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

Allegheny Technologies / Equity Bottom-Up

<ul><li>ATI, a global materials solutions company, reported first quarter 2026 results that exceeded the high end of its guidance, reflecting a combination of solid operational execution and favorable market conditions.</li><li>The company generated revenue of $1.15 billion, with aerospace and defense comprising 69% of this total.</li><li>Adjusted EBITDA was $232 million, marking a 19% year-over-year increase and representing a margin of 20%, up over 300 basis points compared to the prior year.</li></ul>

ATI, a global materials solutions company, reported first quarter 2026 results that exceeded the high end of its guidance, reflecting a combination of solid operational execution and favorable market conditions.The company generated revenue of $1.15 billion, with aerospace and defense comprising 69% of this total.Adjusted EBITDA was $232 million, marking a 19% year-over-year increase and representing a margin of 20%, up over 300 basis points compared to the prior year.

Why ATI’s Specialty Energy Momentum Matters As Non-Core Markets Weaken!

<ul><li>Allegheny Technologies Incorporated's (ATI) third-quarter earnings for 2025 reflect a robust performance characterized by both significant gains and ongoing challenges.</li><li>The company's revenue increased by 7% year-over-year to exceed $1.1 billion, supported by a strong showing in its aerospace and defense (A&D) segments, particularly with record defense sales and sustained demand in jet engines.</li><li>Adjusted earnings per share (EPS) hit $0.85, surpassing the company’s projections.</li></ul>

Allegheny Technologies Incorporated's (ATI) third-quarter earnings for 2025 reflect a robust performance characterized by both significant gains and ongoing challenges.The company's revenue increased by 7% year-over-year to exceed $1.1 billion, supported by a strong showing in its aerospace and defense (A&D) segments, particularly with record defense sales and sustained demand in jet engines.Adjusted earnings per share (EPS) hit $0.85, surpassing the company’s projections.

ATI Bets Big on Differentiated Materials – Can This Move Redefine the Industry?

<ul><li>ATI reported robust first-quarter financial results for 2025, showing continued strong momentum.</li><li>Revenue grew by 10% year-over-year, reaching approximately $1.14 billion, mainly driven by high demand in aerospace and defense (A&D).</li><li>The company's adjusted EBITDA of $195 million exceeded expectations, with adjusted earnings per share also surpassing the top of guidance.</li></ul>

ATI reported robust first-quarter financial results for 2025, showing continued strong momentum.Revenue grew by 10% year-over-year, reaching approximately $1.14 billion, mainly driven by high demand in aerospace and defense (A&D).The company's adjusted EBITDA of $195 million exceeded expectations, with adjusted earnings per share also surpassing the top of guidance.

Allegheny Technologies Incorporated (ATI): Aerospace & Defense Sector Growth To Bolster Its Position & Capitalively Grow In Critical Markets!

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 will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520), $610 on QQQ, and $245 on IWM continue to hold.</li>
<li>Just last week (1/6/26 Compass) we discussed the many breakouts (most notably the Russell 2000) which led us to believe immediate upside was ahead. The breakouts just keep coming.</li>
<li>Latest breakouts include SPX, space exploration (ARKX), autonomous/robotics (ARKQ), Consumer Discretionary (XLY), retail (XRT), homebuilders (ITB, XHB), small-cap growth (IWO), quantum (QTUM), China (MCHI), and Staples (XLP).</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520), $610 on QQQ, and $245 on IWM continue to hold.
Just last week (1/6/26 Compass) we discussed the many breakouts (most notably the Russell 2000) which led us to believe immediate upside was ahead. The breakouts just keep coming.
Latest breakouts include SPX, space exploration (ARKX), autonomous/robotics (ARKQ), Consumer Discretionary (XLY), retail (XRT), homebuilders (ITB, XHB), small-cap growth (IWO), quantum (QTUM), China (MCHI), and Staples (XLP).


Breakouts Just Keep Coming; Upgrading Materials to Market Weight; Still Bullish. Buys: ALB, ATI ++

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>$SPX remains below 5783, the upper-end of important target/resistance area we've discussed for a month+ (5670-5783). 5670 was prior all-time high set in July, while 5783 is 2% above 5670.</li>
<li>It's hard to call it a "decisive" breakout if SPX isn't even 2% above its prior high.  In 2007, SPX made a top after climbing 1-2% above its prior high.</li>
<li>The 2007 topping analog has tracked the current market almost perfectly, with similar backdrops to today including new Fed cutting cycle, recession indicators going off, yield curve un-inverting, defensives outperforming</li>
</ul>


$SPX remains below 5783, the upper-end of important target/resistance area we've discussed for a month+ (5670-5783). 5670 was prior all-time high set in July, while 5783 is 2% above 5670.
It's hard to call it a "decisive" breakout if SPX isn't even 2% above its prior high.  In 2007, SPX made a top after climbing 1-2% above its prior high.
The 2007 topping analog has tracked the current market almost perfectly, with similar backdrops to today including new Fed cutting cycle, recession indicators going off, yield curve un-inverting, defensives outperforming


Still No Decisive Breakout as SPX Tests 5783 Resistance; Ideal Time to Shift to Defensives

United States

Allegheny Technologies, Inc., produces specialty materials.  The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys, grain-oriented electrical steel, tungsten-based materials and cutting tools, carbon alloy impression die forgings, and large grey and ductile iron.

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Allegheny Technologies (ATI US)

Why ATI’s Specialty Energy Momentum Matters As Non-Core Markets Weaken!

ATI, a global materials solutions company, reported first quarter 2026 results that exceeded the high end of its guidance, reflecting a...

Baptista Research

ATI Bets Big on Differentiated Materials – Can This Move Redefine the Industry?

Allegheny Technologies Incorporated's (ATI) third-quarter earnings for 2025 reflect a robust performance characterized by both significant gains...

Baptista Research

Allegheny Technologies Incorporated (ATI): Aerospace & Defense Sector Growth To Bolster Its Position & Capitalively Grow In Critical Markets!

ATI reported robust first-quarter financial results for 2025, showing continued strong momentum. Revenue grew by 10% year-over-year, reaching...

Baptista Research

Breakouts Just Keep Coming; Upgrading Materials to Market Weight; Still Bullish. Buys: ALB, ATI ++

Breakouts Just Keep Coming $SPX $ARKX $ARKQ $XLY $XRT $ITB $IWO $QTUM $MCHI $XLP; Upgrading Materials to Market Weight $XLB $GDX $XME $REMX; Still...

Vermilion Research

Still No Decisive Breakout as SPX Tests 5783 Resistance; Ideal Time to Shift to Defensives

Still No Decisive Breakout as $SPX Tests 5783 Resistance; On watch for SPX bull trap/failed breakout, confirmed only on a break below 5670. 2007...

Vermilion Research

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