Northland Capital Markets
Northland Securities, Inc.
Northland Securities is a Minneapolis broker-dealer owned by First National of Nebraska; its equity capital markets division, Northland Capital Markets, publishes research on small- and mid-cap growth companies in business services, consumer, energy, healthcare, industrial growth and technology.
Company history
Northland Securities was founded in Minneapolis in 2002 by municipal finance and underwriting professionals focused on Midwest bond issuers; it also runs institutional equity research, trading and corporate finance. First National of Nebraska completed its acquisition of parent Northland Capital Holdings in May 2023. In October 2025 Country Club Bank's capital markets, asset management and bank advisory units joined the firm after FNBO acquired that bank.
- 2002Northland Securities founded in Minneapolis
- 2023Acquired by First National of Nebraska
- 2025Added Country Club Bank capital markets and advisory units
Research
Northland rated 228 stocks as of April 2026, with more than 20 employees dedicated to institutional equity research and trading. Ratings are set against the S&P 500: Outperform (beat the index by at least 10%), Market Perform (within 10% either way) and Underperform (trail by at least 10%), and are forward-looking by at least 12 months.
Coverage12M
- Stocks
- 184
- Ratings
- 67
- Price targets
- 344
- Median upside
- +26.5%
- Upgrades
- 18
- Downgrades
- 4
- Initiations
- 0
- Reiterations
- 45
- Targets raised
- 175
- Targets cut
- 50
- Positive88%45
- Neutral10%5
- Negative2%1
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 BELFBBel Fuse Inc. | Outperform | $326 |
 CIENCiena Corporation | Outperform | $550 |
 NTAPNetApp, Inc. | Outperform | $187 |
 ALABAstera Labs, Inc. Common Stock | Outperform | $350 |
 NBISNebius Group N.V. | Outperform | $410 |
 TTITETRA Technologies, Inc. | Outperform | $10 |
 WULFTeraWulf Inc. | Outperform | $30 |
 APLDApplied Digital Corporation | Outperform | $82 |
 AVNWAviat Networks, Inc. | Outperform | $30 |
 CAMTCamtek Ltd. | Outperform | $174 |
Analysts24M
- Mike GrondahlWULF · GDOT · SEZL31
- Tim SavageauxLITE · CIEN · AAOI23
- Gus RichardCAMT · TER · AMBA20
- Nehal ChokshiNBIS · INV · P18
- Bobby BrooksSEI · CXT · CECO17
- Michael LatimoreRCAT · DPRO · CXDO14
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| VEVeeco Instruments Inc.VECO | Upgrade | Market Perform →Outperform | $30 →$66 | Sep 21 |
| BRBoost Run Inc. Class A Common StockBRUN | Target | $36 | Sep 18 | |
| SHSharonAI Holdings, Inc. Class A Common StockSHAZ | Target | $95 | Sep 18 | |
| CHChronoScale CorporationCHRN | Target | $32 | Sep 18 | |
 IREN LimitedIREN | Target | $99 | Sep 18 | |
| QNQuinStreet, Inc.QNST | Target | $23 | Sep 17 | |
 Vitesse Energy, Inc.VTS | Target | $18.50 →$20.50 | Sep 17 | |
| EPEvolution Petroleum CorporationEPM | Target | $4 →$4.25 | Sep 17 | |
| RCRed Cat Holdings, Inc.RCAT | Target | $22 →$13 | Sep 17 | |
| Ciena CorporationCIEN | Target | $500 →$550 | Sep 17 | |
 Solaris Energy Infrastructure, Inc.SEI | Target | $104 →$111 | Sep 16 |
Similar coverage12M
References
- Northland Securities – Homenorthlandsecurities.com
- First National of Nebraska Closes Acquisition of Northland Capital Holdings (2023)fnbo.com
- Northland Securities Expands with Country Club Bank Acquisition (2025)northlandsecurities.com
- Michael Grondahl | Northland Securitiesnorthlandsecurities.com
- Northland Capital Markets company update with rating definitions (April 2026)cust2mate.com
- FINN – First National of Nebraska, Inc. | OTC Marketsotcmarkets.com