Northcoast Research
Upgrade grade
A+
Downgrade grade
A
Northcoast Research was founded in 2003 as an independent equity research boutique focused on providing institutional investors with in-depth fundamental analysis of US public companies. The firm has established itself as a respected mid-sized research operation with approximately 324 analyst ratings calls in circulation covering a diverse range of US equities across multiple sectors. Northcoast is particularly known for its coverage of industrials, technology, consumer discretionary, and healthcare companies, bringing sector-specific expertise that resonates with institutional clients seeking differentiated perspectives. The firm has developed a reputation for rigorous, bottom-up research driven by detailed company and industry analysis, distinguishing itself in a crowded research landscape through its commitment to independent viewpoints and willingness to take contrarian positions when the fundamentals warrant them.
Upgrades
127
84.25% win rate
· avg +3.06% D1
Downgrades
142
82.39% win rate
· avg -2.09% D1
Avg Gap — Upgrades
+1.92%
open vs prev close
Avg Gap — Downgrades
-1.68%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Consumer Cyclical | 86.00% (50) | +3.24% | 75.47% (53) | -1.65% |
| Industrials | 89.29% (28) | +2.69% | 84.78% (46) | -2.44% |
| Technology | 83.33% (18) | +4.43% | 81.25% (16) | -2.83% |
| Consumer Defensive | 72.73% (11) | +1.06% | 90.00% (10) | -1.61% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2024 | 92.3% | 13 | 83.3% | 12 |
| 2023 | 70.6% | 17 | 73.9% | 23 |
| 2022 | 81.8% | 11 | 75.0% | 12 |
| 2021 | 78.9% | 19 | 76.9% | 13 |
| 2020 | 93.3% | 15 | — | — |
| 2019 | — | — | 70.0% | 20 |
| 2016 | — | — | 83.3% | 12 |
| 2014 | 90.9% | 11 | — | — |
| 2013 | — | — | 91.7% | 12 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Dec 24, 2025 | COST | Costco Wholesale Corporation | Consumer Defensive | Upgrade | Neutral → Buy | — | +0.4% | +2.0% |
| Sep 25, 2025 | WEN | The Wendy's Company | Consumer Cyclical | Downgrade | Neutral → Sell | — | -2.0% | -1.4% |
| Nov 18, 2024 | CAR | Avis Budget Group, Inc. | Industrials | Downgrade | Buy → Neutral | — | -2.7% | +0.7% |
| Nov 14, 2024 | JACK | Jack in the Box Inc. | Consumer Cyclical | Downgrade | Buy → Neutral | — | -0.3% | +3.0% |
| Nov 11, 2024 | WGO | Winnebago Industries, Inc. | Consumer Cyclical | Upgrade | Neutral → Buy | — | +2.6% | +6.5% |
| Nov 4, 2024 | WTS | Watts Water Technologies, Inc. | Industrials | Upgrade | Neutral → Buy | — | +0.7% | +1.0% |
| Jul 29, 2024 | BC | Brunswick Corporation | Consumer Cyclical | Upgrade | Neutral → Buy | — | +1.5% | +2.1% |
| Jul 19, 2024 | PNR | Pentair plc | Industrials | Downgrade | Buy → Neutral | — | -0.8% | -1.2% |
| Jul 11, 2024 | CASY | Casey's General Stores, Inc. | Consumer Cyclical | Upgrade | Neutral → Buy | — | +2.0% | +3.4% |
| Jun 14, 2024 | CRS | Carpenter Technology Corporation | Industrials | Downgrade | Neutral → Sell | — | -2.5% | -7.3% |
| Jun 14, 2024 | ATI | ATI Inc. | Industrials | Downgrade | Buy → Neutral | — | -2.6% | -6.6% |
| Jun 14, 2024 | HWM | Howmet Aerospace Inc. | Industrials | Downgrade | Neutral → Sell | — | -1.3% | -4.7% |
| Jun 7, 2024 | CDW | CDW Corporation | Technology | Upgrade | Neutral → Buy | — | +0.7% | +1.1% |
| Apr 18, 2024 | BMI | Badger Meter, Inc. | Technology | Upgrade | Sell → Neutral | — | +7.5% | +16.7% |
| Apr 17, 2024 | BA | The Boeing Company | Industrials | Downgrade | Neutral → Sell | — | -0.3% | -0.2% |
| Apr 15, 2024 | PNR | Pentair plc | Industrials | Upgrade | Neutral → Buy | — | +2.2% | -1.0% |
| Apr 10, 2024 | HXL | Hexcel Corporation | Industrials | Downgrade | Buy → Neutral | — | -11.3% | -12.4% |
| Apr 5, 2024 | LNN | Lindsay Corporation | Industrials | Upgrade | Neutral → Buy | — | +1.6% | +1.5% |
| Mar 25, 2024 | CAR | Avis Budget Group, Inc. | Industrials | Upgrade | Neutral → Buy | — | +3.0% | +4.4% |
| Mar 12, 2024 | VYX | NCR Voyix Corporation | Technology | Upgrade | Neutral → Buy | — | +3.2% | +2.8% |
| Feb 23, 2024 | FELE | Franklin Electric Co., Inc. | Industrials | Upgrade | Neutral → Buy | — | +1.2% | +2.1% |
| Feb 23, 2024 | BA | The Boeing Company | Industrials | Downgrade | Buy → Neutral | — | -0.3% | -0.3% |
| Feb 20, 2024 | TXRH | Texas Roadhouse, Inc. | Consumer Cyclical | Downgrade | Buy → Neutral | — | -0.7% | -0.3% |
| Jan 29, 2024 | JACK | Jack in the Box Inc. | Consumer Cyclical | Upgrade | Neutral → Buy | — | +2.2% | +3.4% |
| Jan 19, 2024 | MLI | Mueller Industries, Inc. | Industrials | Downgrade | Buy → Neutral | — | -1.2% | -0.5% |