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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
Elective Surgery Device Manufacturer Risk Factors PDF 03/19/2020
IAA Reports 4Q19; LT Margin Expansion Plan on Track; Reiterate OW Rating PDF IAA 03/19/2020
Leverage, Liquidity & Valuation: Today vs. Great Recession PDF 03/19/2020
Lowering Price Target & Estimates As Outlook Impaired PDF ALGN 03/19/2020
Mid-Day Research Summary PDF 03/19/2020
Morning Research Summary PDF 03/19/2020
OneMain Doubles Share Buyback By Another $100m And Feb Data Looks Excellent... PDF OMF 03/19/2020
Stephens Hospital Sensitivity Analysis for Elective to ED Admissions Mix Sh... PDF 03/19/2020
Stores Limiting Access; Online Orders, Pick-Up & Delivery Remain Availa... PDF FND 03/19/2020
Update Model for Prelim 4Q19 Results & 2020 COVID Headwinds; Maintain O... PDF ADUS 03/19/2020
4Q20: Billings Re-acceleration Outweighs Slight Top-line Beat; Reiterate OW... PDF SMAR 03/18/2020
Afternoon Research Summary PDF 03/18/2020
ALLY Suspending Buybacks: Updating EPS PDF ALLY 03/18/2020
Buybacks Taking A Backseat For The Banks? Recent Trends & Who's At Risk... PDF 03/18/2020
Correcting Misperceptions of Fed Student Loan Relief PDF NAVI 03/18/2020
Correction: Pmts, FinTech, & Data Comparison: Debt Ratios, Liquidity, a... PDF 03/18/2020
Economic Fallout From COVID-19 Creates Significant Uncertainty For FedEx PDF FDX 03/18/2020
Expert Call: Katapult (Virtual Rent To Own) CEO, CFO, COO, Payments: March ... PDF 03/18/2020
FEB. ABI +; Stale Upon Arrival; We Will Host Kermit Call Post Mid-March Upd... PDF 03/18/2020
February Data Shows Lower Balances And Mix Shift To Deeper Subprime PDF SC 03/18/2020
February Headcount Data for the U.S. Rails PDF 03/18/2020
First Look: Extreme Valuation Disconnect PDF ESTA 03/18/2020
First Look: IAA Reports 4Q19; Issues Long-Term Margin Expansion Plan PDF IAA 03/18/2020
First Look: Kura Closes All Restaurants Through At Least 3/31 Due to COVID-... PDF KRUS 03/18/2020
First Look: Slashing Premier Agent Fees by 50% for One Month PDF ZG 03/18/2020
Helpful Investor Day Call, But Still Several Unknowns To Call A Bottom PDF AXP 03/18/2020
Initial Thoughts on ESTE and WPX Post Capex Reductions PDF 03/18/2020
Mid-Day Research Summary PDF 03/18/2020
Morning Research Summary PDF 03/18/2020
Pmts, FinTech, & Data Stocks Comparison: Debt Ratios, Liquidity, And FC... PDF 03/18/2020
PRTY Temporarily Closing U.S. Corporate Owned Retail Locations PDF PRTY 03/18/2020
SQ 1st Look: Conditional FDIC ILC Approval Pos Development; Remain Long PDF SQ 03/18/2020
State-Level COVID-19 Restaurant Impact Tracker: 3/18 PDF 03/18/2020
Updated Thoughts on the Super Regional Banks PDF 03/18/2020
4Q19 Initial: Strong Core Prelim Results; Clarity on Modest Bad Debt Write-... PDF ADUS 03/17/2020
Afternoon Research Summary PDF 03/17/2020
Channel Checks/Stephens Conf. Takeaways Indicate Immediate Remote Work Dema... PDF 03/17/2020
CMS Approves First 1135 Waiver to Florida for COVID-19 Medicaid Action Plan... PDF 03/17/2020
Current Valuation Implies No Value for B2B Payments Biz ; Upgrading to OW PDF TBK 03/17/2020
Energy Sensitive Bank Valuations vs. Previous Trough; Our Stress Test Resul... PDF 03/17/2020
Expert Call w/ FTR Intel: Exploring Potential Impacts of COVID-19 on Freigh... PDF 03/17/2020
