The 2022 All-America Research Team
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The 2022 All-America Research Team

Illustration by II/Luke MacGregor/Bloomberg
Illustration by II/Luke MacGregor/Bloomberg

In a tumultuous year, new analysts rise to the top as their firms compete for leading spots in the 51st annual ranking.

View the full results:

The past year has given investors plenty to worry about: War in Eastern Europe. The specter of stagflation. An impending recession.

With each new threat looming on the horizon came questions about what it could mean — for companies, for their portfolios, and for the larger economy. One group was ready with answers: the All-America Research Team.

At first glance, the annual ranking of Wall Street’s top research providers seems little changed by this year’s turbulent economic environment: JPMorgan Chase & Co. remains the No. 1 research firm for the seventh straight year, followed once again by longtime rival BofA Securities. Morgan Stanley and Evercore ISI also repeat, in third and fourth place, respectively.

A closer look, however, shows a competitive landscape that’s as much in flux as the markets themselves. The 2022 AART sees independent research firm Wolfe Research continue its climb up the leaderboard, to No. 5, bumping UBS to sixth place. Tied at No. 6 is Jefferies Group — this year’s biggest mover, up from tenth place last year.

The results are based on a survey including votes from 3,766 investment professionals across 1,557 asset management firms that spend at least $250,000 in sell-side commissions.

The participants also ranked analysts from the top firms to create a second leaderboard focused on individual talent. In that ranking, BofA Securities takes first place with 47 ranked analysts, edging past incumbent JPMorgan, with 44. JPMorgan ties for No. 2 with Morgan Stanley, Evercore ISI remains in fourth place, and Wolfe Research moves up to fifth.

This year also sees 16 analysts emerge as the preeminent experts in their sectors, claiming their first No. 1 positions — in some cases after many years as runners-up.

It’s the highest number of first-time winners recorded in recent years, and evidence of how challenging markets can separate the analysts who add value from the ones who don’t.

How did this year’s new stars do it? We’ll let them tell you.


“The opportunity for Japanʼs economy to break out of the protracted stagnation of the so-called ‘thirty lost years’ has finally arrived,” says Mitsubishi UFJ’s Hironori Kamezawa.
Amid a surge in trading, J.P. Morgan Chase took second place in the ranking, followed by Goldman Sachs in third.
The domestic firm is once again No. 1 for equity sales.
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