David Bellinger

Mizuho’s Retail team finds its edge sifting through under the radar and sometimes alternative data points for investors. David is well known for constantly uncovering and flagging needle moving items where other legacy sell side analysts don’t focus, particularly within a fast-moving and evolving consumer sector. This approach has culminated in several unique and distinctive viewpoints - including being one of the first on the Street to explore and conduct deep dive work on AI powered shopping, and how this factor played into Walmart reaching a rarified $1T market cap. The team’s non-consensus upgrade and Top Pick designation of Costco early in 2026 has also stood out as one of this year’s better fundamental calls. ​

Timely expert events have included a series of agentic commerce calls with early industry adopters, quarterly check-ins for Five Below, exploring online grocery competition, auto parts disruption with First Brands’ bankruptcy, etc. Over the last twelve months, the team has also provided investors with senior management access to HD, LOW, FND, WMT, COST, FIVE, TSCO, AAP, VVV, W, and others - with additional events planned for the balance of 2026.​

David joined Mizuho in September 2023 as a Senior Analyst in New York, covering the Hardlines, Broadlines, and Consumer Internet verticals. He previously was a member of the #1 Institutional Investor ranked consumer team at Wolfe Research, serving as Vice President, and was recently named one of Business Insider’s Rising Stars of Equity Research. David holds Bachelor’s and MBA degrees, both from Fordham University’s Gabelli School of Business and is a Certified Public Accountant. ​