Equity Research

After not only surviving but thriving during a 20-year transformation of the execution landscape characterized by rapid regulatory changes and competitive responses, commoditization and shrinking brokerage lists, we think we understand the challenges—and opportunities—in such an environment.  The headwinds from MiFID II are reverberating globally and shrinking research budgets are real, but so is the opportunity we believe. Unsurprisingly, the formula for success in fundamental research isn’t too different than it was for execution:

1) develop deep domain expertise;
2) offer a differentiated product and make sure we are responsive to clients; and
3) embrace independence and avoid conflicts of interest.

What does that mean in practice? It means a laser focus on Technology, globally and across sectors, by analysts who understand the underlying technology and competitive dynamics of their industries deeply, typically by having started their careers in them and seeing them from the inside out—and, importantly, who collaborate to ensure the most informed opinions. It means offering unique corporate access opportunities, including our client trips to mainland China and our Silicon Valley bus tours. And it means delivering insights about both disruptive/thematic industry changes and incremental data points through bottom up channel and field work including on the ground in China, in all cases driven by client need, not investment banking demands.

The result of this approach is while others are contracting their efforts if not shuttering them altogether, we are expanding. We are adding experienced analysts and smart, energetic associates, while others are cutting back. We are rolling out coverage on more names, not less. We are planning lots of corporate access. We are committed to the business and becoming the premier Global Tech research boutique.

Rosenblatt’s Global tech Research Group

Michael Kiernan, CFA – Managing Director, Director of Research

Michael Kiernan is Director of Research and a Managing Director.  Michael has over 30 years of industry experience. He joined Rosenblatt in early 2019 from Wolfe Research, one of just a handful of success stories in the boutique research business of the past decade.  At Wolfe, Kiernan also served as director of research, during a rapid growth stage in research coverage, from a universe of roughly 150 stocks to nearly 400 in less than four years. His proven track record also includes multi-year runs building strong equity research franchises as product manager at Lazard Capital Markets and prior to that Bear Stearns, where the equity research team climbed all the way up to number two in the annual Institutional Investor survey rankings.  Prior to moving to the sell-side, Kiernan spent about 15 years as a portfolio manager, including a decade at UBS Asset Management.  Michael holds an MBA from Fordham University and his BA in Economics from Rutgers University and is a CFA charterholder.

Evan Morgan – Managing Director, Head of Research Sales

Evan Morgan is Head of Research Sales and a Managing Director, bringing 25 years of Institutional Equities experience to the position.  Prior to joining Rosenblatt in 2015, Evan was a Managing Director with Zelman & Associates.  Previously he was Chief Executive Officer of Wedge Partners, an institutional brokerage firm focused on technology and Asia. Morgan founded Wedge Partners' China-based research business in 2008.  Prior to joining Wedge in 2007, Evan held various executive positions including Vice Chairman of FTN Midwest Securities.  Evan was a founding member of Midwest Research in 1996 and served as its Chairman and CEO prior to its acquisition by First Tennessee Bank. Prior to Midwest, he was a Vice President in Institutional Sales with Roulston & Co. from 1994 through 1996. Evan was with Apple Computer, Inc. from 1988 until 1993 in a number of capacities including business planning, dealer channel sales and market development. He began his career with Chase Manhattan Bank in their Management Development Program.Evan has an A.B. in Economics and History from Columbia University and earned his MBA from Case Western Reserve University’s Weatherhead School of Management, where he serves on their Visiting Committee.

Hans Mosesmann – Senior Research Analyst

Prior to joining Rosenblatt Securities, Mosesmann was an electrical engineer who spent a decade working at chipmakers Texas Instruments and Advanced Micro Devices before moving to Wall Street in 1996. Mosesmann is known and respected for his coverage of such companies as AMD, Intel, Micron Technologies and Nvidia. Mosesmann spent a decade at Raymond James Financial covering the semiconductor industry. Prior to Raymond James, he worked as an equity analyst for several technology- and growth-company-focused boutiques, including Needham & Co., Volpe Brown Whelan and Soundview Securities, as well as Prudential Securities. Mosesmann holds a Bachelor of Science in Electrical Engineering from the University of Florida and an MBA in Finance from Loyola University of Maryland.

Sector Coverage: Semiconductors
Companies Covered:
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AMD
AVGO
INTC
IPHI
LSCC
MCHP
Advanced Micro Devices, Inc.
Broadcom Limited
Intel Corporation
Inphi Corporation
Lattice Semiconductor Corp
Microchip Technology, Inc.
MLNX
MRVL
MU
NVDA
TXN
XLNX
Mellanox
Marvell Technology Group Ltd.
Micron Technology, Inc.
NVIDIA Corporation
Texas Instruments Incorporated
Xilinx, Inc.
*Not Rated
Jun Zhang – Senior Research Analyst

Jun Zhang has tracked and analyzed China’s Internet, Communications and Telecom industries for over 10 years. Prior to joining Rosenblatt Securities, he established Wedge Partners' China research practice in 2008. Mr. Zhang was research director at United States Information Technology Office (USITO) from 2003-2005 and prior to that was a consultant at the research group MFC Insight in Beijing. He covers Internet, Electronics, Software, Telecommunications and Media. Mr. Zhang graduated (ABD) in Telecommunication Economics from Michigan State University's Quello Center for Telecommunications Management and Law PhD program. He earned his Master’s degree in International Economics from The Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies at Nanjing.

