---
title: "J.M. Dutton & Associates"
url: https://duttonassociates.com/
description: "J.M. Dutton & Associates is an independent issuer-paid equity research firm covering small cap public companies across seventeen industry sectors, with analyst coverage."
---

# J.M. Dutton & Associates

## Recognizing Opportunity

Dutton Associates is one of the largest issuer-paid equity research firms in the United States and our investment performance is ranked comparable to that of the top Wall Street firms. Our analysts, primarily CFAs with over 20 years of experience at the major securities firms, are among the most experienced on Wall Street. We offer high-quality, independent, fundamental research on small cap public companies.

We recognize independent investment research as an opportunity for both companies and investors, because the traditional avenues of gaining research coverage are closing for smaller company stocks. They do not generate the level of investment banking or brokerage business which draws the interest of the Wall Street research departments, who are funded by banking and brokerage business. Without analyst coverage, the current market prices of companies are often significantly below their intrinsic value and are many times below the relative valuation of their analyst-covered competitors. The amount of this discount attributable to lack of analyst coverage, while hard to measure, is suggested to range up to 50%. Many institutional and individual investors will not invest in companies lacking independent third-party research coverage.

Companies recognize the opportunity afforded by enrolling with Dutton Associates. Our continuing year-long program of research coverage allows under-followed companies to gain a thorough, independent analysis of their competitive position, along with independently developed earnings and valuation models that otherwise would not be available to interested investors and institutions. Dutton Associates research program is modeled in terms of prepaid compensation after the Standard & Poor's and other credit rating services. Dutton Associates research is used by investment banking firms, institutions, and individual investors to obtain independent company equity research. Our firm's operations are similar to a research department of a major investment banking firm, except we do not have any brokerage or investment banking operations. Unlike traditional brokerage firms that limit research distribution to their client bases in exchange for commissions, we widely distribute our research to institutions and individuals, both domestic and international. Our estimates are included in the major consensus estimates - Zacks, Multex, The JCF Group, and First Call.

[The firm, its officers and directors](https://duttonassociates.com/about.html)

## Fresh entries

[01**7 Value Telecommunication Stocks Trading Below Historical Multiples**Sep 14, 2026](https://duttonassociates.com/7-value-telecommunication-stocks-trading-below-historical-multiples/)

[02**7 Quantum Stocks Building Recurring Software and Cloud Revenue**Sep 07, 2026](https://duttonassociates.com/7-quantum-stocks-building-recurring-software-and-cloud-revenue/)

[03**5 Quantum Stocks That Could Become Acquisition Targets**Aug 24, 2026](https://duttonassociates.com/5-quantum-stocks-that-could-become-acquisition-targets/)

[04**5 Telecommunication Stocks Providing Infrastructure for Smart Cities**Aug 23, 2026](https://duttonassociates.com/5-telecommunication-stocks-providing-infrastructure-for-smart-cities/)

[05**7 Telecommunication Stocks with the Strongest Balance Sheets**Aug 20, 2026](https://duttonassociates.com/7-telecommunication-stocks-with-the-strongest-balance-sheets/)

[06**7 Best Quantum Computing Stocks to Watch in 2026**Aug 08, 2026](https://duttonassociates.com/7-best-quantum-computing-stocks-to-watch-in-2026/)

[07**The Picks-and-Shovels of Quantum Computing: 7 Stocks to Watch**Jul 19, 2026](https://duttonassociates.com/the-picks-and-shovels-of-quantum-computing-7-stocks-to-watch/)

[08**Quantum Stocks to Buy for the Long Term? 9 Companies to Research**Apr 21, 2026](https://duttonassociates.com/quantum-stocks-to-buy-for-the-long-term-9-companies-to-research/)

More

[09**9 AI-Quantum Infrastructure Stocks Investors May Be Missing**Dec 13, 2025](https://duttonassociates.com/9-ai-quantum-infrastructure-stocks-investors-may-be-missing/)

[10**7 Alternatives to Pure-Play Quantum Hardware Stocks**Sep 11, 2025](https://duttonassociates.com/7-alternatives-to-pure-play-quantum-hardware-stocks/)

## Coverage by Industry Sector

Rated coverage as of 12/23/2005. Full register at [Research Coverage](https://duttonassociates.com/research/).

