Itay Michaeli

TD Cowen Research Spotlight

With over 100 publishing analysts across North America, TD Cowen Research focuses on producing the most innovative and high-quality product possible, driving readership and showcasing our expertise and thought leadership. Get to know the minds behind our top analysts, gain insight into the latest industry trends and learn how TD Cowen stays Ahead of the Curve®..

In our first spotlight, we speak with Itay Michaeli, Managing Director and Senior Analyst, Autos & Auto Parts, TD Cowen.

What excites you most about the auto industry?

The pace of transformation is what excites me most about the auto industry. When I first started covering the auto sector, the industry was built around a straightforward model — vehicles were largely mechanical, unconnected and defined by physical performance. Today, that landscape has completely evolved. Cars are now electrified, increasingly autonomous and defined by their software. This shift enables greater customization for consumers but also introduces new business models, such as vehicle subscriptions and over-the-air feature updates.

This dynamic evolution creates an entirely new frontier for analysis — one that’s far more complex and more compelling than ever before. At the same time, the automobile remains an enduring object of aspiration and desire. What makes the industry particularly fascinating is that there is no single global formula; adoption patterns for electric and connected vehicles vary greatly across geographies and markets. That diversity makes the industry intellectually stimulating and rich with opportunity.

What sets TD Cowen apart from its competitors?

TD Cowen stands out with its genuine passion for innovation and taking a forward-thinking approach. The research published on our platform is exceptional — both in its analytical depth and its ability to provide differentiated insight.

Furthermore, I believe our collaborative culture sets us apart. Our analysts don’t just work in silos; they actively seek opportunities to collaborate across sectors, sharing ideas and perspectives that enhance the quality and impact of our research. Through co-authored reports or joint events, this spirit of teamwork fosters deeper analysis for better client outcomes. I’ve personally benefited from this environment — it’s one of the key reasons TD Cowen consistently delivers thought leadership that stands out in the market.

What is a common misconception people have about the industries you cover?

For decades, there’s been a recurring narrative that the industry has reached its peak — that the next big shift will render personal vehicles obsolete. From fears that ridesharing would eliminate car ownership to waves of over-optimism and pessimism around electric vehicles, perceptions tend to swing to extremes.

But in truth, I believe it's far more nuanced. Many widely held beliefs about the auto industry turn out not only to be incorrect but often directionally wrong. That’s what makes covering this sector so thought provoking — it’s our role as analysts to look past consensus, test assumptions and identify where the real inflection points lie.

Which book or podcast has influenced your thinking about the markets?

I regularly listen to The Autonocast, which offers deep insights into the evolution of autonomous driving and mobility technology. It’s an excellent source of expert discussion and forward-looking perspectives in a space that’s changing rapidly.

I also enjoy The Eisman Playbook podcast, which provides sharp and pragmatic insights into investing strategy and market behavior. Both have shaped how I think about innovation, risk, and opportunity — themes that are just as relevant in the automotive sector as they are across broader markets.