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Jeff Silber

Managing Director and Senior Analyst at BMO Capital Markets

Jeff Silber is a Managing Director and Senior Analyst at BMO Capital Markets, specializing in equity research across education, business services, industrial services, and select financials. He covers companies including Morningstar, S&P Global, KinderCare Learning Companies, American Public Education, and Bright Horizons Family Solutions, with a price target met ratio of about 81% and an average upside of 17% within 218 days. Silber has issued over 1,000 price targets on 35 stocks, earning repeated recognition from Refinitiv/StarMine, Institutional Investor, and The Wall Street Journal surveys, and has been named the #1 stock picker in diversified consumer services by StarMine for several consecutive years. After starting his career as an accountant at KPMG Peat Marwick and consulting at Deloitte, he joined BMO Capital Markets in 1996; he holds an MBA from Wharton, a BS in accounting from Yeshiva University, is a licensed CPA, and regularly moderates the firm’s flagship education investor conference.

Jeff Silber's questions to Stride (LRN) leadership

Jeff Silber's questions to Stride (LRN) leadership • Q4 2025

Question

Jeff Silber of BMO Capital Markets inquired about the specific trends driving the strong Q1 FY26 enrollment growth forecast of 10-15% and asked for details on any significant new or lost contracts, referencing the recent situation in New Mexico.

Answer

CEO James Rhyu explained that the enrollment forecast is based on strong early funnel activity, particularly application volumes, which are a reliable indicator of demand. Regarding New Mexico, Rhyu framed the loss of one partner as a testament to Stride's franchise strength, as the company quickly secured new district partners and successfully migrated the vast majority of families to its new programs, preventing any negative impact.

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Jeff Silber's questions to GARTNER (IT) leadership

Jeff Silber's questions to GARTNER (IT) leadership • Q2 2025

Question

Jeff Silber inquired about the reasons for the declining number of client enterprises in both the GTS and GBS segments over the past few years.

Answer

EVP & CFO Craig Safian clarified that the primary driver for the decline in the total enterprise count is the higher-than-average churn rate among small tech vendors. Since each enterprise counts as one regardless of its spending level, this churn disproportionately affects the client enterprise metric.

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Jeff Silber's questions to Coursera (COUR) leadership

Jeff Silber's questions to Coursera (COUR) leadership • Q1 2025

Question

An analyst on behalf of Jeff Silber asked how to measure the success of product innovation externally, including conversion metrics, and about any potential impact from increased Department of Education scrutiny on higher ed.

Answer

CEO Gregory Hart responded that while specific conversion metrics are not disclosed, they expect initiatives to improve the rate of registered learners becoming paid learners. Regarding regulatory scrutiny, he positioned Coursera as a valuable partner for universities, providing a crucial revenue stream that can help them offset potential government funding challenges.

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Jeff Silber's questions to KinderCare Learning Companies (KLC) leadership

Jeff Silber's questions to KinderCare Learning Companies (KLC) leadership • Q3 2024

Question

Jeff Silber asked about the trajectory of tuition increases, questioning the path from the reported 6% to the long-term low single-digit target. He also inquired about the potential impact of immigration reform on staffing.

Answer

CFO Anthony Amandi clarified that the 6% tuition growth figure was inflated by the timing of registration fees moving into Q3 this year, which will not be a factor going forward. CEO Paul Thompson expressed confidence in the company's ability to attract staff regardless of potential immigration changes, citing the strength of their recruiting, benefits, and career development.

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Jeff Silber's questions to CHEGG (CHGG) leadership

Jeff Silber's questions to CHEGG (CHGG) leadership • Q3 2024

Question

Ryan Bohren, on for Jeff Silber of BMO Capital Markets, noted that retention seems to be trending well while new subscriber acquisition is difficult due to AI competition. He asked for thoughts on this dynamic and where in the funnel Chegg is losing potential customers.

Answer

President and CEO Nathan Schultz agreed that retention and the product experience are linked. He acknowledged market turbulence as students determine which tools to use for different needs. Schultz explained that Chegg is positioning itself as the platform for deep learning and competency. The strategy involves refining the top of the funnel to emphasize trust in Chegg's content and evolving packaging to allow students to explore the product more before hitting a paywall, thereby attracting users who are genuinely looking to learn rather than just find a quick answer.

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Jeff Silber's questions to S&P Global (SPGI) leadership

Jeff Silber's questions to S&P Global (SPGI) leadership • Q3 2024

Question

Ryan Griffin, on behalf of Jeff Silber, asked about the Private Market Solutions initiative, inquiring how its products are positioned to win market share as the private credit space becomes more competitive.

Answer

Incoming President and CEO Martina Cheung described private markets as a transversal opportunity impacting multiple divisions. She cited strong products like iLEVEL in Market Intelligence and private market ratings in the Ratings division as key assets. She emphasized a disciplined investment approach to capitalize on the broad opportunity and deliver value to clients and shareholders.

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