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>Based on the recent financial performance and strategic updates from BMO Financial Group's third quarter 2025 earnings call, a comprehensive investment thesis, along with a summary of the results, can be constructed with both the positive and negative aspects highlighted.</li><li>BMO Financial Group reported strong financial results for the third quarter of 2025, with record-high net income of $2.4 billion, demonstrating a 21% increase year-over-year.</li><li>This was driven by robust growth in earnings per share, which increased by 22% to $3.23.</li></ul>

Based on the recent financial performance and strategic updates from BMO Financial Group's third quarter 2025 earnings call, a comprehensive investment thesis, along with a summary of the results, can be constructed with both the positive and negative aspects highlighted.BMO Financial Group reported strong financial results for the third quarter of 2025, with record-high net income of $2.4 billion, demonstrating a 21% increase year-over-year.This was driven by robust growth in earnings per share, which increased by 22% to $3.23.

Bank of Montreal: Strengthening U.S. & Canadian Economic Standing to Bolster Immediate Earnings & Fortify Operational Standing!

<ul><li>The Bank of Montreal (BMO) recently held its second-quarter earnings call for the fiscal year 2025, providing a detailed overview of its financial performance and strategic initiatives.</li><li>As a prominent financial institution, BMO has demonstrated strong growth in several areas, although there are certain challenges that it continues to navigate.</li><li>On the positive side, BMO reported robust performance in various segments, with adjusted net income and earnings per share increasing by 1% year-over-year, reaching $2 billion and $2.62, respectively.</li></ul>

The Bank of Montreal (BMO) recently held its second-quarter earnings call for the fiscal year 2025, providing a detailed overview of its financial performance and strategic initiatives.As a prominent financial institution, BMO has demonstrated strong growth in several areas, although there are certain challenges that it continues to navigate.On the positive side, BMO reported robust performance in various segments, with adjusted net income and earnings per share increasing by 1% year-over-year, reaching $2 billion and $2.62, respectively.

Bank of Montreal: An Insight Into Its Sustainable Loan Growth

<ul><li>BMO Financial Group's Q4 2024 earning presentation provides a mixed outlook.</li><li>The company's net income for the year fell to $7.4 billion, with earnings per share declining to $9.68, attributed to higher credit provisions exceeding historical norms, impacting overall results.</li><li>Despite these challenges, BMO demonstrated resilient operating performance, achieving record pre-provision pre-tax earnings of $13.4 billion, up 5% year-over-year, with growth seen across all its operating sectors.</li></ul>

BMO Financial Group's Q4 2024 earning presentation provides a mixed outlook.The company's net income for the year fell to $7.4 billion, with earnings per share declining to $9.68, attributed to higher credit provisions exceeding historical norms, impacting overall results.Despite these challenges, BMO demonstrated resilient operating performance, achieving record pre-provision pre-tax earnings of $13.4 billion, up 5% year-over-year, with growth seen across all its operating sectors.

Bank of Montreal’s Explosive U.S. Loan Growth Strategy That Could Skyrocket Profits! - Major Drivers

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

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We maintain our near-term bullish outlook on S&amp;P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.</li>
<li>Our intermediate-term bullish outlook has been in place since 5/14/25. We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.</li>
<li>Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026</li>
</ul>


We maintain our near-term bullish outlook on S&amp;P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.
Our intermediate-term bullish outlook has been in place since 5/14/25. We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.
Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026


Rising Yields a Problem?; Russell 2000 Breakout; No Concern if 10Y Treasury Yield Is Below 4.2%

<ul>
<li>Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI).</li>
<li>There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024.</li>
<li>Upgrading Mexico to Overweight; Technology Remains Global Leadership; Actionable Themes: 44 individual stock buy recommendations within Technology, Services, Consumer Discretionary, Financials, and Materials</li>
</ul>


Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI).
There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024.
Upgrading Mexico to Overweight; Technology Remains Global Leadership; Actionable Themes: 44 individual stock buy recommendations within Technology, Services, Consumer Discretionary, Financials, and Materials


Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact

Canada

Bank of Montreal, doing business as BMO Financial Group, is a Canadian chartered bank which operates throughout the world.  The Bank offers commercial, corporate, governmental, international, personal banking, and trust services. Bank of Montreal also offers full brokerage, underwriting, investment, and advisory services.

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Bank of Montreal (BMO US)

Bank of Montreal: Strengthening U.S. & Canadian Economic Standing to Bolster Immediate Earnings & Fortify Operational Standing!

Based on the recent financial performance and strategic updates from BMO Financial Group's third quarter 2025 earnings call, a comprehensive...

Baptista Research

Bank of Montreal: An Insight Into Its Sustainable Loan Growth

The Bank of Montreal (BMO) recently held its second-quarter earnings call for the fiscal year 2025, providing a detailed overview of its financial...

Baptista Research

Bank of Montreal’s Explosive U.S. Loan Growth Strategy That Could Skyrocket Profits! - Major Drivers

BMO Financial Group's Q4 2024 earning presentation provides a mixed outlook. The company's net income for the year fell to $7.4 billion, with...

Baptista Research

Rising Yields a Problem?; Russell 2000 Breakout; No Concern if 10Y Treasury Yield Is Below 4.2%

Rising Yields a Problem?; Russell 2000 $IWM Breakout; No Concern if 10Y Treasury Yield is below 4.2%, and quite possibly 4.35%-4.50% if MOVE index...

Vermilion Research

Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact

Upgrading Mexico $EWW to Overweight; Bullish Outlook Intact on $ACWI; Technology Remains Global Leadership. 44 individual buys highlighted in Tech,...

Vermilion Research

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