Stifel Financial Corp. is the bank holding company for Stifel, Nicolaus & Company, Incorporated. It provides retail and institutional wealth management and investment banking services to individuals, corporations, municipalities, and institutions in the United States, the United Kingdom, Canada, and internationally. The company operates in three segments: Global Wealth Management, Institutional Group, and Other, offering services such as securities brokerage, financial planning, institutional sales and trading, investment banking, and retail and commercial banking. Founded in 1890, it is headquartered in Saint Louis, Missouri.
Accenture Jumps 15.8% on Q4 Earnings Beat and $22.2 Billion in New Bookings
Accenture PLC shares climbed 15.78 percent to close at $212.30, a third straight day of gains, after the IT services giant reported stronger-than-expected fourth-quarter fiscal 2026 results and new bookings that eased fears about AI disrupting consulting firms. Attributable net income surged 40.8 percent to $1.99 billion from $1.413 billion a year earlier, while revenues grew 6.25 percent to $18.68 billion from $17.6 billion. New bookings rose 4 percent to $22.2 billion, comprising $9.4 billion from consulting and $12.77 billion from managed services. Chairman and CEO Julie Sweet said the company exceeded its fourth-quarter revenue guidance range, grew adjusted EPS 8 percent, returned a record $11.5 billion to shareholders and reached a new high of 141 quarterly client bookings of $100 million or more. Accenture guided full-year 2027 revenue growth of 3 to 6 percent, slower than the 6.5 percent jump in fiscal 2025, with GAAP diluted earnings per share projected at $14.39 to $14.81, implying 6 to 9 percent growth, and plans to return at least $9.5 billion in cash to shareholders. Evercore raised its price target to $250 from $180, Stifel hiked its target to $242 from $225, and Baird lifted its target to $245 from $190, while TD Cowen kept a hold rating and $173 target.
Paychex Q1 Revenue Rises 6% to $1.6 Billion as PEO Guidance Raised
Paychex reported fiscal 2027 first-quarter revenue up 6% to $1.6 billion and adjusted EPS up 10% to $1.34, both ahead of expectations, yet the stock sold off sharply enough that JPMorgan upgraded the shares to Neutral from Underweight and raised its price target to $115 from $105, calling the reaction overdone. PEO and Insurance Solutions revenue jumped 12% to $367.6 million, prompting management to raise full-year PEO guidance to 7% - 8% from 6% - 7%, while total revenue guidance held at 5% - 6%. CEO John Gibson said new logo PEO sales and ASO-to-PEO conversions accelerated together, running roughly double plan, with enterprise bookings up double digits and broker referrals up 43% year-over-year after a third national broker partnership in six months with IMA Financial Group. Management Solutions growth slowed to 4% from roughly 5.5% in the fourth quarter, which CFO Bob Schrader attributed mostly to ASO clients shifting into PEO, calling it left pocket, right pocket. BMO Capital cut its target to $113 from $118, Stifel cut to $112 from $130, and Jefferies trimmed to $110 from $120, with Jefferies saying investors want proof the segment has stabilized before rewarding PEO strength.
PAYX · Capital · Positive Q1 revenue up 6% to $1.6B and adjusted EPS up 10% to $1.34 beat expectations, with PEO guidance raised to 7%-8%.
PAYX · Demand · Positive New logo PEO sales and ASO-to-PEO conversions ran roughly double plan, enterprise bookings up double digits, and broker referrals up 43%.
JPM · Capital · Positive JPMorgan upgraded Paychex to Neutral from Underweight and raised its price target to $115 from $105, calling the selloff overdone.
JEF · Capital · Negative Jefferies trimmed its Paychex price target to $110 from $120, saying investors want proof the segment has stabilized.
SF · Capital · Negative Stifel cut its Paychex price target to $112 from $130.
