Vertical Research
Upgrade grade
D
Downgrade grade
C
Vertical Research Partners was founded in 2006 by former analysts and industry veterans seeking to build a boutique research platform with deep sector expertise and independent perspective. The firm has established itself as a respected mid-sized equity research provider with approximately 283 analyst ratings calls on US equities, focusing particularly on industrial companies, specialty chemicals, and cyclical sectors where detailed operational knowledge drives investment insights. Vertical Research has earned a reputation for producing granular, bottom-up analysis on mid-cap and large-cap companies, often differentiating themselves through supply chain expertise and direct management access that larger Wall Street firms sometimes overlook. The firm is known within investment circles for maintaining a contrarian streak, frequently publishing research that challenges consensus views on mature industrial businesses and material science companies, which has made them particularly valued by value-oriented and activist investors navigating complex operational turnarounds.
Upgrades
98
71.43% win rate
· avg +1.80% D1
Downgrades
125
72.0% win rate
· avg -1.66% D1
Avg Gap — Upgrades
+1.47%
open vs prev close
Avg Gap — Downgrades
-1.42%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Industrials | 74.47% (47) | +1.22% | 68.52% (54) | -1.76% |
| Basic Materials | 60.71% (28) | +1.91% | 75.76% (33) | -2.02% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2023 | 50.0% | 10 | 60.0% | 10 |
| 2022 | — | — | 75.0% | 20 |
| 2021 | 64.7% | 17 | 80.0% | 15 |
| 2019 | 100.0% | 13 | 58.3% | 12 |
| 2018 | 72.7% | 11 | 66.7% | 18 |
| 2017 | 70.6% | 17 | 83.3% | 12 |
| 2016 | — | — | 76.9% | 13 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 14, 2026 | SOLS | Solstice Advanced Materials Inc. | Basic Materials | Downgrade | Buy → Hold | $90 | -2.3% | -2.0% |
| May 11, 2026 | MAIR | Madison Air Solutions Corporation | Industrials | Initiates | Buy | $50 | +4.7% | +0.1% |
| May 1, 2026 | AMRZ | Amrize Ltd | Basic Materials | Upgrade | Hold → Buy | $70 | +2.0% | -0.7% |
| Apr 30, 2026 | LII | Lennox International Inc. | Industrials | Upgrade | Hold → Buy | $600 | +2.8% | +3.3% |
| Apr 23, 2026 | CSX | CSX Corporation | Industrials | Downgrade | Buy → Hold | $44 | +5.3% | +6.9% |
| Apr 22, 2026 | FMC | FMC Corporation | Basic Materials | Downgrade | Hold → Sell | $14 | -0.9% | -7.4% |
| Sep 8, 2025 | BA | The Boeing Company | Industrials | Upgrade | Hold → Buy | — | +0.9% | +0.6% |
| Nov 7, 2024 | IFF | International Flavors & Fragrances Inc. | Basic Materials | Upgrade | Hold → Buy | — | +0.7% | +3.9% |
| Oct 29, 2024 | CE | Celanese Corporation | Basic Materials | Downgrade | Hold → Sell | — | -1.4% | -2.4% |
| Oct 10, 2024 | HXL | Hexcel Corporation | Industrials | Downgrade | Buy → Hold | — | -2.5% | -1.1% |
| Oct 10, 2024 | HII | Huntington Ingalls Industries, Inc. | Industrials | Downgrade | Buy → Hold | — | -3.5% | -2.0% |
| Oct 7, 2024 | APD | Air Products and Chemicals, Inc. | Basic Materials | Upgrade | Hold → Buy | — | +7.2% | +9.5% |
| Jun 14, 2024 | R | Ryder System, Inc. | Industrials | Upgrade | Hold → Buy | — | -0.3% | -1.1% |
| May 16, 2024 | MMM | 3M Company | Industrials | Upgrade | Hold → Buy | — | +0.5% | +3.6% |
| Apr 29, 2024 | ODFL | Old Dominion Freight Line, Inc. | Industrials | Upgrade | Sell → Hold | — | +0.5% | +1.0% |
| Apr 24, 2024 | CR | Crane Company | Industrials | Upgrade | Hold → Buy | — | +1.4% | +2.9% |
| Apr 8, 2024 | WLK | Westlake Corporation | Basic Materials | Downgrade | Buy → Hold | — | -1.0% | -1.4% |
| Mar 8, 2024 | ALB | Albemarle Corporation | Basic Materials | Downgrade | Buy → Hold | — | +0.5% | -3.5% |
| Jan 10, 2024 | MRTN | Marten Transport, Ltd. | Industrials | Upgrade | Hold → Buy | — | +2.8% | +2.1% |
| Jan 10, 2024 | RXO | RXO, Inc. | Industrials | Downgrade | Buy → Hold | — | -1.9% | +0.4% |
| Jan 10, 2024 | R | Ryder System, Inc. | Industrials | Downgrade | Buy → Hold | — | -0.9% | -0.6% |
| Jan 3, 2024 | LYB | LyondellBasell Industries N.V. | Basic Materials | Upgrade | Hold → Buy | — | +0.4% | -0.0% |
| Jan 3, 2024 | PPG | PPG Industries, Inc. | Basic Materials | Upgrade | Hold → Buy | — | -0.4% | -1.1% |
| Jan 2, 2024 | FTV | Fortive Corporation | Technology | Downgrade | Buy → Hold | — | -1.5% | -1.9% |
| Jan 2, 2024 | OTIS | Otis Worldwide Corporation | Industrials | Downgrade | Buy → Hold | — | -1.2% | -1.2% |