Imperial Capital
Imperial Capital is a Los Angeles-based middle-market investment bank founded in 1997. It built its name in high-yield, distressed and special-situations credit trading and research, and now concentrates on M&A, restructuring, valuation and capital-markets advisory.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 1 / 0
- Buy-rated
- 0%of 1 rated
- On record
- Feb 2012 – Jun 2026
Overview
Imperial's research covered securities across issuers' capital structures, with an emphasis on high-yield, distressed and special-situations credit. Its equity coverage included security and defense, led by Jeff Kessler until his retirement in 2021 and subsequently by Brian Ruttenbur.
Jason Reese and Randall Wooster founded Imperial Capital in 1997 from a unit of Imperial Credit Industries, building investment banking, institutional sales and trading, and research across issuers' capital structures. It formed a Houston energy group by acquiring Petrobridge in 2009 and postponed a planned New York Stock Exchange IPO in 2010. In July 2026 Raymond James acquired its institutional fixed-income sales and trading business, including fixed-income research staff.
Milestones
- 1997
Founded in Los Angeles by Jason Reese and Randall Wooster
- 2009
Acquires Petrobridge, opening Houston energy group
- 2010
Postpones planned initial public offering
- 2026
Sells fixed-income sales and trading business to Raymond James
Firm facts
- Legal name
- Imperial Capital, LLC
- Type
- Boutique
- Founded
- 1997
- Headquarters
- Los Angeles, United States
- Parent
- Imperial Capital Group, LLC
- Rating scale
- OutperformIn-LineUnderperform12 months
- Website
- imperialcapital.com
Research philosophy
As opposed to the traditional fixed income or equity research model, we prepare proprietary investment analyses focusing on relative values across a company’s capital structure.
Imperial Capital's 2010 IPO filing described three research approaches: capital structure, trading-desk and industry analysis. Its capital structure analysts took a buy-side perspective on situations the market overlooked or misunderstood. Salespeople covered companies across their capital structures, and following a company through restructuring helped analysts understand its business and traders understand its security holders.
Rating methodology
Outperform, In-Line and Underperform ratings reflected expected 12-month total returns at least 10% above, in line with, or at least 10% below those of a basket of comparable securities.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Imperial Oil LimitedIMO | Sell | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Jun 23 | Imperial Oil LimitedIMO | Reiterate | Sell |
| Feb 6, 2024 |  Napco Security Technologies, Inc.NSSC | Downgrade | Outperform →In Line |
| Apr 6, 2023 | AMAmbarella, Inc.AMBA | Upgrade | In Line →Outperform |
| Nov 2, 2022 | REResideo Technologies, Inc.REZI | Downgrade | Outperform →In Line |
| Aug 16, 2022 | SMSmartRent, Inc.SMRT | Reiterate | Outperform |
| Aug 9, 2022 | HLHolley Inc.HLLY | Reiterate | Outperform |
| Aug 27, 2021 | AVAeroVironment, Inc.AVAV | Reiterate | In Line |
| Jul 27, 2021 | OSOSI Systems, Inc.OSIS | Reiterate | Outperform |
| Apr 8, 2021 | ALAlarm.com Holdings, Inc.ALRM | Upgrade | In Line →Outperform |
| Nov 25, 2020 |  Caesars Entertainment, Inc.CZR | Downgrade | Outperform →In Line |
| Nov 25, 2020 | CRCalifornia Resources CorporationCRC | Upgrade | In Line →Outperform |
| Nov 25, 2020 | SPSpectrum Brands Holdings, Inc.SPB | Reiterate | Outperform |