Oracle's Project Jupiter 26% Complete as Stifel Reiterates Buy Rating
Stifel estimates Oracle's 2.5-gigawatt Project Jupiter AI data center campus is approximately 26% complete, with its associated microgrid about 10% complete, and has reiterated its Buy rating and $200 price target on Oracle stock. The firm views a force majeure notice involving the Blue Owl unit working on the project as a precautionary measure to preserve contractual rights rather than evidence of cancellation, though Oracle shares fell about 3% after the notice appeared amid regulatory and air-quality permitting challenges and permitting setbacks for the pipeline expected to supply the project's power system. Oracle's first-quarter fiscal 2027 results showed Cloud Infrastructure revenue up 121% year over year, more than $30 billion in AI-related contracts signed, and remaining performance obligations of approximately $664 billion. The company generated approximately $32 billion in operating cash flow in fiscal 2026 but posted negative free cash flow of $23.7 billion as it continued investing in cloud growth. Hedge fund interest strengthened, with 119 funds holding Oracle shares in the second quarter versus 115 in the first, while short interest rose to approximately 50.84 million shares as of September 15 from 47.77 million as of August 14, about 2.73% of the float.
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Demand
Cloud & Digital Infrastructure › Mega-cap Hyperscalers Capital
Artificial Intelligence › AI Data Center & Build-out Capital
Cloud & Digital Infrastructure › Hyperscale Cloud (IaaS / PaaS) Capital
Artificial Intelligence › Colocation & Hyperscale REITs Capital
Energy Transition & Power Demand › Behind-the-Meter & On-site Power Supply
ORCL · Capital · Positive Stifel reiterated its Buy rating and $200 price target on Oracle, citing Project Jupiter's progress and strong AI/cloud momentum.
ORCL · Demand · Positive Oracle signed more than $30 billion in AI-related contracts with Cloud Infrastructure revenue up 121% year over year.
SF · Capital · Positive Stifel reiterated its Buy rating and $200 price target on Oracle, reflecting its analyst stance on the stock.
OWL · Regulation · Neutral Blue Owl's unit on Project Jupiter issued a force majeure notice, which Stifel views as precautionary rather than a cancellation.
Nike Faces Another 'Reset Moment' as Evercore Warns of Spring 2027 Order Cuts
Nike could be headed for another "reset moment" when it reports earnings later this week, with Evercore ISI analyst Michael Binetti warning that the sportswear giant may need to signal lower second-half fiscal 2027 revenue. Binetti said Nike has likely seen cancellations or negative order revisions from retailers for Spring 2027 since its last earnings call, which he expects to translate into further negativity in the company's fiscal second-half 2027 revenue outlook, and he argued that with a new CFO joining, it might make sense to lower that outlook on this call. The report lands against a rough backdrop: Nike stock is down about 25% since its last earnings report on May 28, trades near a 52-week low, is off 53% from its year-ago peak, and has seen its market cap roughly cut in half since 2021 highs. Nike projected fiscal first-quarter revenues down by low-to-mid-single-digit percentages and reiterated flat earnings per share growth over the next three quarters, excluding benefits from tariff recovery proceeds, after reporting fiscal fourth-quarter revenue of $11 billion, a 1% reported decline and a 4% currency-neutral drop, with diluted earnings per share of $0.72 inflated by a $0.52 per share one-time tariff recovery benefit. Stifel analyst Peter McGoldrick said in his own preview that risk-reward remains hung up on insufficient consumer demand for new products while Hoops Classics, 18% of revenue, continues to shrink, and that at 17x 2027 calendar year price-to-earnings estimates versus a footwear median of 11x, he sees risk to the multiple if the turnaround timeline slips again. The company also faces the loss of soccer icon Kylian Mbappé, who ended his long-term Nike tie-up this month to join Swiss sports giant On, and a brutal late-August warning from Dick's Sporting Goods tied in part to Nike heavily discounting slow-moving product, while CEO Elliott Hill continues to battle execution issues, changing sneaker preferences, cautious consumers, and hungry competitors like On.
NKE · Competition · Negative Soccer icon Kylian Mbappé ended his long-term Nike tie-up to join rival On, a competitive loss for Nike.
NKE · Demand · Negative Retailers have cancelled or negatively revised Spring 2027 orders, signaling weak end-customer demand for Nike products.
ONON · Competition · Positive On gains from Kylian Mbappé ending his Nike tie-up to join the Swiss sports giant, a competitive win.
EVR · Capital · Neutral Evercore analyst Binetti warns of Nike Spring 2027 order cuts and a possible lowered outlook; the call concerns Nike, not Evercore's own business.
SF · Capital · Neutral Stifel analyst McGoldrick's preview flags insufficient consumer demand and multiple risk for Nike; the commentary concerns Nike, not Stifel's own business.
