Research and the creation of ideas are the foundation of our service offering at Cormark


Our research analysts are top-ranked professionals in their respective sectors. As such, we rely on them as the fundamental drivers of sales and trading and investment banking efforts

We have chosen to focus our resources on a segment of the market we broadly categorize as Canadian-listed mid-cap and emerging growth companies. What does this mean? Approximately 68% of 240+ company coverage list is made up of companies under $1.0 billion in market capitalization. The remaining 32% are in the $1.0 billion plus category.


“We provide research on every major sector of the Canadian market and have 17 publishing analysts providing coverage on 240+ companies.”

– Scott Lamacraft, CFA | Executive Chairman

Our research provides comprehensive coverage of approximately 240+ mid-cap and emerging growth companies focusing on the following industry groups:




Kyle McPhee


Alternative Energy
Industrial Technology



MacMurray Whale





Jesse Pytlak

Kyle McPhee


& Media



David McFadgen


Consumer Products



Kyle McPhee


Real Estate & REITs



Sairam Srinivas


Financial Services



Jeff Fenwick





Kyle McPhee


Industrial Products



David Ocampo

Jeff Fenwick




Richard Gray

Stefan Ioannou

MacMurray Whale

Brock Colterjohn

Nicolas Dion


Oil & Gas and Energy Services



Brent Watson

Garett Ursu


& Technical



Mark Deriet


Special Situations



Kyle McPhee

MacMurray Whale





Gavin Fairweather





David Ocampo



Coverage Distribution By Market Capitalization

Why do we focus on this segment of the market?

Put simply, our goal is to be a leader in generating new investment ideas for institutional clients and as a result, adding substantial value to corporate clients. We seek out companies with attractive growth strategies, whereby they have potential to become $1+ billion companies and generate substantial shareholder value along the way.


Rating Systems

Our recommendation terminology provides clear and understandable direction to our clients.

Recommendation Terminology # of Companies % of Total
Top Pick

Our best investment ideas, the greatest potential value appreciation

9 3%

Expected to outperform its peer group

209 77%
Market Perform

Expected to perform with its peer group

27 10%

Expected to underperform its peer group

0 0%

Clients are advised to tender their shares to a takeover bid

8 3%
Not Rated

Stocks we are restricted from publishing, or our recommendation is under review

20 7%
273 100%

Additionally, our ratings may be followed by "(S)" which denotes that the investment is speculative and has a higher degree of risk associated with it.

Our target prices are based on a 12-month investment horizon.

Disclosure Statements

Our research reports adhere and comply to the Investment Industry Regulatory Organization of Canada.


Company Look-up Fundamental Analysis

Company Look-up Quantitative / Technical Analysis


Cormark's research reports adhere and comply to the Investment Industry Regulatory Organization of Canada.

Dissemination Policy

Morning Notes

Morning Notes are a more thorough analysis of company-specific or macro events and are sent via e-mail on a daily basis.

Special Alerts

Special Alerts are generally short, time-sensitive comments pertaining to recent company or macro developments and are sent via e-mail throughout the day, as they are prepared.

Research/Industry Comments

Research Comments and Industry Comments are complete multi page reports containing detailed company-specific (or macro-economic) analyses. They are sent via e-mail to our clients.

Request Research Access

Cormark provides our institutional clients access to our research online. This wealth of information is available in the password-protected section of our website.

Institutional clients of Cormark may have access to our research online. If you are an institutional client of Cormark and do not have a password and access instructions, please contact us so we can provide you with easy access to this wealth of information. If you prefer, you can make your request by e-mail, and we will contact you with your account information.

For more information about Research please contact:

Jeff Fenwick, M.Phil, MBA

Managing Director,
Head of Institutional Equity Research