Stephens
Stephens Inc.
Family-owned investment bank headquartered in Little Rock, Arkansas, whose companies employ more than 1,300 people (2025); its equity research covers about 400 stocks across consumer, financial services, healthcare, industrials and energy, and technology, media and telecom.
Company history
Witt Stephens founded the firm in Little Rock in 1933 to trade Arkansas highway bonds; his brother Jack joined in 1946 and led it as chairman and CEO from 1956 to 1986. Stephens handled Walmart's 1970 initial public offering. Jack's son Warren became CEO in 1986 and acquired 100% of the firm in 2006. In January 2025, as Warren prepared to become U.S. ambassador to the United Kingdom, his sons Miles and John became co-CEOs.
- 1933Witt Stephens starts bond business in Little Rock
- 1946Jack Stephens joins the firm
- 1970Handles Walmart's initial public offering
- 1986Warren Stephens named president and CEO
- 2006Warren Stephens acquires full ownership of the firm
- 2025Miles and John Stephens become co-CEOs
Research
Stephens analysts cover approximately 400 stocks across more than 30 sub-sectors in five industries: consumer; financial services; healthcare; industrials and energy; and technology, media and telecom (2026). Stocks are rated Overweight, Equal-Weight or Underweight on a 12-month horizon, and analysts can add a Volatile designation.
Coverage12M
- Stocks
- 332
- Ratings
- 486
- Price targets
- 420
- Median upside
- +15.8%
- Upgrades
- 26
- Downgrades
- 26
- Initiations
- 14
- Reiterations
- 420
- Targets raised
- 176
- Targets cut
- 114
- Positive67%190
- Neutral32%91
- Negative1%3
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 DRIDarden Restaurants, Inc. | Positive | $220 |
 PZZAPapa John's International, Inc. | Negative | $24 |
 CMGChipotle Mexican Grill, Inc. | Positive | $40 |
 WENThe Wendy's Company | Equal Weight | $27 |
 PTLOPortillo's Inc. | Equal Weight | $5 |
 RRCRange Resources Corporation | Overweight | $52 |
 CALMCal-Maine Foods, Inc. | Equal Weight | $80 |
 CAKEThe Cheesecake Factory Incorporated | Positive | $65 |
 EQTEQT Corporation | Overweight | $72 |
 EXEExpand Energy Corporation | Overweight | $146 |
Analysts24M
- Andrew TerrellPFBC · BMRC · BOH23
- Mike SciallaEXE · EQT · MTDR17
- Matt OlneySMBC · FFIN · BSVN14
- Charles NabhanGPN · FISV · EEFT14
- Todd WellerCHKP · S · CVLT14
- Jeff LickACVA · BOOT · ABG13
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| Cal-Maine Foods, Inc.CALM | Target | $85 →$80 | Sep 22 | |
| AVAvePoint, Inc.AVPT | Reiterate | Overweight | $18 →$17 | Sep 21 |
 HubSpot, Inc.HUBS | Reiterate | Equal Weight | $251 →$255 | Sep 21 |
| WMAdvanced Drainage Systems, Inc.WMS | Reiterate | Overweight | Sep 21 | |
| CRCalifornia Resources CorporationCRC | Reiterate | Overweight | $85 →$91 | Sep 18 |
 CrowdStrike Holdings, Inc.CRWD | Reiterate | Overweight | $465 →$280 | Sep 18 |
 Salesforce, Inc.CRM | Reiterate | Equal Weight | Sep 18 | |
 Brinker International, Inc.EAT | Reiterate | Overweight | Sep 18 |
Similar coverage12M
References
- Stephens Inc. - Wikipediaen.wikipedia.org
- Stephens Inc. - Encyclopedia of Arkansasencyclopediaofarkansas.net
- Stephens Announces CEO Succession with Third Generation of Family Leadership (2025)stephens.com
- Explore the Stephens Storystephens.com
- Stephens Inc. Equity Research Services Program (ADV Part 2A, March 2026)stephens.com
- Bascome Majors Joins Stephens to Head Transportation Equity Research (Business Wire, 2026)businesswire.com