Featured Research

Across the bay from the lightning, launching RJ’s first 10 utility and power plays
We are launching coverage on the utilities and power space with a wide-ranging group of companies focused on power and electric utilities. We are quite constructive on the sector, and have selected some of the more intriguing growth stories and higher quality names for our initial launch. We also appreciate the “risk on” vs. “risk off” balance of the two categories together.

Rating agencies 101
The major credit rating agencies came into existence during the early 1900s, and the services they provide have since been comprehensively woven into the fabric of the global financial system. We believe the credit rating industry’s strong growth track record and oligopoly economics make for distinct investment opportunities, and we intend for this report to serve as a thorough review of the industry.

Navigating a historic biotech dislocation: What’s driving the underperformance?
Periods of biotech underperformance have historically been followed by periods of meaningful outperformance. We expect the same will be true following the current downcycle; However, timing a recovery is particularly challenging. Interest rates and drug pricing remain the most sensitive valuation input for biotechnology. Amid the confluence of key uncertainties, applying a consistent valuation framework across the sector remains challenging for investors.

Critical minerals: Policy risks, catalysts and impacts for covered companies
With an uptick in relevance and interest across a variety of issues – most notably including geopolitics, trade and export controls – the supply chain risks associated with critical minerals have become a key area of policy and market focus alike. Our deep-dive primer provides views on US critical minerals vulnerabilities from a policy perspective, impacts for companies covered by Raymond James and policy catalysts we are monitoring with relevance to US critical minerals availability/production.

Lumber price purgatory lingers, but hope and on the horizon
Due to the combined effect of stagnant lumber demand from homebuilders this spring and the on-again/off-again uncertainty of US-Canadian tariff policies, cash market lumber pricing and oriented strand board (OSB) pricing have declined in 2025.  Despite the challenging demand conditions that have persisted in this higher-for-longer interest rate environment, we think the timber sector is finally poised to see some increasingly positive headlines over the coming months. Recent news reports give positive visibility into future US-Canadian policies. Pent-up housing demand is growing but is unlikely to contribute until 2026 given current mortgage rates.

S&P 500/TSX Composite Overview
Our detailed quarterly overview of North America’s major market indices and indicators includes insights into potential market trends in equities, fixed income instruments, currencies and specific sectors, along with recommendations for individual securities that may take advantage of these market trends.

Raymond James semi-annual media usage trends survey
We have observed the normalization of most trends back toward pre-COVID levels and believe video consumption trends are at a regular pace for consumers. Shifts in streaming pricing and packaging are the more observable trend, with inflation still observably impacting TV package retention. Clearly, consumers are demanding just as much content as they were before, but they are getting it from a wider variety of platforms.

Less-Than-Truckload (LTL) modal substitution and the alligator mouth puzzle
Modal substitution (LTL → Full Truckload (FTL)/Partial Truckload (PTL) or LTL → Parcel) has been a concern for as long as we have covered the industry as shippers do (in theory) have modal options. However, given the recent departure in industry volume from industrial production, which historically has had a very high correlation, these concerns have again stirred. Further, given that LTL pricing has far outpaced TL pricing (i.e., a widening “alligator mouth”), concerns remain that LTL is simply pricing itself out of its own market and is losing modal share.