Independent Research
Independent Research was a Frankfurt-based independent investment research house founded in 1995 by Pierre Drach. It covered German large, mid and small caps and later specialized in white-label research for German banks; Drach announced its liquidation in December 2021.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 312M
- Actions
- 512M
- Ratings / Price targets
- 0 / 5
- Median upside
- +23.5%
- Targets raised / lowered
- 1 / 2
- On record
- Oct 2016 – May 2026
Overview
The firm published research in German and English on companies in the Neuer Markt and the DAX, MDAX and SDAX indices, with a particular focus on smaller stocks. It also produced research for banks to distribute under their own brands, including WGZ Bank, BayernLB, Landesbank Hessen-Thüringen, Hauck & Aufhäuser and ABN Amro. The firm said it was wholly owned by management and allowed clients to choose the scope, frequency and depth of their research.
Drach built a research unit at broker Ballmaier & Schultz from 1991 and spun it out in 1995 as Independent Research, with Ballmaier as first client. Coverage of the Deutsche Telekom IPO, the Neuer Markt and the DAX, MDAX and SDAX lifted headcount to 45; after the Neuer Markt collapse revenue fell 90% and staff shrank to about ten. The firm then specialized in white-label research for banks. In December 2021 Drach announced a liquidation, citing client banks' retreat from capital markets and mergers.
Milestones
- 1995
Founded in Frankfurt by Pierre Drach
- 2021
Founder announces liquidation of the firm
Firm facts
- Legal name
- Independent Research - Unabhängige Finanzmarktanalyse - GmbH
- Type
- Independent research
- Founded
- 1995
- Headquarters
- Frankfurt, Germany
- Rating scale
- BuyHoldSell6 months
- Website
- irffm.de
Research philosophy
Independence is the core element of our philosophy.
Independent Research said neither trading activities nor other pressures impaired its analysis or advice. It called good information the key to sound investment decisions, and its analysts kept close contact with covered companies through analyst meetings and company visits. The firm recognized the DVFA code of conduct for analysts.
Rating methodology
From December 2009, its six-month ratings were Kaufen (Buy) for an expected absolute gain of at least 15%, Halten (Hold) for a gain of 0–15%, and Verkaufen (Sell) for an expected absolute loss.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Independent Bank Corp.INDB | — | $95 |
 Intuit Inc.INTU | — | $875 |
 Netskope, Inc. Class A Common StockNTSK | — | $27 |
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| May 15 | Independent Bank Corp.INDB | Target | $80 →$95 | ||
| Dec 17, 2025 | Independent Bank Corp.INDB | Target | $83 →$80 | ||
| Nov 18, 2025 | Intuit Inc.INTU | Target | $875 | ||
| Oct 21, 2025 | Independent Bank Corp.INDB | Target | $100 →$83 | ||
| Oct 13, 2025 | Netskope, Inc. Class A Common StockNTSK | Target | $27 | ||
| Dec 12, 2022 | Independent Bank Corp.INDB | Target | $100 | Christopher McGratty | |
| Nov 11, 2021 | PFPfizer Inc.PFE | Target | $54 | Tobias Gottschalt | |
| Aug 4, 2021 | PGThe Procter & Gamble CompanyPG | Target | $154 | Lars Lusebrink | |
| May 20, 2021 |  Walmart Inc.WMT | Target | $165 | Lars Lusebrink | |
| Apr 29, 2021 | DBDeutsche Bank AGDB | Target | $8.50 | Jan Lennertz | |
| Jan 22, 2021 | PGThe Procter & Gamble CompanyPG | Upgrade | Hold →Buy | ||
| Dec 3, 2020 |  JPMorgan Chase & Co.JPM | Downgrade | Buy →Hold |