Stifel Appoints Jonathan Siegmann as Managing Director Covering Aerospace and Defense Sector
New Appointment at Stifel Financial Corp: Jonathan Siegmann has been appointed as Managing Director of Equity Research at Stifel Financial Corp., focusing on the aerospace and defense industry, and will be based in Boston.
Siegmann's Background: He previously held a senior position at Terran Orbital Corporation and has extensive experience from nearly 15 years at Fidelity Investments, where he managed the Select Defense & Aerospace fund.
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- Stock Price Decline: Microsoft (MSFT) shares fell nearly 5% on Thursday, closing at $393.58 with a market cap of $3.1 trillion, reflecting heightened negative sentiment towards software stocks.
- Analyst Rating Change: Stifel's analyst Brad Reback downgraded Microsoft's rating from 'Buy' to 'Hold' and significantly reduced the price target from $540 to $392, indicating a bearish outlook on the company's future financial performance.
- Increased Capex Forecast: Reback raised his forecast for Microsoft's capital expenditures to $200 billion for fiscal 2027, well above the $160 billion average expected by analysts, which could pressure the company's profitability.
- Market Sentiment Impact: The sell-off of Microsoft is largely driven by panic and herd behavior, yet despite short-term challenges, the company maintains diverse revenue streams, suggesting a positive long-term growth outlook.

- Analyst Downgrade: Microsoft stock received a rare downgrade from an analyst.
- Optimistic Projections: The analyst believes that the company's revenue and earnings expectations are overly optimistic.
- Earnings Performance: Roper Technologies reported a 10% year-over-year revenue increase to $2.06 billion for Q4 2025, although slightly missing the analyst estimate of $2.08 billion; however, net income rose to $561 million, exceeding the forecast of $5.14 per share, indicating dual growth from acquisitions and organic expansion.
- Market Reaction: Despite the decent earnings report, Roper's shares fell nearly 9% this week, reflecting market caution regarding future growth expectations, particularly as the allure of software businesses diminishes amid the ongoing AI stock craze.
- Future Outlook: The company projects an 8% revenue growth for 2026, reaching $7.9 billion, with adjusted net income estimated between $21.30 and $21.55 per share, although these forecasts are below average analyst expectations, raising concerns about its growth potential.
- Analyst Rating Changes: Following the earnings release, Stifel analyst Brad Reback downgraded Roper's rating from buy to hold and sharply cut the price target from $550 to $385, reflecting a pessimistic outlook on the company's future performance.

LIFT OFF: The article discusses the recent developments in the capital markets, highlighting the involvement of various financial institutions.
Key Players: Notable underwriters mentioned include Bancroft Capital, Stifel, and Cabreera Capital, indicating a competitive landscape in the market.
Market Dynamics: The commentary reflects on the current trends and challenges faced by these firms in the capital markets.
Future Outlook: There is an emphasis on the potential for growth and opportunities within the market as it continues to evolve.
- Record Revenue: Stifel Financial achieved a record revenue of $5.5 billion in 2025, marking an 11% increase and the first time surpassing $5 billion in its 135-year history, indicating robust growth momentum.
- Strong Wealth Management Performance: The Global Wealth Management segment generated $933 million in revenue for the quarter, while institutional revenue reached $610 million, up 28% year-over-year, reflecting the company's strong competitive position in wealth management and investment banking.
- Increased Shareholder Returns: The Board of Directors authorized an 11% increase in the common stock dividend starting in Q1 2026 and a 3-for-2 stock split effective February 26, 2026, demonstrating the company's commitment to shareholders and confidence in future growth.
- Optimistic Outlook: Total net revenue is projected to range between $6 billion and $6.35 billion for 2026, and despite the impact of the SIA sale and closure of the European equities business, management remains confident in improving expenses and margins.









