Susquehanna
Susquehanna Financial Group, LLLP
Susquehanna Financial Group (SFG) is the institutional broker-dealer of Susquehanna International Group, a privately held trading firm in Bala Cynwyd, Pennsylvania. It pairs fundamental equity research with listed-options analysis, market intelligence and execution services for institutional investors.
Company history
Susquehanna International Group was founded in May 1987 by a group of college friends including Jeff Yass and Arthur Dantchik, and grew into an options market maker and trading and technology firm. SFG, its institutional sales, trading and research arm, began expanding its fundamental research platform in 2009 and hired Michael Towey as director of research in March 2010. SIG remains a privately held partnership.
- 1987Susquehanna International Group founded
- 2009SFG begins expanding fundamental equity research coverage
- 2010SFG hires Michael Towey as director of research
Research
SFG covers roughly 250 stocks across five industry verticals as of 2026, compared with about 300 companies in six sectors in 2013, serving hedge funds, mutual funds, pension and endowment funds and family offices. Its notes combine fundamental analysis with listed-options and market-intelligence content. Ratings are Positive, Neutral and Negative: expected appreciation of at least 15%, performance within ±15%, or depreciation of at least 15% over 12 months.
Coverage12M
- Stocks
- 265
- Ratings
- 674
- Price targets
- 614
- Median upside
- +16.5%
- Upgrades
- 17
- Downgrades
- 18
- Initiations
- 11
- Reiterations
- 628
- Targets raised
- 388
- Targets cut
- 163
- Positive62%154
- Neutral37%93
- Negative1%2
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 JBHTJ.B. Hunt Transport Services, Inc. | Positive | $345 |
 WERNWerner Enterprises, Inc. | Positive | $48 |
 BKRBaker Hughes Company | Positive | $75 |
 CHRWC.H. Robinson Worldwide, Inc. | Positive | $226 |
 SLBSLB N.V. | Positive | $62 |
 ENPHEnphase Energy, Inc. | Neutral | $39 |
 UALUnited Airlines Holdings, Inc. | Positive | $165 |
 KNXKnight-Swift Transportation Holdings Inc. | Positive | $90 |
 BEBloom Energy Corporation | Positive | $298 |
 LSTRLandstar System, Inc. | Neutral | $230 |
Analysts24M
- Charles MinervinoGEV · ENPH · SLB71
- Bascome MajorsCHRW · WAB · NSC48
- Christopher RollandAMD · COHR · LITE37
- Mehdi HosseiniMU · LRCX · ALAB37
- Shyam PatilEXPE · LYFT · CHKP36
- Christopher StathoulopoulosLUV · UAL · ULCC31
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| J.B. Hunt Transport Services, Inc.JBHT | Initiate | Positive | Sep 17 | |
 Honeywell Aerospace IncHONA | Initiate | Positive | Sep 17 | |
| Baker Hughes CompanyBKR | Reiterate | Positive | $72 →$75 | Sep 10 |
 NetApp, Inc.NTAP | Reiterate | Neutral | Sep 3 | |
 Palo Alto Networks, Inc.PANW | Reiterate | Positive | $350 →$415 | Sep 2 |
 SentinelOne, Inc.S | Reiterate | Positive | $28 | Aug 31 |
 International Business Machines CorporationIBM | Reiterate | Neutral | $225 →$235 | Aug 31 |
 Okta, Inc.OKTA | Target | $80 →$185 | Aug 28 |
Similar coverage12M
References
- Susquehanna International Group - Wikipediaen.wikipedia.org
- Susquehanna Financial Group Continues Research Expansion With Additions of A.J. Rice and Chris Rigg (2010)prnewswire.com
- Susquehanna Financial Group Hires Michael Towey as Director of Researchprnewswire.com
- Susquehanna Financial Group Hires Brian Nowak as Senior U.S. Internet Analyst (2013)prnewswire.com
- Susquehanna Equity Research Sales Associate job posting (About SFG, 2026)talents.vaia.com
- SFG research note with rating system disclosure (2024)studocu.com