DKS · Demand · Negative Article references a brutal late-August warning from Dick's Sporting Goods, implying weak demand for Nike products at retail.
Stifel Reports Record Client Assets for August 2026
Stifel Financial Corp. reported selected operating results for August 31, 2026, with total client assets and fee-based client assets reaching record highs. Total client assets rose 10% year over year to $587,622 million, while fee-based client assets increased 14% to $244,377 million, and Private Client Group fee-based client assets climbed 15% to $214,193 million. Excluding the Stifel Independent Advisors business sold on February 2, 2026, total client assets and fee-based client assets rose 12% and 17% year over year, respectively. Treasury deposits grew 61% year over year and 7% month over month to $12,344 million, while client money market and insured product balances fell 8% year over year to $23,443 million. Chairman and Chief Executive Officer Ronald J. Kruszewski said the firm expects third-quarter firm-wide net revenue to be essentially flat with the third quarter of 2025, as strong growth in Global Wealth Management offsets a roughly 15% decline in the Institutional Group driven by lower transactional revenue and a modest decline in investment banking revenue.
SF · Capital · Positive Stifel reported record total and fee-based client assets for August 2026, with total client assets up 10% YoY to $587.6B and fee-based assets up 14%.
Benioff Unveils AIforce at Dreamforce, Revives "New Clippy" Jab at Microsoft
Salesforce CEO Marc Benioff used Dreamforce 2026 in San Francisco to launch AIforce, the company's biggest product launch in years, and again branded Microsoft's Copilot "the new Clippy." Salesforce is positioning AIforce as an open, provider-agnostic layer that works across multiple AI systems, including Anthropic's Claude through an integration called Claudeforce that the company says guarantees zero data retention by the model provider, as well as ChatGPT and Slack. The announcement came alongside a reiterated fiscal 2030 revenue target of $63 billion. Benioff framed AIforce as the answer to what he calls the "Fantasyland" problem, arguing rivals such as Copilot lack the dependable, controlled business-data layer needed to run enterprise operations, extending a public feud that dates to Dreamforce 2024. Stifel raised its price target on Salesforce to $300 from $275 while reaffirming a Buy rating, citing six revenue channels for monetizing the new AI stack, including additional core licenses, premium SKU upgrades, Agentforce spending, Data 360, Agent Fabric and Guardian, and APIs, MCPs and related infrastructure. Salesforce shares closed at $255.65 on September 15 after a nearly 34% rally over the previous month, following a rough start to 2026 in which the stock fell as much as 37%, and the most recent quarterly results showed $11.35 billion in revenue, beating Wall Street projections on both the top and bottom lines.
Artificial Intelligence › AI Applications & Copilots ▲Competition
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Competition
Cloud & Digital Infrastructure › Horizontal SaaS ▲Competition
Cloud & Digital Infrastructure › Data Platforms & Analytics ▲Demand
CRM · Technology · Positive Salesforce launched AIforce, its biggest product launch in years, an open provider-agnostic enterprise AI layer.
CRM · Capital · Positive Stifel raised its Salesforce price target to $300 from $275 and reaffirmed Buy, citing six monetization channels for the new AI stack.
MSFT · Competition · Negative Benioff branded Microsoft's Copilot 'the new Clippy' and argued it lacks the dependable controlled business-data layer for enterprise operations.
SF · Capital · Positive Stifel raised its price target on Salesforce to $300 from $275 while reaffirming a Buy rating.
Anthropic · Technology · Neutral Anthropic's Claude is integrated via Claudeforce with claimed zero data retention, but the article gives no independent Anthropic development.
