Below is a list of 40 independent investment research firms, compiled based on their reputation, focus on unbiased research, and recognition in the industry. These firms are known for providing equity research, market insights, and financial analysis without the conflicts of interest often associated with larger investment banks. Note that the list is not ranked by performance but represents a selection of prominent independent firms based on available information from sources like financial publications, industry rankings, and web data.

1. Longbow Research – Founded in 2003, based in Cleveland, Ohio, Longbow provides independent equity research focusing on industrials, consumer, and technology sectors, known for proprietary surveys and channel checks.crunchbase.comlongbowresearch.comcrainscleveland.com
2. MoffettNathanson – Specializes in technology, media, and telecom research, ranked No. 1 by Institutional Investor in 2022 for independent research.
3. Wolfe Research, LLC – A premier sell-side firm with high-quality sector and macro research, voted #6 in the 2024 Extel All-America Research Poll.wolferesearch.comcnbc.com
4. Evercore ISI – Top-ranked U.S. equity research firm for three years, offering in-depth sector analysis.
5. Morningstar, Inc. – Provides independent stock, mutual fund, and ETF research for retail and institutional investors.richardtoad.substack.comjoinleland.com
6. CFRA Research – Covers over 1,600 companies globally with unbiased fundamental, forensic accounting, and ETF research.cfraresearch.com
7. Cleveland Research Company (CRC) – Known for channel-driven research in consumer, industrial, fintech, and healthcare sectors.clevelandresearch.com
8. Zacks Investment Research – Offers stock and fund analysis with sector-specific expertise for individual investors.joinleland.com
9. Independent Investment Research (IIR) – Australia-based with U.S. presence, focusing on transparent equity research.
10. Argus Research – Veteran firm providing objective equity research and portfolio strategy.keplercheuvreux.com
11. Ned Davis Research – Specializes in macro and technical research for portfolio management.
12. 22V Research – Founded by ex-Evercore ISI analysts, focuses on process-oriented macro and sector research.
13. Hedgeye Risk Management – Provides actionable macro and thematic research for institutional investors.
14. BCA Research – Global leader in independent macro research for economic and market trends.
15. TIS Group – Focuses on small and mid-cap equity research for institutional clients.
16. Sidoti & Company – Specializes in small and micro-cap U.S. companies.
17. H.C. Wainwright & Co. – Focuses on small and mid-cap firms, especially in biotech and healthcare.richardtoad.substack.com
18. Oppenheimer & Company, Inc. – Offers independent research in growth sectors like technology and healthcare.richardtoad.substack.com
19. Robert W. Baird & Co. – Emphasizes mid-cap companies with sector-specific insights.richardtoad.substack.com
20. William Blair & Company – Covers nearly 650 companies in growth-oriented sectors like consumer and healthcare.williamblair.com
21. The Zephirin Group – Boutique firm specializing in financial services research.
22. Accountability Research Corp. – Canada-based, offering transparent equity research.richardtoad.substack.com
23. Arete Research Services – Global firm focusing on technology and telecom research.
24. Atlantic Equities – Provides U.S. and European equity research for institutional clients.
25. Bernstein Research – Known for actionable, deep research across global sectors.bernsteinresearch.com
26. Redburn – European-based, offering independent equity research for global markets.
27. Keefe, Bruyette & Woods (KBW) – Specializes in financial services research.cnbc.com
28. Sandler O’Neill + Partners – Now part of Piper Sandler, known for financial institution research.richardtoad.substack.com
29. SG Analytics – Provides tailored equity and fixed-income research outsourcing services.
30. Baptista Research – U.S.-based, offering sponsored equity research reports for small-cap and micro-cap firms.issuu.combaptistaresearch.com
31. Northcoast Research – Cleveland-based, focusing on consumer and industrial sectors, an offshoot of FTN Midwest Research.institutionalinvestor.com
32. Kepler Cheuvreux – Europe’s largest independent research provider, covering 2,800+ stocks with ESG integration.keplercheuvreux.com
33. New Constructs – Provides investment ratings for 3,000 stocks and 7,000 funds using proprietary data analytics.f6s.com
34. Valueline – Offers retail investor-focused research on stocks and industries.en.wikipedia.org
35. SEENSCO – Retail-oriented firm providing independent equity research.en.wikipedia.org
36. AC Investment Research – Focuses on retail investor equity analysis.en.wikipedia.org
37. Raymond James & Associates, Inc. – Covers 1,200 companies with a focus on small and mid-cap stocks.richardtoad.substack.comraymondjames.com
38. Stephens Inc. – Provides differentiated research on small and mid-cap stocks with industry expertise.stephens.com
39. Gabelli & Co. – Focuses on value-oriented equity research for institutional clients.richardtoad.substack.com
40. D.A. Davidson – Offers independent research with a focus on small and mid-cap companies.richardtoad.substack.com

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