Equity research

Bold Ideas and Integrity. Our equity research team is dedicated to uncover the sublime, emerging, small-cap company and to challenge conventional wisdom of the under-followed, unloved, or out-of-favor stock. Our investment ideas are backed by experienced, seasoned, professional analysts, with top industry and peer group accreditations for stock picking and earnings estimates. Furthermore, we pride ourselves on independent research and aspire to the highest standards of ethics and integrity of our research driven product. Ideas. Experience. Integrity. These are the hallmarks that make us different; that make us Noble.

Sector Focus

A company must recognize its strengths and specializations in order to provide the requisite expertise to its clients. Even some of America's greatest companies have lost their way trying to be something they are not. We understand that our clients are looking for solid advice and ideas generated by experts from their respective sectors. Our analysts and investment bankers have, on average, more than 25 years of experience, with our analysts being recognized as star analysts numerous times.


Through our Scientific Advisory Board (SAB), healthcare equity research analysts and investment bankers, NOBLE Capital Markets combines industry and scientific knowledge to provide our clients with value-added research, advisory and investment/merchant banking services.

Our healthcare team focuses on the following industry verticals:

  • Biotechnology
  • Diagnostics
  • Healthcare Services
  • Medical Devices
  • Specialty Pharmaceuticals

For more information please visit the website of Noble Life Science Partners.

Media & Entertainment

Experience, breadth & depth. Audience fragmentation has led to an explosion in both capital markets and M&A activity between traditional and new media, seeking to position for future growth and protect and adapt existing business models. In addition, technological advances have also enabled the convergence of media, expanded capabilities and solutions to reach consumers. NOBLE's research capabilities are differentiated by our experience across various traditional media, entertainment, digital media and technology platforms. As a result, we find exceptional solutions in the changing media landscape.

Traditional Media

  • Radio & Television Broadcasting
  • Cable & Satellite Systems and Networks
  • Advertising Agencies
  • Publishing
  • Direct Marketing
  • Information Services & Measurement Content
  • Out-of-Home Advertising
  • Billboards
  • In-Store, Point of Sale

Media Technology

  • Video enabling and delivery
  • Audio optimization
  • Search technology
  • Post-production and editing
  • Content protection
  • Advertising distribution

Digital Media

  • Mobile Communications
  • E-mail & Data Services
  • Search
  • Digital Publishing, Applications
  • Advertising Networks
  • Social Networking
  • E-Commerce


  • Interactive Gaming & Programming
  • Live Events Theatrical Programming and Distribution
  • Music Publishing


The technology industry covers a broad spectrum of companies. At NOBLE our analysts focus on the following sub-sectors of technology.

Business & IT Services

  • IT Services
  • Outsourcing Services
  • Data & Information Services
  • Vertical Solutions & Services

Enterprise Hardware

  • Enterprise Storage
  • Photonics
  • Equipment

Government Services and Technology

  • Government Services
  • Defense Technology
  • Electronics
  • Aerospace
  • Network Operations Management
  • Storage Software
  • Security / GRC

Natural Resources

Our analysts cover a wide range of companies covering the following areas;

  • Exploration and production
  • Oil services, onshore and offshore
  • Refining, marketing, chemicals and petrochemicals
  • Power, utilities, mining and coal

coverage universe

NOBLE understands that investors have multiple access points to research; that is why our professionals are dedicated to uncovering value-added opportunities through their deep industry knowledge and sector coverage.

Our coverage presentation features both prominent and promising companies within their respective industry sectors. Click the button to see which companies we have under research coverage.

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Noble Client Testimonials

We take great pride in our client relationships. And we’re proud to share the observations of those who know best what it’s like to work with NOBLE Capital Markets.

Research Team

Michael Kupinski

Director of Research, Digital Media & Technology

Media and Entertainment

E: mkupinski@noblecapitalmarkets.com
T: (561) 994-5734
VCard: Michael Kupinski

Michael Kupinski joined NOBLE Capital Markets in 2007 as director of research and Media & Entertainment senior research analyst. Before joining the company, he was the vice president and Media & Entertainment analyst for A.G. Edwards for twenty-three years. He is a member of the National Cable Television Society Foundation and the National Association of Broadcasters. He was a columnist for the Pulse of Radio, a broadcast radio trade publication, and a trustee of the National Television Academy. The Wall Street Journal selected Mr. Kupinski as a 'Best on the Street' All-Star Analyst in 1996, 1997, 1999, 2001, 2003, and in 2004 for his stock picking skills. Mr. Kupinski is widely quoted in national publications such as USA Today, The Wall Street Journal, and The New York Times, and is a frequent guest on cable news networks CNBC, CNN, and Bloomberg TV.