### Automotive

- SAUP SORL Auto PartsSpeculative BuyTarget $6.50Sean Yu

### Banks, Financial Services & Insurance

- TCHC 21st Century Holding CoStrong BuyTarget $20.00Richard W. West, CFA
- TMFZ [TMSF Holdings, Inc.](https://duttonassociates.com/research/TMFZ/)Strong BuyTarget $3.70Richard W. West, CFA
- PLCC Paulson Capital CorpStrong Spec. BuyTarget $16.25Richard W. West, CFA

### Business & Support Services

- FSVP FIND/SVP IncStrong BuyTarget $2.40David Riedel
- GFX Media Sciences International, IncBuyTarget $3.00David Riedel
- PFSW PFSweb IncSpeculative BuyTarget $3.00David P. Soetebier, CFA

[2 further rated companies in this sector](https://duttonassociates.com/research/)

### Chemicals

- LSCO [LESCO, Inc.](https://duttonassociates.com/research/LSCO/)BuyTarget $18.00Paul J. Resnik, CFA
- CESV China Energy Savings Technology, IncStrong Spec. BuyTarget $13.75Richard W. West, CFA

### Computers, Technology & Internet

- AMSWA American Software IncStrong BuyTarget $8.00David P. Soetebier, CFA
- FORG Forgent Networks, Inc.Strong BuyTarget $5.00Richard W. West, CFA
- IGLD Internet Gold-Golden Lines LtdStrong BuyTarget $9.50Rafael K. Kapelinski

[7 further rated companies in this sector](https://duttonassociates.com/research/)

### Consumer & Retail Products

- SMF Smart & FinalBuyTarget $15.00Jonathan H. Ziegler, CFA
- GFME George Foreman Enterprises Inc.Strong Spec. BuyTarget $6.00Gerald F. LaKarnafeaux, CFA
- JADE LJ International Inc.Strong Spec. BuyTarget $4.80Sally H. Wallick, CFA

[2 further rated companies in this sector](https://duttonassociates.com/research/)

### Electronics & Engineering

- AMPX Ampex CorporationStrong BuyTarget $50.00Richard W. West, CFA
- ELRN Elron Electronic Industries LTD.Strong BuyTarget $15.00Barry Raeburn
- LTRX Lantronix, Inc.Strong Spec. BuyTarget $2.00David P. Soetebier, CFA

[1 further rated company in this sector](https://duttonassociates.com/research/)

### Food Manufacturing & Products

- NTRZ NutraCeaStrong BuyTarget $1.80Gerald F. LaKarnafeaux, CFA
- VSF [Vita Food Products, Inc.](https://duttonassociates.com/research/VSF/)Speculative BuyTarget $3.00Gerald F. LaKarnafeaux, CFA

### Healthcare, Biotechnology & Pharmaceutical

- ACDI Arcadia Resources, Inc.Strong BuyTarget $3.50David Riedel
- NXXI Nutrition 21 IncStrong BuyTarget $1.70William R. Prather, RPh, MD
- TRIB [Trinity Biotech plc](https://duttonassociates.com/research/TRIB/)Strong BuyTarget $12.00Stephen L. Handley

[24 further rated companies in this sector](https://duttonassociates.com/research/)

### Industrial & Manufacturing

- DXPE DXP Enterprises IncStrong BuyTarget $24.80Paul J. Resnik, CFA
- IBTGF International Barrier Technology IncSpeculative BuyTarget $1.44Gerald F. LaKarnafeaux, CFA
- YDHCE Yantai Dahua Holdings Company LimitedSpeculative BuyTarget $0.50Sean Yu

### Leisure & Entertainment

- AIX Access Integrated Technologies, Inc.Strong Spec. BuyTarget $14.00Jonathan H. Ziegler, CFA
- JYSR Joystar Inc.Speculative BuyTarget $1.00Richard W. West, CFA

### Metals & Mining

- SA Seabridge Gold IncStrong BuyTarget $16.50Les W. Childress
- APP African Platinum plcSpeculative BuyTarget $1.20Les W. Childress
- SIL Apex Silver Mines LtdNeutralTarget - - -Les W. Childress

