TD Cowen
TD Cowen is the New York-based US investment banking, research and equities division of TD Securities, the wholesale arm of Toronto-Dominion Bank. Cowen has long been known for equity research in healthcare and technology.
Company history
Cowen was founded in New York in 1918 as a bond trading house and later built research, institutional sales and investment banking businesses. Société Générale acquired it in 1998 as SG Cowen; it was spun off in a 2006 IPO and combined with hedge fund manager Ramius in 2009. Toronto-Dominion Bank acquired Cowen for US$1.3 billion in March 2023 and rebranded it TD Cowen, a division of TD Securities.
- 1918Founded in New York as a bond trading house
- 1998Acquired by Société Générale, renamed SG Cowen
- 2006Spun off from Société Générale in Nasdaq IPO
- 2009Combines with hedge fund manager Ramius
- 2023Acquired by Toronto-Dominion Bank; renamed TD Cowen
- 2024Adopts Buy/Hold/Sell equity rating system
Research
The TD Cowen research platform, combining Cowen's US franchise with TD Securities' Canadian coverage, rated about 1,300 companies as of June 30, 2026. Since April 1, 2024 it has used Buy (expected 12-month total return of 15% or more), Hold (−10% to +15%) and Sell (−10% or below), replacing Cowen's Outperform, Market Perform and Underperform scale. Lisa Thomas became head of global research in June 2026.
Coverage12M
- Stocks
- 809
- Ratings
- 2,002
- Price targets
- 52
- Median upside
- +16.9%
- Upgrades
- 60
- Downgrades
- 74
- Initiations
- 37
- Reiterations
- 1,831
- Targets raised
- 12
- Targets cut
- 3
- Positive64%511
- Neutral35%278
- Negative1%12
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 DPZDomino's Pizza, Inc. | Hold | $390 |
| COCOWN | Buy | $18 |
 MUMicron Technology, Inc. | Buy | $70 |
 SBUXStarbucks Corporation | Buy | $116 |
 AMZNAmazon.com, Inc. | Buy | $150 |
 ORCLOracle Corporation | Buy | $375 |
 YUMYum! Brands, Inc. | Buy | — |
 BFHBread Financial Holdings, Inc. | Hold | — |
 MSTRStrategy Inc | Buy | — |
 BROSDutch Bros Inc. | Buy | $65 |
Analysts24M
- Michael EliasVRT2
- Lance VitanzaVRT1
- Robert MoskowCHD1
- Oliver ChenLEVI1
- Charles RhyeeCI1
- Shelby TuckerSO1
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
 AutoZone, Inc.AZO | Reiterate | Buy | Sep 23 |
 Carnival Corporation & plcCCL | Reiterate | Buy | Sep 22 |
 Eli Lilly and CompanyLLY | Reiterate | Buy | Sep 22 |
| TWTwilio Inc.TWLO | Reiterate | Buy | Sep 22 |
| SYStryker CorporationSYK | Reiterate | Hold | Sep 22 |
| ASStrive, Inc.ASST | Reiterate | Buy | Sep 21 |
| ALAlkermes plcALKS | Reiterate | Buy | Sep 21 |
| SESenseonics Holdings, Inc.SENS | Reiterate | Buy | Sep 21 |
| Starbucks CorporationSBUX | Reiterate | Buy | Sep 21 |
| XEXenon Pharmaceuticals Inc.XENE | Reiterate | Buy | Sep 18 |
| DXDexCom, Inc.DXCM | Reiterate | Buy | Sep 18 |
 HubSpot, Inc.HUBS | Reiterate | Hold | Sep 18 |
Similar coverage12M
References
- TD Cowen – Wikipediaen.wikipedia.org
- TD completes acquisition of Cowen Inc. (March 1, 2023)td.mediaroom.com
- TD Cowen research report with rating definitions and distribution (June 30, 2026)otcmarkets.com
- Reuters – Toronto-Dominion names Geoff Bertram head of investment banking, memo says (June 2026)reuters.com
- TD Bank Group 2025 Proxy Circular (Tim Wiggan appointment)td.com
- Cowen Commemorates Its 100th Anniversary (2018)cowen.com