Northland Capital Markets
Northland Securities is a Minneapolis broker-dealer owned by First National of Nebraska; its equity capital markets division, Northland Capital Markets, publishes research on small- and mid-cap growth companies in business services, consumer, energy, healthcare, industrial growth and technology.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 18412M
- Actions
- 41112M
- Ratings / Price targets
- 67 / 344
- Upgrades / Downgrades
- 18 / 4
- Buy-rated
- 88%of 51 rated
- Median upside
- +26.5%
- Targets raised / lowered
- 175 / 50
- On record
- May 2012 – Sep 2026
Overview
Northland rated 228 stocks as of April 2026, with more than 20 employees dedicated to institutional equity research and trading. Its equity capital markets group also arranges financings, makes markets and connects investors with company management. The firm's 2026 reports state that analyst compensation partly reflects trading commissions and investment-banking revenue.
Northland Securities was founded in Minneapolis in 2002 by municipal finance and underwriting professionals focused on Midwest bond issuers; it also runs institutional equity research, trading and corporate finance. First National of Nebraska completed its acquisition of parent Northland Capital Holdings in May 2023. In October 2025 Country Club Bank's capital markets, asset management and bank advisory units joined the firm after FNBO acquired that bank.
Milestones
- 2002
Northland Securities founded in Minneapolis
- 2023
Acquired by First National of Nebraska
- 2025
Added Country Club Bank capital markets and advisory units
Firm facts
- Legal name
- Northland Securities, Inc.
- Type
- Boutique
- Founded
- 2002
- Headquarters
- Minneapolis, United States
- Parent
- First National of Nebraska, Inc.
- Listing
- OTC Markets: FINN
- President & CEO, Northland Securities
- Randy Nitzsche
- Head of Equities / Director of Research
- Mike Grondahl
- Rating scale
- OutperformMarket PerformUnderperformAt least 12 months
- Also filed as
- Northland · Northland Capital · Northland Securities
- Website
- northlandsecurities.com
Research philosophy
Our institutional research team applies a disciplined, rigorous approach to uncovering opportunities in the growth sectors of the economy.
Northland says its analysts draw on trend analysis, industry dynamics and proprietary insight, and on active dialogue with corporate and industry contacts.
Rating methodology
Ratings compare expected performance with the S&P 500 over a horizon of at least 12 months: Outperform indicates an expected return at least 10% above the index, Market Perform indicates performance within 10% of the index, and Underperform indicates an expected return at least 10% below it.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Bel Fuse Inc.BELFB | Outperform | $326 |
 Ciena CorporationCIEN | Outperform | $550 |
 NetApp, Inc.NTAP | Outperform | $187 |
 Astera Labs, Inc. Common StockALAB | Outperform | $350 |
 Nebius Group N.V.NBIS | Outperform | $410 |
 TETRA Technologies, Inc.TTI | Outperform | $10 |
 TeraWulf Inc.WULF | Outperform | $30 |
 Applied Digital CorporationAPLD | Outperform | $82 |
 Aviat Networks, Inc.AVNW | Outperform | $30 |
 Camtek Ltd.CAMT | Outperform | $174 |
Most active analysts
- Mike Grondahl31 notesWULFGDOTSEZL
- Tim Savageaux23 notesLITECIENAAOI
- Gus Richard20 notesCAMTTERAMBA
- Nehal Chokshi18 notesNBISINVP
- Bobby Brooks17 notesSEICXTCECO
- Michael Latimore14 notesRCATDPROCXDO
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 21 | VEVeeco Instruments Inc.VECO | Upgrade | Market Perform →Outperform | $30 →$66 | Auguste Richard |
| Sep 18 | BRBoost Run Inc. Class A Common StockBRUN | Target | $36 | Nehal Chokshi | |
| Sep 18 | SHSharonAI Holdings, Inc. Class A Common StockSHAZ | Target | $95 | ||
| Sep 18 | CHChronoScale CorporationCHRN | Target | $32 | ||
| Sep 18 |  IREN LimitedIREN | Target | $99 | Nehal Chokshi | |
| Sep 17 | QNQuinStreet, Inc.QNST | Target | $23 | Mike Grondahl | |
| Sep 17 |  Vitesse Energy, Inc.VTS | Target | $18.50 →$20.50 | ||
| Sep 17 | EPEvolution Petroleum CorporationEPM | Target | $4 →$4.25 | ||
| Sep 17 | RCRed Cat Holdings, Inc.RCAT | Target | $22 →$13 | Michael Latimore | |
| Sep 17 | Ciena CorporationCIEN | Target | $500 →$550 | ||
| Sep 16 |  Solaris Energy Infrastructure, Inc.SEI | Target | $104 →$111 |