### Oil, Gas & Energy

- CDNR Aurora Oil & GasStrong BuyTarget $7.08Richard R. Wolfe, CFA
- PHX Panhandle Royalty CompanyStrong BuyTarget $50.00Les W. Childress
- DLSL Deli Solar (USA), Inc.,BuyTarget $7.35Yan Zhao

[11 further rated companies in this sector](https://duttonassociates.com/research/)

### Publishing & Media

- TASA [Touchstone Applied Science Associates, Inc.](https://duttonassociates.com/research/TASA/)Strong BuyTarget $5.50Sally H. Wallick, CFA

### Software

- TISA Top Image Systems LtdStrong BuyTarget $4.00Rafael K. Kapelinski
- IW ImageWare Systems, Inc.BuyTarget $3.25Rafael K. Kapelinski
- UNFY Unify CorpStrong Spec. BuyTarget $0.65Rafael K. Kapelinski

[2 further rated companies in this sector](https://duttonassociates.com/research/)

### Telecommunications

- ISR I-Sector CorporationStrong BuyTarget $10.00David P. Soetebier, CFA
- XING Qiao Xing Universal Telephone, Inc.Strong BuyTarget $10.50Sean Yu
- CHDW China Digital Wireless, Inc.Strong Spec. BuyTarget $4.00Sean Yu

[2 further rated companies in this sector](https://duttonassociates.com/research/)

### Utilities

- RKE [Cap Rock Energy Corporation](https://duttonassociates.com/research/RKE/)SellTarget $21.75Richard W. West, CFA

## Analysts

Dutton Associates analysts are paid in advance to eliminate pecuniary interests and insure independence. Each analyst has contractually agreed to not trade in any securities issued by companies they follow, nor to receive any other fees or compensation from these companies. Dutton Associates has also precluded employees of the firm from trading shares of any company covered by our analysts. The firm does not accept any fees not related to its investment research activities. The Firm does not accept shares in payment of any fee.

### USA

- Stuart Brown
- Les W. Childress
- John M. Dutton
- Stephen L. Handley
- Gerald F. LaKarnafeaux, CFA
- Wayne M. Lottinville, CFA
- Mike Loughran
- Mike Niehuser
- Joe Noel
- William R. Prather, RPh, MD
- Barry Raeburn
- Robert Rebitz
- Paul J. Resnik, CFA
- Denise T. Resnik, M.S.
- David Riedel
- Gerald A. Rothstein, CFA
- David L. Smith
- David P. Soetebier, CFA
- Robert S. Stoklosa
- Sally H. Wallick, CFA
- Richard W. West, CFA
- Richard R. Wolfe, CFA
- Rita Zanella Benson, CFA
- Jonathan H. Ziegler, CFA

### Turkey

- Emre Yigit, CFA

### England

- Rafael K. Kapelinski

### China

- Stanley Ng

[Analyst biographies and qualification policy](https://duttonassociates.com/analysts/)

## News and Publications

### In The News

- November 8, 2005[Dutton Associates and Paulson Investment Company Host Major Small Cap Conference of the Year](https://duttonassociates.com/In_The_News.html)
- November 2005[Paul J. Resnik, CFA Appointed Dutton Associates' Director of Research Succeeding John M. Dutton](https://duttonassociates.com/In_The_News.html)
- October 9, 2005[Sacramento Bee: NutraCea Nutritional Riches to Feed World, Including Interview With Dutton Analyst Gerald LaKarnafeaux, CFA](https://duttonassociates.com/In_The_News.html)
- July 2005[Integrity Associates - "Internal Consistency [of a firm's research performance] - Simple, yet Complex"](https://duttonassociates.com/In_The_News.html)
- July 2005[Tracking the Independents: Interview with Michael Mayhew, Integrity Research Associates, LLC](https://duttonassociates.com/In_The_News.html)
- May 2005[Forbes Magazine - "Best analyst picks of 2004"](https://duttonassociates.com/In_The_News.html)
- May 2005[Integrity Associates - "Dutton Tied for 4th Place"](https://duttonassociates.com/In_The_News.html)
- March 2005[Pittsburg Tribune Review - "Health care temps in big demand" Article Including Interview With Dutton Analyst David Riedel](https://duttonassociates.com/In_The_News.html)
- March 2005[New Jersey's Largest Newspaper, The Star-Ledger, Interviews Our Jon Ziegler, CFA on Pathmark-C&S Acquisition Possibility](https://duttonassociates.com/In_The_News.html)
- January 2005[LA Times](https://duttonassociates.com/In_The_News.html)
- January 2005[Prosper Magazine](https://duttonassociates.com/In_The_News.html)
- December 2004[Dow Jones and AP Quote Impact of Dutton Sector Piece](https://duttonassociates.com/In_The_News.html)
- December 2004[CFAI-NIRI Adopted Guidelines (December 2004) For Issuer Paid Research](https://duttonassociates.com/In_The_News.html)
- October 2004[JM Dutton Participates in the 7th Annual Wharton Investment Management Conference](https://duttonassociates.com/In_The_News.html)