Sector Coverage: China TMT
Companies Covered:
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0763 HK*
0992 HK*
2324 TW*
2353 TW*
2354 TW*
2382 TW*
2454TW*
AAOI
AAPL
ADI*
AUO*
CCIH
CHA*
CHL*
CHU
CRUS
ZTE Corp.
Lenovo Group Limited
Compal Electronic
Acer Inc
Foxconn Tech. Co.
Quanta Computer
MediaTek Inc
Applied Optoelectronics Inc.
Apple Inc.
Analog Devices, Inc.
AU Optronics Corp.
ChinaCache International Holdings Ltd.
China Telecom Corp. Ltd.
China Mobile Limited
China Unicom Limited
Cirrus Logic Inc.
HIMX
KZ*
LITE
LPL*
MXIM*
NPTN
QCOM
QRVO*
STM*
SWKS*
SYNA
TSM
UTSI
VIAV
Himax Technologies, Inc.
Kongzhong Corp.
Lumentum Holdings Inc.
LG Display Co., Ltd.
Maxim Intergrated Products Inc.
NeoPhotonics Corp
QUALCOMM Incorporated
Qorvo Incorporated
STMicroelectronics NV
Skyworks Solutions Inc.
Synaptics Inc.
Taiwan Semiconductor Manufacturing Co.
UTStarcom Holdings Corp
Viavi Solutions Inc.
*Not Rated
Ryan Koontz – Senior Research Analyst

Ryan Koontz is a Managing Director and Senior Analyst at Rosenblatt Securities. Ryan brings 14 years of communications technology research and over 15 years of telecommunications industry experience to the Rosenblatt TMT team. Ryan was a founding partner at Inflection Point Research, LLC, in 2004 where he managed their communications infrastructure research practice. At Inflection Point Research his coverage spanned carriers, internet service providers, internet content and delivery, communications equipment hardware and software, and pure play semiconductors. Over his nine year tenure at Advanced Fibre Communications, where he served as Director of Business Development and Director of Marketing. His key contributions included leading the company’s acquisition and partnering activities, leading product and market strategy, handling investor and press relations, and managing engineering product development programs. During his tenure, AFC revenues grew from under $50M to over $400M annually. Prior to AFC, Ryan held engineering management positions with Ericsson-Raynet and Pacific Bell (now ATT). Ryan holds a Bachelor of Science degree in Electrical Engineering as well an M.B.A. and M.S. in Engineering Management from California Polytechnic State University, San Luis Obispo.

Sector Coverage: Cloud Communications and Networking
Companies Covered:
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ACIA
ANET
CASA*
CIEN
COMM
EGHT
FIVN
Acacia Communications
Arista Networks Inc
Casa Systems, Inc.
Ciena Corporation
CommScope Holding Co.
8x8, Inc.
Five9 Inc.
INFN
JNPR
NICE
RNG
TWLO
ZM
Infinera Corpration
Juniper Network Inc.
NICE Ltd.
RingCentral, Inc.
Twilio Inc.
Zoom Video Communications, Inc.
*Not Rated
Yun Kim– Senior Research Analyst

Yun Kim is a Senior Research Analyst covering Software. Yun has covered the software space since 2000, covering all software sectors from small cap to mega cap, from business applications to infrastructure/security software to Saas names. Yun also covered internet names from 2006 to 2012, in addition to his software names. Most recently, Yun spent one year as a head of IR at a security software company (VRNS). Prior to embarking on his Wall Street career, Yun was a consultant with Accenture in its e-commerce, supply-chain, and SAP practices. Yun received a BS degree in Bioengineering from University of California at Berkeley, a BA degree in Economics from University of California at Santa Cruz, and a MS degree in Biomedical Engineering from Northwestern University.

Sector Coverage: Software
Companies Covered:
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AYX
MANH
MIME
PANW
PTC
QLYS
SAIL
SPLK
ZS
Alteryx, Inc.
Manhattan Associates, Inc.
Mimecast Ltd.
Palo Alto Networks, Inc.
PTC, Inc.
Qualys, Inc.
SailPoint Technologies Holdings, Inc.
Splunk Inc.
Zscaler, Inc.
Bernie McTernan, CFA – Senior Research Analyst

Bernie has spent almost a decade covering the Media and Content industry on both the sell-side and buy-side.  Bernie started his career in the Equity Research Department at Morgan Stanley covering Media working with the top ranked sell-side analyst according to the annual Institutional Investor survey. He transitioned to the buy-side at a TMT hedge fund covering Media and Telecom equities.  Bernie has a Bachelor of Arts from Hobart College and is a CFA charterholder.