Nike Faces Higher Bar as Stifel Cuts Target Ahead of October 1 Q1 Report
Nike heads into its October 1 fiscal 2027 first-quarter report with Wall Street focused on whether improving margins and performance categories can offset weak demand in the lifestyle business. Stifel cut its price target to $40 from $45 on September 21 while keeping a Hold rating, citing a more promotional Western marketplace and a tougher fiscal fourth-quarter gross-margin comparison, and lowered its FY2027 and FY2028 adjusted EPS estimates by $0.20 each, to $1.70 and $2.05. On the positive side, Performance grew mid-single digits in fiscal 2026, Running posted five consecutive quarters of double-digit growth and added roughly $1 billion in revenue, and North American wholesale revenue grew 10% in the fourth quarter; Stifel estimates the World Cup could add about $300 million to Q1 revenue. Against that, Sportswear declined double digits in Q4 and management expects Sportswear and Jordan streetwear to remain negative through FY2027, with those businesses representing roughly half of revenue, while Hoops Classics, about 18% of revenue, continues to contract and Greater China revenue fell 17% in Q4. UBS expects a Q1 EPS shortfall of five cents and sees risk of a broader FY2027 reset at the November Investor Day, while BMO expects Nike to reset its FY2027 outlook when it reports; the stock traded at a 20.66 forward P/E as of September 21 versus 10.46 for Deckers Outdoor, 14.27 for On Holding and 11.47 for Adidas, and short interest climbed to 75.59 million shares as of August 31 from 57.37 million a month earlier, or 7.92% of the float.
NKE · Capital · Negative Stifel cut its price target to $40 from $45 and lowered FY2027/FY2028 EPS estimates ahead of Nike's Q1 report, with UBS and BMO also flagging EPS shortfall and outlook-reset risk.
SF · Capital · Neutral Stifel is the analyst firm that cut Nike's price target and EPS estimates, but the article reports its action as context rather than news about Stifel itself.
Adobe Names Anil Chakravarthy CEO as CFO Search Continues
Adobe has named Anil Chakravarthy as its next president and CEO, effective December 1, 2026, succeeding Shantanu Narayen, who will become executive chair. Chakravarthy, an insider who joined in 2020, currently leads the Customer Experience Orchestration Business and worldwide field operations. The announcement comes ahead of Adobe's fiscal third-quarter earnings call on September 10, with Stifel analyst Parker Lane reiterating a Hold rating and a $200 price target, implying about 25% downside. Meanwhile, the CFO role remains interim, with Steven Day serving after Dan Durn's departure to Marvell Technology. Adobe's Q2 revenue reached a record $6.62 billion, up 13% year-over-year, and its AI-first ARR tripled to exceed $500 million, while hedge fund holdings dipped slightly to 81 funds.
ADBE · Capital · Neutral Adobe names insider Anil Chakravarthy as next CEO effective Dec 2026, succeeding Narayen, while CFO role stays interim and Stifel reiterates Hold with $200 target.
SF · Capital · Neutral Stifel analyst Parker Lane reiterates a Hold rating and $200 price target on Adobe, implying ~25% downside.
Aztec Minerals Announces $5 Million Bought Deal Private Placement
Aztec Minerals Corp. has entered into a bought deal private placement agreement with Stifel Canada as sole underwriter and bookrunner, aiming to raise gross proceeds of C$5,000,000. The offering consists of 15,625,000 units at C$0.32 per unit, each unit comprising one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at C$0.42 for 24 months. The underwriter has an option to purchase up to an additional 15% of the units, potentially raising approximately C$750,000 more. Net proceeds will fund exploration at the Tombstone gold-silver and CRD silver-lead-zinc-copper-gold project in Arizona and the Cervantes gold-copper project in Sonora, Mexico, plus working capital. The offering is expected to close on or about September 22, 2026, subject to regulatory approvals including TSX Venture Exchange conditional approval, and the units will be subject to a four-month-and-one-day hold period under Canadian securities laws.
Viking Holdings Beats Q2 Estimates as Record Bookings Boost Revenue Visibility
Viking Holdings reported second-quarter 2026 adjusted EPS of $1.31, beating consensus estimates of $1.24 and up 32.3% from $0.99 a year earlier, while total revenue rose 16.5% to $2.19 billion, also ahead of expectations. The beat was driven by capacity growth and pricing strength, with Capacity Passenger Cruise Days up 10.9% and Net Yield up 6.2% to $645, while adjusted EBITDA rose 18.2% to $748.4 million. As of August 9, the company had sold 96% of its core capacity for 2026 and 53% for 2027, and it expects to take delivery of one ocean ship and five river vessels during the remainder of 2026. However, analysts are split: Stifel lowered its price target to $120 from $125 but kept a Buy rating, citing temporary European low-water disruption, while Mizuho raised its target to $82 from $75 but maintained an Underperform rating, citing a lack of second-half catalysts and rising competition. The company faces $5.94 billion in total debt and heavy newbuild investments, and Q2 occupancy dipped slightly to 94.4% from 95.6%. Hedge fund sentiment strengthened, with 57 funds holding positions in Q2, up from 55, and AQR Capital Management increasing its stake by 24% to 9.29 million shares valued at about $967.3 million.
