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>A newly proposed energy initiative from the Trump administration may catalyze one of the largest gas power buildouts in decades, with GE Vernova emerging as a primary beneficiary.</li><li>The plan, centered around a PJM Interconnection auction tailored to tech giants like Microsoft and Alphabet, is aimed at solving the electricity demands of AI data centers by encouraging long-term contracts that finance new natural gas-fired power plants.</li><li>Announced with support from governors across key mid-Atlantic states, the proposal would enable data center operators to contract power over 15-year periods, guaranteeing utility investments in generation capacity while sparing consumers from infrastructure costs.</li></ul>

A newly proposed energy initiative from the Trump administration may catalyze one of the largest gas power buildouts in decades, with GE Vernova emerging as a primary beneficiary.The plan, centered around a PJM Interconnection auction tailored to tech giants like Microsoft and Alphabet, is aimed at solving the electricity demands of AI data centers by encouraging long-term contracts that finance new natural gas-fired power plants.Announced with support from governors across key mid-Atlantic states, the proposal would enable data center operators to contract power over 15-year periods, guaranteeing utility investments in generation capacity while sparing consumers from infrastructure costs.

GE Vernova Could Be the Biggest Winner From Trump’s $15B AI Power Auction!

<ul><li>GE Vernova has defied initial skepticism to become one of the best-performing large-cap stocks since its April 2024 debut.</li><li>The company, initially dismissed as a sluggish, low-margin power generation business, has rallied nearly 400% post-spinoff, eclipsing returns from high-flying tech names like Nvidia and even Bitcoin.</li><li>This surge came to a head in mid-December 2025, when Vernova's management issued blockbuster guidance, sending shares up 16% in a single session.</li></ul>

GE Vernova has defied initial skepticism to become one of the best-performing large-cap stocks since its April 2024 debut.The company, initially dismissed as a sluggish, low-margin power generation business, has rallied nearly 400% post-spinoff, eclipsing returns from high-flying tech names like Nvidia and even Bitcoin.This surge came to a head in mid-December 2025, when Vernova's management issued blockbuster guidance, sending shares up 16% in a single session.

GE Vernova’s Wild Ride: From Wall Street Doubt to 400% Gains!

<ul><li>GE Vernova's conference call highlights their recent strategic moves, notably the acquisition of the remaining 50% of Prolec GE, from their partner Xignux, marking a significant step in strengthening their presence in the transformer market particularly focused on North America.</li><li>This acquisition fits within GE Vernova's broader strategy of bolstering their Electrification segment, a critical growth area anticipated to benefit from increasing demands for grid stability and reliability due to expanded electrification needs such as those driven by data centers and digitization trends.</li><li>The acquisition, valued at $5.275 billion, will be financed equally through cash and debt, and is expected to close by mid-2026.</li></ul>

GE Vernova's conference call highlights their recent strategic moves, notably the acquisition of the remaining 50% of Prolec GE, from their partner Xignux, marking a significant step in strengthening their presence in the transformer market particularly focused on North America.This acquisition fits within GE Vernova's broader strategy of bolstering their Electrification segment, a critical growth area anticipated to benefit from increasing demands for grid stability and reliability due to expanded electrification needs such as those driven by data centers and digitization trends.The acquisition, valued at $5.275 billion, will be financed equally through cash and debt, and is expected to close by mid-2026.

GE Vernova Integrates Prolec to Power Its Next Growth Era—What Comes Next?

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). </li>
<li>Both the SPX and QQQ are testing their 50-day MAs, and we are buyers on this pullback as we expect 50-day MA supports to hold.</li>
<li>We are upgrading Financials (XLF) and Utilities (XLU) to market weight with RS making bullish inflections. Buys: HOOD DAVE AFRM UPST SEZL KLAR TLN GEV</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). 
Both the SPX and QQQ are testing their 50-day MAs, and we are buyers on this pullback as we expect 50-day MA supports to hold.
We are upgrading Financials (XLF) and Utilities (XLU) to market weight with RS making bullish inflections. Buys: HOOD DAVE AFRM UPST SEZL KLAR TLN GEV


Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market joined other Asian markets during the post-war sell-off.  The HSI easily held its long-term support levels, and the overall market breadth remains above 60.</li>
<li>The materials sector has lost momentum as the energy sector emerged as the standout winner in the first quarter of 2026.  Value and dividend yield factors continue to outperform.</li>
<li>
<a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind Science &amp; Technology (2208 HK)</a> has been upgraded by JP Morgan, along with a target price rise from DBS.  The company is experiencing a surge in international orders.
</li>
</ul>


The Hong Kong market joined other Asian markets during the post-war sell-off.  The HSI easily held its long-term support levels, and the overall market breadth remains above 60.
The materials sector has lost momentum as the energy sector emerged as the standout winner in the first quarter of 2026.  Value and dividend yield factors continue to outperform.

Xinjiang Goldwind Science &amp; Technology (2208 HK) has been upgraded by JP Morgan, along with a target price rise from DBS.  The company is experiencing a surge in international orders.



BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

United States

GE Vernova Inc is an electric power company. The Company designs, manufactures, and delivers electric power systems and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova serves customers globally.

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GE Vernova (GEV US)

GE Vernova Could Be the Biggest Winner From Trump’s $15B AI Power Auction!

A newly proposed energy initiative from the Trump administration may catalyze one of the largest gas power buildouts in decades, with GE Vernova...

Baptista Research

GE Vernova’s Wild Ride: From Wall Street Doubt to 400% Gains!

GE Vernova has defied initial skepticism to become one of the best-performing large-cap stocks since its April 2024 debut. The company, initially...

Baptista Research

GE Vernova Integrates Prolec to Power Its Next Growth Era—What Comes Next?

GE Vernova's conference call highlights their recent strategic moves, notably the acquisition of the remaining 50% of Prolec GE, from their...

Baptista Research

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. HOOD DAVE AFRM

Upgrading Financials and Utilities to Market Weight; Risk-On Signals Remain Dominant. Charts Highlighted: XLF, XLU, HOOD, DAVE, SEZL, AFRM, UPST,...

Vermilion Research

BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

The Hong Kong market joined other Asian markets during the post-war sell-off. The HSI easily held its long-term support levels, and the overall...

David Mudd

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