A laundry list of macroeconomic factors—including geopolitical tensions, tariff shocks, policy changes, interest rate fluctuations and inflation—has been the driver of surprising levels of volatility in the U.S. equity markets during the past year.
But in spite of these obstacles and uncertainties, “there has also been underlying resilience in the U.S. and global economies,” according to Ken Goldman, co-head of Americas equity research, for J.P. Morgan.
Couple this market environment with the increasing focus on artificial intelligence and other technologies—with their promise of both productivity gains and disruption spanning myriad industries—and you have the current crucible of American sell-side research. Top U.S. sell-side research firms reported renewed opportunities and pressures alike on their teams, analysts and buy-side clients.
“Our analysts successfully integrated these factors into their research and, despite navigating a dynamic environment, collaborated across regions and asset classes to guide clients effectively,” Goldman continued.
2025 has been a year of strategic evolution for equity research, confirmed Michelle Teitsch, head of Americas equity research at Morgan Stanley. “We’ve focused on delivering clear, actionable insights while enhancing productivity through advanced AI and technology tools,” she said, adding that a commitment to “quality over quantity” and to producing differentiated, high-impact research resulted in an almost 80 percent increase in readership across research products.
Investor demand for sell-side research is not only increasing but is also increasingly serving as a bridge to deliver the whole firm. “Research is really growing closer to our markets business,” said Bryan Spillane, who after 25 years as the lead food/beverage/CPG analyst at BofA Securities was promoted to head of Americas equity research at the firm. “That is partly a function of just how important corporate access is, but it's also reflective of all different products we trade. One of my areas of focus, when I came into this role, was to reinforce that, and intensify the synapse between our sales and trading and research teams.”
This also marks the 54th year of Extel’s All- America Research Team survey, and these three firms—and their unique visions—are among the top firms that have been recognized in this year’s rankings.
After reclaiming the crown last year, J.P. Morgan has repeated its No. 1 finish based on the opinions of directors of more than 4,400 research and investment professionals at 1,705 asset management firms. This was the seventh year since the switch from assets under management weighted results to a commission-weighted approach that more accurately reflects how the buy-side values and rewards the sell-side for their research advisory services.
BofA Securities and Morgan Stanley—up one place from last year—tied for second place with 43 total team positions. Evercore ISI and Jefferies were once again fourth and fifth, respectively.
Pedro Martins, co-head of Americas equity research at J.P. Morgan, credited the ability of his firm to leverage its research teams across asset classes and geographies; some key expansions and investments; and senior analyst hires.
“This year, we expanded our capabilities and offerings by adding additional SMid-Cap coverage in the Industrials sector,” Martins said. “Additionally, J.P. Morgan launched Private Company Research coverage, which was well received by our institutional clients, as it filled a large void in the marketplace. We are also excited by new senior analyst additions in Gaming/Lodging and Food Producers/Retailers.”
Morgan Stanley also reported some changes including appointing a new head of global thematic research and adding resources to help analysts expand their focus on private company coverage. “These moves are helping us deepen our insights, broaden our reach, and stay ahead of client demand,” Teitsch said.
“My vision for Morgan Stanley Research is to be the most client-connected, collaborative, and commercially impactful research franchise globally,” she said. “That means continuing to invest in top-tier talent, cutting-edge technology, and content leadership that reflects the evolving needs of our clients.”
While the leaderboard of Extel’s annual survey remains nearly unchanged, the same can’t be said for sell-side research where the industry’s progress and take-up of artificial intelligence and other technologies may be a double-edge sword.
“The biggest threat is commoditization—the risk that research becomes undifferentiated in a world of abundant data and automation,” Morgan Stanley’s Teitsch said. “The proliferation of AI tools means clients expect faster, sharper insights, and the bar for value-add is higher than ever.” Which means that the biggest opportunity is to own the intersection of human insight and machine intelligence, she added.
“If some of the elements of what they're publishing becomes commoditized then you need to put more focus on the stuff that's not, right?” BofA’s Spillane observed. “The analyst franchises that don't recognize and make that shift will increasingly be competing with things that AI can generate or that the buy-side could generate on their own.
But on the flip side, AI is going to create room for analysts and their teams to do more value-added complex, in-depth research.
“One area where AI is really changing the way the buy side consumes research is taking data and summarizing, which is a huge time saver,” BofA’s Spillane said. “But this debate around AI has reminded all of us the value for longform product,” Spillane said.
Earlier this month, BofA published what Spillane called a “doorstopper” of a report on private companies—which quickly became one of the most read and requested reports. “We are beginning to see there is a balance here between the appreciation and need for thoughtful, thematic longform reports and more common short hits.”
At J.P. Morgan, the firm has rolled out an enterprise LLM suite and is incorporating AI into daily workflows and client experiences. “This has improved the productivity of the team and enhanced the quality of our work,” Goldman said.
While AI is reshaping the sell-side industry and the sectors it covers, all heads of U.S. equity research reiterated that the work of an analyst in 2025 remains largely the same—this is still a people business based on communication.
“An all-star analyst in 2025 is insightful, efficient, and collaborative,” Tietch said. “They bring deep sector expertise, but also know how to connect the dots across themes, geographies, and asset classes. They embrace technology, communicate clearly, and build strong relationships with both clients and colleagues.”
The analysts recognized in Extel’s 2025 All-America Research Team survey have achieved all of this and more according to the most exacting of audiences—their clients. Read on for insights from analysts who have achieved No. 1 for the very first time or the tenth time—gaining entry into the venerable Hall of Fame.
