Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Abbott Laboratories' fourth quarter of 2025 earnings call offers a comprehensive view of the company's current financial standings and future outlook.</li><li>The call highlighted Abbott's adherence to innovation, effective execution of strategies, and strategic acquisitions intended to bolster long-term growth prospects.</li><li>In the fourth quarter, Abbott reported a sales increase of 3.8% when excluding COVID-19 testing sales, and achieved an adjusted earnings per share of $1.50, marking a 12% growth compared to the previous year.</li></ul>

Abbott Laboratories' fourth quarter of 2025 earnings call offers a comprehensive view of the company's current financial standings and future outlook.The call highlighted Abbott's adherence to innovation, effective execution of strategies, and strategic acquisitions intended to bolster long-term growth prospects.In the fourth quarter, Abbott reported a sales increase of 3.8% when excluding COVID-19 testing sales, and achieved an adjusted earnings per share of $1.50, marking a 12% growth compared to the previous year.

Abbott Laboratories’ CGM Growth Story Looks Obvious—But the NEXT Leg Is Even Bigger!

<ul><li>Abbott Laboratories has made headlines once again, this time for a bold push into cancer diagnostics through its proposed $21 billion acquisition of Exact Sciences.</li><li>The deal, which values Exact at $105 per share in cash and represents a 51% premium over its last closing price, is poised to be the largest healthcare M&A deal in two years and the biggest ever in the diagnostics space.</li><li>Slated to close in Q2 2026, the transaction marks Abbott’s strategic expansion beyond glucose monitoring and cardiovascular devices into oncology testing—a market the company had eyed for years.</li></ul>

Abbott Laboratories has made headlines once again, this time for a bold push into cancer diagnostics through its proposed $21 billion acquisition of Exact Sciences.The deal, which values Exact at $105 per share in cash and represents a 51% premium over its last closing price, is poised to be the largest healthcare M&A deal in two years and the biggest ever in the diagnostics space.Slated to close in Q2 2026, the transaction marks Abbott’s strategic expansion beyond glucose monitoring and cardiovascular devices into oncology testing—a market the company had eyed for years.

Abbott Labs' Exact Sciences Acquisition: What Could Go Right In This $21 Billion Cancer Play?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.</li>
<li>We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.
We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.


Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis</li>
<li>The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.</li>
<li>Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.</li>
</ul>


IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis
The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.
Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.


IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

<ul>
<li>Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.</li>
<li>A historic selloff has ensued and significant damage has been done as market dynamics have worsened.</li>
<li>Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.</li>
</ul>


Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.


S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Abbott Laboratories’ CGM Growth Story Looks Obvious—But the NEXT Leg Is Even Bigger!

Abbott Laboratories' fourth quarter of 2025 earnings call offers a comprehensive view of the company's current financial standings and future...

Baptista Research

Abbott Labs' Exact Sciences Acquisition: What Could Go Right In This $21 Billion Cancer Play?

Abbott Laboratories has made headlines once again, this time for a bold push into cancer diagnostics through its proposed $21 billion acquisition...

Baptista Research

Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Upgrading Health Care $XLV and Consumer Staples $XLP to Market Weight; Monitoring Tech $XLK for a Downgrade. $LLY $JNJ $ABBV $MRK $NVS $ABT $NVO...

Vermilion Research

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Abbott Laboratories’ CGM Growth Story Looks Obvious—But the NEXT Leg Is Even Bigger!

Abbott Laboratories' fourth quarter of 2025 earnings call offers a comprehensive view of the company's current financial standings and future...

Baptista Research

Abbott Labs' Exact Sciences Acquisition: What Could Go Right In This $21 Billion Cancer Play?

Abbott Laboratories has made headlines once again, this time for a bold push into cancer diagnostics through its proposed $21 billion acquisition...

Baptista Research

Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Upgrading Health Care $XLV and Consumer Staples $XLP to Market Weight; Monitoring Tech $XLK for a Downgrade. $LLY $JNJ $ABBV $MRK $NVS $ABT $NVO...

Vermilion Research

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

​IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...