### Industry and Sector Reports

- March 2005[Fiber Optic Communications to the Home](https://duttonassociates.com/Industry_Sector/)
- December 2004[Aging of America and Its Impact - Summary Review On Arcadia Resources, World Health Alternatives, and IntegraMed America](https://duttonassociates.com/Industry_Sector/)
- February 2004[Natural Gas & Energy Industry Report Released; Outlook For Prices and Demand; Companies Who Are Most Probable to Benefit](https://duttonassociates.com/Industry_Sector/)
- January 2003[U.S. Natural Gas Price Outlook](https://duttonassociates.com/Industry_Sector/)

### Weekly Updates

- [June 1, 2007](https://duttonassociates.com/weeklyupdates/20070601.html)
- [May 16, 2007](https://duttonassociates.com/weeklyupdates/20070516.html)
- [April 24, 2007](https://duttonassociates.com/weeklyupdates/20070424.html)
- [April 19, 2007](https://duttonassociates.com/weeklyupdates/20070419.html)
- [April 14, 2007](https://duttonassociates.com/weeklyupdates/20070414.html)
- [April 5, 2007](https://duttonassociates.com/weeklyupdates/20070405.html)
- [March 27, 2007](https://duttonassociates.com/weeklyupdates/20070327.html)
- [March 16, 2007](https://duttonassociates.com/weeklyupdates/20070316.html)
- [March 10, 2007](https://duttonassociates.com/weeklyupdates/20070310.html)
- [February 23, 2007](https://duttonassociates.com/weeklyupdates/20070223.html)
- [February 18, 2007](https://duttonassociates.com/weeklyupdates/20070218.html)
- [January 17, 2007](https://duttonassociates.com/weeklyupdates/20070117.html)
- [January 12, 2007](https://duttonassociates.com/weeklyupdates/20070112.html)
- [December 28, 2006](https://duttonassociates.com/weeklyupdates/20061228.html)
- [December 13, 2006](https://duttonassociates.com/weeklyupdates/20061213.html)

[Recently issued research summaries](https://duttonassociates.com/frontpage.html)

## Offices

Corporate Office

Dutton Associates
Suite 3
4989 Golden Foothill Pkwy
El Dorado Hills, CA 95762
(916) 941-8119

Regional Offices

USA
Richard Hefter, VP
Sales & Marketing
Suite 201
1611 South Catalina Ave.
Redondo Beach, CA 90277
310-540-3210

Regional Offices

Europe and Israel
Judith Kleinman, VP
Sales & Marketing
P.O. Box 4664
Zichron Yaacov 30900
Israel
In Israel 04-629-2893
Outside Israel 972-4-629-2893

## Officers & Directors

- John M. DuttonPresident & CEO Director Supervisory Analyst
- Paul J. Resnik, CFAVice President Director of Research Supervisory Analyst
- Richard HefterVice President North America Sales & Marketing
- Jim PatrickVice President North America Sales & Marketing
- Judith KleinmanVice President International Sales & Marketing
- William QuigleyVice President Research Production Internet Technology
- David P. Soetebier CFASupervisory Analyst
- Reagan M. WilsonDirector
- R. Lee TorrensDirector

[Corporate and regional offices](https://duttonassociates.com/contact/)