Wolfe Research
Wolfe Research is a New York-based independent equity research firm founded by Ed Wolfe in 2008. It covers every major US sector alongside macro and quantitative research.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 41512M
- Actions
- 71512M
- Ratings / Price targets
- 308 / 407
- Upgrades / Downgrades
- 84 / 89
- Initiations
- 33
- Buy-rated
- 62%of 254 rated
- Median upside
- +20.3%
- Targets raised / lowered
- 141 / 70
- On record
- Jul 2012 – Sep 2026
Overview
Wolfe covers industrials, utilities and energy, consumer and retail, financials and REITs, healthcare, and technology, media and telecom. It also publishes macro and quantitative research. In Extel's 2025 All-America Research survey, the firm ranked sixth in the commission-weighted analyst table.
Ed Wolfe, Institutional Investor's No. 1 airfreight and surface transportation analyst at Bear Stearns, founded the firm in April 2008 after Bear's collapse, starting with about ten employees. It operated as Wolfe Trahan & Co. from 2010, when strategist François Trahan joined, until reverting to the Wolfe Research name in 2013. A strategic alliance with Nomura and Instinet, launched in July 2020 and extended in 2023 to at least 2030, added execution and capital-markets capabilities.
Milestones
- 2008
Founded by Ed Wolfe after Bear Stearns collapse
- 2010
Renamed Wolfe Trahan & Co. as François Trahan joins
- 2013
Reverts to the Wolfe Research name
- 2020
Strategic alliance with Nomura and Instinet
- 2023
Nomura alliance extended to at least 2030
- 2024
Daire Browne joins as global head of research
Firm facts
- Legal name
- Wolfe Research, LLC
- Type
- Independent research
- Founded
- 2008
- Headquarters
- New York, United States
- Founder and Managing Partner
- Ed Wolfe
- Global Head of Research
- Daire Browne
- Rating scale
- OutperformPeer PerformUnderperform12 months
- Website
- wolferesearch.com
Research philosophy
At Wolfe, research comes first and our analysts’ independence is paramount.
Founder Ed Wolfe has described a model that combines a boutique firm's attention to clients with the research resources he knew at Bear Stearns. In a 2023 letter, he said Wolfe provided analysts with more research associates and data sources than any other sell-side firm. He argued that research should be central to the business, rather than a loss leader for other services. In 2021, he said leading analysts shared in the firm's growth through equity ownership and revenue-sharing arrangements.
Rating methodology
Stocks are rated Outperform, Peer Perform or Underperform against the analyst's industry coverage universe over 12 months; Peer Perform names carry no price target.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Micron Technology, Inc.MU | Peer Perform | $1,500 |
 Netflix, Inc.NFLX | Outperform | $107 |
 Target CorporationTGT | Outperform | $169 |
 Amazon.com, Inc.AMZN | Outperform | $315 |
 Five Below, Inc.FIVE | Peer Perform | $242 |
 Flywire CorporationFLYW | Outperform | $23 |
 Otis Worldwide CorporationOTIS | Peer Perform | $109 |
 Remitly Global, Inc.RELY | Outperform | $32 |
 Advanced Micro Devices, Inc.AMD | Outperform | $450 |
 Corpay, Inc.CPAY | Outperform | $530 |
Most active analysts
- Darrin Peller26 notesCHYMFISFLYW
- Doug Leggate19 notesEXEBPTTE
- Steven Chubak18 notesKKRARESMS
- Alex Zukin17 notesMSFTINTUTEAM
- Chris Caso13 notesMUNVDAAMD
- Shweta Khajuria13 notesAMZNTTDDASH
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 18 | ETEtsy, Inc.ETSY | Downgrade | Peer Perform →Underperform | ||
| Sep 17 | ZYZymeworks Inc.ZYME | Initiate | Outperform | ||
| Sep 17 | RYRhythm Pharmaceuticals, Inc.RYTM | Initiate | Outperform | ||
| Sep 17 | VSVerastem, Inc.VSTM | Initiate | Outperform | ||
| Sep 17 | TSTaysha Gene Therapies, Inc.TSHA | Initiate | Outperform | ||
| Sep 16 |  Paychex, Inc.PAYX | Upgrade | Underperform →Peer Perform | ||
| Sep 15 | GWW.W. Grainger, Inc.GWW | Initiate | Peer Perform | ||
| Sep 15 | PNPentair plcPNR | Upgrade | Peer Perform →Outperform | $135 →$91 | Nigel Coe |
| Sep 14 |  Coinbase Global, Inc.COIN | Downgrade | Underperform | ||
| Sep 14 | CHCharter Communications, Inc.CHTR | Target | $621 →$118 | ||
| Sep 14 | AFAffirm Holdings, Inc.AFRM | Target | $90 |