Independent Research
Independent Research - Unabhängige Finanzmarktanalyse - GmbH
Independent Research was a Frankfurt-based independent investment research house founded in 1995 by Pierre Drach. It covered German large, mid and small caps and later specialized in white-label research for German banks; Drach announced its liquidation in December 2021.
Company history
Drach built a research unit at broker Ballmaier & Schultz from 1991 and spun it out in 1995 as Independent Research, with Ballmaier as first client. Coverage of the Deutsche Telekom IPO, the Neuer Markt and the DAX, MDAX and SDAX lifted headcount to 45; after the Neuer Markt collapse revenue fell 90% and staff shrank to about ten. The firm then specialized in white-label research for banks. In December 2021 Drach announced a liquidation, citing client banks' retreat from capital markets and mergers.
- 1995Founded in Frankfurt by Pierre Drach
- 2021Founder announces liquidation of the firm
Research
The firm covered the Neuer Markt and the DAX, MDAX and SDAX indices in German and English, and specialized in second-line stocks. Its white-label clients included WGZ Bank, BayernLB, Landesbank Hessen-Thüringen, Hauck & Aufhäuser and ABN Amro. From December 2009 its ratings were Kaufen (Buy, an absolute gain of at least 15% expected over six months), Halten (Hold, 0–15%) and Verkaufen (Sell, an absolute loss).
Coverage12M
- Stocks
- 3
- Ratings
- 0
- Price targets
- 5
- Median upside
- +23.5%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
- Targets raised
- 1
- Targets cut
- 2
Sectors
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 INDBIndependent Bank Corp. | — | $95 |
 INTUIntuit Inc. | — | $875 |
 NTSKNetskope, Inc. Class A Common Stock | — | $27 |
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| Independent Bank Corp.INDB | Target | $80 →$95 | May 15 | |
| Independent Bank Corp.INDB | Target | $83 →$80 | Dec 17, 2025 | |
| Intuit Inc.INTU | Target | $875 | Nov 18, 2025 | |
| Independent Bank Corp.INDB | Target | $100 →$83 | Oct 21, 2025 | |
| Netskope, Inc. Class A Common StockNTSK | Target | $27 | Oct 13, 2025 | |
| Independent Bank Corp.INDB | Target | $100 | Dec 12, 2022 | |
| PFPfizer Inc.PFE | Target | $54 | Nov 11, 2021 | |
| PGThe Procter & Gamble CompanyPG | Target | $154 | Aug 4, 2021 | |
 Walmart Inc.WMT | Target | $165 | May 20, 2021 | |
| DBDeutsche Bank AGDB | Target | $8.50 | Apr 29, 2021 | |
| PGThe Procter & Gamble CompanyPG | Upgrade | Hold →Buy | Jan 22, 2021 | |
 JPMorgan Chase & Co.JPM | Downgrade | Buy →Hold | Dec 3, 2020 |
References
- Börsen-Zeitung – Independent Research schließt die Pforten (Dec 21, 2021)boersen-zeitung.de
- Independent Research – Small Cap Researchirffm.de
- Independent Research – White Label Researchirffm.de
- Independent Research study on Data Modul AG with rating definitions (Aug 2018)data-modul.com
- BaFin – list of notified research firms (legal name)bafin.de