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>Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges.</li><li>The company showcased robust revenue growth, reaching $410.4 million, marking the highest level in two years.</li><li>This was driven by the shipment of 1.77 million microinverters and a record 195 megawatt-hours of batteries.</li></ul>

Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges.The company showcased robust revenue growth, reaching $410.4 million, marking the highest level in two years.This was driven by the shipment of 1.77 million microinverters and a record 195 megawatt-hours of batteries.

Enphase Energy Moves: From Gallium Nitride Tech to Global Takeover Plans!

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), and we recently recommended buying the pullback on May 19.</li>
<li>Expect short-term support at 8-day EMAs on SPX and QQQ, has been the case since early-April; if 8-day EMAs break, expect ideal buy opportunities at 20-day MAs on SPX/QQQ</li>
<li>Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight. Buys highlighted in Solar Energy, 3D Printing, Lidar Sensors, and AI Manufacturing Solutions</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), and we recently recommended buying the pullback on May 19.
Expect short-term support at 8-day EMAs on SPX and QQQ, has been the case since early-April; if 8-day EMAs break, expect ideal buy opportunities at 20-day MAs on SPX/QQQ
Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight. Buys highlighted in Solar Energy, 3D Printing, Lidar Sensors, and AI Manufacturing Solutions


Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight

Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Thematic (Sector/Industry)

<ul>
<li>Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.</li>
<li>Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.</li>
<li>Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.</li>
</ul>


Recent improvements in solar and battery technologies have been driven by advances in materials science, manufacturing techniques, and system efficiency.
Solid-State batteries replace the liquid electrolyte in traditional lithium-ion batteries with a solid electrolyte, energy density, and charging speeds. They are seen as a game-changer, especially for electric vehicles.
Both solar and battery technologies are becoming cheaper, making renewable energy more accessible and economically viable.


Improvement in Solar and Battery Technology

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

<ul>
<li>In last week's Compass (Aug. 23) we discussed the increasing odds for a deeper pullback in the broad market indexes.</li>
<li>This was due to 5-week uptrend breaks on the SPX, NDX, and Russell 2000, the Fed tightening, and with Treasury yields, the U.S. dollar (DXY), and commodities (DJP) inflecting higher.</li>
<li>The market remains in pullback mode; the SPX, NDX, and Russell 2000 are all approaching 50-day MA support, the first big area of interest on this pullback.</li>
</ul>


In last week's Compass (Aug. 23) we discussed the increasing odds for a deeper pullback in the broad market indexes.
This was due to 5-week uptrend breaks on the SPX, NDX, and Russell 2000, the Fed tightening, and with Treasury yields, the U.S. dollar (DXY), and commodities (DJP) inflecting higher.
The market remains in pullback mode; the SPX, NDX, and Russell 2000 are all approaching 50-day MA support, the first big area of interest on this pullback.


Headwinds Persist, Including Rising DXY, 10-Yr Treasury Yield, & Commodities; Buying Staples, Solar

United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Enphase Energy Moves: From Gallium Nitride Tech to Global Takeover Plans!

Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges. The company...

Baptista Research

Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight

Downgrading Staples $XLP and Utilities $XLU to Underweight; Upgrading Services to Market Weight; Bullish Outlook Intact. Charts: FSLR, NXT, ENLT,...

Vermilion Research

Improvement in Solar and Battery Technology

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

Headwinds Persist, Including Rising DXY, 10-Yr Treasury Yield, & Commodities; Buying Staples, Solar

We still see the market as being in pullback mode; the $SPX, $QQQ $NDX, and $IWM $RUT are all testing 50-day MA support, the first big area of...

Vermilion Research

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52-week Range

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Enphase Energy Moves: From Gallium Nitride Tech to Global Takeover Plans!

Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges. The company...

Baptista Research

Downgrading Staples and Utilities to Underweight; Upgrading Services to Market Weight

Downgrading Staples $XLP and Utilities $XLU to Underweight; Upgrading Services to Market Weight; Bullish Outlook Intact. Charts: FSLR, NXT, ENLT,...

Vermilion Research

Improvement in Solar and Battery Technology

​Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...

Alex Ng

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

Headwinds Persist, Including Rising DXY, 10-Yr Treasury Yield, & Commodities; Buying Staples, Solar

We still see the market as being in pullback mode; the $SPX, $QQQ $NDX, and $IWM $RUT are all testing 50-day MA support, the first big area of...

Vermilion Research

Advances in materials science and manufacturing are driving improvements in solar and battery technologies, making renewable energy more...