J.P. Morgan Maintains Top Position in Research Survey

The 55th annual survey conducted by Extel, the leading provider of market sentiment in the financial industry, has revealed that J.P. Morgan continues to hold the top position in the All-America Equities Research Table. This year’s survey, which evaluates the best-in-class sell-side research teams in the U.S., has been conducted by Extel, a company known for its independent feedback on the sell-side and corporate performance.

The survey, which was conducted among 4,451 portfolio managers and analysts at 1,608 institutions, provides feedback across 60 sectors. The results, which reflect the opinions of 129,919 voters, show that J.P. Morgan maintained their leading position by publishing 47 research positions, up from the 41 positions they held in the previous year. BofA Securities followed closely behind with 44 published positions, up one from last year, and Morgan Stanley maintained third place with 43 published positions.

UBS made the largest gain in positions, adding nine to reach 42 and climbing two places to fourth. Evercore ISI and Wells Fargo Securities share joint fifth place with 36 positions each, with Wells Fargo Securities rising three places from eighth after adding eight positions. Jefferies is seventh with 35 positions, up one, and Wolfe Research is eighth with 31. Barclays and Bernstein hold ninth and tenth with 26 and 17 positions, respectively.

In the weighted ranking, UBS leads with 42 positions, followed by J.P. Morgan and Evercore ISI. The weighted ranking takes into account the number of positions each firm holds, giving more weight to those with a higher number of positions.

The 2026 results reflect the opinion of 4,451 portfolio managers and analysts at 1,608 institutions, providing feedback across 60 sectors. The number of participating institutions has decreased from 1,705 in 2025, but the number of voters has increased, with 89 firms now sitting in the top two commission bands, up from 82 last year. The lowest two bands have shrunk from 1,150 firms to 1,062, accounting for 88 of the 97 fewer participating institutions.

In the Analyst Leaders table, Jefferies took first place with 43 published positions, up from 41 and a rise of three places from fourth. BofA Securities rose one place to share second with Evercore ISI, both on 40 positions. UBS climbed three places from seventh to fourth with 39 positions, up seven on 2025. Morgan Stanley and Wells Fargo Securities share joint fifth with 38 positions each. Wells Fargo Securities made the biggest jump in the table, rising four places from ninth after adding 12 positions. In the weighted table, Evercore ISI moved up a place to take first, UBS moved up two places to second, and Jefferies is third.

The release of these results underscores J.P. Morgan’s continued leadership in the field of equities research and highlights the importance of independent evaluations in the financial industry. The survey provides buy-side investors with a structured way to assess the research they use, allowing them to make informed decisions based on the opinions of the most influential investors.