BWS Financial
BWS Financial is an independent equity research firm based in Los Angeles, founded and run by analyst Hamed Khorsand. It focuses on undervalued stocks with limited Wall Street coverage and identifiable events that could move their prices. The firm accepts no payment from companies it covers.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 2612M
- Actions
- 10812M
- Ratings / Price targets
- 108 / 0
- Upgrades / Downgrades
- 1 / 2
- Initiations
- 1
- Buy-rated
- 85%of 26 rated
- On record
- Apr 2012 – Sep 2026
Overview
BWS provides independent equity research to institutional investors, with many of its ideas drawn from industrials, technology, media and telecom. Its subscription service was limited to 40 investors as of 2025.
Hamed Khorsand started the firm in 2000 as Beating Wall Street, Inc. It first published a weekly investment newsletter and then managed money for individuals before narrowing its focus to independent equity research for institutional investors. Khorsand remains its principal and analyst.
Milestones
- 2000
Founded by Hamed Khorsand as Beating Wall Street, Inc.
Firm facts
- Legal name
- Beating Wall Street, Inc.
- Type
- Independent research
- Founded
- 2000
- Headquarters
- Los Angeles, United States
- Founder and Principal
- Hamed Khorsand
- Rating scale
- Top PickBuyNeutralSell
- Website
- bwsfinancial.com
Research philosophy
There is no fear in saying Sell when the rest of the market is buying.
BWS looks for companies whose share prices do not yet reflect potential catalysts such as new products, restructurings, M&A or management changes. Its 2008 website described founder Hamed Khorsand's approach as primary research grounded in relationships with management teams, employees and distribution partners. The firm builds its own earnings models for different scenarios, which may diverge from company guidance. In a 2025 podcast, Khorsand said he assesses an investment's potential upside and then the possible loss if his view proves wrong. BWS does not own shares in companies it covers or receive payment from them, and it issues Sell ratings when warranted.
Rating methodology
Published ratings are Top Pick, Buy, Neutral and Sell.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Adeia Inc.ADEA | Buy | — |
 Ubiquiti Inc.UI | Buy | — |
 Garrett Motion Inc.GTX | Buy | — |
 Innodata Inc.INOD | Top Pick | — |
 Inter Parfums, Inc.IPAR | Sell | — |
 Seadrill LimitedSDRL | Buy | — |
 Hawkins, Inc.HWKN | Buy | — |
 Nebius Group N.V.NBIS | Buy | — |
 TriMas CorporationTRS | Buy | — |
 Ecovyst Inc.ECVT | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 21 | AZAzul S.A.AZUL | Reiterate | Buy |
| Sep 18 | TWTwist Bioscience CorporationTWST | Reiterate | Sell |
| Sep 18 | Innodata Inc.INOD | Reiterate | Top Pick |
| Sep 16 | INInspired Entertainment, Inc.INSE | Reiterate | Buy |
| Sep 9 | SSSS&C Technologies Holdings, Inc.SSNC | Reiterate | Buy |
| Sep 1 | MOMovado Group, Inc.MOV | Reiterate | Buy |
| Aug 27 | Ubiquiti Inc.UI | Reiterate | Buy |
| Aug 21 | JBJohn B. Sanfilippo & Son, Inc.JBSS | Reiterate | Buy |
| Aug 17 | Inter Parfums, Inc.IPAR | Downgrade | Buy →Sell |
| Aug 17 | AZAzul S.A.AZUL | Reiterate | Buy |
| Aug 17 | CECapstone Energy+, Inc.CEPL | Reiterate | Buy |
| Aug 17 | Inter Parfums, Inc.IPAR | Reiterate | Neutral |