Michael Kupinski, Director of Research, Digital Media & Technology

Michael Heim

CFA, Senior Research Analyst


E: mheim@noblecapitalmarkets.com
T: (314) 308-9711
VCard: Michael Heim

Michael C. Heim, CFA joined NOBLE Capital Markets in the fall of 2014 bringing more than twenty years experience following energy and utility stocks. At. NOBLE, he will be following independent exploration and production companies. Prior to joining the firm, Mr. Heim spent eighteen years at A.G. Edwards & Sons as a sell-side analyst and two years at Sawtooth Investment Management as a buy-side hedge fund analyst. He is a four-time winner of Wall Street Journal's "Best on the Street" (2003, 2001, 2000, 1999) and three-time winner of Forbes/StarMine's "Best Brokerage Analyst" (2007, 2007, 2006). Mr. Heim teaches a class on securities valuation for St. Louis University's MBA program. He is a Chartered Financial Analyst and holds an MBA from Washington University in St. Louis and a BA in Economics from Carleton College in Minnesota.

Michael Heim, CFA, Senior Research Analyst

Kumaraguru Raja

PhD, Vice President, Biotechnology Research


E: kraja@noblelsp.com

M: (212) 863-3225
VCard: Kumaraguru Raja

Dr. Raja has significant experience as an equity analyst in the healthcare industry with a focus on biotechnology sector. Previously, he was an associate analyst for over five years on the Citi Research biotechnology team that has been continuously ranked highly for Biotechnology in the All-America Institutional Investor survey. Dr. Raja's expertise includes bottom-up scientific, financial analysis on companies across therapeutic areas and spectrum of market capitalizations. Dr. Raja has strong quantitative, scientific background with in-depth biotechnology and healthcare industry knowledge leveraged to identify compelling investment opportunities. Dr. Raja has substantial experience working with leading US institutional clients. He has deep knowledge of healthcare industry including drug development, intellectual property, FDA and EMA regulations, reimbursement coverage, and clinical science. Dr. Raja conducted post-doctoral research at Mayo Clinic to understand the epigenetic causes of cancer and at Los Angeles Biomedical Research Institute to elucidate the molecular mechanisms concerning the role of human bone marrow stem cells in normal and leukemic hematopoiesis. He received his PhD in Biological Sciences from Bowling Green State University and MBA from University of California, San Diego.

Kumaraguru Raja, PhD, Vice President, Biotechnology Research

Mark Jordan

CFA, Senior Research Analyst, Government Services, Defense Technology


E: mjordan@noblecapitalmarkets.com
T: (314) 687-1074
VCard: Mark Jordan

Mark Jordan, CFA joined NOBLE Capital Markets as a senior research analyst following the Electronics, Communications Hardware, and Defense industries. With over thirty years of investment analysis experience, he has received four annual "Best of the Street" stock selection designations in the Wall Street Journal and recognition by Forbes/StarMine as a Top Analyst and holds a Chartered Financial Analyst designation.

Mark Jordan, CFA, Senior Research Analyst, Government Services, Defense Technology

Tarun Aswani

Research Associate


E: taswani@noblelsp.com
T: (561) 999-2260
VCard: Tarun Aswani

Tarun Aswani is a Research Associate for NOBLE Capital Markets working with Senior Analyst Raja Kumaraguru in the Life Sciences and Specialty Pharmaceutical industries. Tarun holds a B.A. in Finance and an MBA, concentrated in Finance, from Florida Atlantic University. In addition, Tarun has completed a rigorous year-long fundamental equity analyst program at Florida Atlantic University.

Tarun Aswani, Research Associate

Benjamin Klieve, CFA

Associate Analyst


E: bklieve@noblecapitalmarkets.com
T: (561) 997-8947
M: 608-469-5456
VCard: Benjamin Klieve, CFA

Ben Klieve is a Associate Analyst for NOBLE Capital Markets working with Senior Analyst Mark Jordan in the Government Services and Defense Technology industries. Ben holds a B.S. in Economics and History from the University of Wisconsin-Madison, and a MS Finance and MBA from the University of Denver. He has previously worked as a Research Analyst for Standard & Poor’s, and is a Chartered Financial Analyst.

Benjamin Klieve, CFA, Associate Analyst