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    Steve Silver

    Senior Equity Analyst at Argus Research

    Steve Silver is a Senior Equity Analyst at Argus Research, specializing in coverage of companies across the Healthcare, Consumer, and Industrial sectors, with a significant focus on the biotechnology industry. He covers companies including Alnylam Pharmaceuticals (ALNY) and has demonstrated a strong performance record, with 83% of his stock recommendations being profitable and an average return per transaction of 16.10%. Steve began his role at Argus Research in 2018, following more than a decade of experience in healthcare as an investor relations professional at boutique consultancies and as a Senior Equity Analyst at S&P Capital IQ, where he was frequently quoted in major financial media. He holds an M.B.A. with concentrations in Investment Management and Strategic Leadership from Penn State University.

    Steve Silver's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership

    Steve Silver's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q2 2025

    Question

    Steve Silver from Argus Research asked if the company, given its strong balance sheet and capital return programs, would consider expanding its own company-operated stores internationally, especially while partners are aggressively growing the brand's footprint.

    Answer

    CFO & President Voin Todorovic stated that while the company is open to all options that provide the highest ROI, the current partner-operated model is the primary focus for international growth. President & CEO Sharon Price John elaborated that local partners possess superior market knowledge, real estate access, and consumer insights, making the partnership model highly effective and the preferred strategy for the foreseeable future.

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    Steve Silver's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q1 2025

    Question

    Steve Silver from Argus Research inquired about the process for gathering information from international partners to guide expansion decisions and asked about the primary drivers of the strong Q1 retail results, questioning if it was organic demand or potential consumer pull-forward.

    Answer

    President & CEO Sharon Price John explained that the company works with local market experts for international growth, setting a high bar for partners to ensure the brand experience is maintained. She cited partner enthusiasm and expansion as the best evidence of success. Regarding Q1 retail strength, John stated the company believes a consumer pull-forward was not a material factor, as people don't typically "hoard" teddy bears, given that the purchase is intrinsically tied to an in-person experience.

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    Steve Silver's questions to Bristow Group (VTOL) leadership

    Steve Silver's questions to Bristow Group (VTOL) leadership • Q2 2025

    Question

    Steve Silver of Argus Research asked for more color on the capital allocation strategy, specifically why only a modest portion of the share repurchase program was used in Q2, and questioned the rationale for accelerating principal payments on the UK SAR equipment facility over other debt instruments.

    Answer

    President & CEO Chris Bradshaw clarified that Q2 priorities were completing government project CapEx and beginning accelerated debt paydown, making the share repurchases an opportunistic pull-forward. He also reiterated the plan to initiate a dividend in 2026. SVP & CFO Jennifer Whalen added that the UK SAR debt was targeted for early repayment because it was the company's highest-cost debt and carried no prepayment penalty.

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    Steve Silver's questions to ENERPAC TOOL GROUP (EPAC) leadership

    Steve Silver's questions to ENERPAC TOOL GROUP (EPAC) leadership • Q3 2025

    Question

    Steve Silver of Argus Research requested context on the new in-house innovation lab's scalability and its potential impact on R&D costs. He also asked how Q3 product innovation played out against expectations that the second half of the year would see more new launches compared to the first half's focus on commercialization.

    Answer

    CEO Paul Sternlieb explained that the new innovation lab's primary benefit is a dramatic improvement in speed-to-market for new products, reducing prototyping time from weeks to days, which will accelerate the pace of innovation. He confirmed that while H1 focused on commercializing FY24 launches, Q3 saw new product introductions, such as a solution for the rail industry, demonstrating a continued mix of commercialization and new innovation as planned.

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    Steve Silver's questions to ENERPAC TOOL GROUP (EPAC) leadership • Q3 2025

    Question

    Steve Silver of Argus Research requested context on the new in-house innovation lab's pipeline and scalability, its potential impact on R&D costs, and how the company's new product innovation focus played out in Q3 compared to prior expectations for the second half of the year.

    Answer

    CEO Paul Sternlieb explained that the new innovation lab's primary benefit is a dramatic improvement in time-to-market for new products, reducing prototyping from weeks to days. He confirmed that Q3 saw a healthy mix of commercializing prior launches and introducing new products, such as a specialized pin puller solution for the rail industry, aligning with the company's strategy to focus on key verticals.

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    Steve Silver's questions to ENERPAC TOOL GROUP (EPAC) leadership • Q3 2025

    Question

    Steve Silver of Argus Research inquired about the new in-house innovation lab, asking about its pipeline size, scalability, and potential impact on R&D costs compared to the previous reliance on outsourced vendors. He also asked for an update on the product innovation cadence in Q3, following comments that the second half of the year would see more new launches.

