BTIG
BTIG, LLC
BTIG is an institutional brokerage and investment bank headquartered in San Francisco and owned by U.S. Bancorp since June 2026. Its equity research group covers more than 500 companies, with a focus on small- and mid-cap companies and industry disruptors.
Company history
BTIG traces its origins to 2002 and took its current form in 2005 through the merger of San Francisco's Baypoint Trading and New York's Bass Trading; co-founders Scott Kovalik and Steven Starker came from Montgomery Securities and Spear, Leeds & Kellogg. Goldman Sachs took a minority stake in 2008, the firm launched fundamental equity research in 2010, and Blackstone Tactical Opportunities invested in 2016. U.S. Bancorp acquired BTIG for up to $1 billion on June 1, 2026; it operates as a separate broker-dealer.
- 2002Founded in San Francisco with five employees
- 2005Baypoint Trading and Bass Trading merge to form BTIG
- 2008Goldman Sachs makes minority investment
- 2010Launches fundamental equity research group
- 2016Blackstone Tactical Opportunities takes minority stake
- 2026Acquired by U.S. Bancorp for up to $1 billion
Research
BTIG's Research and Strategy team has more than 30 analysts covering over 500 companies as of 2026 across consumer, energy and infrastructure, financials, healthcare, industrials, real estate and technology. Buy and Sell ratings denote an expected total return of at least 15% up or down over 12 months; Neutral denotes no meaningful expected move. As of April 2026, 67% of 537 rated stocks were Buy and under 1% Sell.
Coverage12M
- Stocks
- 471
- Ratings
- 1,652
- Price targets
- 712
- Median upside
- +27.6%
- Upgrades
- 37
- Downgrades
- 54
- Initiations
- 41
- Reiterations
- 1,520
- Targets raised
- 316
- Targets cut
- 208
- Positive83%370
- Neutral16%70
- Negative1%5
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 GKOSGlaukos Corporation | Buy | $202 |
 BSXBoston Scientific Corporation | Buy | $56 |
 ISRGIntuitive Surgical, Inc. | Buy | $469 |
 CRWDCrowdStrike Holdings, Inc. | Buy | $245 |
 FLUTFlutter Entertainment plc | Buy | $113 |
 PANWPalo Alto Networks, Inc. | Buy | $404 |
 CVNACarvana Co. | Buy | $87 |
 EXPEExpedia Group, Inc. | Buy | $400 |
 GHGuardant Health, Inc. | Buy | $195 |
 APPAppLovin Corporation | Buy | $396 |
Analysts24M
- Gregory LewisGLNG · ENS · INSW37
- Ryan ZimmermanISRG · GEHC · SYK31
- Marie ThibaultBSX · ABT · EMBC27
- Mark MassaroGH · XGN · CAI24
- Gray PowellDDOG · FTNT · CRWD20
- Jake FullerDASH · COMP · CART20
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
 NVR, Inc.NVR | Target | $7,446 →$7,125 | Sep 22 | |
| DHD.R. Horton, Inc.DHI | Reiterate | Buy | $184 →$174 | Sep 22 |
| ADAdaptive Biotechnologies CorporationADPT | Reiterate | Buy | Sep 22 | |
| ATAtlanticus Holdings CorporationATLC | Reiterate | Buy | Sep 22 | |
| TLTiziana Life Sciences LtdTLSA | Reiterate | Buy | Sep 22 | |
| UPUpstart Holdings, Inc.UPST | Reiterate | Buy | Sep 22 | |
| ADAdaptive Biotechnologies CorporationADPT | Target | $25 →$34 | Sep 21 | |
| SRSpire Inc.SR | Reiterate | Buy | $101 →$102 | Sep 21 |
 Invitation Homes Inc.INVH | Target | $50 →$32 | Sep 21 | |
| IQIQM Quantum Computers OyjIQMX | Initiate | Buy | Sep 21 |
Similar coverage12M
References
- U.S. Bancorp Completes Acquisition of BTIGir.usbank.com
- U.S. Bancorp to Acquire BTIGir.usbank.com
- Research & Strategy - BTIGbtig.com
- BTIG Launches Equity Research Groupbtig.com
- Goldman Sachs invests in broker dealer BTIG - Reutersreuters.com
- Blackstone Buys Stake in Brokerage BTIG Through Blitzer's Unit - Bloombergbloomberg.com