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

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

Transportation & Logistics

NOBLE's research capabilities are differentiated by our experience and expertise across various segments of the marine shipping and surface transportation space. Additionally, our team of experienced investment bankers has industry leading domain expertise in the following segments of the maritime and airfreight & surface transportation universe:

Marine Shipping

  • Jones Act Shipping
  • Crude Tankers
  • Product Tankers
  • Shipping MLPs
  • Chemical Tankers
  • Specialty Carriers (MPPs)
  • Dry Bulk Carriers
  • Container Carriers
  • LPG Carriers
  • LNG Carriers
  • Pure Car/Truck Carriers (PCTC)
  • Marine Infrastructure

Airfreight & Surface Transportation

  • Trucking (TL and LTL)
  • Railroads
  • Airfreight & Logistics
  • Rail Supply
  • Energy Logistics
  • Intermodal
  • Supply Chain Technologies
  • Transportation Management
  • Specialty Logistics
  • Warehousing & Distribution

Infrastructure, Transportation and Leasing

  • Diversified Infrastructure
  • Toll Roads
  • Airports
  • Pipelines
  • Marine Terminals
  • Container Leasing
  • Aircraft Leasing
  • Equipment Leasing
  • Maritime Vessel Sale Leaseback
  • Maritime Shipyard/Repair Facilities

coverage universe

NOBLE understands that investors have multiple access points to research; that is why our professionals are passionate and dedicated to identifying underfollowed, orphaned and often misunderstood investment opportunities. Our analysts’ deep industry knowledge and sector coverage enables us to articulate and unlock these values through insightful research reports.

Click below to view Noble's covered companies, sorted by analyst, on Channelchek. Click on each company to read Noble's research reports. Research is available with a no-cost Channelchek membership.

Research Team

Michael Kupinski

Director of Research, Senior Media & Entertainment Analyst

Media and Entertainment

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

Michael Kupinski joined Noble Financial 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, Senior Media & Entertainment Analyst

Robert LeBoyer

Vice President, Research Analyst, Life Sciences


E: rleboyer@noblelsp.com
T: (212) 896-4625

Robert LeBoyer joined Noble Capital Markets in 2021 to cover the Biotechnology and Specialty Pharmaceuticals industry. Mr. LeBoyer began his research career at Prudential Securities, and has previously been a Senior Biotechnology Analyst at Brown Brothers Harriman and Leerink Swann, joining Noble from Ladenburg Thalmann. Robert holds a BA in Economics from Tulane University and an MBA from Columbia Business School.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences

Michael Heim

CFA, Senior Utilities Analyst


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

Michael C. Heim, CFA joined Noble Financial in the fall of 2014 bringing more than twenty years experience following energy and utility stocks. At. Noble Financial, 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 Utilities Analyst

Mark Reichman

Senior Natural Resource Analyst

E: mreichman@noblecapitalmarkets.com
T: 561-999-2272
VCard: Mark Reichman

Mark joined Noble as a senior research analyst with coverage responsibility in the Basic Materials & Mining sectors. Mr. Reichman previously served as a senior research analyst with Simmons & Company International and with affiliates of Sanders Morris Harris Group in Houston, Texas. Mr. Reichman began his equity research career at A.G. Edwards & Sons, Inc. in 1998 where he covered equities in the energy, mining and electric utility sectors. In 2009 and 2010, Mr. Reichman was recognized in a Forbes special report listing of “The Best Brokerage Analysts” based on earnings estimate accuracy and stock recommendation performance. He has also been listed in the Wall Street Journal’s “Best on the Street” analyst ranking for stock recommendation performance in the Mining & Metals industry. Mr. Reichman has earned his BA in Business Administration from Westminster College, an MBA with a Finance concentration from the University of Missouri – Columbia, and an MA in International Affairs from Washington University in St. Louis.

Mark Reichman, Senior Natural Resource Analyst

Joe Gomes

Senior Generalist Analyst


Joe joined Noble Capital Markets in January 2018 as a Senior Research Analyst. Joe brings over 20 years experience as a Generalist Analyst covering the small-to-mid cap space. Before joining the company, he was Senior Equity Analyst for Wm. Smith & Co. His prior equity research experience includes stints at Oppenheimer & Co., McGinn Smith & Co., where he spearheaded the development of an institutional research effort, C.L. King & Co., Federal Filings, and 13D Research. Joe is a Chartered Financial Analyst and holds an MBA in Finance from Pace University and a BS in Agricultural Economics from Cornell University.

Joe Gomes, Senior Generalist Analyst

Gregory Aurand

Senior Research Analyst, Healthcare Services & Medical Devices


E: gaurand@noblelsp.com
T: (212) 497-4011

Gregory Aurand, CFA joins Noble Capital Markets with coverage responsibilities in Medical Device and Healthcare Services companies. Gregory brings over 25 years of healthcare research analyst experience at Munder Capital Management, Zacks Investment Research, Orbitex Management, Guidepoint Global and Marble Arch Research. He also co-managed healthcare and biotechnology portfolios while at Munder and Orbitex, outperforming peer benchmarks. He has appeared on CNBC and was interviewed by The Wall Street Transcript. At Guidepoint, Gregory developed primary data sets and researched medical technology and therapeutics companies as part of their product efforts to produce market correlative healthcare data. His coverage in healthcare has encompassed a broad spectrum of large-, mid- and small-cap situations with a focus in medical technology. He has also extensively covered pharmaceuticals, biopharmaceuticals, healthcare facilities and services, and health information technology companies. Gregory received his Bachelor’s degree from Michigan State University and is a Chartered Financial Analyst (CFA) Charterholder. He is a member of the CFA Institute and CFA Society New York.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices

Patrick McCann

Research Analyst, Generalist


E: pmccann@noblecapitalmarkets.com

Patrick McCann joined Noble Capital Markets in October of 2021, having previously worked at Stifel Financial in Manager Research and Trust Investments. He is a generalist Research Analyst, with a primary focus on Communications, Technology and Industrial companies working directly with Michael Kupinski, the Director of Research. Mr. McCann received his BA in Philosophy from Thomas Aquinas College and is a CFA charterholder.

Patrick McCann, Research Analyst, Generalist

Jacob Mutchler

Research Associate, Media, Digital Media, Technology, & Entertainment


E: jmutchler@noblecapitalmarkets.com

Jacob Mutchler is currently an Equity Research Associate in the Media, Digital Media, Technology, & Entertainment industries. Prior to his start at Noble, Jacob graduated from Southern Illinois University of Edwardsville with a bachelor’s degree in economics & finance. After graduation Jacob joined TD Ameritrade where he attained a series 7 & 63, before joining Noble in September of 2022. He is currently a CFA level 1 Candidate for the August 2023 testing window.

Jacob Mutchler, Research Associate, Media, Digital Media, Technology, & Entertainment

Josh Zoepfel


Joshua Zoepfel joined Noble Capital Markets in October of 2021, having previously worked as a Credit Analyst at American Bank of Missouri. He is a Research Associate working directly with Joe Gomes, Senior Generalist Analyst. Mr. Zoepfel received a BS in Finance from Lindenwood University.

Josh Zoepfel,