Stifel Model Update

Research evidence excerpt

Stifel Model Update

Michael Cho AC North America Equity Research

(1-212) 622-3619 09 July 2026 J P M O R G A N

michael.cho@jpmchase.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We view Stifel as a well-balanced, well-managed business

operating across wealth and investment banking. We like that

Stifel is a primary beneficiary from secular growth trends

underpinning the wealth management industry. Stifel has built a

full-service wealth platform with an employee-centric model

that is well positioned to serve financial advisors and their

clients. We also appreciate that Stifel has a solid mid-market

investment banking franchise with leadership in various

segments of the market (e.g., financials). The balance across the

YTD 1m 3m 12m different businesses has generated compounded earnings

Abs -9.3% 6.1% -1.8% 4.7% growth for Stifel over time. While the medium-term opportunity

Rel -19.5% 4.0% -12.3% -15.7%

remains intact, we acknowledge that investment banking

Company Data activity/sentiment remains uncertain given the current operating

Shares O/S (mn) 163 backdrop.

52-week range ($) 89.83-67.81

Market cap ($ mn) 12,353.19 Valuation

Exchange rate 1.00 Stifel’s trajectory presents solid competitive positioning with a

Free float (%) 94.2%

3M ADV (mn) 1.41 balanced earnings algorithm that should be attractive over time.

3M ADV ($ mn) 104.6 That said, the uncertain near-term operating environment for

Volatility (90 Day) 27 markets and investment banking activity presents a headwind to

Index S&P 500

BBG ANR (Buy | Hold | Sell) 3|5|0 shares. Our Dec 2026 price target of $80 is based on a 2027E P/E

multiple of 12x, which is within its historical valuation range.

Key Metrics (FYE Dec)

in FY25A FY26E FY27E

Financial Estimates Performance Drivers