D. Boral Capital
D. Boral Capital is a New York investment bank and broker-dealer serving middle-market and emerging growth companies, led by founder David W. Boral. The firm previously operated under the revived EF Hutton brand. It is active in small-cap and SPAC offerings and publishes research focused on small-cap healthcare companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 4712M
- Actions
- 27812M
- Ratings / Price targets
- 278 / 0
- Upgrades / Downgrades
- 1 / 11
- Buy-rated
- 77%of 47 rated
- On record
- Nov 2024 – May 2026
Overview
Research concentrates on small-cap biotechnology and healthcare issuers, with growing coverage of technology, industrials, energy and financial services; the firm listed more than 70 covered companies in 2025. As of September 2025, 63 of 68 rated stocks were Buy. As of early 2026, the firm's website said its research team was led by Jason Kolbert.
David Boral and Joseph Rallo launched Kingswood Capital Markets as the investment banking division of broker-dealer Benchmark Investments in May 2020. It rebranded under the acquired EF Hutton trademark in 2021, and Benchmark itself became EF Hutton LLC in 2023. After the partners sued each other in September 2024, an October 2024 settlement left Rallo the EF Hutton name and Boral the broker-dealer, which was renamed D. Boral Capital on November 8, 2024.
Milestones
- 2020
Kingswood Capital Markets launched within Benchmark Investments
- 2021
Rebrands under the acquired EF Hutton trademark
- 2023
Benchmark Investments renamed EF Hutton LLC
- 2024
Renamed D. Boral Capital after partners' legal settlement
Firm facts
- Legal name
- D. Boral Capital LLC
- Type
- Boutique
- Founded
- 2020
- Headquarters
- New York, United States
- Parent
- D. Boral Capital Holdings LLC
- Founder and Chief Executive Officer
- David W. Boral
- Rating scale
- BuyHoldSell12 months
- Predecessors
- EF Hutton
- Website
- dboralcapital.com
Research philosophy
Our research philosophy is built on deep industry expertise and a rigorous commitment to understanding target companies and their competitive landscapes.
D. Boral Capital says its analysts combine investigative research with financial analysis. In early 2026, its website described a fundamental approach delivered through an open-architecture model. It said Jason Kolbert looked for technologies that could transform industries, using channel checks, valuation measures and forecasts that often extended over a decade.
Rating methodology
Ratings are Buy, Hold or Sell, defined by expected 12-month total return versus the S&P 500: at least 10% above, in line, or at least 10% below.
Coverage12M
Sectors
Most covered24M
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| May 5 |  NRx Pharmaceuticals, Inc.NRXP | Reiterate | Buy |
| May 5 |  ImmunityBio, Inc.IBRX | Reiterate | Buy |
| May 4 | MNMediciNova, Inc.MNOV | Reiterate | Buy |
| May 4 |  Clene Inc.CLNN | Reiterate | Buy |
| May 1 | FAFatPipe, Inc. Common StockFATN | Reiterate | Buy |
| Apr 30 | LUPulmonx CorporationLUNG | Reiterate | Buy |
| Apr 28 |  Humacyte, Inc.HUMA | Reiterate | Buy |
| Apr 28 |  Biomea Fusion, Inc.BMEA | Reiterate | Buy |
| Apr 27 | CMCompass Therapeutics, Inc.CMPX | Reiterate | Buy |
| Apr 27 | CRCorMedix Inc.CRMD | Reiterate | Buy |
| Apr 24 | Humacyte, Inc.HUMA | Reiterate | Buy |
| Apr 23 | NRx Pharmaceuticals, Inc.NRXP | Reiterate | Buy |