Vertical Research Partners
Vertical Research Partners is an independent equity research firm based in Stamford, Connecticut, covering the industrials and materials sectors. Founder Jeff Sprague is a member of Institutional Investor's All-America Research Team Hall of Fame.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 4012M
- Actions
- 5512M
- Ratings / Price targets
- 9 / 46
- Upgrades / Downgrades
- 1 / 2
- Initiations
- 6
- Buy-rated
- 44%of 9 rated
- Median upside
- +13.9%
- Targets raised / lowered
- 8 / 4
- On record
- Nov 2012 – Sep 2026
Overview
As of 2025 its five analyst teams cover more than 100 stocks across electrical equipment and multi-industry, global aerospace and defense, engineering and infrastructure, building products, and chemicals. Sprague appeared in Institutional Investor's All-America Research Team rankings 18 times through 2010, 11 of them in first place.
Jeff Sprague, formerly an electrical equipment and multi-industry analyst at Citigroup, founded the firm in 2010 with Nicole Parent, a former global industrial sector head at Credit Suisse. It added paper and packaging coverage in 2011 and now fields five analyst teams. The firm operates through Vertical Research Partners, LLC and the FINRA-member broker-dealer Vertical Research Securities, Inc.
Milestones
- 2010
Founded in Stamford by Jeff Sprague and Nicole Parent
- 2011
Adds paper and packaging coverage
Firm facts
- Type
- Independent research
- Founded
- 2010
- Headquarters
- Stamford, United States
- Founder and Managing Partner
- Jeffrey T. Sprague
- Rating scale
- BuyHoldSell
- Also filed as
- Vertical Group · Vertical Research
- Website
- verticalresearchpartners.com
Research philosophy
Dig deep and get the details, but then step back and see what larger picture those details create.
Vertical Research Partners focuses on how company earnings develop over several years and across economic cycles, and on identifying changes in businesses before they are widely recognized. It draws on analysts' experience through multiple cycles and describes its industrial and materials coverage as the "Gears" of the U.S. and global economy. At the firm's launch in 2010, Jeff Sprague argued for a return to smaller Wall Street firms whose partners have "skin in the game".
Rating methodology
Stocks are rated Buy, Hold or Sell.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Celanese CorporationCE | Sell | $60 |
 Solstice Advanced Materials Inc.SOLS | Buy | $79 |
 The Boeing CompanyBA | Buy | $281 |
 International Flavors & Fragrances Inc.IFF | Hold | $93 |
 AMETEK, Inc.AME | Buy | $255 |
 Amrize LtdAMRZ | — | $70 |
 Honeywell Aerospace IncHONA | Hold | $243 |
 Hexcel CorporationHXL | Hold | $65 |
 IDEX CorporationIEX | Buy | $250 |
 ITG Inc.ITG | Buy | $20 |
Most active analysts
- Robert Stallard7 notesBAHXLLHX
- Kevin McCarthy4 notesCEFULMAGN
- Adam Baumgarten3 notesFERGJHXTREX
- Jeffrey Sprague3 notesHONIEXMAIR
- Jeffrey Kauffman2 notesJBHTUHAL
- Robert Jamieson2 notesRALTER
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 17 | TET1 Energy IncTE | Initiate | Hold | $5 | |
| Sep 8 | AMETEK, Inc.AME | Initiate | Buy | $255 | |
| Sep 8 | IDEX CorporationIEX | Initiate | Buy | $250 | Jeffrey Sprague |
| Aug 6 | International Flavors & Fragrances Inc.IFF | Downgrade | Hold | $93 | |
| Jul 27 | ITG Inc.ITG | Initiate | Buy | $20 | |
| Jul 22 | Solstice Advanced Materials Inc.SOLS | Upgrade | Hold →Buy | $90 →$79 |