In 2026, there has been more to the story of U.S. equities than meets the eye. While the year has delivered strong performance, volatility has come in the form of macroeconomic shocks, political uncertainty and the unfettered pace of investment in generative AI.
“The market looked through higher rates, sticky inflation, fiscal pressure, and geopolitical uncertainty—supported by AI-led capex and solid EPS momentum,” according to Ken Goldman, head of North America Equity Research at J.P. Morgan. “AI remained the dominant theme, but the market grew more selective amid crowded positioning.”
For providers of U.S. equity research, this raised demand for high-conviction, stock-specific work, he added. “Work that separates real AI monetization from narrative, identifies supplier leverage and revision potential, and flags where expectations have moved ahead of fundamentals,” he said. Additionally, cross-asset collaboration also mattered more as clients looked for integrated views across sectors and asset classes.
The biggest surprise of 2026 was how well U.S. equities absorbed higher long-end yields and kept advancing, supported by earnings strength and durable AI-led capex, Goldman added. “AI also broadened faster than expected beyond mega-cap technology, widening the equity research agenda. Overall, 2026 rewarded research that combined thematic insight, sector expertise, and rigorous company-level analysis.”
“This year has underscored the value that the sell-side provides,” said Bryan Spillane, head of Americas equity research at BofA Securities. “It has reminded the markets that when there is uncertainty and investors are asking big thematic questions, this is where you go. And, most importantly, the sell-side has risen to that challenge this year and it’s just nice to see.”
The market environment actually reinforced the value of fundamental sell-side research this year, concurred James Van Tassel, head of Americas Research at UBS: “We saw very low correlations and high dispersion across stocks, which meant that simply getting the macro call right wasn’t enough.”
In 2026, investors increasingly needed to understand the company- and industry-specific drivers. “That translated into much stronger demand for thematic research,” he added. And while AI continues to be the dominant theme, clients want more, Van Tassel added. “They want us to go beyond ‘AI is important’ and understand how it changes individual industries, business models and, ultimately, earnings,” he said.
For the sell-side, this “tumultuous” year has meant—in short—that “you get to spend more time with your clients” according to Christopher Ferrara of Wells Fargo. "We stress this with our analysts: It's critical for them to be there in the most challenging times, as a consistent presence helping them to navigate these markets in any way they can,” he added.
In 2026, the demand for research has been significantly higher, which Ferrara attributed to multiple factors. “First is market activity, which is driving more intense debates, and in turn, greater demand for insights and balanced perspectives.” he said. “another is the proliferation of tools that allow our clients to consume more content more quickly.”
The trifecta of macroeconomic shocks, political change, and the impact of generative AI has created choppy seas for investors to maneuver this year, reported Michael Eastwood, director of Americas Equity Research at Jefferies. “Research has played an important role in shining a light to help navigate it all,” he said.
Respondents to Extel’s annual ranking of top sell-side equity research analysts and firms in the Americas appear to agree: These firms are among the top teams recognized in its 55th All-America Research Team survey. And, much like the drivers of the U.S. equity markets, there is more to the story of how they and their analysts got here this year.
J.P. Morgan extends its reign as the No. 1 overall provider of sell-side research. The firm’s team reclaimed the crown in 2024 and earned a three-peat this year based on the opinions of 4,451 directors of research and investment professionals representing 1,608 asset management firms. This was the eighth 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 repeats its second place finish this year and shares the honor alone after last year’s tie. The firm earned 44 total team positions, adding one more than last year and narrowing the gap between itself and first-place finisher J.P. Morgan who topped the survey with 47.
Morgan Stanley repeated its 43 total team positions to secure third. UBS leapfrogged from sixth to take fourth this year, adding the most team positions of any firm with nine and taking its total to 42. Evercore ISI rounded out the top five tied with Wells Fargo Securities, which had the most meteoric rise in this year’s survey, up from eighth place in 2025.
In the individual analyst results, Jefferies rocketed three places to take first in this year’s leaderboard. BofA Securities improved one spot to take second and tie with Evercore ISI. UBS also improved three spots to take fourth and Morgan Stanley and Wells Fargo Securities tied for fifth place.
