BTIG
BTIG is an institutional brokerage and investment bank headquartered in San Francisco and owned by U.S. Bancorp since June 2026. Its equity research group covers more than 500 companies, with a focus on small- and mid-cap companies and industry disruptors.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 47112M
- Actions
- 2,36412M
- Ratings / Price targets
- 1,652 / 712
- Upgrades / Downgrades
- 37 / 54
- Initiations
- 41
- Buy-rated
- 83%of 445 rated
- Median upside
- +27.6%
- Targets raised / lowered
- 316 / 208
- On record
- Apr 2012 – Sep 2026
Overview
BTIG's Research and Strategy team has more than 30 analysts covering over 500 companies as of 2026 across consumer, energy and infrastructure, financials, healthcare, industrials, real estate and technology. As of April 2026, 67% of 537 rated stocks were Buy and under 1% Sell. Director of research Ryan Serwin said in 2026 that the firm grows coverage by recruiting experts with proven track records.
BTIG traces its origins to 2002 and took its current form in 2005 through the merger of San Francisco's Baypoint Trading and New York's Bass Trading; co-founders Scott Kovalik and Steven Starker came from Montgomery Securities and Spear, Leeds & Kellogg. Goldman Sachs took a minority stake in 2008, the firm launched fundamental equity research in 2010, and Blackstone Tactical Opportunities invested in 2016. U.S. Bancorp acquired BTIG for up to $1 billion on June 1, 2026; it operates as a separate broker-dealer.
Milestones
- 2002
Founded in San Francisco with five employees
- 2005
Baypoint Trading and Bass Trading merge to form BTIG
- 2008
Goldman Sachs makes minority investment
- 2010
Launches fundamental equity research group
- 2016
Blackstone Tactical Opportunities takes minority stake
- 2026
Acquired by U.S. Bancorp for up to $1 billion
Research philosophy
BTIG’s research will provide an independent, objective and thought provoking point of view to assist institutional clients in making strategic investment decisions.
BTIG pairs its fundamental research with market strategy that includes technical analysis, and says its research helps clients identify trends and forecast performance. Methods range from physician interactions and clinical-data analysis in healthcare to tracking contract awards and Washington policy.
Rating methodology
Buy indicates an expected 12-month total return of at least 15%, while Sell indicates an expected loss of at least 15%. Neutral indicates no meaningful expected change.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Glaukos CorporationGKOS | Buy | $202 |
 Boston Scientific CorporationBSX | Buy | $56 |
 Intuitive Surgical, Inc.ISRG | Buy | $469 |
 CrowdStrike Holdings, Inc.CRWD | Buy | $245 |
 Flutter Entertainment plcFLUT | Buy | $113 |
 Palo Alto Networks, Inc.PANW | Buy | $404 |
 Carvana Co.CVNA | Buy | $87 |
 Expedia Group, Inc.EXPE | Buy | $400 |
 Guardant Health, Inc.GH | Buy | $195 |
 AppLovin CorporationAPP | Buy | $396 |
Most active analysts
- Gregory Lewis37 notesGLNGENSINSW
- Ryan Zimmerman31 notesISRGGEHCSYK
- Marie Thibault27 notesBSXABTEMBC
- Mark Massaro24 notesGHXGNCAI
- Gray Powell20 notesDDOGFTNTCRWD
- Jake Fuller20 notesDASHCOMPCART
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 |  NVR, Inc.NVR | Target | $7,446 →$7,125 | ||
| Sep 22 | DHD.R. Horton, Inc.DHI | Reiterate | Buy | $184 →$174 | Ryan Gilbert |
| Sep 22 | ADAdaptive Biotechnologies CorporationADPT | Reiterate | Buy | ||
| Sep 22 | ATAtlanticus Holdings CorporationATLC | Reiterate | Buy | ||
| Sep 22 | TLTiziana Life Sciences LtdTLSA | Reiterate | Buy | ||
| Sep 22 | UPUpstart Holdings, Inc.UPST | Reiterate | Buy | ||
| Sep 21 | ADAdaptive Biotechnologies CorporationADPT | Target | $25 →$34 | ||
| Sep 21 | SRSpire Inc.SR | Reiterate | Buy | $101 →$102 | Alex Kania |
| Sep 21 |  Invitation Homes Inc.INVH | Target | $50 →$32 | ||
| Sep 21 | IQIQM Quantum Computers OyjIQMX | Initiate | Buy |