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>Ciena Corporation reported strong fiscal third quarter 2026 results driven by sustained robust demand across its core optical networking markets amid accelerating industry transformation related to AI-driven bandwidth and connectivity needs.</li><li>The company posted record quarterly revenue of $1.7 billion, marking a 37% year-over-year increase and surpassing previous records.</li><li>Adjusted operating margin more than doubled year-on-year to 22.5%, exceeding guidance, while adjusted earnings per share rose 215% to a record $2.11.</li></ul>

Ciena Corporation reported strong fiscal third quarter 2026 results driven by sustained robust demand across its core optical networking markets amid accelerating industry transformation related to AI-driven bandwidth and connectivity needs.The company posted record quarterly revenue of $1.7 billion, marking a 37% year-over-year increase and surpassing previous records.Adjusted operating margin more than doubled year-on-year to 22.5%, exceeding guidance, while adjusted earnings per share rose 215% to a record $2.11.

Ciena’s $8.4 Billion Revenue Ambition — Can 30%+ Growth Hold?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Q2 FY2026 revenue of $1.57B grew 40% YoY. Adjusted EPS of $1.64 rose 290%. FY2026 guidance raised to $6.3B, implying 32% growth at midpoint</li>
<li>Record $7.7B backlog, cloud providers at 46% of revenue, and RLS HyperRail wins support visibility into FY2027 and beyond.</li>
<li>The shares trade at a premium to optical peers, but backlog visibility, category leadership and an inflecting margin and cash profile justify that premium</li>
</ul>


Q2 FY2026 revenue of $1.57B grew 40% YoY. Adjusted EPS of $1.64 rose 290%. FY2026 guidance raised to $6.3B, implying 32% growth at midpoint
Record $7.7B backlog, cloud providers at 46% of revenue, and RLS HyperRail wins support visibility into FY2027 and beyond.
The shares trade at a premium to optical peers, but backlog visibility, category leadership and an inflecting margin and cash profile justify that premium


Ciena (NYSE: CIEN): Record Backlog and Near-Quadrupled EPS Validate the AI Optical Buildout Thesis

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.</li>
<li>We expect one intra-review index change <em>before</em> the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.</li>
</ul>


The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we have presented our expectations for ADDs and DELs for the upcoming quarterly review in March 2026.
We expect one intra-review index change before the regular rebalance and two changes during the March 2026 regular rebalance. There is an SP 400 intra-review change this week.


Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Advent Global Partners Convertible Arbitrage Fund returned 0.41% net in July 2026, compared with a 1.29% decline for the FTSE Global Focus Convertible Index.</li><li>The $128.0 million fund is managed by Tracy Maitland and Odell Lambroza.</li><li>The fund is up 6.19% year to date.</li></ul>

Advent Global Partners Convertible Arbitrage Fund returned 0.41% net in July 2026, compared with a 1.29% decline for the FTSE Global Focus Convertible Index.The $128.0 million fund is managed by Tracy Maitland and Odell Lambroza.The fund is up 6.19% year to date.

Advent Global Partners Convertible Arbitrage Fund Gains 0.41% as Convertible Opportunities Expand

United States

Ciena Corporation develops and markets communications network platforms and software, and offers professional services.  The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom and cable/MSO services providers, and enterprise and government networks.

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Ciena Corp (CIEN US)

Ciena’s $8.4 Billion Revenue Ambition — Can 30%+ Growth Hold?

Ciena Corporation reported strong fiscal third quarter 2026 results driven by sustained robust demand across its core optical networking markets...

Baptista Research

Ciena (NYSE: CIEN): Record Backlog and Near-Quadrupled EPS Validate the AI Optical Buildout Thesis

Ciena has emerged as a primary beneficiary of the AI-driven optical build-out. Premium valuation justified by category leadership and positive...

GSBR Research

Quiddity Leaderboard SP500/600 Mar26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

There are now 19 Intra-review changes (25 flow lines) for SP 400, SP 600, and SP Completion and a couple of index upweights for SP 500. Over US$4...

Anjana Amarasuriya

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

Advent Global Partners Convertible Arbitrage Fund Gains 0.41% as Convertible Opportunities Expand

Advent Global Partners Convertible Arbitrage Fund returned 0.41% net in July 2026, compared with a 1.29% decline for the FTSE Global Focus...

Hedge Fund Alpha

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