Susquehanna
Susquehanna Financial Group (SFG) is the institutional broker-dealer of Susquehanna International Group, a privately held trading firm in Bala Cynwyd, Pennsylvania. It pairs fundamental equity research with listed-options analysis, market intelligence and execution services for institutional investors.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 26512M
- Actions
- 1,28812M
- Ratings / Price targets
- 674 / 614
- Upgrades / Downgrades
- 17 / 18
- Initiations
- 11
- Buy-rated
- 62%of 249 rated
- Median upside
- +16.5%
- Targets raised / lowered
- 388 / 163
- On record
- May 2012 – Sep 2026
Overview
As of 2026, SFG covers roughly 250 stocks across five industry groups, compared with about 300 companies in six sectors in 2013. Its clients include hedge funds, mutual funds, pension funds, endowments and family offices.
Susquehanna International Group was founded in May 1987 by a group of college friends including Jeff Yass and Arthur Dantchik, and grew into an options market maker and trading and technology firm. SFG, its institutional sales, trading and research arm, began expanding its fundamental research platform in 2009 and hired Michael Towey as director of research in March 2010. SIG remains a privately held partnership.
Milestones
- 1987
Susquehanna International Group founded
- 2009
SFG begins expanding fundamental equity research coverage
- 2010
SFG hires Michael Towey as director of research
Firm facts
- Legal name
- Susquehanna Financial Group, LLLP
- Type
- Boutique
- Founded
- 1987
- Headquarters
- Bala Cynwyd, United States
- Parent
- Susquehanna International Group
- Rating scale
- PositiveNeutralNegative12 months
- Website
- sig.com
Research philosophy
We are in the field conducting grass roots research to resolve the unanswered questions in the market.
Susquehanna combines company fundamentals with listed-options analysis and market intelligence. As of 2026, it says analysts maintain close contact with public and private companies, suppliers, distributors and related businesses. Its derivatives strategists use the firm's extensive U.S. listed-options trading activity to track shifts in sentiment and significant trades. The parent group emphasizes analytical decision-making and trains many new employees through strategy games and decision science.
Rating methodology
Positive, Neutral and Negative ratings indicate expected price gains of at least 15%, changes within ±15%, and declines of at least 15%, respectively, over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 J.B. Hunt Transport Services, Inc.JBHT | Positive | $345 |
 Werner Enterprises, Inc.WERN | Positive | $48 |
 Baker Hughes CompanyBKR | Positive | $75 |
 C.H. Robinson Worldwide, Inc.CHRW | Positive | $226 |
 SLB N.V.SLB | Positive | $62 |
 Enphase Energy, Inc.ENPH | Neutral | $39 |
 United Airlines Holdings, Inc.UAL | Positive | $165 |
 Knight-Swift Transportation Holdings Inc.KNX | Positive | $90 |
 Bloom Energy CorporationBE | Positive | $298 |
 Landstar System, Inc.LSTR | Neutral | $230 |
Most active analysts
- Charles Minervino71 notesGEVENPHSLB
- Bascome Majors48 notesCHRWWABNSC
- Christopher Rolland37 notesAMDCOHRLITE
- Mehdi Hosseini37 notesMULRCXALAB
- Shyam Patil36 notesEXPELYFTCHKP
- Christopher Stathoulopoulos31 notesLUVUALULCC
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 17 | J.B. Hunt Transport Services, Inc.JBHT | Initiate | Positive | ||
| Sep 17 |  Honeywell Aerospace IncHONA | Initiate | Positive | ||
| Sep 10 | Baker Hughes CompanyBKR | Reiterate | Positive | $72 →$75 | Charles Minervino |
| Sep 3 |  NetApp, Inc.NTAP | Reiterate | Neutral | ||
| Sep 2 |  Palo Alto Networks, Inc.PANW | Reiterate | Positive | $350 →$415 | |
| Aug 31 |  SentinelOne, Inc.S | Reiterate | Positive | $28 | |
| Aug 31 |  International Business Machines CorporationIBM | Reiterate | Neutral | $225 →$235 | James Friedman |
| Aug 28 |  Okta, Inc.OKTA | Target | $80 →$185 | Shyam Patil |