Expert Call With Auto Lender Westlake Financial: March 24th @ 2pm ET PDF 03/17/2020
Expert Call: California State Assembly Banking & Finance Committee: Mar... PDF 03/17/2020
First Look At Slides: No Rev/EPS Guide But Implying Expense Levers PDF AXP 03/17/2020
First Look: F3Q20 Results Better Than Feared; Withdraws FY20 Guidance PDF FDX 03/17/2020
First Look: PXD Responds to Oil Crunch; Balance Sheet Strength Priority PDF PXD 03/17/2020
Initial Thoughts on CXO, CPE, and HES Post Capex Reductions PDF 03/17/2020
Mid-Day Research Summary PDF 03/17/2020
More Super Regional Banks Put Share Repurchase Activity on Hold PDF 03/17/2020
Morning Research Summary PDF 03/17/2020
No Cracks In This Egg, Upgrading to OW(Vol.) & Raising PT To $47 PDF CALM 03/17/2020
Pandora’s Box, Right on Time for Ides of March; Cutting Ests. on COVI... PDF 03/17/2020
Printing & Writing - February 2020 PDF 03/17/2020
State-Level COVID-19 Restaurant Impact Tracker PDF 03/17/2020
Sun Sets on Arkadelphia Project PDF 03/17/2020
Updating Thoughts on DY/MTZ; Reiterate OW/V Ratings, Lowering Price Targets... PDF 03/17/2020
Weekly Commodity Monitor (3/17/20) PDF 03/17/2020
ABG Updates on COVID-19; Evaluating Recent Park Place Dealership Acquisitio... PDF ABG 03/16/2020
Afternoon Research Summary PDF 03/16/2020
Buy: OK Val on Lower Ests/Multiple + Lots of Cash + Invest Day/Price Cataly... PDF SQ 03/16/2020
Buyback Suspended for Remainder of 1H20; Reducing Estimates PDF USB 03/16/2020
Co-Owned Stores Will Be To-Go-Only in U.S. & Canada For At Least Two We... PDF SBUX 03/16/2020
Containerboard & Boxes - February 2020 PDF 03/16/2020
COVID-19 Update: Surgeon General Advises Hospitals to Halt Elective Procedu... PDF 03/16/2020
Credit Continued To Perform Well In February PDF SYF 03/16/2020
F3Q20 Preview: Guide Cut Coming; Comprehensive Action Plan Needed PDF FDX 03/16/2020
Farm Machinery: First Cut Attempt, More Defensive Earnings Hopefully PDF 03/16/2020
February Data Consistent With January, Implies Headwind To 2020 Guidance PDF ADS 03/16/2020
February Data Looks Steady, But Tomorrow Will Tell The Coronavirus Story PDF AXP 03/16/2020
Fed Cuts To Zero: OMF Now Top Pick, Reiterating Prefer Subprime + Online Ba... PDF 03/16/2020
Fed Waives Student Loan Interest; Mild Positive For Private Lenders PDF 03/16/2020
First Look: BOOM Announces Prior Guidance No Longer Valid PDF BOOM 03/16/2020
First Look: Denny's Draws on Revolving Line of Credit to Bolster Balance Sh... PDF DENN 03/16/2020
First Look: Good Quarter As Expected But The Real Focus Is On The Outlook PDF ESTA 03/16/2020
First View: DOJ Opens FICO Antitrust Investigation; Think Not A Big Issue N... PDF FICO 03/16/2020
Going Shopping: A Shopping List Based Solely On Valuation Metrics PDF 03/16/2020
Grand Rounds: Weekly Medical Device & Hospital Supply Review PDF 03/16/2020
Lessor Support For Airlines Begins; Expect More In Coming Days PDF 03/16/2020
Mid-Day Research Summary PDF 03/16/2020
Morning Research Summary PDF 03/16/2020
Multiple States and Cities Close All Restaurants for Dine-In PDF 03/16/2020
NDR Reaffirms Bullish Thesis PDF COO 03/16/2020
New Premier Survey Shows Senior Living Facilities Facing PPE Supplies Short... PDF 03/16/2020
PUMP CEO Resigns; Downgrade to EW PDF PUMP 03/16/2020
