Equity Research – Analyst​/Associate, Hardlines, Broadlines & Food Retail

Research

Morgan Stanley Investment Research is uniquely committed to being an essential part of our clients’ investment process. We strive to be the sell-side research provider that best understands the buy side. Through relevant and timely conversations with leading investors, we focus resources on risk-reward essentials: identifying the investor debates, assessing the potential outcomes, and uncovering the evidence our clients need to validate their investment decisions.

Our equity analysts cover some 3,000 stocks; our economists, strategists, and fixed income analysts cover all major regions and other asset classes around the globe.

The Equity Research department is responsible for researching macroeconomic and microeconomic conditions, along with company fundamentals. It also collects and analyses financial information to make investment recommendations on stocks in specific sectors. Research analysts build financial models to explore alternative scenarios, examine industries, and communicate with companies and investors. Equity Research team members discuss their analysis and investment recommendations in research notes.

A career in investment research at Morgan Stanley demands a commitment to excellence, a passion for the markets, and the highest level of integrity.

We are seeking an Analyst-level or Associate-level individual to join our Hardlines, Broad lines, and Food Retail team in New York City, covering a wide variety of retailers, including Walmart, Home Depot, and Costco.

• Create and maintain earnings, valuation, and industry models, leveraging skills in accounting, finance, and economics
• Translate company, industry, consumer, market, and alternative data into insightful research reports with clear investment debates, differentiated conclusions, and actionable stock calls
• Write research reports for initiations of coverage, data analysis, earnings results, company updates, and industry news
• Develop and maintain relationships with investor relations personnel, management of companies under coverage, industry specialists, and other key leaders of opinion
• Engage with institutional investors by responding to in-depth questions, addressing bespoke requests, and helping communicate the team’s highest-conviction views
• Support internal sales and trading teams with timely analysis of sector breaking news
• Adopt and apply AI-enabled research tools judiciously to accelerate information gathering, model maintenance, data analysis, and workflow execution while maintaining analytical rigor, source verification, and quality control
• Conduct industry diligence and primary research through surveys, expert conference calls, and channel checks to evaluate industry trends
• Collaborate with cross-functional teams to produce larger industry reports

• 1-3 years of professional experience in equity research, investment banking, or capital markets
• Proven experience using Excel to build and maintain financial models; advanced Excel proficiency is required
• Strong written and verbal communication skills, with the ability to present analysis clearly, defend conclusions, and contribute positively in client-facing discussions
• Demonstrated interest in public markets and a genuine curiosity about what drives stock performance, investor debates, and valuation
• Curiosity about retail, consumer behavior, brand dynamics, competitive positioning, pricing, category trends, and how these factors translate into revenue growth, margins, valuation, and stock performance
• Comfort adopting AI-enabled tools and new technologies to improve research efficiency, with the judgment to verify outputs, protect data integrity, and apply tools appropriately
• Demonstrated strong attention to detail…