TD Cowen
TD Cowen is the New York-based US investment banking, research and equities division of TD Securities, the wholesale arm of Toronto-Dominion Bank. Cowen has long been known for equity research in healthcare and technology.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 80912M
- Actions
- 2,05412M
- Ratings / Price targets
- 2,002 / 52
- Upgrades / Downgrades
- 60 / 74
- Initiations
- 37
- Buy-rated
- 64%of 801 rated
- Median upside
- +16.9%
- Targets raised / lowered
- 12 / 3
- On record
- Apr 2012 – Sep 2026
Overview
The TD Cowen research platform, combining Cowen's US franchise with TD Securities' Canadian coverage, rated about 1,300 companies as of June 30, 2026. Lisa Thomas became head of global research in June 2026.
Cowen was founded in New York in 1918 as a bond trading house and later built research, institutional sales and investment banking businesses. Société Générale acquired it in 1998 as SG Cowen; it was spun off in a 2006 IPO and combined with hedge fund manager Ramius in 2009. Toronto-Dominion Bank acquired Cowen for US$1.3 billion in March 2023 and rebranded it TD Cowen, a division of TD Securities.
Milestones
- 1918
Founded in New York as a bond trading house
- 1998
Acquired by Société Générale, renamed SG Cowen
- 2006
Spun off from Société Générale in Nasdaq IPO
- 2009
Combines with hedge fund manager Ramius
- 2023
Acquired by Toronto-Dominion Bank; renamed TD Cowen
- 2024
Adopts Buy/Hold/Sell equity rating system
Firm facts
- Type
- Full-service
- Founded
- 1918
- Headquarters
- New York, United States
- Parent
- TD Securities
- Listing
- NYSE: TD
- President and CEO, TD Securities
- Tim Wiggan
- Head of Global Research
- Lisa Thomas
- Rating scale
- BuyHoldSell12 months
- Also filed as
- Cowen & Co. · Cowen& Co.
- Website
- tdsecurities.com
Research philosophy
We define the best investment ideas as correct, non-consensus conclusions.
In 2007, Cowen said it had reduced routine company-reporting requirements so analysts could spend more time developing investment ideas. As of 2026, TD Cowen combines fundamental analysis of individual securities with thematic research on long-term trends. Each report in its flagship Ahead of the Curve series examines a view that differs from consensus, a disputed investment thesis or an emerging topic.
Rating methodology
Since April 1, 2024 it has used Buy (expected 12-month total return of 15% or more), Hold (−10% to +15%) and Sell (−10% or below), replacing Cowen's Outperform, Market Perform and Underperform scale.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Domino's Pizza, Inc.DPZ | Hold | $390 |
| COCOWN | Buy | $18 |
 Micron Technology, Inc.MU | Buy | $70 |
 Starbucks CorporationSBUX | Buy | $116 |
 Amazon.com, Inc.AMZN | Buy | $150 |
 Oracle CorporationORCL | Buy | $375 |
 Yum! Brands, Inc.YUM | Buy | — |
 Bread Financial Holdings, Inc.BFH | Hold | — |
 Strategy IncMSTR | Buy | — |
 Dutch Bros Inc.BROS | Buy | $65 |
Most active analysts
- Michael Elias2 notesVRT
- Lance Vitanza1 notesVRT
- Robert Moskow1 notesCHD
- Oliver Chen1 notesLEVI
- Charles Rhyee1 notesCI
- Shelby Tucker1 notesSO
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 23 |  AutoZone, Inc.AZO | Reiterate | Buy |
| Sep 22 |  Carnival Corporation & plcCCL | Reiterate | Buy |
| Sep 22 |  Eli Lilly and CompanyLLY | Reiterate | Buy |
| Sep 22 | TWTwilio Inc.TWLO | Reiterate | Buy |
| Sep 22 | SYStryker CorporationSYK | Reiterate | Hold |
| Sep 21 | ASStrive, Inc.ASST | Reiterate | Buy |
| Sep 21 | ALAlkermes plcALKS | Reiterate | Buy |
| Sep 21 | SESenseonics Holdings, Inc.SENS | Reiterate | Buy |
| Sep 21 | Starbucks CorporationSBUX | Reiterate | Buy |
| Sep 18 | XEXenon Pharmaceuticals Inc.XENE | Reiterate | Buy |
| Sep 18 | DXDexCom, Inc.DXCM | Reiterate | Buy |
| Sep 18 |  HubSpot, Inc.HUBS | Reiterate | Hold |