Fundamental Research
Fundamental Research Corp. (FRC) is an independent equity research firm founded in Vancouver, Canada, in 2003. It is known for issuer-sponsored coverage of small- and micro-cap companies and for model-based fair value estimates on more than 4,800 stocks as of 2026.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 1112M
- Actions
- 1112M
- Ratings / Price targets
- 0 / 11
- Median upside
- +13.8%
- On record
- Nov 2021 – Jul 2026
Overview
Research is led by vice president and head of research Sid Rajeev, a CFA charterholder. As of 2026 covered companies pay annual fees of $15,000 to $45,000 set in advance.
Founded in Vancouver in 2003, FRC built its business on research commissioned and paid for by small- and micro-cap companies, particularly in energy, mining, real estate and technology. By 2026, it had covered more than 750 companies. It later added a subscription platform offering fair value estimates, analyst price targets and a Top Picks list. Its price targets are distributed through Bloomberg, S&P Capital IQ and FactSet.
Milestones
- 2003
Founded in Vancouver
Firm facts
- Legal name
- Fundamental Research Corp.
- Type
- Independent research
- Founded
- 2003
- Headquarters
- Vancouver, Canada
- Vice President and Head of Research
- Sid Rajeev
- Rating scale
- BuyHoldSell
- Website
- researchfrc.com
Research philosophy
Small- and mid-cap sectors are not as efficient because stock mispricing is common in these spaces.
In interviews in 2011 and 2012, head of research Sid Rajeev described FRC's aim as drawing attention to small- and mid-cap companies with limited investor followings, which he considered the most likely to be undervalued. He argued that fundamentals, rather than speculation, determine prices over the long term. In 2019, he said analysts begin by assessing management's track record and share ownership, then value companies using discounted cash flow and comparable-company models. As of 2026, analysts follow the CFA Institute code and may not trade the securities they cover.
Rating methodology
Ratings are Buy, Hold or Sell based on the gap between fair value and market price, paired with a 1–5 risk rating from low risk to highly speculative.
Coverage12M
Sectors
Most covered24M
Recent actions
| Date | Stock | Rating action | Target | Analyst |
|---|---|---|---|---|
| Jul 1 |  Zions Bancorporation, National AssociationZION | Target | $75 | |
| Jul 1 |  Texas Capital Bancshares, Inc.TCBI | Target | $110 | |
| Jul 1 |  SouthState CorporationSSB | Target | $120 | |
| Jul 1 |  Flagstar Financial, Inc.FLG | Target | $17 | |
| Jul 1 |  First Horizon CorporationFHN | Target | $28.50 | |
| Jul 1 |  First Citizens BancShares, Inc.FCNCA | Target | $2,350 | |
| Jul 1 |  Customers Bancorp, Inc.CUBI | Target | $94 | |
| Jul 1 |  Columbia Banking System, Inc.COLB | Target | $35 | |
| Jun 29 |  Analog Devices, Inc.ADI | Target | $550 | |
| Feb 26 |  NVIDIA CorporationNVDA | Target | $218 | |
| Oct 31, 2025 |  Invesco Ltd.IVZ | Target | $27 | |
| Nov 8, 2021 |  Newmont CorporationNEM | Target | $63.10 | Siddharth Rajeev |