Northcoast Research
Northcoast Research Partners, LLC
Northcoast Research is an independent institutional equity research firm and FINRA-registered broker-dealer based in Cleveland, Ohio, known for fundamental research built on networks of industry contacts across consumer, industrial, technology and business-services companies.
Company history
Northcoast Research Partners, LLC was organised in Ohio in October 2008 and began operating in May 2009, founded to build an independent research provider with a differentiated research process. A FINRA member since July 2009, it is wholly owned by Northcoast Research Holdings, LLC, whose managing members were Marty Rizzo, Sal Raffa and Kartik Mehta in 2024. It operates from Erieview Tower in downtown Cleveland and registered as an Ohio investment adviser in 2023.
- 2008Northcoast Research Partners organised in Ohio
- 2009Begins operations in Cleveland; joins FINRA
- 2023Registers as Ohio investment adviser
Research
Analysts cover industries including restaurants, specialty retail, cruise lines, leisure products, industrial distribution and technology, water and utilities, staffing and payment processing, using Northcoast Market Research (NMR), a process built on relationships with industry professionals. About 128 companies were under coverage in April 2025. INVESTARS/Integrity Research ranked the firm 9th of 81 for Buy-recommendation performance over six years to August 2023. Ratings are Buy, Neutral and Sell relative to the S&P 500 over 12 months.
Coverage12M
- Stocks
- 21
- Ratings
- 3
- Price targets
- 22
- Median upside
- +22.7%
- Upgrades
- 2
- Downgrades
- 1
- Initiations
- 0
- Reiterations
- 0
- Targets raised
- 3
- Targets cut
- 1
- Positive67%2
- Neutral0%0
- Negative33%1
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 WINGWingstop Inc. | Buy | $300 |
 COSTCostco Wholesale Corporation | Buy | $1,100 |
 OPLNOPENLANE, Inc. | Neutral | $50 |
 WGOWinnebago Industries, Inc. | Buy | $175 |
 WTRGEssential Utilities, Inc. | Buy | $42 |
 WTSWatts Water Technologies, Inc. | Buy | $225 |
 AAPAdvance Auto Parts, Inc. | — | $55 |
 ANAutoNation, Inc. | Neutral | $240 |
 AXONAxon Enterprise, Inc. | — | $742 |
 BMIBadger Meter, Inc. | Neutral | $148 |
Analysts24M
- Jim SandersonEAT · WING2
- Ryan ConnorsWTRG · WTS2
- Charles CerankoskyCASY1
- Aaron ReedLII1
- John HealyOPLN1
- Keith HousumAXON1
Recent actions
| Stock | Rating action | Target | Date |
|---|---|---|---|
 Brinker International, Inc.EAT | Target | $275 | Sep 22 |
| Badger Meter, Inc.BMI | Target | $148 | Sep 18 |
| PAPatrick Industries, Inc.PATK | Target | $121 | Sep 1 |
| OPENLANE, Inc.OPLN | Target | $40 →$50 | Aug 5 |
| HZMarineMax, Inc.HZO | Target | $39 | Jul 24 |
| CMComtech Telecommunications Corp.CMTL | Target | $2.50 | Jul 23 |
| MLMueller Industries, Inc.MLI | Target | $75 | Jul 16 |
| AutoNation, Inc.AN | Target | $240 | Jul 14 |
 Casey's General Stores, Inc.CASY | Target | $410 →$950 | Jul 13 |
| OPENLANE, Inc.OPLN | Target | $40 | May 6 |
| HTHertz Global Holdings, Inc.HTZ | Target | $5 | Apr 30 |
| Advance Auto Parts, Inc.AAP | Target | $55 | Jan 21 |
Similar coverage12M
References
- Northcoast Research homepagenorthcoastresearch.com
- Northcoast Research analystsnorthcoastresearch.com
- Kartik Mehta - Northcoast Researchnorthcoastresearch.com
- Northcoast Research Form ADV Part 2A (2024)northcoastresearch.com
- Northcoast Research Partners, LLC - FINRA BrokerCheckbrokercheck.finra.org
- Northcoast Research report with rating definitions (April 2025)powersportsbusiness.com