D. Boral Capital
D. Boral Capital LLC
D. Boral Capital is a New York investment bank and broker-dealer serving middle-market and emerging-growth companies, led by founder David W. Boral. Formerly the revived EF Hutton, it is active in small-cap and SPAC offerings and publishes research centred on small-cap healthcare issuers.
Company history
David Boral and Joseph Rallo launched Kingswood Capital Markets as the investment banking division of broker-dealer Benchmark Investments in May 2020. It rebranded under the acquired EF Hutton trademark in 2021, and Benchmark itself became EF Hutton LLC in 2023. After the partners sued each other in September 2024, an October 2024 settlement left Rallo the EF Hutton name and Boral the broker-dealer, which was renamed D. Boral Capital on November 8, 2024.
- 2020Kingswood Capital Markets launched within Benchmark Investments
- 2021Rebrands under the acquired EF Hutton trademark
- 2023Benchmark Investments renamed EF Hutton LLC
- 2024Renamed D. Boral Capital after partners' legal settlement
Research
Research concentrates on small-cap biotechnology and healthcare issuers, with growing coverage of technology, industrials, energy and financial services; the firm listed more than 70 covered companies in 2025. Ratings are Buy, Hold or Sell, defined by expected 12-month total return versus the S&P 500: at least 10% above, in line, or at least 10% below. As of September 2025, 63 of 68 rated stocks were Buy.
Coverage12M
- Stocks
- 47
- Ratings
- 278
- Price targets
- 0
- Upgrades
- 1
- Downgrades
- 11
- Initiations
- 0
- Reiterations
- 266
- Positive77%36
- Neutral23%11
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
 NRx Pharmaceuticals, Inc.NRXP | Reiterate | Buy | May 5 |
 ImmunityBio, Inc.IBRX | Reiterate | Buy | May 5 |
| MNMediciNova, Inc.MNOV | Reiterate | Buy | May 4 |
 Clene Inc.CLNN | Reiterate | Buy | May 4 |
| FAFatPipe, Inc. Common StockFATN | Reiterate | Buy | May 1 |
| LUPulmonx CorporationLUNG | Reiterate | Buy | Apr 30 |
 Humacyte, Inc.HUMA | Reiterate | Buy | Apr 28 |
 Biomea Fusion, Inc.BMEA | Reiterate | Buy | Apr 28 |
| CMCompass Therapeutics, Inc.CMPX | Reiterate | Buy | Apr 27 |
| CRCorMedix Inc.CRMD | Reiterate | Buy | Apr 27 |
| Humacyte, Inc.HUMA | Reiterate | Buy | Apr 24 |
| NRx Pharmaceuticals, Inc.NRXP | Reiterate | Buy | Apr 23 |
Similar coverage12M
References
- EF Hutton LLC Announces Rebranding to D. Boral Capital LLC (Nov 8, 2024)finance.yahoo.com
- WealthManagement.com (Bloomberg) – Revived EF Hutton Breaks Up as Partners Resolve Legal Fight (Oct 2024)wealthmanagement.com
- EF Hutton Partners LLC v. Rallo – complaint, NY Supreme Court (2024)assets.bwbx.io
- D. Boral ARC Acquisition I Corp. Form 10-K (March 2026)fintel.io
- D. Boral Capital research note with rating definitions (Sept 2025)s204.q4cdn.com
- D. Boral Capital – About Usdboralcapital.com