Recent Truckload Channel Checks & Updated Thoughts On TL Carriers &... PDF 03/16/2020
Restaurant Weekly PDF 03/16/2020
Revising Price Target to $30; Ex. COVID-19 Outlook Gets A Great Check-Up PDF ESTA 03/16/2020
Stephens Medicare Enrollment Tracker - March 2020 Update PDF 03/16/2020
Takeaways From Stephens Virtual West Coast Conference: FNF, TREE, RP PDF 03/16/2020
Updated Thoughts on BLFS PDF BLFS 03/16/2020
Updating Estimates For 0% Interest Rates & Potential COVID-19 Impacts PDF 03/16/2020
Upgrading to OW With Expectation for Outperformance During COVID-19 Outbrea... PDF DPZ 03/16/2020
Weekly Reader: BLFS, BRKS, CDMO, CTLT, CYRX, RGEN PDF 03/16/2020
4Q20: Lowering PT on Enterprise Uncertainty; FY21 Upside on Elevated WFH Us... PDF WORK 03/13/2020
Afternoon Research Summary PDF 03/13/2020
Ag monitor - March 2020 PDF 03/13/2020
Better Agent Growth & New Narrative To Support a Better Multiple; U/G t... PDF RMAX 03/13/2020
CSGP: Takeaways From Our Virtual West Coast Conference PDF CSGP 03/13/2020
February Monthly Stats Look Good, But Waiting For March PDF DFS 03/13/2020
First Look: YRCW Mid-Quarter Update PDF YRCW 03/13/2020
Initial Channel Checks: UCC Industry Response to COVID-19 PDF 03/13/2020
Mark to Market; Reduce TPs for Coverage Universe on COVID-19 / Recession Ri... PDF 03/13/2020
Mid-Day Research Summary PDF 03/13/2020
Morning Research Summary PDF 03/13/2020
Moving to Equal-Weight Given COVID-19 Challenges to Parties, Celebrations PDF PRTY 03/13/2020
Recent Weakness Creates Real Opportunity; Maintain OW/V and $60 PT PDF RAMP 03/13/2020
Stephens Weekly Rail Update (Ended 3/7/20) PDF 03/13/2020
SUM Updated Thoughts. Relative Underperformance Unwarranted PDF SUM 03/13/2020
Take It To The Limit: Buybacks Put WRLD At Covenant Limits PDF WRLD 03/13/2020
Takeaways from Our Virtual West Coast Conference PDF SRI 03/13/2020
Takeaways From Our Virtual West Coast Conference PDF LAD 03/13/2020
Takeaways From Our Virtual West Coast Conference PDF JBHT 03/13/2020
Thesis Confirming-Type Quarter; Gross Profit Outpaces Still-Sharp Rev. Grow... PDF EXPI 03/13/2020
TRUE Remains M&A Target In Our View; Maintain OW/V $4 PT PDF TRUE 03/13/2020
WC Conf Takeaways: Resilient Today & Very Well-Positioned After COVID-1... PDF ADM 03/13/2020
Weekly Fuel Report (3/13/20) PDF 03/13/2020
Widespread Deposit Rate Cuts; Savings Hits New Low: Deposit Rate Tracker PDF 03/13/2020
4% Buybacks In 1Q20-to-Date Drive Higher EPS Estimates PDF CACC 03/12/2020
Afternoon Research Summary PDF 03/12/2020
AM Update: Misses 4Q, Guides Below Street; New CEO; COVID-19 Big F20 Headwi... PDF PRTY 03/12/2020
BLFS 4Q19 Conference Call Takeaways PDF BLFS 03/12/2020
COVID-19 Update: UHS Not Yet Seeing Impact on Elective Vols But Still Early... PDF UHS 03/12/2020
COVID-19 Valuations Vs Great Recession Benchmark: What May Be Cheap Vs. Pri... PDF 03/12/2020
ESTE Initial Look: 4Q19 Pre-Announced, '20 Capital Program Under Review PDF ESTE 03/12/2020
First Look: 4Q20 Print Misses Expectations; COVID-19 Impacts Front and Cent... PDF WORK 03/12/2020
First Look: APA Responds to Oil Shock, 35% Capex Reduction + Lowering Divi... PDF APA 03/12/2020
First Look: Devon Responds to Oil Crunch PDF DVN 03/12/2020
First Look: Feb. Orders Beat; Refi Lift Obv., But Teens Purchase Growth a B... PDF FAF 03/12/2020
