Fermium Research
Fermium Research is a New York-based independent equity research and advisory firm covering U.S.-listed chemicals stocks, co-founded in 2018 by former Wells Fargo Securities chemicals analyst Frank Mitsch; it has no investment banking business.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 812M
- Actions
- 1212M
- Ratings / Price targets
- 3 / 9
- Upgrades / Downgrades
- 3 / 0
- Buy-rated
- 100%of 3 rated
- Median upside
- +10.7%
- Targets raised / lowered
- 1 / 2
- On record
- Feb 2022 – Jul 2026
Overview
Fermium covers U.S.-listed commodity and specialty chemicals, coatings and crop-protection companies, combining company and industry research with corporate access for institutional clients. Frank Mitsch spent 11 years in the chemicals industry at Kline & Company and Betz Laboratories before moving to Wall Street. He was named to Institutional Investor's All-America Research Team in 2017 and 2018 and was twice ranked No. 1 for estimate accuracy by FT/StarMine. On its fifth anniversary in 2023, Fermium said Bloomberg's performance tracking showed it outperforming its peer group over every measured period from one month to three years.
Frank J. Mitsch and Aziza Gazieva co-founded Fermium Research in 2018 after leaving Wells Fargo Securities, where Mitsch had spent more than seven years as a managing director and senior chemicals analyst and Gazieva was an associate analyst on his team. Mitsch earlier covered chemicals at BB&T Capital Markets and began his Wall Street career at Merrill Lynch. The firm is not a FINRA-registered broker-dealer, and its research platform is powered by Analyst Hub.
Milestones
- 2018
Founded by Frank Mitsch and Aziza Gazieva
Firm facts
- Legal name
- Fermium Research, LLC
- Type
- Independent research
- Founded
- 2018
- Headquarters
- New York, United States
- President and Senior Analyst
- Frank J. Mitsch
- Rating scale
- BuyNeutralSell12 months
- Website
- fermiumresearch.com
Research philosophy
At Fermium Research, there are no motives tied to banking incentives, but rather a simple motto that “we only succeed if we help our clients succeed”.
Fermium Research says it is dedicated to helping institutional clients generate alpha in chemicals stocks and stresses industry experience.
Rating methodology
Ratings reflect expected total returns over 12 months: Buy for a gain of at least 10%, Neutral for a gain or loss of less than 10%, and Sell for a loss of at least 10%.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Dow Inc.DOW | Buy | $38 |
 LyondellBasell Industries N.V.LYB | Buy | $74 |
 RPM International Inc.RPM | Buy | $124 |
 Agilent Technologies, Inc.A | — | $150 |
 Eastman Chemical CompanyEMN | Hold | $70 |
 Element Solutions IncESI | — | $30 |
 Olin CorporationOLN | Hold | $27 |
 PPG Industries, Inc.PPG | Buy | $140 |
 Qnity Electronics, Inc.Q | — | $105 |
 Tronox Holdings plcTROX | — | $9 |
Most active analysts
- Frank Mitsch5 notesDOWOLNQ
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Jul 22 | RPM International Inc.RPM | Upgrade | Hold →Buy | $124 | Frank Mitsch |
| May 7 | Tronox Holdings plcTROX | Target | $9 | Frank Mitsch | |
| Mar 9 | LyondellBasell Industries N.V.LYB | Upgrade | Hold →Buy | $50 →$74 | |
| Mar 9 | Agilent Technologies, Inc.A | Target | $150 | ||
| Mar 9 | Dow Inc.DOW | Upgrade | Hold →Buy | $50 →$38 | Frank Mitsch |
| Feb 2 | Eastman Chemical CompanyEMN | Target | $70 | ||
| Dec 3, 2025 | LyondellBasell Industries N.V.LYB | Target | $70 →$50 | ||
| Nov 3, 2025 | Qnity Electronics, Inc.Q | Target | $105 | Frank Mitsch | |
| Sep 25, 2025 | Olin CorporationOLN | Target | $27 | Frank Mitsch |