What does a typical coverage universe look like, and how do analysts add names?

A senior analyst typically covers roughly 10 to 25 stocks in one sector or subsector — fewer for large caps requiring deep work, more for smaller names — supported by one or more associates. New names are added through formal initiation of coverage: a deep-dive report launched with a rating, estimates, and price target, which requires weeks of model-building and internal compliance review before publication. Analysts drop names when they lose relevance (acquired, delisted, no client interest) and prioritize the subset of the list that drives the most client conversations. The coverage list defines the analyst's franchise — clients pay for depth in a defined universe, not breadth.