecake; Now Running -7% in Oct: Our Earnings Revi... PDF CAKE 10/30/2020
Afternoon Research Summary PDF 10/30/2020
Better Growth, But Lower Margin Drives Slightly Lower Estimates; Remain OW PDF AUB 10/30/2020
CERS 3Q20 Wrap: Reiterate OW-Vol./$8 PT PDF CERS 10/30/2020
CMS Finalizes 2021 Medicare Home Health Rates at +1.9% vs. +2.6% Proposed PDF 10/30/2020
Core Profitability Remains Steady; Credit Migration Overhang in Near Term PDF BSVN 10/30/2020
Credit Trends Turn in the Right Direction in 3Q20; Buyback Resumed PDF MOFG 10/30/2020
DORM Reports 3Q20; Execution Improving as Costs Normalize; Maintain EW PDF DORM 10/30/2020
DVN 3Q20 First Look: Production Beat + Lower Costs; 4Q Estimates Biased Hig... PDF DVN 10/30/2020
Earnings Recap & Model Update; Positive Mix Shift & Execution Conti... PDF CERN 10/30/2020
Elevated Op Ex Slows PPNR; NT Profitability Likely Supported by PPP Fees PDF ABTX 10/30/2020
EPS & PPNR in 3Q20 Ahead of Our Estimate; ROA North of 1% in the Quarte... PDF FMBH 10/30/2020
EPS Beat On Better PPNR And Lower Credit Provisions, Taking Estimates Highe... PDF RM 10/30/2020
EPS Beats by 37%, SSS Accelerate Throughout 3Q; Raising Ests. and PT to $90... PDF FND 10/30/2020
First Look at RUTH F3Q20 Earnings PDF RUTH 10/30/2020
First Look: Amends Dutch Tender Offer; Range ~15% Higher; Extends 2 Weeks PDF HTH 10/30/2020
First Look: Credit Drives EPS Beat But Top Line Still Weak From Sluggish Lo... PDF CURO 10/30/2020
First Look: PFHD 3Q Results PDF PFHD 10/30/2020
First-Time Profit in 3Q; Online Model Well-Positioned for Market Share Gai... PDF CVNA 10/30/2020
Fundamentals Are Really Tough, But Profitable, FCF Pos & Below TBV = To... PDF KEX 10/30/2020
Increasing Bull Case To $85 Sum Of Parts; More Coming In Pre Spin Presentat... PDF AAN 10/30/2020
Initial Read on SSB's 3Q Earnings PDF SSB 10/30/2020
Late Oct Comp Blues For MCD / WEN; Also Predicting Big Tech Investments at ... PDF 10/30/2020
LKQ Reports 3Q20; Execution Drives Beat Despite Rev. Headwinds; Reiterate O... PDF LKQ 10/30/2020
Mid-Day Research Summary PDF 10/30/2020
Morning Research Summary PDF 10/30/2020
MUSA Reports 3Q20; Revising Estimates & PT; Reiterating OW(Vol.) Rating... PDF MUSA 10/30/2020
Online Savings Consolidate To 50-60bps, Expecting Pause: Deposit Rate Track... PDF 10/30/2020
ORLY Reports 3Q20; Double-Digit Comps Sustain, Not Reflected in Val.; Reit.... PDF ORLY 10/30/2020
PPC Reports 3Q20; Revising Estimates & PT; Reiterate EW(Vol.) Rating PDF PPC 10/30/2020
PPNR Headwinds Continue; Buyback Likely Active in NT; Maintain OW Rating PDF CBTX 10/30/2020
Raising Ests Again; Robust Demand, Operating Leverage; OW PDF CWH 10/30/2020
Renewed Cost Controls Seeks to Slow Macro Headwinds; Maintain EW PDF CFR 10/30/2020
RRC 3Q20 First Look: Capex Below Expectations + Expenses Tracking PDF RRC 10/30/2020
SM 3Q20 First Look: Solid Quarter + Efficiency Gains PDF SM 10/30/2020
Solid Quarter and Outlook - Thesis Intact - Maintain OW and $22 P/T PDF UVSP 10/30/2020
SQ 1st Look: Thoughts On Potential Karma Tax Prep Asset Acquisition PDF SQ 10/30/2020
Stephens Monthly Real Estate Update - October 2020 PDF 10/30/2020
Stephens Weekly Rail Update (Ended 10/24/20) PDF 10/30/2020
Story Hasn't Changed...Becoming More Profitable, Less Cyclical & Less L... PDF CVLG 10/30/2020
Strong 3Q Results & October Tonnage Sees Accelerating Growth PDF SAIA 10/30/2020
Taking Advantage of Better Housing; Strong Op. Leverage + Debt De-Leverage PDF RLGY 10/30/2020
The Best Position In Credit Quality, But Tough Spot In Loan Demand PDF CURO 10/30/2020
The WERN Transformation Continues As Company Lays Out LT Margin & ESG F... PDF WERN 10/30/2020
Train Has Left The Station On The Upmarket CCaaS Transition; Upgrade to OW/... PDF FIVN 10/30/2020
