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>IDA Corporation’s financial results for the full year 2025 reflect a continuation of steady operational growth paired with careful financial management amid significant capital expenditure plans and evolving regulatory landscapes.</li><li>The company achieved diluted earnings per share (EPS) of $5.90, marking its eighteenth consecutive year of EPS growth and slightly exceeding the midpoint of its guidance for the year.</li><li>This performance was supported by customer base expansion, operational reliability, and the constructive resolution of a general rate case proceeding in Idaho.</li></ul>

IDA Corporation’s financial results for the full year 2025 reflect a continuation of steady operational growth paired with careful financial management amid significant capital expenditure plans and evolving regulatory landscapes.The company achieved diluted earnings per share (EPS) of $5.90, marking its eighteenth consecutive year of EPS growth and slightly exceeding the midpoint of its guidance for the year.This performance was supported by customer base expansion, operational reliability, and the constructive resolution of a general rate case proceeding in Idaho.

IDACORP’s Capital Spending Is Accelerating—Will Cash Flow Keep Pace With Expansion?

<ul><li>IDACORP, Inc.'s latest earnings call presented a mixed bag of developments as it navigates growth and energy transition challenges.</li><li>The company reported a positive quarter, with a noticeable increase in its EPS, rising to $2.26 from last year's $2.12 for the same period, supported by higher retail revenues resulting from a rate change and customer growth, despite experiencing lower usage per customer.</li><li>The year's first three quarters delivered a cumulative EPS of $5.13 compared to $4.82 in the previous year, driven by a significant increase in additional tax credit amortization.</li></ul>

IDACORP, Inc.'s latest earnings call presented a mixed bag of developments as it navigates growth and energy transition challenges.The company reported a positive quarter, with a noticeable increase in its EPS, rising to $2.26 from last year's $2.12 for the same period, supported by higher retail revenues resulting from a rate change and customer growth, despite experiencing lower usage per customer.The year's first three quarters delivered a cumulative EPS of $5.13 compared to $4.82 in the previous year, driven by a significant increase in additional tax credit amortization.

IDACORP: Reinventing Its Capacity Strategy With Major Generation & Transmission Overhauls!

<ul><li>IDACORP's second-quarter results of 2025 indicate modest growth and operational strength, evidenced by the rise in diluted earnings per share to $1.76 compared to $1.71 in the previous year's second quarter.</li><li>The company has benefited from an increase in tax credit amortization under the Idaho regulatory mechanism, increasing from $7.5 million to $17.2 million year-over-year in the same quarter.</li><li>This additional amortization, when coupled with strong operational performance, has prompted the company to elevate its full-year earnings per share guidance to between $5.70 and $5.85.</li></ul>

IDACORP's second-quarter results of 2025 indicate modest growth and operational strength, evidenced by the rise in diluted earnings per share to $1.76 compared to $1.71 in the previous year's second quarter.The company has benefited from an increase in tax credit amortization under the Idaho regulatory mechanism, increasing from $7.5 million to $17.2 million year-over-year in the same quarter.This additional amortization, when coupled with strong operational performance, has prompted the company to elevate its full-year earnings per share guidance to between $5.70 and $5.85.

IDACORP: What’s Driving Its Bold Shift Into Gas-Fired Energy & Beyond!

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 will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold</li>
<li>We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.</li>
<li>We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold
We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.
We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight


Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

<ul><li>IDACORP, Inc.'s first-quarter 2025 earnings results reveal a mixed picture of operations reflecting both strengths and areas that require attention.</li><li>The company reported an increase in diluted earnings per share, reaching $1.10 compared to $0.95 in the previous year's first quarter.</li><li>This increase was driven by higher retail revenues from Idaho Power’s rate base increase, customer growth, and the amortization of tax credits.</li></ul>

IDACORP, Inc.'s first-quarter 2025 earnings results reveal a mixed picture of operations reflecting both strengths and areas that require attention.The company reported an increase in diluted earnings per share, reaching $1.10 compared to $0.95 in the previous year's first quarter.This increase was driven by higher retail revenues from Idaho Power’s rate base increase, customer growth, and the amortization of tax credits.

IdaCorp Launches Mega Transmission Projects—Is This the Future of Western Energy?

United States

IDACORP, Inc is the holding company for Idaho Power Company, an electric utility and IDACORP Energy, an energy marketing company.  Idaho Power generates, purchases, transmits, distributes, and sells electric energy in southern Idaho, eastern Oregon, and northern Nevada.  IDACORP Energy maintains electricity and natural gas marketing operations.

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Idacorp Inc (IDA US)

IDACORP’s Capital Spending Is Accelerating—Will Cash Flow Keep Pace With Expansion?

IDA Corporation’s financial results for the full year 2025 reflect a continuation of steady operational growth paired with careful financial...

Baptista Research

IDACORP: Reinventing Its Capacity Strategy With Major Generation & Transmission Overhauls!

IDACORP, Inc.'s latest earnings call presented a mixed bag of developments as it navigates growth and energy transition challenges. The company...

Baptista Research

IDACORP: What’s Driving Its Bold Shift Into Gas-Fired Energy & Beyond!

IDACORP's second-quarter results of 2025 indicate modest growth and operational strength, evidenced by the rise in diluted earnings per share to...

Baptista Research

Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

Upgrading Staples $XLP to Overweight; Downgrading Services. Cautious $SPX $QQQ; Market Dynamics Deteriorating as Defensives Take the Lead $XLU...

Vermilion Research

IdaCorp Launches Mega Transmission Projects—Is This the Future of Western Energy?

IDACORP, Inc.'s first-quarter 2025 earnings results reveal a mixed picture of operations reflecting both strengths and areas that require...

Baptista Research

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