Fundamental 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 (including FinTech), Media and Telecom by analysts who understand 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, not maintenance research, 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, not cutting staff. 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 TMT research boutique.

Rosenblatt’s TMT Research Group

Marshall Senk – Director of Research; Senior Research Analyst

Marshall Senk brings two-and-a-half decades of software industry experience to the Rosenblatt research team - both from industry and the Street. He started his career out of graduate school with Oracle Corporation where he spent nearly 10 years in various roles in product development and product management. In that span, Oracle grew from about $250 million in revenues to over $5 billion. He left Oracle for Robertson Stephens where he covered the software sector and went through both the boom and bust of the dot com era. Following that, he returned to industry working both in marketing and corporate development for Quest Software. Following that, he worked with both Woodside Capital Partners and Northland Securities as an analyst covering various software sectors including cloud infrastructure, security, data & analytics and SaaS applications. Marshall holds both Bachelors and Masters degrees from the University of Connecticut.

Sector Coverage: Software
Companies Covered:
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ADBE
AYX
BOX
CARB
CLDR
CRM
DATA
HDP
MDB
MSFT*
NEWR*
Adobe System, Inc.
Alteryx, Inc.
Box, Inc.
Carbonite, Inc.
Cloudera, Inc.
Salesforce.com
Tableau Software, Inc.
Hortonworks, Inc.
MongoDB, Inc.
Microsoft Corp
New Relic, Inc.
NOW*
ORCL
PANW
PFPT
RHT
RPD
SPLK
SYNC
TLND
WDAY*
ZEN
ServiceNow, Inc.
Oracle Corp
Palo Alto Networks, Inc.
Profpoint, Inc.
Red Hat, Inc.
Rapid7, Inc.
Splunk, Inc.
Synacor, Inc.
Talend SA
Workday, Inc.
Zendesk, Inc.
*Not Rated
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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CBOE
CME
ICE
NDAQ
Cboe Global Markets, Inc.
CME Group Inc
Intercontinental Exchange, Inc
Nasdaq, Inc.
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: Networking and Communications
Companies Covered:
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ACIA
CASA*
CIEN
COMM
Acacia Communications
Casa Systems Inc.
Ciena Corporation
CommScope Holding Co.
INFN
JNPR
RNG
TWLO
Infinera Corpration
Juniper Network Inc.
RingCentral, Inc.
Twilio Inc.
*Not Rated
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
MCHP
MLNX
Advanced Micro Devices, Inc.
Broadcom Limited
Intel Corporation
Inphi Corporation
Microchip Technology, Inc.
Mellanox
MRVL
MU
NVDA
TXN
XLNX
Marvell Technology Group Ltd.
Micron Technology, Inc.
NVIDIA Corporation
Texas Instruments Incorporated
Xilinx, 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: Advertising, Commerce, Video
Companies Covered:
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CRTO
SHOP
WIX
Criteo S.A.
Shopify, Inc.
Wix.com Ltd.
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
AUO*
CCIH
CHA*
CHL*
CHU
CRUS
HIMX
ZTE Corp.
Lenovo Group Limited
Compal Electronic
Acer Inc
Foxconn Tech. Co.
Quanta Computer
MediaTek Inc
Applied Optoelectronics Inc.
Apple Inc.
AU Optronics Corp.
ChinaCache International Holdings Ltd.
China Telecom Corp. Ltd.
China Mobile Limited
China Unicom Limited
Cirrus Logic Inc.
Himax Technologies, Inc.
KZ*
LITE
LPL*
NPTN
NQ
OCLR
QCOM
QRVO*
SWKS*
SYNA
TSM
UTSI
VIAV
Kongzhong Corp.
Lumentum Holdings Inc.
LG Display Co., Ltd.
NeoPhotonics Corp
NQ Mobile Inc.
Oclaro Inc.
QUALCOMM Incorporated
Qorvo Incorporated
Skyworks Solutions Inc.
Synaptics Inc.
Taiwan Semiconductor Manufacturing Co.
UTStarcom Holdings Corp
Viavi Solutions Inc.
*Not Rated
 - 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 33 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:

Turkey
Saudi Arabia
Nigeria
Middle East & North Africa
Israel
Frontier Europe
Pakistan
Sri Lanka
Greece
Central & eastern europe
Taiwan
russia
Kenya
Bangladesh
UK

For more information contact InternationalResearch@rblt.com.