Fundamental Research
Fundamental Research Corp.
Fundamental Research Corp. (FRC) is an independent equity research firm founded in Vancouver, Canada, in 2003. It is known for issuer-sponsored coverage of small- and micro-cap companies and for model-based fair value estimates on more than 4,800 stocks as of 2026.
Company history
FRC was founded in Vancouver in 2003 and built its business on commissioned research on small- and micro-cap companies, much of it in energy, mining, real estate and technology, paid for by the covered issuers; it had covered more than 750 companies by 2026. It later added a subscription platform with fair value estimates, analyst price targets and a Top Picks list, and its price targets are distributed through Bloomberg, S&P Capital IQ and FactSet.
- 2003Founded in Vancouver
Research
Research is led by vice president and head of research Sid Rajeev, a CFA charterholder. As of 2026 covered companies pay annual fees of $15,000 to $45,000 set in advance; analysts follow the CFA Institute code and may not trade covered securities. Ratings are Buy, Hold or Sell based on the gap between fair value and market price, paired with a 1–5 risk rating from low risk to highly speculative.
Coverage12M
- Stocks
- 11
- Ratings
- 0
- Price targets
- 11
- Median upside
- +13.8%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
Sectors
Listing
Activity24M
Most covered24M
Recent actions
| Stock | Rating action | Target | Date |
|---|---|---|---|
 Zions Bancorporation, National AssociationZION | Target | $75 | Jul 1 |
 Texas Capital Bancshares, Inc.TCBI | Target | $110 | Jul 1 |
 SouthState CorporationSSB | Target | $120 | Jul 1 |
 Flagstar Financial, Inc.FLG | Target | $17 | Jul 1 |
 First Horizon CorporationFHN | Target | $28.50 | Jul 1 |
 First Citizens BancShares, Inc.FCNCA | Target | $2,350 | Jul 1 |
 Customers Bancorp, Inc.CUBI | Target | $94 | Jul 1 |
 Columbia Banking System, Inc.COLB | Target | $35 | Jul 1 |
 Analog Devices, Inc.ADI | Target | $550 | Jun 29 |
 NVIDIA CorporationNVDA | Target | $218 | Feb 26 |
 Invesco Ltd.IVZ | Target | $27 | Oct 31, 2025 |
 Newmont CorporationNEM | Target | $63.10 | Nov 8, 2021 |
Similar coverage12M
References
- Fundamental Research Corp. | Fair Value & AI Stock Research Platformresearchfrc.com
- Disclaimer - Fundamental Research Corp.researchfrc.com
- Fundamental Research Corp. Initiates Coverage on Focus Graphite Inc. (Apr. 2, 2026)otcmarkets.com
- Siddharth Rajeev - Streetwise Reportsstreetwisereports.com