J.P. Morgan tops Extel’s 2026 All-America equities research survey

Extel’s 55th annual All-America Research Team survey ranked J.P. Morgan first again in U.S. equity research, with BofA Securities and Morgan Stanley close behind. The results reflect feedback from 4,451 portfolio managers and analysts at 1,608 institutions and offer a read on how buy-side investors evaluate sell-side research.

Why it matters: - Extel’s annual survey is a widely watched benchmark for sell-side equity research quality in the U.S. - The rankings influence how buy-side firms assess research providers and can affect street visibility for top-ranked teams. - The 2026 results reflect input from the most engaged investors in the survey process, not just raw participation.

What happened: - Extel released the results of its 2026 All-America Research Team survey, its 55th annual edition. - J.P. Morgan held No. 1 in the Research Team leaders table with 47 published positions. - BofA Securities ranked second with 44 positions, up one from last year. - Morgan Stanley ranked third with 43 positions. - UBS posted the biggest gain in positions, adding nine to reach 42 and moving up two places to fourth. - Evercore ISI and Wells Fargo Securities tied for fifth with 36 positions each. - Wells Fargo Securities climbed three places from eighth after adding eight positions. - Jefferies ranked seventh with 35 positions, up one. - Wolfe Research ranked eighth with 31 positions. - Barclays and Bernstein finished ninth and tenth with 26 and 17 positions, respectively. - UBS led Extel’s separate weighted ranking, ahead of J.P. Morgan and Evercore ISI. - Jefferies took first place in the Analyst Leaders table with 43 published positions. - BofA Securities and Evercore ISI tied for second with 40 positions each. - UBS moved from seventh to fourth with 39 positions, up seven from 2025. - Morgan Stanley and Wells Fargo Securities tied for fifth with 38 positions each. - Wells Fargo Securities made the biggest jump in the Analyst Leaders table, rising four places from ninth after adding 12 positions. - Evercore ISI ranked first in the weighted Analyst Leaders table, followed by UBS and Jefferies.

The details: - The survey drew responses from 4,451 portfolio managers and analysts at 1,608 institutions across 60 sectors. - Extel counted 129,919 votes in total. - The number of participating institutions fell from 1,705 in 2025. - 89 firms now sit in the top two commission bands, up from 82 last year. - The lowest two commission bands shrank from 1,150 firms to 1,062. - Those changes accounted for 88 of the 97 fewer participating institutions. - Buy-side professionals were invited to vote during a three-week period. - More than 300 firms submitted votes centrally, representing 49% of the weighted universe. - Extel said centralized submissions are meant to reflect formal internal research evaluation processes and reduce disruption to the industry. - The full results and editorial are available here. - Extel also posted its LinkedIn page here.

Between the lines: - J.P. Morgan’s ninth win in 10 years signals continued dominance in a category where reputation and consistency matter. - UBS’s gains in both tables suggest growing traction with buy-side voters across different weighting methods. - The smaller field of participating institutions and the rise in centralized voting point to a more concentrated base of decision-makers shaping the results. - Extel’s weighted rankings indicate that influence, not just volume, is increasingly shaping the final picture.

What’s next: - Extel will continue using the survey as a benchmark for U.S. sell-side research performance. - Firms can contact Extel for more information or a demo on how to interrogate the data. - Extel said firms can also contact its marketing team to use their position in website content, advertising, communications and marketing collateral.

The bottom line: - J.P. Morgan remains the dominant name in Extel’s U.S. equity research rankings, but UBS and Wells Fargo Securities posted the sharpest upward momentum in 2026.