Stifel declares $0.34 quarterly common stock dividend and preferred stock dividends
Stifel Financial Corp. announced that its Board of Directors has declared a quarterly cash dividend of $0.34 per share on its common stock, payable September 15, 2026, to shareholders of record on September 1, 2026. The Board also declared quarterly cash dividends on its 6.25% Non-Cumulative Perpetual Preferred Stock, Series B, 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, and 4.50% Non-Cumulative Perpetual Preferred Stock, Series D, for the period from June 16, 2026, to September 15, 2026. The Series B dividend equates to approximately $0.390625 per depositary share, the Series C dividend to approximately $0.3828125 per depositary share, and the Series D dividend to approximately $0.281250 per depositary share, all payable on the same September 15 date to shareholders of record on September 1.
Intuitive Surgical shares fell more than 12% before the bell on July 17 after the company acknowledged that the expiration of enhanced Affordable Care Act subsidies is affecting demand for elective procedures performed with its da Vinci surgical robots. US da Vinci procedure growth slowed to roughly 12% in the second quarter, below the company’s expectations at the start of the year, with CEO David Rosa noting that fluctuating patient coverage and premium dynamics influence when patients seek care. The selloff occurred despite Intuitive beating consensus estimates for revenue, earnings, system placements, and procedure growth in the same quarter, and maintaining its global procedure-growth forecast. The company’s results appear to support HCA Healthcare’s earlier warning of lower surgical demand and rising uninsured patients, contradicting Abbott’s view that blaming industry-wide weakness on ACA disenrollment was a flawed assumption. Stifel cut its price target on Intuitive to $550 from $670 while keeping a Buy rating, and the stock’s forward P/E ratio has fallen to about 33x, near the low end of its five-year range and roughly in line with the medical device peer group average.
Stifel Financial Earnings Beat Puts Valuation Back in Focus
Stifel Financial's second quarter 2026 results exceeded revenue and earnings expectations, driven by stronger wealth management trends, a rebound in investment banking, and ongoing share repurchases. The stock has gained 16.67% over the past month and 4.74% in the last week to reach $80.82, though it remains down 5.52% year to date. A widely followed narrative pegs fair value at $85.88, implying the stock is 5.9% undervalued, while the Simply Wall St discounted cash flow model estimates intrinsic value at $68.48, suggesting the shares are overvalued. The bullish case highlights record results, AI-driven productivity gains, and buybacks, while bears point to an 18% premium to intrinsic value under the DCF view.
SF · Capital · Positive Stifel Financial beat Q2 2026 revenue and earnings expectations, with strong wealth management, investment banking rebound, and ongoing buybacks.
Stifel Financial Reports Record First-Half Revenue of $2.9 Billion
Stifel Financial Corp posted second-quarter net revenue of $1.45 billion, a 13% year-over-year increase, contributing to a record first-half net revenue of $2.9 billion, up 15% from the prior record. Non-GAAP earnings per share reached $1.42 for the quarter, a 25% rise, while first-half earnings per share climbed 28% to $2.87. Global wealth management revenue hit a record $957 million, and institutional revenue grew 15% to $481 million, driven by a 42% surge in investment banking revenue. The company repurchased 2.4 million shares during the quarter and reported a return on tangible common equity of approximately 24%.
Stifel Financial is scheduled to announce its second quarter earnings results on Wednesday, July 22nd, before market open. The consensus earnings per share estimate is $1.36, a decline of 20.5% year-over-year, while the consensus revenue estimate is $1.43 billion, an increase of 10.0% year-over-year. Over the last two years, the company has beaten earnings per share estimates and revenue estimates 100% of the time. In the past three months, earnings per share estimates have seen two upward revisions and three downward revisions, and revenue estimates have seen one upward revision and four downward revisions.
