Northcoast Research
Northcoast Research is an independent institutional equity research firm and FINRA-registered broker-dealer based in Cleveland, Ohio, known for fundamental research built on networks of industry contacts across consumer, industrial, technology and business-services companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 2112M
- Actions
- 2512M
- Ratings / Price targets
- 3 / 22
- Upgrades / Downgrades
- 2 / 1
- Buy-rated
- 67%of 3 rated
- Median upside
- +22.7%
- Targets raised / lowered
- 3 / 1
- On record
- Jul 2012 – Sep 2026
Overview
About 128 companies were under coverage in April 2025. INVESTARS/Integrity Research ranked the firm 9th of 81 for Buy-recommendation performance over six years to August 2023.
Northcoast Research Partners, LLC was organized in Ohio in October 2008 and began operating in May 2009 as an independent research provider. A FINRA member since July 2009, it is wholly owned by Northcoast Research Holdings, LLC, whose managing members were Marty Rizzo, Sal Raffa and Kartik Mehta in 2024. It operates from Erieview Tower in downtown Cleveland and registered as an Ohio investment adviser in 2023.
Milestones
- 2008
Northcoast Research Partners organized in Ohio
- 2009
Begins operations in Cleveland; joins FINRA
- 2023
Registers as Ohio investment adviser
Firm facts
- Legal name
- Northcoast Research Partners, LLC
- Type
- Independent research
- Founded
- 2009
- Headquarters
- Cleveland, United States
- Parent
- Northcoast Research Holdings, LLC
- President
- Marty Rizzo
- Executive Managing Director and Director of Research
- Kartik Mehta
- Rating scale
- BuyNeutralSell12 months
- Also filed as
- Northcoast
- Website
- northcoastresearch.com
Research philosophy
Beyond the public companies’ formal guidance, our research process is focused on developing unique sources of real-time information that aids in predicting business trends and future growth forecasts.
Northcoast Market Research (NMR) uses relationships with industry professionals to track business conditions. Analysts speak with company operating teams, private competitors, suppliers, distributors, former executives and consultants, supplementing those conversations with channel checks and surveys. The firm's 2024 Form ADV brochure describes procedures designed to keep material nonpublic information out of its research. It also prohibits analysts from owning covered stocks or offering favorable research in exchange for business.
Rating methodology
Ratings are Buy, Neutral and Sell relative to the S&P 500 over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Wingstop Inc.WING | Buy | $300 |
 Costco Wholesale CorporationCOST | Buy | $1,100 |
 OPENLANE, Inc.OPLN | Neutral | $50 |
 Winnebago Industries, Inc.WGO | Buy | $175 |
 Essential Utilities, Inc.WTRG | Buy | $42 |
 Watts Water Technologies, Inc.WTS | Buy | $225 |
 Advance Auto Parts, Inc.AAP | — | $55 |
 AutoNation, Inc.AN | Neutral | $240 |
 Axon Enterprise, Inc.AXON | — | $742 |
 Badger Meter, Inc.BMI | Neutral | $148 |
Most active analysts
- Jim Sanderson2 notesEATWING
- Ryan Connors2 notesWTRGWTS
- Charles Cerankosky1 notesCASY
- Aaron Reed1 notesLII
- John Healy1 notesOPLN
- Keith Housum1 notesAXON
Recent actions
| Date | Stock | Rating action | Target | Analyst |
|---|---|---|---|---|
| Sep 22 |  Brinker International, Inc.EAT | Target | $275 | Jim Sanderson |
| Sep 18 | Badger Meter, Inc.BMI | Target | $148 | |
| Sep 1 | PAPatrick Industries, Inc.PATK | Target | $121 | |
| Aug 5 | OPENLANE, Inc.OPLN | Target | $40 →$50 | John Healy |
| Jul 24 | HZMarineMax, Inc.HZO | Target | $39 | |
| Jul 23 | CMComtech Telecommunications Corp.CMTL | Target | $2.50 | |
| Jul 16 | MLMueller Industries, Inc.MLI | Target | $75 | |
| Jul 14 | AutoNation, Inc.AN | Target | $240 | |
| Jul 13 |  Casey's General Stores, Inc.CASY | Target | $410 →$950 | Charles Cerankosky |
| May 6 | OPENLANE, Inc.OPLN | Target | $40 | |
| Apr 30 | HTHertz Global Holdings, Inc.HTZ | Target | $5 | |
| Jan 21 | Advance Auto Parts, Inc.AAP | Target | $55 |