D.A. Davidson
D.A. Davidson & Co.
D.A. Davidson & Co. is the full-service investment firm of employee-owned D.A. Davidson Companies, headquartered in Great Falls, Montana. Its equity capital markets group publishes institutional research on about 400 companies in consumer, diversified industrials, financial institutions and technology.
Company history
David Adams Davidson opened a Great Falls branch of the brokerage E.J. Gibson in 1935 and later bought control of it. His son Ian joined in 1958, and the firm took the D.A. Davidson & Co. name in 1959. Acquisitions included Crowell, Weedon & Co. in 2013, Wells Nelson & Associates in 2019 and technology investment bank Marlin & Associates in 2021. The group has about 1,600 employees in 30 states as of 2025 and remains employee-owned.
- 1935D.A. Davidson opens a brokerage office in Great Falls, Montana
- 1959Firm renamed D.A. Davidson & Co.
- 2013Combines with California brokerage Crowell, Weedon & Co.
- 2019Acquires Wells Nelson & Associates
- 2021Acquires technology investment bank Marlin & Associates
Research
Institutional research covers about 400 public companies as of 2026, with 16 senior analysts across consumer, diversified industrials, financial institutions and technology; coverage has traditionally centered on small and mid caps. Jesse Bigelow, formerly director of research at Wolfe Research, became Director of Research in December 2025. Ratings, maintained since October 2017, are Buy (risk-adjusted total return above 15%), Neutral (−15% to +15%) and Underperform (loss above 15%) over 12–18 months.
Coverage12M
- Stocks
- 400
- Ratings
- 1,257
- Price targets
- 820
- Median upside
- +16.5%
- Upgrades
- 21
- Downgrades
- 23
- Initiations
- 0
- Reiterations
- 1,213
- Targets raised
- 406
- Targets cut
- 284
- Positive58%212
- Neutral41%150
- Negative1%2
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 DUOLDuolingo, Inc. | Buy | $175 |
 PLTRPalantir Technologies Inc. | Buy | $250 |
 NBISNebius Group N.V. | Neutral | $175 |
 NVDANVIDIA Corporation | Buy | $300 |
 DDOGDatadog, Inc. | Buy | $315 |
 TYLTyler Technologies, Inc. | Buy | $460 |
 MODModine Manufacturing Company | Buy | $330 |
 WNCWabash National Corporation | Buy | $20 |
 ELFe.l.f. Beauty, Inc. | Neutral | $75 |
 GWREGuidewire Software, Inc. | Buy | $222 |
Analysts24M
- Gil LuriaPLTR · DT · DDOG70
- Michael BakerAZO · CTRN · TSCO58
- Peter HeckmannFOUR · TOST · ACIW46
- Peter WinterKEY · BOKF · DCOM41
- Rudy KessingerOKTA · CRWD · VRNS40
- Jeff RulisWTFC · BOH · EQBK36
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| Wabash National CorporationWNC | Reiterate | Buy | Sep 22 | |
| PDPDF Solutions, Inc.PDFS | Reiterate | Buy | $74 →$24 | Sep 21 |
| SESenseonics Holdings, Inc.SENS | Target | $15 | Sep 21 | |
| HBHuntington Bancshares IncorporatedHBAN | Reiterate | Buy | $17.50 →$20 | Sep 21 |
 Brinker International, Inc.EAT | Reiterate | Neutral | $240 →$210 | Sep 21 |
| VMVulcan Materials CompanyVMC | Reiterate | Buy | Sep 21 | |
 Reddit, Inc.RDDT | Target | $200 →$185 | Sep 18 | |
| EVEVI Industries, Inc.EVI | Reiterate | Buy | Sep 18 | |
| ALAlmonty Industries Inc.ALM | Reiterate | Buy | Sep 18 |
Similar coverage12M
References
- D.A. Davidson Companies Celebrates 90th Anniversarydadavidson.com
- D.A. Davidson Settles into New Home – Flathead Beaconflatheadbeacon.com
- Research | Equity Capital Markets – D.A. Davidsondadavidson.com
- D.A. Davidson & Co. Announces Jesse Bigelow as New Director of Research – Business Wirebusinesswire.com
- D.A. Davidson Companies 2023 Annual Reportdadavidson.com
- Form ADV Part 2A Brochure: Equity Research Services – D.A. Davidson & Co.dadavidson.com