Cleveland Research
Cleveland Research Company, LLC
Employee-owned independent equity research firm headquartered in Cleveland, Ohio, with no trading desk or investment banking business; known for channel-check-based research on consumer, industrial, technology, fintech and payments, and healthcare companies, distributed to a limited client base.
Company history
Eric Bosshard and Chris Byke left FTN Midwest Securities and launched Cleveland Research Company in June 2006 with 27 senior partners and 40 initial employees, building a research-only firm without investment-banking or trading conflicts. Bosshard has led it as CEO since inception, and the firm has grown to more than 125 professionals (2025).
- 2006Founded in Cleveland by Eric Bosshard and Chris Byke
Research
Analysts build forecasts from continuous checks with industry channel contacts; the firm publishes on more than 175 companies (2026) through a limited distribution model and does not release reports to newswires or media. In 2007 Institutional Investor voters named it the best independent research firm in three retailing categories: broadlines and department stores, food and drug chains, and hardlines.
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 SAPSAP SE | Buy | — |
 SNOWSnowflake Inc. | Neutral | — |
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| Snowflake Inc.SNOW | Downgrade | Buy →Neutral | Oct 22, 2024 |
| SAP SESAP | Upgrade | Neutral →Buy | Oct 16, 2024 |
 Ulta Beauty, Inc.ULTA | Downgrade | Buy →Neutral | Aug 19, 2024 |
| TJThe TJX Companies, Inc.TJX | Upgrade | Neutral →Buy | Aug 9, 2023 |
 Target CorporationTGT | Downgrade | Buy →Neutral | Dec 12, 2022 |
 Roku, Inc.ROKU | Downgrade | Buy →Neutral | Oct 26, 2022 |
 Salesforce, Inc.CRM | Downgrade | Buy →Neutral | Sep 28, 2022 |
 Okta, Inc.OKTA | Downgrade | Buy →Neutral | Sep 23, 2022 |
| AVAvantor, Inc.AVTR | Downgrade | Buy →Neutral | Sep 9, 2022 |
 Dollar General CorporationDG | Upgrade | Neutral →Buy | Jul 5, 2022 |
| PIPinterest, Inc.PINS | Downgrade | Buy →Neutral | Mar 17, 2022 |
| ANArista Networks, Inc.ANET | Upgrade | Neutral →Buy | Dec 17, 2021 |
References
- About Us | Cleveland Research Companyclevelandresearch.com
- Equity Research | Cleveland Research Companyclevelandresearch.com
- Sink or Swim (Institutional Investor, 2006)institutionalinvestor.com
- Good Times Getting Better (Institutional Investor, 2007)institutionalinvestor.com
- Business Networking & Luncheon with Eric Bosshard (CBMC, 2025)events.cbmc.com
- Cleveland Research Company - Institutional Sales job listing (Built In, 2026)builtin.com