Lake Street
Lake Street Capital Markets, LLC
Lake Street Capital Markets is a privately held, Minneapolis-based boutique investment bank focused on small- and mid-cap growth companies, combining equity research, institutional sales and trading, and investment banking.
Company history
A group of founding partners launched Lake Street in Minneapolis in 2012, arguing that small-cap companies lacked dedicated research and banking support, and built it on a traditional small-cap investment bank model with an agency-based trading platform. Its investment banking practice includes a healthcare banking group. The firm remains partner-led, with founding partner Mike Townley as CEO, and holds an annual Best Ideas Growth (BIG) investor conference in New York, which reached its tenth edition in 2026.
- 2012Founded in Minneapolis by a group of founding partners
Research
Research is the firm's core product. As of 2026, 13 senior analysts cover growth companies in six groups: semiconductors and wireless technology, software and network infrastructure, life sciences, consumer, industrial growth and energy technologies, and select growth opportunities. Buy ratings indicate expected returns above 10% over the next 12 months, Hold 0% to 10%, and Sell negative returns.
Coverage12M
- Stocks
- 167
- Ratings
- 191
- Price targets
- 241
- Median upside
- +36.8%
- Upgrades
- 8
- Downgrades
- 14
- Initiations
- 16
- Reiterations
- 153
- Targets raised
- 89
- Targets cut
- 52
- Positive90%113
- Neutral10%12
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 AGXArgan, Inc. | Buy | $600 |
 RCELAVITA Medical, Inc. | Buy | $12 |
 AOUTAmerican Outdoor Brands, Inc. | Buy | $16 |
 DOMODomo, Inc. | Buy | $7 |
 KRUSKura Sushi USA, Inc. | Buy | $72 |
 APEIAmerican Public Education, Inc. | Buy | $64 |
 BLZEBackblaze, Inc. | Buy | $21 |
 DAVEDave Inc. | Buy | $450 |
 LTRXLantronix, Inc. | Buy | $10 |
 NSSCNapco Security Technologies, Inc. | Buy | $50 |
Analysts24M
- Eric MartinuzziDOMO · EVLV · OOMA22
- Mark SmithKRUS · AOUT · BAER12
- Ben HaynorBFLY · NUTX · TCMD11
- Frank TakkinenAXGN · BBNX · AVR11
- Jaeson SchmidtNSSC · VELO · AVNW11
- Ryan MeyersPAAI · LFVN · BARK9
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| PRPriority Technology Holdings, Inc.PRTH | Downgrade | Buy →Hold | $8.05 | Sep 21 |
| Lantronix, Inc.LTRX | Reiterate | Buy | $8 →$10 | Sep 18 |
| SPSpruce Biosciences, Inc.SPRB | Initiate | Buy | $149 | Sep 17 |
| KYKyntra Bio, Inc.KYNB | Initiate | Buy | Sep 17 | |
| RFRF Industries, Ltd.RFIL | Target | $19 →$17 | Sep 15 | |
| FTFlotek Industries, Inc.FTK | Target | $40 →$44 | Sep 15 | |
| PAPaySign, Inc.PAYS | Target | $13 →$15 | Sep 15 | |
| ATAlterity Therapeutics LimitedATHE | Initiate | Buy | $10 | Sep 15 |
Similar coverage12M
References
- Lake Street Capital Markets | Aboutlakestreetcapitalmarkets.com
- Lake Street Capital Markets | Research Coveragelakestreetcapitalmarkets.com
- Smaller Brokers See Opportunities (Markets Media)marketsmedia.com
- Lake Street Capital Markets, LLC - FINRA BrokerCheckbrokercheck.finra.org
- Lake Street Capital Markets Presents BIG9 (GlobeNewswire, 2025)finance.yahoo.com
- Lake Street institutional equity research note with ratings definitions (2020)hotstocks.co.il