D.A. Davidson
D.A. Davidson & Co. is the full-service investment firm of employee-owned D.A. Davidson Companies, headquartered in Great Falls, Montana. Its equity capital markets group publishes institutional research on about 400 companies in consumer, diversified industrials, financial institutions and technology.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 40012M
- Actions
- 2,07712M
- Ratings / Price targets
- 1,257 / 820
- Upgrades / Downgrades
- 21 / 23
- Buy-rated
- 58%of 364 rated
- Median upside
- +16.5%
- Targets raised / lowered
- 406 / 284
- On record
- Feb 2012 – Sep 2026
Overview
Institutional research covers about 400 public companies as of 2026, with 16 senior analysts across consumer, diversified industrials, financial institutions and technology; coverage has traditionally centered on small and mid caps. Jesse Bigelow, formerly director of research at Wolfe Research, became Director of Research in December 2025. The firm connects clients with industry experts through its Davidson Engage program. In 2026 it hired an industrials analyst.
David Adams Davidson opened a Great Falls branch of the brokerage E.J. Gibson in 1935 and later bought control of it. His son Ian joined in 1958, and the firm took the D.A. Davidson & Co. name in 1959. Acquisitions included Crowell, Weedon & Co. in 2013, Wells Nelson & Associates in 2019 and technology investment bank Marlin & Associates in 2021. The group has about 1,600 employees in 30 states as of 2025 and remains employee-owned.
Milestones
- 1935
D.A. Davidson opens a brokerage office in Great Falls, Montana
- 1959
Firm renamed D.A. Davidson & Co.
- 2013
Combines with California brokerage Crowell, Weedon & Co.
- 2019
Acquires Wells Nelson & Associates
- 2021
Acquires technology investment bank Marlin & Associates
Firm facts
- Legal name
- D.A. Davidson & Co.
- Type
- Full-service
- Founded
- 1935
- Headquarters
- Great Falls, United States
- Parent
- D.A. Davidson Companies
- Chairman and CEO, D.A. Davidson Companies
- Larry Martinez
- Director of Research, Equity Capital Markets
- Jesse Bigelow
- Rating scale
- BuyNeutralUnderperform12-18 months
- Also filed as
- DA Davidson
- Website
- dadavidson.com
Research philosophy
Our goal is to be a highly valued research partner to our clients, and that requires continued investment in people, data, and differentiated thinking.
As of 2026, D.A. Davidson says its "focus on high quality" is leading it to expand institutional research coverage into large-cap stocks. Alongside company reports, analysts publish detailed industry and technology studies and industry surveys. In 2026, the firm described its newly hired industrials analyst's approach as combining surveys with direct contact with industry participants.
Rating methodology
Since October 2017, D.A. Davidson has used a 12–18-month rating framework based on risk-adjusted total returns: Buy indicates an expected gain of more than 15%, Neutral a return between −15% and +15%, and Underperform a loss of more than 15%.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Duolingo, Inc.DUOL | Buy | $175 |
 Palantir Technologies Inc.PLTR | Buy | $250 |
 Nebius Group N.V.NBIS | Neutral | $175 |
 NVIDIA CorporationNVDA | Buy | $300 |
 Datadog, Inc.DDOG | Buy | $315 |
 Tyler Technologies, Inc.TYL | Buy | $460 |
 Modine Manufacturing CompanyMOD | Buy | $330 |
 Wabash National CorporationWNC | Buy | $20 |
 e.l.f. Beauty, Inc.ELF | Neutral | $75 |
 Guidewire Software, Inc.GWRE | Buy | $222 |
Most active analysts
- Gil Luria70 notesPLTRDTDDOG
- Michael Baker58 notesAZOCTRNTSCO
- Peter Heckmann46 notesFOURTOSTACIW
- Peter Winter41 notesKEYBOKFDCOM
- Rudy Kessinger40 notesOKTACRWDVRNS
- Jeff Rulis36 notesWTFCBOHEQBK
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 | Wabash National CorporationWNC | Reiterate | Buy | ||
| Sep 21 | PDPDF Solutions, Inc.PDFS | Reiterate | Buy | $74 →$24 | Clark Wright |
| Sep 21 | SESenseonics Holdings, Inc.SENS | Target | $15 | ||
| Sep 21 | HBHuntington Bancshares IncorporatedHBAN | Reiterate | Buy | $17.50 →$20 | Peter Winter |
| Sep 21 |  Brinker International, Inc.EAT | Reiterate | Neutral | $240 →$210 | |
| Sep 21 | VMVulcan Materials CompanyVMC | Reiterate | Buy | ||
| Sep 18 |  Reddit, Inc.RDDT | Target | $200 →$185 | Wyatt Swanson | |
| Sep 18 | EVEVI Industries, Inc.EVI | Reiterate | Buy | ||
| Sep 18 | ALAlmonty Industries Inc.ALM | Reiterate | Buy |