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.

Credit

<ul><li>First Solar, Inc. is positioned as a scaled U.S. solar manufacturer with a strategy centered on contract certainty, domestic capacity expansion, and technology differentiation, while operating in a market where policy and trade variables can move realized pricing, costs, and customer behavior.</li><li>Over the past year, the company delivered higher sales and maintained substantial liquidity, indicating that execution remained solid even as external conditions stayed uneven.</li><li>Net sales increased 24% to $5.2 billion and full-year diluted EPS was $14.21 per share, within the company’s guidance range.</li></ul>

First Solar, Inc. is positioned as a scaled U.S. solar manufacturer with a strategy centered on contract certainty, domestic capacity expansion, and technology differentiation, while operating in a market where policy and trade variables can move realized pricing, costs, and customer behavior.Over the past year, the company delivered higher sales and maintained substantial liquidity, indicating that execution remained solid even as external conditions stayed uneven.Net sales increased 24% to $5.2 billion and full-year diluted EPS was $14.21 per share, within the company’s guidance range.

First Solar Inc.: Weaponizes the 45X Tax Credit to Reinvent Its Gross Margin Engine!

<ul><li>First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.</li><li>On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.</li><li>The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.</li></ul>

First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.

First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!

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

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.</li>
<li>Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.
Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report


Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<h3>This Week's Key Take Aways</h3><ul><li>Volatility suggests markets are not concerned about…anything.</li><li>Crude has a down month.</li><li>Industrials have had a great 8 months, will it continue?</li><li>Renewable investment growth continues, everywhere but the US.</li><li>The market has pre-priced in cuts; will it subdue the economic impact?</li></ul>

This Week's Key Take AwaysVolatility suggests markets are not concerned about…anything.Crude has a down month.Industrials have had a great 8 months, will it continue?Renewable investment growth continues, everywhere but the US.The market has pre-priced in cuts; will it subdue the economic impact?

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

United States

First Solar, Inc. designs and manufactures solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

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First Solar Inc (FSLR US)

First Solar Inc.: Weaponizes the 45X Tax Credit to Reinvent Its Gross Margin Engine!

First Solar, Inc. is positioned as a scaled U.S. solar manufacturer with a strategy centered on contract certainty, domestic capacity expansion,...

Baptista Research

First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!

First Solar's third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges. On the one hand, 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

Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

More Upside Ahead for Gold $GLD and Silver $SLV Following Oct. 29 Buys; $DXY Below $100.25 a Risk-On Signal; Downgrading Services to Market Weight;...

Vermilion Research

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

This Week's Key Take Aways Volatility suggests markets are not concerned about…anything. Crude has a down month. Industrials have had a great 8...

Massif Capital Research

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