First Look: MUR Cuts Budget in Wake of Oil Shock PDF MUR 03/12/2020
First Look: PDCE Reducing Activity in Response to Oil Environment PDF PDCE 03/12/2020
First Look: Record Quarter & Impressive Beat Across the Board; Big GM E... PDF EXPI 03/12/2020
LMNR Reports 1Q20; Revising Estimates & PT; Reiterate Rating PDF LMNR 03/12/2020
Mid-Day Research Summary PDF 03/12/2020
Morning Research Summary PDF 03/12/2020
Notes From Our In-Depth Meeting With STL PDF STL 03/12/2020
Redfin Provides an Update on Recent Market Trends; Largely Positive PDF 03/12/2020
Taking Share But Convertible Offering Creates Dilution, Lowering PT to $10 PDF SIEN 03/12/2020
TALO First Look: 4Q19 EBITDA Beats; Adjusting '20 Spending Outlook PDF TALO 03/12/2020
UNH Provides Update on COVID-19 Observations for UHC and Optum PDF UNH 03/12/2020
1Q20 Guidance Updated at Industry Event PDF USB 03/11/2020
Afternoon Research Summary PDF 03/11/2020
Biden Outperforms Bernie on Mini Super Tuesday; What's Next for Our Stocks PDF 03/11/2020
BLFS 4Q19 Initial View PDF BLFS 03/11/2020
CASY Reports 3Q20; Updating Estimates; Reiterate Rating & PT PDF CASY 03/11/2020
CDMO 3Q20 Wrap Up: Reit. OW-Vol./$10 PT PDF CDMO 03/11/2020
CI Expects Immaterial Impact from COVID-19; Confident on Outlook for 2020-2... PDF CI 03/11/2020
CMS Issues Coronavirus Guidance for Home Health Agencies PDF 03/11/2020
Could a Volatile Tape Threaten Bank Deals? PDF 03/11/2020
COVID-19 Update: GPN Reit Guide; FISV Reit Guide/Ups Synergies; MA Lower Vo... PDF 03/11/2020
CVGW Reports 1Q20; Revising Estimates & PT; Reiterate EW(Vol.) PDF CVGW 03/11/2020
Evolution not Revolution; We Believe TSCO Is Positioned to Accel. Through 2... PDF TSCO 03/11/2020
First Look at 4Q19 Results PDF NEX 03/11/2020
First Look: Matador Responds to Oil Shock PDF MTDR 03/11/2020
First Look: SIEN Reports Results, Announces Below Consensus Guide & Deb... PDF SIEN 03/11/2020
First Mortgage Readout Since Emergency Rate Cut; Big Weekly Spike PDF 03/11/2020
Investor Day Recap: LT Outlook for >10% EPS Growth & Stock at Trough... PDF WAB 03/11/2020
Mid-Day Research Summary PDF 03/11/2020
Morning Research Summary PDF 03/11/2020
NDR Takeaways: COVID-19 Weighing on Near-Term Outlook; Long-Term Story Inta... PDF CTS 03/11/2020
Notes From the Road With VBTX PDF VBTX 03/11/2020
THC Not Yet Observing Disruptions to Normal Hospital Operations From COVID-... PDF THC 03/11/2020
Transitioning RAMP Coverage; Maintain OW/V; PT From $56 to $60 PDF RAMP 03/11/2020
Afternoon Research Summary PDF 03/10/2020
ANTM Reaffirms 2020 Guidance; CFO Discusses Conceptual COVID-19 Impacts on ... PDF ANTM 03/10/2020
CDMO 3Q20 Initial View PDF CDMO 03/10/2020
First Look: CADE Cashes in Winning Ticket with Termination of IR Collar PDF CADE 03/10/2020
First Look: CVGW Reports 1Q20 PDF CVGW 03/10/2020
First Look: WAB Announces Long Term Financial Targets Ahead of Investor Day... PDF WAB 03/10/2020
FLMN Initial Look: '20 Guide Reiterated; Solid Line of Sight Wells PDF FLMN 03/10/2020
HUM Reiterates 2020 Adj. EPS & Quarterly Cadence; No COVID Impact Yet t... PDF HUM 03/10/2020
Italy Expands Quarantine to Entire Country; Estimating Impacts to LKQ; Reit... PDF LKQ 03/10/2020
MCD is Holding its Own at Breakfast During WEN Launch; Not a Zero-Sum Game PDF MCD 03/10/2020