    Answer

    CEO Paul Sternlieb explained that the primary benefit of the new innovation lab is a dramatic reduction in prototyping time, from weeks to days, which will accelerate the pace of innovation more significantly than direct cost savings. He confirmed that while the first half of the fiscal year focused on commercializing prior launches, Q3 saw new product introductions, such as a specialized pin-puller solution for the rail industry, demonstrating a continued focus on bringing new, customer-driven solutions to market.

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    Steve Silver's questions to ENERPAC TOOL GROUP (EPAC) leadership • Q3 2025

    Question

    Steve Silver of Argus Research sought details on the new in-house innovation lab's scalability and impact on R&D, and inquired about the progress of new product innovation in Q3, following earlier commentary about a second-half focus.

    Answer

    CEO Paul Sternlieb explained that the new innovation lab's primary benefit is a dramatic improvement in speed-to-market for new products, reducing prototyping time from weeks to days. He confirmed the company's second-half innovation focus is on track, citing the launch of a new rail industry solution in Q3 alongside continued commercialization of prior-year products.

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    Steve Silver's questions to ENERPAC TOOL GROUP (EPAC) leadership • Q3 2025

    Question

    Steve Silver of Argus Research requested context on the new in-house innovation lab's pipeline and scalability, its comparison to previous outsourced R&D efforts, and its potential effect on R&D costs. He also asked how new product innovation in Q3 compared to the company's previously stated plan to focus more on new launches in the second half of the fiscal year.

    Answer

    CEO Paul Sternlieb explained that the primary advantage of the new innovation lab is a significant acceleration in time-to-market for prototypes, reducing timelines from weeks to days, which he believes will increase the overall pace of innovation. He confirmed that, as planned, the company shifted focus in Q3 to launch new products, providing an example of a new pin puller solution for the rail industry, while also continuing to commercialize products launched in fiscal 2024.

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    Steve Silver's questions to LANDS' END (LE) leadership

    Steve Silver's questions to LANDS' END (LE) leadership • Q1 2025

    Question

    Steve Silver of Argus Research questioned if there was any hesitancy in the Outfitters enterprise business pipeline due to macroeconomic uncertainty. He also asked for context on the stickiness of new customers acquired through recent initiatives like the SMS subscription campaign.

    Answer

    CEO Andrew McLean responded that, surprisingly, they have seen no hesitancy in the enterprise pipeline and have experienced very consistent business. Regarding customer acquisition, he explained that stickiness is demonstrated by significant growth in '1 to 2x buyers,' which is driven by marketing brand quality and experience over discounts. McLean also noted a strategic shift from paid search to social channels and an emerging focus on using AI agents in marketing to reach customers more effectively.

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    Steve Silver's questions to LANDS' END (LE) leadership • Q1 2025

    Question

    Steve Silver of Argus Research inquired about the Outfitters business, asking if there has been any hesitancy in the enterprise pipeline due to macroeconomic uncertainty. He also asked about the 'stickiness' of new customers acquired through recent initiatives like the expanded SMS marketing program.

    Answer

    CEO Andrew McLean stated that, surprisingly, there has been no hesitancy in the enterprise Outfitters pipeline, with business remaining very consistent. Regarding customer acquisition, he pointed to significant growth in '1 to 2x buyers' as a key indicator of stickiness. McLean elaborated that the marketing strategy has shifted from paid search to brand expression channels like social media and leveraging AI agents for search, which is driving engagement and converting new customers who stay with the brand.

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    Steve Silver's questions to LANDS' END (LE) leadership • Q1 2025

    Question

    Steve Silver of Argus Research inquired about the Outfitters business, asking if there has been any hesitancy in the enterprise pipeline due to macroeconomic uncertainty. He also asked about the effectiveness and 'stickiness' of new customers acquired through recent initiatives like the expanded SMS marketing program.

    Answer

    CEO Andrew McLean responded that, surprisingly, they have seen no slowdown or hesitancy in the enterprise business pipeline, which has remained consistent. Regarding customer acquisition, McLean highlighted significant growth in customers making a second purchase (1x to 2x buyers), indicating good stickiness. He explained this is driven by a strategy focused on product quality and brand experience rather than discounting. He also noted a shift in marketing from paid search to more expressive channels like Instagram and influencer marketing, as well as exploring the use of AI agents for search.

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    Steve Silver's questions to LANDS' END (LE) leadership • Q1 2025

    Question

    Steve Silver from Argus Research questioned if there has been any macroeconomic-driven hesitancy in the pipeline for the Outfitters enterprise business. He also asked for context on the 'stickiness' of new customers acquired through recent initiatives like the expanded SMS program, and how these new subscribers are converting.

    Answer

    CEO Andrew McLean responded that, surprisingly, the enterprise business has seen no slowdown and remains consistent, defying expectations of macroeconomic volatility. Regarding customer acquisition, McLean highlighted significant growth in '1 to 2x buyers' as a key indicator of stickiness and successful conversion. He explained the marketing strategy is shifting from traditional paid search to brand expression on social channels and leveraging AI agents, which is proving effective at building long-term value relative to acquisition cost.

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