FBN Securities
FBN Securities is a New York-based independent, agency-only broker-dealer serving institutional investors. Alongside execution, corporate access and capital introduction, it publishes equity research focused on technology infrastructure, including internet, cloud, security and IT hardware.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 1112M
- Actions
- 1612M
- Ratings / Price targets
- 9 / 7
- Initiations
- 7
- Buy-rated
- 100%of 9 rated
- Median upside
- +21.1%
- Targets raised / lowered
- 0 / 3
- On record
- Feb 2012 – Sep 2026
Overview
FBN's equity research focuses on technology infrastructure, alongside merger-arbitrage, event-driven, macroeconomic and technical research. It hosts invitation-only dinners at which portfolio managers share investment ideas and, as of 2026, holds hundreds of virtual meetings a year with industry professionals.
FBN Securities was founded in 1983 as an independent broker-dealer serving only institutional investors. It runs an agency-only model, trading neither against clients nor for its own account, and is a member of FINRA and SIPC. From four U.S. offices, in New York, New Jersey, the Philadelphia area and Miami, it provides equity and options execution, research, corporate access, capital introduction, capital markets and private-share trading, and commission management.
Milestones
- 1983
Founded as an institutional broker-dealer
Firm facts
- Type
- Boutique
- Founded
- 1983
- Headquarters
- New York, United States
- Rating scale
- OutperformSector PerformUnderperform
- Website
- fbnsecurities.com
Research philosophy
We provide institutional investors with the research, perspective, and access needed to identify opportunities and manage risk.
FBN describes its technology research as bottom-up, with an emphasis on investment recommendations backed by strong analyst conviction. It pairs this research with direct access to management teams and industry experts. As of 2026, it also conducts proprietary surveys of industry professionals designed by its research team, and describes its corporate access service as free of investment banking influence.
Rating methodology
Stock ratings are Outperform, Sector Perform and Underperform.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Cadence Design Systems, Inc.CDNS | Outperform | $375 |
 Celestica Inc.CLS | Outperform | $375 |
 Five9, Inc.FIVN | Outperform | $40 |
 Palo Alto Networks, Inc.PANW | Outperform | $330 |
 Atlassian CorporationTEAM | Outperform | $170 |
 AppLovin CorporationAPP | — | $385 |
 Copart, Inc.CPRT | Outperform | — |
 Commvault Systems, Inc.CVLT | Outperform | — |
 Netflix, Inc.NFLX | Outperform | $1,165 |
 Paychex, Inc.PAYX | Outperform | — |
Most active analysts
- Shebly Seyrafi5 notesCLSFIVNPANW
- Matthew Thornton3 notesAPPNFLXWMG
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 16 | Paychex, Inc.PAYX | Initiate | Outperform | ||
| Sep 16 | Five9, Inc.FIVN | Initiate | Outperform | $40 | Shebly Seyrafi |
| Sep 15 |  Ulta Beauty, Inc.ULTA | Initiate | Outperform | ||
| Sep 15 | Celestica Inc.CLS | Initiate | Outperform | $375 | Shebly Seyrafi |
| Sep 11 | Copart, Inc.CPRT | Initiate | Outperform | ||
| Sep 11 | Cadence Design Systems, Inc.CDNS | Initiate | Outperform | $375 | |
| Sep 10 | Commvault Systems, Inc.CVLT | Initiate | Outperform | ||
| Aug 10 | Atlassian CorporationTEAM | Reiterate | Outperform | $400 →$170 | Shebly Seyrafi |