Freedom Broker
Freedom Broker is the retail brokerage brand of Nasdaq-listed Freedom Holding Corp. in Kazakhstan, operated by Freedom Finance Global PLC, registered in the Astana International Financial Centre, and Almaty-based Freedom Finance JSC. Its analysts publish ratings and price targets on U.S.-listed stocks for retail clients in Central Asia and Europe.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 20612M
- Actions
- 34612M
- Ratings / Price targets
- 346 / 0
- Upgrades / Downgrades
- 67 / 88
- Buy-rated
- 54%of 206 rated
- On record
- Sep 2025 – Sep 2026
Overview
Freedom Broker publishes research for the group's retail clients in Central Asia and Europe, covering stocks ranging from liquid large caps to small and micro caps. In 2026, the group reported more than 70 analysts covering over 400 U.S.-listed stocks. In 2024, the firm began offering free training in Kazakhstan, with the aim of hiring the strongest graduates as junior analysts covering U.S. small caps.
Timur Turlov and partners started Freedom Finance in Russia in 2008 to give retail investors access to U.S. exchanges; in 2013 the Russian unit acquired the Kazakh broker now known as Freedom Finance JSC. Turlov later transferred the brokerages to Freedom Holding Corp., formerly the Nevada shell BMB Munai, which began trading on Nasdaq in 2019 and acquired U.S. broker-dealer Prime Executions in 2020.
Milestones
- 2008
Timur Turlov starts Freedom Finance in Russia
- 2013
Acquires Kazakh broker now known as Freedom Finance JSC
- 2019
Freedom Holding Corp. begins trading on Nasdaq
- 2020
Acquires U.S. broker-dealer Prime Executions
- 2025
Adopts volatility-adjusted stock rating system
Firm facts
- Type
- Full-service
- Founded
- 2008
- Headquarters
- Almaty, Kazakhstan
- Parent
- Freedom Holding Corp.
- Listing
- Nasdaq: FRHC
- Chairman of the Management Board, Freedom Finance JSC
- Sergey Lukyanov
- Rating scale
- BuyHoldSell
- Website
- fbroker.kz
Research philosophy
What risk am I being paid for, and what risk am I taking for free?
For their second-half 2026 stock picks, Freedom Broker's analysts said they required potential upside of at least twice the potential downside and scored stocks using a proprietary model of quality, momentum and value. In 2026, research director Vadim Merkulov argued that an asset protects a portfolio only when it addresses a specific risk.
Rating methodology
Since 12 March 2025, ratings have used a volatility-adjusted method: the expected return implied by the price target is divided by annualized historical volatility to produce an Analyst Rating score. A score above 1.2 indicates Buy, below −1.2 indicates Sell, and between those thresholds indicates Hold.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Aehr Test SystemsAEHR | Hold | — |
 Frequency Electronics, Inc.FEIM | Hold | — |
 Global Water Resources, Inc.GWRS | Hold | — |
 IES Holdings, Inc.IESC | Buy | — |
 Strattec Security CorporationSTRT | Hold | — |
 Alcoa CorporationAA | Buy | — |
 American Airlines Group Inc.AAL | Hold | — |
 AMREP CorporationAXR | Hold | — |
 The Boeing CompanyBA | Buy | — |
 Beam GlobalBEEM | Hold | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 18 |  Nucor CorporationNUE | Downgrade | Buy →Hold |
| Sep 17 |  Salesforce, Inc.CRM | Reiterate | Buy |
| Sep 17 | ALAeluma, Inc.ALMU | Reiterate | Buy |
| Sep 15 | AMREP CorporationAXR | Reiterate | Hold |
| Sep 14 | Frequency Electronics, Inc.FEIM | Downgrade | Buy →Hold |
| Sep 14 |  Oracle CorporationORCL | Reiterate | Buy |
| Sep 14 |  Copart, Inc.CPRT | Reiterate | Buy |
| Sep 11 | IES Holdings, Inc.IESC | Upgrade | Hold →Buy |
| Sep 11 | PPPerma-Pipe International Holdings, Inc.PPIH | Reiterate | Buy |
| Sep 10 | GEGencor Industries, Inc.GENC | Downgrade | Buy →Hold |
| Sep 10 | DNDnow Inc.DNOW | Downgrade | Buy →Hold |
| Sep 8 |  Costco Wholesale CorporationCOST | Upgrade | Hold →Buy |