Updating Broadcast TV Models In Front of 3Q20 PDF 10/30/2020
V-Shaped Resi Recovery and Steady Progress Elsewhere; Reit. Street-High $45... PDF CARR 10/30/2020
Weekly Fuel Report (10/30/20) PDF 10/30/2020
WY 3Q20 First Look PDF WY 10/30/2020
WY 3Q20: Variable Dividend Makes Sense, Won't be Popular PDF WY 10/30/2020
"Rolling Thunder" Puts RCII Closer To National Retail Partner Wins, Rev Gro... PDF RCII 10/29/2020
1st Look: Merchant Beats, Raised Expense Synergies, Returning To Capital Al... PDF GPN 10/29/2020
2Q Beats; SSS Improve Each Month, Turn Pos. in Sept-Oct; PT to $38; OW PDF BOOT 10/29/2020
3Q EPS Triples, Beats Ests.; Raising Estimates and PT to $146; Remain OW PDF GPI 10/29/2020
3Q20 EPS Review; Confident in Senior Management Transition PDF FRME 10/29/2020
3Q20 Initial: Positive 3Q Results vs. Expects Driven by Rising U.S. BH Dema... PDF ACHC 10/29/2020
3Q20 Initial: Slight 3Q Adj. EPS Profit; Maintains 2020 Revs / Adj. EPS Vie... PDF MGLN 10/29/2020
3Q20 Wrap: While Medicaid Performed Well; MOH Cuts L-T Exchange Margin Targ... PDF MOH 10/29/2020
7% Op. PPNR Beat; Maintain OW Rating PDF BUSE 10/29/2020
8x8's Pipeline Build/Teams Opportunity Provides Better Visibility Into 2H21... PDF EGHT 10/29/2020
Afternoon Research Summary PDF 10/29/2020
AM Update: 3Q EPS Triples, Beats; Revs, Margin, SG&A Drive Strong Res... PDF GPI 10/29/2020
AM Update: 3Q EPS Doubles, Tops Est; Franchise Dealer Strength, EchoPark Sh... PDF SAH 10/29/2020
Balanced Growth Strategy; Op. ROA Back Above 1.30%. PDF HBNC 10/29/2020
Clean Beat/Raise on Consumer Electronics + Logistics Momentum; Reiterate OW... PDF CGNX 10/29/2020
Consumer Demand Remains Strong, Driving Op. Leverage; Raising Ests; Remain ... PDF CWH 10/29/2020
Core NIM Shows Signs of Stabilizing; Maintain $22 PT OW Rating PDF VBTX 10/29/2020
DD 3Q20 First Look PDF DD 10/29/2020
Downgrading To Equal-Weight As Risk/Reward Appears More Balanced PDF CHRW 10/29/2020
Dupont 3Q20: When the Cycle Turns PDF DD 10/29/2020
Final Thoughts & Model Update: Margin Clarity Necessary For Stock To Wo... PDF UPS 10/29/2020
First Look - EPS Beat as NIM Expands and Fees Top Expectations PDF CNOB 10/29/2020
First Look - Parting Ways with Higher Risk Commercial Loans But PPNR Misses... PDF OCFC 10/29/2020
First Look at 3Q20 EPS Beat PDF HUBG 10/29/2020
First Look At 3Q20 Results PDF KEX 10/29/2020
First Look at 3Q20 Results PDF CARR 10/29/2020
First Look at 3Q20 Results: EPS beat Driven by Lower LLP Expense; PPNR Soft... PDF ABTX 10/29/2020
First Look at 3Q20: Adj. EBITDA Miss, Active on Deals & Expansion Proje... PDF FTAI 10/29/2020
First Look at 3Q20: Adj. EPS Beat & Increased Guidance Range PDF WAB 10/29/2020
First Look at 3Q20: Adj. EPS Beat, Guidance Remains Withdrawn PDF CTS 10/29/2020
First Look at BLDR 3Q20 Earnings; Solid Top Line, Sizable EBITDA and EPS Be... PDF BLDR 10/29/2020
First Look at CAKE F3Q20 Results PDF CAKE 10/29/2020
First Look at EXP F2Q21 Earnings Results: Strong Beat PDF EXP 10/29/2020
First Look at MLM 3Q20 Earnings: Impressive Margins & Solid Implied 4Q2... PDF MLM 10/29/2020
First Look at SBUX F4Q20 Earnings PDF SBUX 10/29/2020
First Look at USCR 3Q20 Results; Weak Volume But Significant Margin Improve... PDF USCR 10/29/2020
First Look: 3Q In Line w/ Pre-Announcement; Issues Above-Street 4Q Guide PDF FWRD 10/29/2020
First Look: 3Q In Line; Announces $2 Special Dividend PDF SNDR 10/29/2020
First Look: 3Q20 Results Well-Ahead of Consensus; Margin Growth + Deleverag... PDF RLGY 10/29/2020
First Look: Acquisition & Above Consensus Results: Reiterate O Rating PDF TFX 10/29/2020
First Look: ADM Reports 3Q20 PDF ADM 10/29/2020
First Look: CERS 3Q20 PDF CERS 10/29/2020
First Look: HBMD 3Q20 Results PDF HBMD 10/29/2020
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