Nomura
Nomura Holdings is the Tokyo-based parent of the Nomura Group, Japan's largest investment bank and brokerage group, and is listed in Tokyo and on the NYSE. Its equity research is strongest in Japan, where it ranked No. 1 in Extel's 2026 All-Japan Research Team survey.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 2012M
- Actions
- 2812M
- Ratings / Price targets
- 16 / 12
- Upgrades / Downgrades
- 9 / 6
- Buy-rated
- 50%of 12 rated
- Median upside
- +18.9%
- Targets raised / lowered
- 0 / 3
- On record
- Aug 2012 – Sep 2026
Overview
Nomura closed European equity research in 2016 and its U.S. equity research unit in 2020, when it formed a strategic alliance giving its U.S. clients access to Wolfe Research. Its equity research now centers on Japan and Asia ex-Japan. It placed in 28 of 32 sectors in Extel's 2026 All-Japan survey. In 1906, Tokushichi Nomura II set up an in-house research department at the family firm, Nomura Shoten, and published stock analyses in a daily newsletter. As of 2025 the group still publishes Capital Markets Research, begun in 1926, and traces Nomura Research Institute to that emphasis on research.
Nomura Securities was established in Osaka on December 25, 1925 as a spin-off of Osaka Nomura Bank's securities department, opened a New York office in 1927 and listed its shares in 1961. It reorganized under the holding company Nomura Holdings in October 2001 and listed ADRs on the NYSE that December. Nomura acquired agency broker Instinet in 2007 and Lehman Brothers' Asia-Pacific and EMEA operations in 2008.
Milestones
- 1925
Nomura Securities established in Osaka
- 1927
Opens New York office
- 2001
Holding company structure adopted; ADRs listed on NYSE
- 2007
Acquires agency broker Instinet
- 2008
Acquires Lehman Brothers' Asia-Pacific and EMEA operations
- 2020
Closes U.S. equity research; forms alliance with Wolfe Research
Firm facts
- Legal name
- Nomura Holdings, Inc.
- Type
- Full-service
- Founded
- 1925
- Headquarters
- Tokyo, Japan
- Listing
- NYSE: NMR
- President and Group CEO
- Kentaro Okuda
- Rating scale
- BuyNeutralReduce12 months
- Website
- nomura.com
Research philosophy
We have a duty to research scientifically the intrinsic nature of all securities.
In his autobiography, Tokushichi Nomura II argued that securities dealers' poor conduct and limited market knowledge discouraged the public from investing in securities. He saw rigorous research as a way to build trust: dealers should assess the value and investment merits of all stocks, rather than focus only on the speculative names attracting attention.
Rating methodology
Stocks are rated Buy, Neutral or Reduce relative to a stock-specific benchmark over the next 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Smurfit Westrock PlcSW | Neutral | $170 |
| CICIZN | — | $12 |
| JPJP | Buy | — |
 Kingsoft Cloud Holdings LimitedKC | Buy | $18.30 |
| KSKS | Buy | — |
 Nomura Holdings, Inc.NMR | Buy | $10.20 |
 PDD Holdings Inc.PDD | Neutral | $136 |
 Trane Technologies plcTT | Buy | — |
 Vipshop Holdings LimitedVIPS | Neutral | $14 |
 Amer Sports, Inc.AS | — | $39.80 |
Most active analysts
- Rachel Guo2 notesTMEYMM
- Bing Duan1 notesKC
- Natsumu Tsujino1 notesNMR
Recent actions
| Date | Stock | Rating action | Rating | Target |
|---|---|---|---|---|
| Sep 21 | MGMGHL | Downgrade | Reduce | |
| Sep 16 | Trane Technologies plcTT | Upgrade | Buy | |
| Sep 7 | Smurfit Westrock PlcSW | Downgrade | Neutral | |
| Aug 31 |  Deere & CompanyDE | Upgrade | Buy | |
| Aug 28 | CICIZN | Target | $28 →$12 | |
| Aug 28 | JPJP | Upgrade | Neutral →Buy | |
| Aug 27 | Vipshop Holdings LimitedVIPS | Downgrade | Buy →Neutral | $15 →$14 |
| Aug 24 | KSKS | Reiterate | Buy | |
| Aug 21 |  AngloGold Ashanti PlcAU | Upgrade | Buy | |
| Aug 14 | CICIZN | Target | $28 | |
| Aug 14 | LTLTC Properties, Inc.LTC | Upgrade | Neutral |