Mid-Day Research Summary PDF 03/10/2020
Morning Research Summary PDF 03/10/2020
Outlining a Short-Term Game Plan for Record-Low Rates + COVID-19 Impacts PDF 03/10/2020
Quality Gets Sale Done: $3 Bil. Student Loans Sold, $525 mil. ASR PDF SLM 03/10/2020
The One To Buy PDF HP 03/10/2020
Weekly Commodity Monitor (3/10/20) PDF 03/10/2020
Afternoon Research Summary PDF 03/09/2020
Assuming Coverage of the Restaurant Industry and MCD, WEN, DPZ, PZZA, DENN PDF 03/09/2020
First Look: CASY Reports 3Q20 PDF CASY 03/09/2020
First Look: FANG Reduces '20 Activity in Response to Commodity Weakness PDF FANG 03/09/2020
First Look: IVC Divests Dynamic Controls PDF IVC 03/09/2020
First Look: PE Responds to Oil Shock; Reduces Activity PDF PE 03/09/2020
FISV 4Q Final: Ltd Virus/Cycle Risk, Investor Day Catalyst, Rev/Profit Visi... PDF FISV 03/09/2020
Grand Rounds: Weekly Medical Device & Hospital Supply Review PDF 03/09/2020
Lowering Estimates To Reflect Slower Macro & Further Reduction In Energ... PDF KEX 03/09/2020
Mid-Day Research Summary PDF 03/09/2020
Mid-Quarter Update PDF CMA 03/09/2020
Morning Research Summary PDF 03/09/2020
Paper & Wood Monitor - March 2020 PDF 03/09/2020
Recommend Subprime Lending Sector on Recession and Low Rate Fears PDF 03/09/2020
Select U.S. Banks Remain Vulnerable to Energy Price Shock PDF 03/09/2020
Super Regional Banks: Navigating the Evolving Interest Rate Environment PDF 03/09/2020
U.S. Listing Paves Way For Multiple Expansion; Reiterate Overweight Rating PDF TFII-CA 03/09/2020
Update From SECO 2020 PDF 03/09/2020
Updated Thoughts on BRKS PDF BRKS 03/09/2020
Weekly Reader: BLFS, CYRX, REPH PDF 03/09/2020
With Corona, We are Miles Away from Ordinary; Bear/Bull Case Keyed on Durat... PDF 03/09/2020
*Updated: Auto Finance Tour: SC, Exeter, GM Financial + Others on March 23-... PDF 03/06/2020
Afternoon Research Summary PDF 03/06/2020
CMS Issues COVID-19 Coverage Guidance for Government-Sponsored Health Progr... PDF 03/06/2020
COVID-19 Weighs Heavily on China for F2Q, But Seeing Early Signs of Improve... PDF SBUX 03/06/2020
CYRX 4Q19 Wrap Up: Reit. OW-Vol/$21 PT PDF CYRX 03/06/2020
KR Reports 4Q19; Revising Estimates & PT; Reiterate Rating PDF KR 03/06/2020
Mid-Day Research Summary PDF 03/06/2020
Morning Research Summary PDF 03/06/2020
NCR NDR Takes: Still EW On Ltd Near-Term Catalyst But Strategy Starting To ... PDF NCR 03/06/2020
Oilfield Services Valuation Tables PDF 03/06/2020
Railcars in Storage: March Report PDF 03/06/2020
Reiterate O Rating While Increasing Price Target to $375 PDF COO 03/06/2020
Several Online Banks Cut Deposit Rates (But CIT Raises): Deposit Rate Track... PDF 03/06/2020
Stephens Monthly Rail Update – March 2020 PDF 03/06/2020
Stephens Weekly Rail Update (Ended 2/29/20) PDF 03/06/2020
Updating ANTM Model for Beacon Acquisition; Adjusting Quarterly 2020 MLR Ra... PDF ANTM 03/06/2020
Weekly Fuel Report (3/6/20) PDF 03/06/2020
Afternoon Research Summary PDF 03/05/2020
CNC Minor Model Maintenance PDF CNC 03/05/2020
CTS Provides COVID-19 Update PDF CTS 03/05/2020
F4Q20 Results In-Line; Reiterates Long-Term Guidance Across the Board PDF DSGX 03/05/2020
First Look at Solid GMS F3Q20 Earnings PDF GMS 03/05/2020
First Look: CYRX 4Q19 Results PDF CYRX 03/05/2020
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