Stephens
Stephens is a family-owned investment bank headquartered in Little Rock, Arkansas. Its group companies employed more than 1,300 people as of 2025. Equity research covers about 400 stocks across consumer, financial services, healthcare, industrials and energy, and technology, media and telecom.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 33212M
- Actions
- 90612M
- Ratings / Price targets
- 486 / 420
- Upgrades / Downgrades
- 26 / 26
- Initiations
- 14
- Buy-rated
- 67%of 284 rated
- Median upside
- +15.8%
- Targets raised / lowered
- 176 / 114
- On record
- May 2012 – Sep 2026
Overview
Coverage spans more than 30 sub-sectors in five industries (2026). Its analysts average 13 years of tenure and focus on small- and mid-cap stocks.
Witt Stephens founded the firm in Little Rock in 1933 to trade Arkansas highway bonds; his brother Jack joined in 1946 and led it as chairman and CEO from 1956 to 1986. Stephens handled Walmart's 1970 initial public offering. Jack's son Warren became CEO in 1986 and acquired 100% of the firm in 2006. In January 2025, as Warren prepared to become U.S. ambassador to the United Kingdom, his sons Miles and John became co-CEOs.
Milestones
- 1933
Witt Stephens starts bond business in Little Rock
- 1946
Jack Stephens joins the firm
- 1970
Handles Walmart's initial public offering
- 1986
Warren Stephens named president and CEO
- 2006
Warren Stephens acquires full ownership of the firm
- 2025
Miles and John Stephens become co-CEOs
Firm facts
- Legal name
- Stephens Inc.
- Type
- Full-service
- Founded
- 1933
- Headquarters
- Little Rock, United States
- Co-CEO (with John Stephens)
- Miles Stephens
- Director of Research
- Kyle Evans
- Rating scale
- OverweightEqual-WeightUnderweight12 months
- Also filed as
- Stephens & Co. · Stephens& Co.
- Website
- stephens.com
Research philosophy
We’re not afraid to challenge the consensus because we believe many of the best opportunities are uncovered when you think differently.
As of 2026, Stephens says its analysts assess investments company by company using fundamental research. They evaluate management, conduct channel checks with private companies and consult industry experts. Detailed reports are supported by income statement, balance sheet and cash flow models, together with scenario analysis.
Rating methodology
Stocks are rated Overweight, Equal-Weight or Underweight on a 12-month horizon, and analysts can add a Volatile designation. The firm says it does not try to balance the number of Overweight and Underweight ratings.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Darden Restaurants, Inc.DRI | Positive | $220 |
 Papa John's International, Inc.PZZA | Negative | $24 |
 Chipotle Mexican Grill, Inc.CMG | Positive | $40 |
 The Wendy's CompanyWEN | Equal Weight | $27 |
 Portillo's Inc.PTLO | Equal Weight | $5 |
 Range Resources CorporationRRC | Overweight | $52 |
 Cal-Maine Foods, Inc.CALM | Equal Weight | $80 |
 The Cheesecake Factory IncorporatedCAKE | Positive | $65 |
 EQT CorporationEQT | Overweight | $72 |
 Expand Energy CorporationEXE | Overweight | $146 |
Most active analysts
- Andrew Terrell23 notesPFBCBMRCBOH
- Mike Scialla17 notesEXEEQTMTDR
- Matt Olney14 notesSMBCFFINBSVN
- Charles Nabhan14 notesGPNFISVEEFT
- Todd Weller14 notesCHKPSCVLT
- Jeff Lick13 notesACVABOOTABG
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 | Cal-Maine Foods, Inc.CALM | Target | $85 →$80 | ||
| Sep 21 | AVAvePoint, Inc.AVPT | Reiterate | Overweight | $18 →$17 | |
| Sep 21 |  HubSpot, Inc.HUBS | Reiterate | Equal Weight | $251 →$255 | |
| Sep 21 | WMAdvanced Drainage Systems, Inc.WMS | Reiterate | Overweight | ||
| Sep 18 | CRCalifornia Resources CorporationCRC | Reiterate | Overweight | $85 →$91 | |
| Sep 18 |  CrowdStrike Holdings, Inc.CRWD | Reiterate | Overweight | $465 →$280 | Todd Weller |
| Sep 18 |  Salesforce, Inc.CRM | Reiterate | Equal Weight | ||
| Sep 18 |  Brinker International, Inc.EAT | Reiterate | Overweight |