Eaton Partners hires Mickey Brunton as Co-Head of GP-led Secondaries
Eaton Partners, a wholly-owned subsidiary of Stifel Financial Corp., has appointed Mickey Brunton as Managing Director and Co-Head of GP-led Secondaries within its Private Capital Advisory group. Brunton joins from Connaught LLC, where he was Head of Secondaries and originated approximately $500 million in secondary transactions. He previously advised on more than $4 billion in secondary transactions at Jefferies. Alongside Brunton, three other former Connaught professionals—Stephen Sellman, Matt Reynolds, and Darian Brill—also join Eaton Partners. The firm has raised more than $140 billion across over 190 alternative investment funds and offerings since its founding in 1983.
SF · Capital · Positive Eaton Partners, a Stifel subsidiary, hires a senior team to expand its GP-led secondaries business, strengthening its advisory capabilities.
Connaught LLC · Competition · Negative Connaught loses its Head of Secondaries and three other professionals to a competitor.
JEF · Competition · Negative Brunton and three other professionals left Connaught (a Jefferies subsidiary) for Eaton Partners, weakening Jefferies' secondaries team.
Stifel Shares Drop 12.7% Over Six Months, Underperforming S&P 500
Stifel Financial shares have fallen 12.7% over the past six months, underperforming the S&P 500's 8.4% gain, with the stock now trading at $75.21. Despite the decline, the company's revenue grew at a 7.5% compound annual rate over five years, slightly above the average financials firm. Earnings per share surged at a 32.9% annual rate over the last two years, outpacing revenue growth and signaling improved profitability. Stifel also posted a five-year average return on equity of 13.2%, above the sector average of around 10%. The stock currently trades at 11.7 times forward earnings.
Wedbush Adds Veteran Advisor Steve Schwary in Newport Beach
Wedbush announced that veteran financial advisor and portfolio manager Steve Schwary has joined its Wealth Management division as a financial advisor in Newport Beach, California. Schwary brings more than 30 years of industry experience serving individuals, families, and multi-generational clients through personalized portfolio management and comprehensive wealth planning. He previously served as First Vice President, Investments at Stifel Financial Corp, and spent over 15 years as First Vice President, Investments and Senior PIM Portfolio Manager at Wells Fargo Advisors. Schwary began his career at Smith Barney as First Vice President and Senior Portfolio Manager. He cited Wedbush's entrepreneurial culture and commitment to advisor independence as key factors in his decision to join the firm.
Stifel Financial reported selected operating results for May 31, 2026. Total client assets rose 16% year-over-year to $579.7 billion, while fee-based client assets increased 20% to $238.7 billion, excluding the impact of the Stifel Independent Advisors sale. Bank loans, net, grew 13% from a year ago to $23.9 billion, and treasury deposits surged 76% to $10.8 billion. Chairman and CEO Ronald J. Kruszewski noted that investment banking momentum remains strong, with second-quarter investment banking revenue expected to increase 25% to 30% from the second quarter of 2025.
Stifel Posts Record Q1 Revenue but Shares Fall 10.3%
Stifel Financial reported first-quarter revenues of $1.44 billion, up 14.8% year on year and in line with analyst expectations, but its stock dropped 10.3% since the announcement. The firm, one of 15 investment banking and brokerage stocks tracked, delivered record quarterly results with earnings per share of $1.48, beating estimates. In contrast, Evercore posted the strongest performance among peers with revenues of $1.40 billion, a 100% year-on-year surge that exceeded expectations by 16.6%, sending its shares up 9.8%. Perella Weinberg was the weakest, with revenues falling 29.7% to $148.9 million, missing estimates by 10.5% and causing a 29.7% stock decline. Morgan Stanley reported revenues of $20.58 billion, up 16% and beating estimates by 4%, while Charles Schwab's $6.48 billion in revenues, up 15.8%, met expectations.
Digital infrastructure company ITG plans to raise up to $429.3 million through its initial public offering on the Nasdaq, targeting a maximum valuation of $2.67 billion. The Hendersonville, Tennessee-based firm will offer 19.5 million Class A common shares at a price range of $19 to $22 per share. ITG provides outsourced services to broadband operators, fiber providers, wireless carriers, data center operators and utilities, supporting network construction and maintenance across 49 states. The company reported a $2.9 billion backlog at the end of 2025, with $1.3 billion expected to be completed within the next fiscal year, though its customer base is highly concentrated with Comcast and Charter Communications representing 60% of revenue in 2025. Morgan Stanley, Citigroup, UBS Investment Bank and Stifel serve as joint bookrunners, and the shares will trade under the ticker symbol ITG.
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