Sector Coverage: Internet & Media
Companies Covered:
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CHTR
CMCSA
DIS
FOXA
MSGN
NFLX
WWE
Charter Communications
Comcast Corporation
Walt Disney Co
Fox Corporation
MSG Networks, Inc.
Netflix, Inc.
World Wrestling Entertainment, Inc.
*Not Rated
Mark Zgutowicz – Senior Research Analyst

Mark brings 20 years of sell-side and buy-side experience to the Rosenblatt research team.  Mark’s sell-side tenure includes senior analyst roles at Piper Jaffray and Northland Capital Markets covering the technology and marketing services sectors.  Most recently, Mark was a senior analyst at asset manager Cornerstone Capital Management, responsible for technology sector investment with a focus on consumer internet.  In addition to Cornerstone, Mark’s buy-side tenure includes senior analyst and portfolio management roles at Aplos Advisors, Waddell & Reed, US Bancorp Asset Management, and American Express Financial Advisors, with responsibility for technology and media sector investment.  Mark has a Bachelor of Arts in Business Administration with a finance concentration from the University of St. Thomas and earned an MBA with a finance concentration from the Carlson School of Management at the University of Minnesota

Sector Coverage: Internet and Media
Companies Covered:
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CRTO
FB
PINS
ROKU
SHOP
SNAP
SPOT
TTD
TWTR
WIX
Criteo S.A.
Facebook, Inc.
Pinterest
Roku
Shopify, Inc.
Snap, Inc.
Spotify Technology S.A.
The Trade Desk, Inc.
Twitter, Inc.
Wix.com Ltd.
Scott Graham – Senior Research Analyst

Scott Graham is a Managing Director and Senior Equity Research Analyst for Rosenblatt Securities, covering Industrial Technology. He joined the firm in September 2019. Previously he was with BMO Capital Markets and before that Jefferies LLC; in both positions he was a Managing Director and Senior Equity Research Analyst covering Multi-Industry and Industrial Distribution stocks. At BMO, he led the birth of BMO’s Growth Conference, while at Jefferies was a primary contributor to the firm’s Global Industrial Conference and conceived and wrote the firm’s Monthly Short Cycle Monitor, Jefferies’ most widely read collaborative research report. His trademark quarterly report, Process Capex, was among the most read publications at both BMO and Jefferies. Prior to joining Jefferies, Mr. Graham spent three years as a Managing Director and Senior Equity Research Analyst at Ladenburg Thalmann and then Boenning & Scattergood, in both positions covering Water Industrials stocks. He began covering industrial stocks in 2000 at Bear Stearns, where is spent nearly ten years. Mr. Graham has been ranked in the Institutional Investor poll several times. He received an MBA degree from Fordham University’s Gabelli School of Business, where he achieved Beta Gamma Sigma Honor Society status, and a BSM degree from Tulane University. Mr. Graham is also a CPA.

Sector Coverage: Industrial Technology
Kenneth Hill, CFA – Senior Research Analyst

Ken Hill is a senior equity research analyst covering the exchanges and the broader financial technology area.  Ken brings nearly a decade of equity research experience, most recently at Barclays where he spent over seven years covering the brokers, asset managers, and exchanges sector. He began his research career at Bank of America Merrill Lynch covering the market structure sector. Before moving to equity research, Ken held positions at Credit Suisse and State Farm. Ken earned a Bachelor of Science in Business (Finance and Computer Information Systems) from Indiana University and is a CFA charterholder.

Sector Coverage: Exchanges, Financial Technology
Companies Covered:
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BR
CBOE
CME
ENV
ICE
MKTX
NDAQ
PYPL
SEIC
SQ
SSNC
TW
VIRT
Broadridge Financial Solutions, Inc.
Cboe Global Markets, Inc.
CME Group Inc
Envestnet
Intercontinental Exchange, Inc.
MarketAxess Holdings Inc.
Nasdaq, Inc.
PayPal Holdings, Inc.
SEI Investments Company
Square, Inc.
SS&C Technologies Holdings, Inc.
Tradeweb Markets, Inc.
VirtuFinancial, Inc.
 - Equity Research Coverage Universe and Valuation Comp Tables (pdf)

For more information contact TMTResearch@rblt.com.

International Markets Research, Trading, and Chaperone Service

In 2014, observing that emerging and frontier capital markets were maturing and AUM growing, but coverage and service levels from bulge bracket firms in those markets were nevertheless declining, we believed an underserved market was being created. To address the perceived need, we decided to forge relationships with an array of the world's leading non-US financial institutions dominant in these local markets that we’d be able to leverage for our institutional client base. These exclusive relationships have allowed us to “chaperone” these local banks and brokers in order to bring investors some of the highest-quality equity research and corporate-access opportunities, as well as access to capital-markets transactions, from a host of emerging and frontier markets. Our best-in-class partners employ more than a hundred analysts in 25 countries, covering more than a thousand stocks. We also now run a fully staffed international desk with global trading capabilities which allows us to provide locally-sourced blocks and liquidity.  The color and differentiated insight we are able to provide through our partners on the ground and our focus on this niche gives our clients a demonstrable edge.  Current partners include:

Thailand
China
Turkey
Saudi Arabia
Nigeria
Middle East & North Africa
Israel
Pakistan
Sri Lanka
Greece
India
Central & eastern europe
Taiwan
Kenya
UK

For more information contact InternationalResearch@rblt.com.