Freedom Capital Markets
Freedom Capital Markets is the New York investment banking, research and institutional brokerage arm of Prime Executions, Inc., a subsidiary of Nasdaq-listed Freedom Holding Corp. Its research targets U.S. institutional investors and concentrates on small- and mid-cap stocks.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 5712M
- Actions
- 6412M
- Ratings / Price targets
- 63 / 1
- Upgrades / Downgrades
- 15 / 23
- Buy-rated
- 49%of 57 rated
- Median upside
- +5.7%
- On record
- Sep 2025 – Sep 2026
Overview
Freedom Capital Markets and its affiliates employ more than 70 analysts covering over 400 U.S.-listed stocks. The U.S. team focuses on small- and mid-cap healthcare, industrials, consumer discretionary, technology and financial stocks, while affiliate Freedom Broker serves retail investors in Central Asia and Europe. Its analysts arrange investor meetings with management teams at companies both within and outside their coverage. The firm's Forward Paths 2025–35 report identified nearly 250 small- and mid-cap public companies and 125 private companies.
Prime Executions, founded in 1986, is an agency-only broker-dealer on the New York Stock Exchange floor; Freedom Holding Corp., a brokerage group headquartered in Almaty, Kazakhstan, acquired it in December 2020. Freedom Capital Markets launched in 2022 after FINRA approved Prime Executions' expansion into investment banking, and is based at 40 Wall Street. In September 2025 it hired seven senior research analysts and a new head of investment banking.
Milestones
- 1986
Prime Executions founded
- 2020
Freedom Holding Corp. acquires Prime Executions
- 2022
Freedom Capital Markets launched in New York
- 2024
Adopts Buy/Hold/Sell ratings with 15% return thresholds
- 2025
Adds seven senior research analysts
Firm facts
- Legal name
- Prime Executions, Inc.
- Type
- Boutique
- Founded
- 2022
- Headquarters
- New York, United States
- Parent
- Freedom Holding Corp.
- Listing
- Nasdaq: FRHC
- Interim Chief Executive Officer
- Joseph Mattarelliano
- Head of Research
- Ed Maguire
- Rating scale
- BuyHoldSell12 months
- Also filed as
- Freedom Capital
- Website
- freedomcapmkts.com
Research philosophy
In a world of accelerating innovation, value accrues at the intersection of constraints and opportunities.
Freedom Capital Markets describes its research mission as connecting ideas, entrepreneurs and companies with investors. Its 2025 report Forward Paths 2025-35 set out ten themes for the decade and an "Innovation Stack" linking infrastructure, enabling technologies and applications.
Rating methodology
Since November 2024, the firm has used Buy, Hold and Sell ratings over a 12-month horizon, with Buy indicating an expected total return above 15% and Sell an expected decline of more than 15%.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 ABM Industries IncorporatedABM | Buy | — |
 The Goldman Sachs Group, Inc.GS | Hold | $794 |
 Global Water Resources, Inc.GWRS | Hold | — |
 IREN LimitedIREN | Buy | — |
 Johnson & JohnsonJNJ | Hold | — |
 NIO Inc.NIO | Buy | — |
 Phillips 66PSX | Sell | — |
 Waystar Holding Corp.WAY | Buy | — |
 C3.ai, Inc.AI | Hold | — |
 Alnylam Pharmaceuticals, Inc.ALNY | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 21 |  Inspire Medical Systems, Inc.INSP | Reiterate | Buy |
| Sep 21 | BLBloomin' Brands, Inc.BLMN | Reiterate | Buy |
| Sep 21 |  Darden Restaurants, Inc.DRI | Reiterate | Buy |
| Sep 18 |  Brinker International, Inc.EAT | Reiterate | Buy |
| Sep 18 | MTMinerals Technologies Inc.MTX | Reiterate | Buy |
| Sep 16 | Waystar Holding Corp.WAY | Reiterate | Buy |
| Sep 16 |  Ecovyst Inc.ECVT | Reiterate | Buy |
| Sep 15 | VCVeracyte, Inc.VCYT | Reiterate | Buy |
| Sep 15 | PLDave & Buster's Entertainment, Inc.PLAY | Reiterate | Hold |
| Sep 15 | PAPaymentus Holdings, Inc.PAY | Reiterate | Buy |
| Sep 14 | CBCerebras Systems Inc.CBRS | Reiterate | Hold |
| Sep 14 | OMOmada HealthOMDA | Reiterate | Buy |