Freedom Broker

Company history

Timur Turlov and partners started Freedom Finance in Russia in 2008 to give retail investors access to U.S. exchanges; in 2013 the Russian unit acquired the Kazakh broker now known as Freedom Finance JSC. Turlov later transferred the brokerages to Freedom Holding Corp., formerly the Nevada shell BMB Munai, which began trading on Nasdaq in 2019 and acquired U.S. broker-dealer Prime Executions in 2020.

1. 2008Timur Turlov starts Freedom Finance in Russia
2. 2013Acquires Kazakh broker now known as Freedom Finance JSC
3. 2019Freedom Holding Corp. begins trading on Nasdaq
4. 2020Acquires U.S. broker-dealer Prime Executions
5. 2025Adopts volatility-adjusted stock rating system

Research

Freedom Broker publishes research for the group's retail clients in Central Asia and Europe, from liquid large caps to small and micro caps; in 2026 the group reported more than 70 analysts covering over 400 U.S.-listed stocks. Since 12 March 2025 ratings follow a volatility-adjusted method: expected return to the price target divided by annualized historical volatility gives an Analyst Rating, with Buy above 1.2, Sell below −1.2 and Hold in between.

Coverage12M

Stocks

206

Ratings

346

Price targets

0

Upgrades

67

Downgrades

88

Initiations

0

Reiterations

191

Activity24M

Most covered24M

Stock	Rating	Target	Actions	Last action
AEHRAehr Test Systems	Hold	—	4	Mar 5
FEIMFrequency Electronics, Inc.	Hold	—	4	Sep 14
GWRSGlobal Water Resources, Inc.	Hold	—	4	Mar 5
IESCIES Holdings, Inc.	Buy	—	4	Sep 11
STRTStrattec Security Corporation	Hold	—	4	Aug 31
AAAlcoa Corporation	Buy	—	3	Jan 30
AALAmerican Airlines Group Inc.	Hold	—	3	Feb 20
AXRAMREP Corporation	Hold	—	3	Sep 15
BAThe Boeing Company	Buy	—	3	Feb 6
BEEMBeam Global	Hold	—	3	Aug 25

Recent actions

Stock	Rating action	Rating	Date
Nucor CorporationNUE	Downgrade	Buy →Hold	Sep 18
Salesforce, Inc.CRM	Reiterate	Buy	Sep 17
ALAeluma, Inc.ALMU	Reiterate	Buy	Sep 17
AMREP CorporationAXR	Reiterate	Hold	Sep 15
Frequency Electronics, Inc.FEIM	Downgrade	Buy →Hold	Sep 14
Oracle CorporationORCL	Reiterate	Buy	Sep 14
Copart, Inc.CPRT	Reiterate	Buy	Sep 14
IES Holdings, Inc.IESC	Upgrade	Hold →Buy	Sep 11
PPPerma-Pipe International Holdings, Inc.PPIH	Reiterate	Buy	Sep 11
GEGencor Industries, Inc.GENC	Downgrade	Buy →Hold	Sep 10
DNDnow Inc.DNOW	Downgrade	Buy →Hold	Sep 10
Costco Wholesale CorporationCOST	Upgrade	Hold →Buy	Sep 8

Similar coverage12M

• Loop Capital Markets65 shared
• Freedom Capital Markets35 shared
• HSBC48 shared
• Bernstein66 shared
• Argus Research42 shared
• Susquehanna36 shared

References

1. Equity Research | Freedom Capital Marketsfreedomcapmkts.com
2. Freedom Broker research disclosure and rating system (Tactical Market Update)ffin.am
3. Freedom Holding Corp. Form 10-K for fiscal year ended March 31, 2023 (SEC)sec.gov
4. Timur Turlov - Freedom Holding Corp.freedomholdingcorp.com
5. Freedom Broker - About (fbroker.kz)fbroker.kz
6. Freedom Finance JSC - KASE member profilekase.kz