Lake Street
Lake Street Capital Markets is a privately held, Minneapolis-based boutique investment bank focused on small- and mid-cap growth companies, combining equity research, institutional sales and trading, and investment banking.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 16712M
- Actions
- 43212M
- Ratings / Price targets
- 191 / 241
- Upgrades / Downgrades
- 8 / 14
- Initiations
- 16
- Buy-rated
- 90%of 125 rated
- Median upside
- +36.8%
- Targets raised / lowered
- 89 / 52
- On record
- Jan 2013 – Sep 2026
Overview
Research is the firm's core product. As of 2026, 13 senior analysts cover growth companies in six groups: semiconductors and wireless technology, software and network infrastructure, life sciences, consumer, industrial growth and energy technologies, and select growth opportunities.
A group of founding partners launched Lake Street in Minneapolis in 2012, arguing that small-cap companies lacked dedicated research and banking support, and built it on a traditional small-cap investment bank model with an agency-based trading platform. Its investment banking practice includes a healthcare banking group. The firm remains partner-led, with founding partner Mike Townley as CEO, and holds an annual Best Ideas Growth (BIG) investor conference in New York, which reached its tenth edition in 2026.
Milestones
- 2012
Founded in Minneapolis
Firm facts
- Legal name
- Lake Street Capital Markets, LLC
- Type
- Boutique
- Founded
- 2012
- Headquarters
- Minneapolis, United States
- CEO and Head of Investment Banking
- Mike Townley
- Director of Research
- Jaeson Schmidt
- Rating scale
- BuyHoldSell12 months
- Website
- lakestreetcapitalmarkets.com
Research philosophy
We value a long-term investment idea over a near-term catalyst.
Lake Street looks for innovations and structural changes in selected industries that create long-term investment opportunities. It seeks companies at an early stage, before their potential is widely recognized, particularly those commercializing new technology to solve an industry problem or applying existing technology in a new way. The firm says it is willing to invest time in an idea before the wider market recognizes it when its analysts have strong conviction.
Rating methodology
Buy ratings indicate expected returns above 10% over the next 12 months, Hold 0% to 10%, and Sell negative returns.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Argan, Inc.AGX | Buy | $600 |
 AVITA Medical, Inc.RCEL | Buy | $12 |
 American Outdoor Brands, Inc.AOUT | Buy | $16 |
 Domo, Inc.DOMO | Buy | $7 |
 Kura Sushi USA, Inc.KRUS | Buy | $72 |
 American Public Education, Inc.APEI | Buy | $64 |
 Backblaze, Inc.BLZE | Buy | $21 |
 Dave Inc.DAVE | Buy | $450 |
 Lantronix, Inc.LTRX | Buy | $10 |
 Napco Security Technologies, Inc.NSSC | Buy | $50 |
Most active analysts
- Eric Martinuzzi22 notesDOMOEVLVOOMA
- Mark Smith12 notesKRUSAOUTBAER
- Ben Haynor11 notesBFLYNUTXTCMD
- Frank Takkinen11 notesAXGNBBNXAVR
- Jaeson Schmidt11 notesNSSCVELOAVNW
- Ryan Meyers9 notesPAAILFVNBARK
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 21 | PRPriority Technology Holdings, Inc.PRTH | Downgrade | Buy →Hold | $8.05 | |
| Sep 18 | Lantronix, Inc.LTRX | Reiterate | Buy | $8 →$10 | |
| Sep 17 | SPSpruce Biosciences, Inc.SPRB | Initiate | Buy | $149 | |
| Sep 17 | KYKyntra Bio, Inc.KYNB | Initiate | Buy | ||
| Sep 15 | RFRF Industries, Ltd.RFIL | Target | $19 →$17 | Tyler Burmeister | |
| Sep 15 | FTFlotek Industries, Inc.FTK | Target | $40 →$44 | ||
| Sep 15 | PAPaySign, Inc.PAYS | Target | $13 →$15 | ||
| Sep 15 | ATAlterity Therapeutics LimitedATHE | Initiate | Buy | $10 | Thomas Flaten |