Equity Research

Global Tech Coverage Universe Comp Sheet (PDF)

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:
show list...
AMD
Advanced Micro Devices, Inc.
AVGO
Broadcom Limited
INTC
Intel Corporation
IPHI
Inphi Corporation
LSCC
Lattice Semiconductor Corp
MCHP
Microchip Technology, Inc.
MLNX
Mellanox Technologies, Ltd.
MRVL
Marvell Technology Group Ltd.
MU
Micron Technology, Inc.
NVDA
NVIDIA Corporation
TXN
Texas Instruments Incorporated
XLNX
Xilinx, Inc.
*Not Rated
News: View Posts
Kevin Cassidy – Senior Research Analyst

Kevin has covered the semiconductor industry as a sell-side analyst since 2006 including 12 years with Thomas Weisel Group / Stifel. Kevin applies his 20+ years of practical semiconductor industry knowledge to his research. Mr. Cassidy started his career in semiconductor sales and sales management with Texas Instruments before moving on to AMD and followed by co-founding a sales representative group.  Kevin earned multiple top supplier awards during this tenure. Kevin has been recognized by 3rd parties as a top-ranked analyst for stock picking. Kevin holds an electrical engineering degree from the University of Buffalo and Mathematics & Physics degrees from Geneseo State College.

Sector Coverage: Semiconductors
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:
show list...hide list...
AAOI
Applied Optoelectronics Electronic Components
ACIA
Acacia Communications
ANET
Arista Networks Inc
CIEN
Ciena Corporation
COMM
CommScope Holding Co.
EGHT
8x8, Inc.
FIVN
Five9 Inc.
INFN
Infinera Corpration
JNPR
Juniper Network Inc.
LITE
Lumentum Holdings, Inc.
NICE
NICE Ltd.
NPTN
NeoPhotonics Corporation
RNG
RingCentral, Inc.
TWLO
Twilio Inc.
ZM
Zoom Video Communications, Inc.
*Not Rated
News: View Posts
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:
show list...hide list...
AYX
DDOG
Alteryx, Inc.
Datadog, Inc.
DT
Dynatrace, Inc.
MANH
Manhattan Associates, Inc.
MIME
NEWR
Mimecast Ltd.
New Relic, Inc.
PANW
Palo Alto Networks, Inc.
PEGA
Palo Alto Networks, Inc.
PLAN
Anaplan, Inc.
PTC
PTC, Inc.
QLYS
Qualys, Inc.
SAIL
SailPoint Technologies Holdings, Inc.
SPLK
Splunk Inc.
ZS
Zscaler, Inc.

News: View Posts
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: Consumer Technology
Companies Covered:
show list...hide list...
CHTR
Charter Communications
CMCSA
Comcast Corporation
DIS
Walt Disney Co
DISCA
Discovery Communications
FOXA
Fox Corporation
MSGN
MSG Networks, Inc.
NFLX
PTON
Netflix, Inc.     
Peloton Interactive, Inc.
VIAC
WWE
   
ViacomCBS, Inc.
World Wrestling Entertainment, Inc.


*Not Rated
News: View Posts
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
Companies Covered:
show list...hide list...
AMZN
Amazon.com Inc.
CRTO
Criteo S.A.
FB
Facebook, Inc.
GDDY
GoDaddy, Inc.
GOOGL
Google Inc.
PINS
Pinterest, Inc.
ROKU
Roku, Inc.
SHOP
Shopify, Inc.
SNAP
Snap, Inc.
SPOT
Spotify Technology S.A.
TTD
The Trade Desk, Inc.
TWTR
Twitter, Inc.
WIX
Wix.com Ltd.
News: View Posts
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
Companies Covered:
show list...hide list...
AIMC
AME
Altra Industrial Motion Corp.
AMETEK, Inc.
AOS
A.O. Smith Corporation
FTV
Fortive Corp.
IEX
IDEX Corporation
NVT
PNR
ROK
THR
XYL
nVent Electric plc
Pentair plc
Rockwell Automation, Inc.
Thermon Group Holdings, Inc.
Xylem Inc.
News: View Posts
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: Market Structure, Financial Technology, Payments
Companies Covered:
show list...hide list...
ADYEN
Adyen NV
BR
Broadridge Financial Solutions, Inc.
CBOE
Cboe Global Markets, Inc.
CME
CME Group Inc
ENV
Envestment
FIS
Fidelity National Information Services, Inc.
FISV
Fiserv, Inc.
GPN
Global Payment Inc.
ICE
Intercontinental Exchange, Inc.
MKTX
MarketAxess Holdings Inc.
NDAQ
Nasdaq, Inc.
PYPL
PayPal Holdings, Inc.
SEI
SEI Investments Company
SQ
Square, Inc.
SSNC
SS&C Technologies Holdings, Inc.
TW
Tradeweb Markets, Inc.
VIRT
VirtuFinancial, Inc.
News: View Posts

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:

buauang securities
Thailand
al rajhi capital
Saudi Arabia
china tonghai securities
China
AK Investment
Turkey
Cardinal Stone
Nigeria
CI Capital
Middle East & North Africa
Excellence Nessah Brokrage Services
Israel
JS Global
Pakistan
John Keels Group
Sri Lanka
National Bank of Greece
Greece
Philip Captial
India
PKO Securities
Central & eastern europe
SinoPac Securities
Taiwan
Sterling Capital Limited
Kenya
UCB - United Commercial Bank
Bangladesh
Whitman Howard
UK

For more information contact InternationalResearch@rblt.com.