Cleveland Research
Cleveland Research is an employee-owned, independent equity research firm based in Cleveland, Ohio. It has no trading desk or investment banking business. The firm uses industry channel checks to research consumer, industrial, technology, fintech and payments, and healthcare companies, and distributes its work to a limited client base.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 012M
- Actions
- 012M
- On record
- Mar 2013 – Oct 2024
Overview
The firm publishes on more than 175 companies (2026) through a limited distribution model and does not release reports to newswires or media. In 2007 Institutional Investor voters named it the best independent research firm in three retailing categories: broadlines and department stores, food and drug chains, and hardlines. Chief executive Eric Bosshard said in 2006 that capping the client list protected the research's value to clients.
Eric Bosshard and Chris Byke left FTN Midwest Securities and launched Cleveland Research Company in June 2006 with 27 senior partners and 40 initial employees, building a research-only firm without investment-banking or trading conflicts. Bosshard has led it as CEO since inception, and the firm has grown to more than 125 professionals (2025).
Milestones
- 2006
Founded in Cleveland by Eric Bosshard and Chris Byke
Firm facts
- Legal name
- Cleveland Research Company, LLC
- Type
- Independent research
- Founded
- 2006
- Headquarters
- Cleveland, United States
- CEO
- Eric Bosshard
- Website
- clevelandresearch.com
Research philosophy
We strive to be early, different, and right in our research product.
Cleveland Research builds forecasts through ongoing conversations with industry contacts. Its analysts look for turning points in company fundamentals that could change earnings expectations, drawing on channel relationships developed over two decades. In 2006, chief executive Eric Bosshard said the firm placed greater emphasis on those contacts than on relationships with company management.
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 SAP SESAP | Buy | — |
 Snowflake Inc.SNOW | Neutral | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Oct 22, 2024 | Snowflake Inc.SNOW | Downgrade | Buy →Neutral |
| Oct 16, 2024 | SAP SESAP | Upgrade | Neutral →Buy |
| Aug 19, 2024 |  Ulta Beauty, Inc.ULTA | Downgrade | Buy →Neutral |
| Aug 9, 2023 | TJThe TJX Companies, Inc.TJX | Upgrade | Neutral →Buy |
| Dec 12, 2022 |  Target CorporationTGT | Downgrade | Buy →Neutral |
| Oct 26, 2022 |  Roku, Inc.ROKU | Downgrade | Buy →Neutral |
| Sep 28, 2022 |  Salesforce, Inc.CRM | Downgrade | Buy →Neutral |
| Sep 23, 2022 |  Okta, Inc.OKTA | Downgrade | Buy →Neutral |
| Sep 9, 2022 | AVAvantor, Inc.AVTR | Downgrade | Buy →Neutral |
| Jul 5, 2022 |  Dollar General CorporationDG | Upgrade | Neutral →Buy |
| Mar 17, 2022 | PIPinterest, Inc.PINS | Downgrade | Buy →Neutral |
| Dec 17, 2021 | ANArista Networks, Inc.ANET | Upgrade | Neutral →Buy |