EF Hutton
EF Hutton was a New York boutique investment bank that adopted the name of the historic 1904 brokerage in 2021. It was a leading underwriter of SPAC listings in 2021–2022 and published research focused on healthcare and biotechnology before changing its name to D. Boral Capital in November 2024.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 012M
- Actions
- 012M
- On record
- Oct 2021 – Nov 2024
Overview
EF Hutton launched its sell-side research platform in October 2021 to cover small- and mid-cap companies, with a focus on healthcare and biotechnology. The team expanded in 2022 with four hires from ROTH Capital Partners and in July 2024 with a new head of healthcare research and an analyst covering technology, transportation and industrials. In December 2023, 34 of the 35 rated companies had a Buy rating.
The original E.F. Hutton & Co., founded in San Francisco in 1904, merged with Shearson Lehman in 1988. Kingswood Capital Markets launched in May 2020 as the investment banking division of Benchmark Investments, then acquired the EF Hutton trademark and rebranded in 2021. EF Hutton Holdings bought Benchmark Investments in November 2023 and renamed it EF Hutton LLC. After a dispute between its partners in 2024, former CEO Joseph Rallo retained the trademark, while David Boral retained the broker-dealer and renamed it D. Boral Capital on 8 November 2024.
Milestones
- 1904
Original E.F. Hutton & Co. founded in San Francisco
- 1988
Original firm merged into Shearson Lehman Hutton
- 2020
Kingswood Capital Markets launched within Benchmark Investments
- 2021
Kingswood Capital Markets rebranded as EF Hutton
- 2023
EF Hutton Holdings buys Benchmark Investments, renamed EF Hutton LLC
- 2024
Renamed D. Boral Capital after partners split
Firm facts
- Legal name
- EF Hutton LLC
- Type
- Boutique
- Founded
- 2020
- Headquarters
- New York, United States
- Rating scale
- BuyHoldSell12 months
- Status
- RetiredSucceeded by D. Boral Capital
Research philosophy
The team conducts a bottoms-up process with a focus on capitalizing on analytical and behavioral insights in order to deliver alpha.
At the research platform's October 2021 launch, its lead analyst said small- and mid-cap companies were often overlooked. The firm's website described healthcare as a sector in which company-specific factors mattered more than the broader economy, creating opportunities for stock picking. Its special situations team examined stocks with little analyst coverage, spin-offs, forced selling, de-SPACs and activist campaigns.
Rating methodology
Buy, Hold and Sell ratings reflected expected 12-month total returns relative to the S&P 500. Buy and Sell required at least 10 percentage points of outperformance or underperformance, respectively.
Most covered24M
Most active analysts
- Jason Kolbert2 notesFBLGURGN
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Nov 8, 2024 |  Cytosorbents CorporationCTSO | Reiterate | Buy | ||
| Nov 7, 2024 | IMImmunic, Inc.IMUX | Reiterate | Buy | ||
| Nov 7, 2024 |  Imunon, Inc.IMNN | Reiterate | Buy | ||
| Nov 7, 2024 |  Trevi Therapeutics, Inc.TRVI | Reiterate | Buy | ||
| Nov 6, 2024 |  UroGen Pharma Ltd.URGN | Reiterate | Buy | ||
| Nov 4, 2024 | Cytosorbents CorporationCTSO | Reiterate | Buy | ||
| Nov 1, 2024 | NOFiscalNote Holdings, Inc.NOTE | Reiterate | Buy | ||
| Nov 1, 2024 | USU.S. Energy Corp.USEG | Reiterate | Buy | ||
| Oct 31, 2024 | Imunon, Inc.IMNN | Reiterate | Buy | ||
| Oct 31, 2024 |  Biomea Fusion, Inc.BMEA | Reiterate | Buy | ||
| Oct 31, 2024 |  Anavex Life Sciences Corp.AVXL | Reiterate | Buy | ||
| Oct 30, 2024 |  FibroBiologics, Inc. Common StockFBLG | Target | $9 | Jason Kolbert |