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>Herc Holdings, Inc. recently presented its financial results for the fourth quarter and full-year 2025, which outlined both achievements and challenges faced by the company over the past year.</li>
<li>The report reflects the substantial transformations undergone following Herc’s acquisition of H&amp;E Equipment Services, a move heralded as the largest in the company's industry to date.</li>
<li>The acquisition is central to Herc Holdings’ strategic expansion and provides the basis for its future growth trajectory.</li>
</ul>


Herc Holdings, Inc. recently presented its financial results for the fourth quarter and full-year 2025, which outlined both achievements and challenges faced by the company over the past year.
The report reflects the substantial transformations undergone following Herc’s acquisition of H&amp;E Equipment Services, a move heralded as the largest in the company's industry to date.
The acquisition is central to Herc Holdings’ strategic expansion and provides the basis for its future growth trajectory.


Herc Rentals Inc.: Can Integration, Fleet Strategy, and Mega Projects Sustain Momentum Into 2026?

<ul>
<li>Herc Holdings, Inc. reported mixed results in their third-quarter earnings call for 2025, underpinned by achievements in integration and challenges related to the broader economic environment.</li>
<li>The earnings call emphasized the successful integration of H&amp;E Equipment Services, which Herc acquired, highlighting significant progress in aligning systems and operations.</li>
<li>Within just 90 days, Herc transitioned H&amp;E's operations from SAP to Herc's customized platforms, demonstrating operational efficiency and technological strategy.</li>
</ul>


Herc Holdings, Inc. reported mixed results in their third-quarter earnings call for 2025, underpinned by achievements in integration and challenges related to the broader economic environment.
The earnings call emphasized the successful integration of H&amp;E Equipment Services, which Herc acquired, highlighting significant progress in aligning systems and operations.
Within just 90 days, Herc transitioned H&amp;E's operations from SAP to Herc's customized platforms, demonstrating operational efficiency and technological strategy.


Herc Holdings: Will Its Focus On The Specialty Markets Pay Off?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Herc Holdings (HRI) is the third-largest equipment rental company, recently acquiring H&amp;E to strengthen its market position.</li><li>HRI has improved its operations since separating from Hertz, adopting successful strategies from industry leaders.</li><li>Despite a narrower competitive advantage, HRI is seen as undervalued with resilient earnings expected even during recessions.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Herc Holdings (HRI) is the third-largest equipment rental company, recently acquiring H&amp;E to strengthen its market position.HRI has improved its operations since separating from Hertz, adopting successful strategies from industry leaders.Despite a narrower competitive advantage, HRI is seen as undervalued with resilient earnings expected even during recessions.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Herc Holdings Inc (HRI) - Wednesday, Jun 4, 2025

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>Our bullish outlook initiated on November 7, 2023 remains intact; this intermediate-to-long-term outlook is likely to stay in place as long as 4800 support holds on the SPX (7-10% downside).</li>
<li>To be clear, we aren't calling for a pullback to 4800; we view it as a worst-case scenario for the S&amp;P 500, and we want to be prepared for anything.</li>
<li>Shorter-Term, we remain bullish on the S&amp;P 500 and Nasdaq 100 (QQQ) as they both refuse to close below their 20-day MAs for more than 2-3 consecutive days.</li>
</ul>


Our bullish outlook initiated on November 7, 2023 remains intact; this intermediate-to-long-term outlook is likely to stay in place as long as 4800 support holds on the SPX (7-10% downside).
To be clear, we aren't calling for a pullback to 4800; we view it as a worst-case scenario for the S&amp;P 500, and we want to be prepared for anything.
Shorter-Term, we remain bullish on the S&amp;P 500 and Nasdaq 100 (QQQ) as they both refuse to close below their 20-day MAs for more than 2-3 consecutive days.


Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation

As we write this, the tweet from President Trump regarding an imminent spike in tariffs on Chinese goods has caught financial markets around the world off guard. We believe the reactions are likely just a flash in the pan. This tweet, like many others, should be taken as nothing more than negotiation tactics lifted right out of a chapter from “The Art of the Deal”. We have been subjected to untold Tweets in the last few years and the reactions generally seem to have been about as long-lived as their character count. Despite the noise, the markets remain on a firm footing.  In our Macro Vision publication, we lay out our U.S. equity investment thesis and provide a technical appraisal of the market Sector by Sector, along with attractive investment opportunities within each.

As we write this, the tweet from President Trump regarding an imminent spike in tariffs on Chinese goods has caught financial markets around the world off guard. We believe the reactions are likely just a flash in the pan. This tweet, like many others, should be taken as nothing more than negotiation tactics lifted right out of a chapter from “The Art of the Deal”. We have been subjected to untold Tweets in the last few years and the reactions generally seem to have been about as long-lived as their character count. Despite the noise, the markets remain on a firm footing.  In our Macro Vision publication, we lay out our U.S. equity investment thesis and provide a technical appraisal of the market Sector by Sector, along with attractive investment opportunities within each.

U.S. Equity Strategy: The Tweet Heard ‘Round the World

United States

Herc Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides equipment rental services in key markets, including construction, industrial and manufacturing, refineries, petrochemicals, civil infrastructure, automotive, government, municipalities, energy, remediation, and emergency response.

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Herc Holdings (HRI US)

Herc Rentals Inc.: Can Integration, Fleet Strategy, and Mega Projects Sustain Momentum Into 2026?

Herc Holdings, Inc. recently presented its financial results for the fourth quarter and full-year 2025, which outlined both achievements and...

Baptista Research

Herc Holdings: Will Its Focus On The Specialty Markets Pay Off?

Herc Holdings, Inc. reported mixed results in their third-quarter earnings call for 2025, underpinned by achievements in integration and challenges...

Baptista Research

Herc Holdings Inc (HRI) - Wednesday, Jun 4, 2025

The author views Herc Holdings as an undervalued investment with strong growth potential post-acquisition, despite its narrower competitive edge in...

Value Investors Club (VIC)

Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation

Downgrading Real Estate to Underweight; Bullish Outlook Intact on $SPX $QQQ $NDX $IWM $RTY $IJH $MDY $VXF; Broadening Participation (NYSE Net New...

Vermilion Research

U.S. Equity Strategy: The Tweet Heard ‘Round the World

As we write this, the tweet from President Trump regarding an imminent spike in tariffs on Chinese goods has caught financial markets around the...

Vermilion Research

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