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>IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG) business.</li><li>The company experienced a 13% increase in overall revenues, with a 12% organic growth, primarily driven by the CAG Diagnostics recurring revenues.</li><li>This growth was particularly notable in the international regions, achieving double-digit growth, while the U.S. saw over 8% growth despite a minor setback of a 1.2% decline in same-store clinical visits.</li></ul>

IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG) business.The company experienced a 13% increase in overall revenues, with a 12% organic growth, primarily driven by the CAG Diagnostics recurring revenues.This growth was particularly notable in the international regions, achieving double-digit growth, while the U.S. saw over 8% growth despite a minor setback of a 1.2% decline in same-store clinical visits.

IDEXX Accelerates Its Cancer Dx Revolution With Breakthrough Tools for Early Detection; What's 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 downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to growth investing.</li>
<li>We expect additional, substantial appreciation for Tesla and SpaceX.</li>
<li>84.3% of our assets are NOT invested in Tesla and SpaceX, but rather are invested in other exceptionally attractive growth companies.</li>
<li>We have always believed that any recessions or declines in the value of our growth business holdings would not be long-lasting.</li>
<li>Think long term about everything, guard your reputation zealously, make sure your balance sheet is as close to impregnable as possible.</li>
</ul>


Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to growth investing.
We expect additional, substantial appreciation for Tesla and SpaceX.
84.3% of our assets are NOT invested in Tesla and SpaceX, but rather are invested in other exceptionally attractive growth companies.
We have always believed that any recessions or declines in the value of our growth business holdings would not be long-lasting.
Think long term about everything, guard your reputation zealously, make sure your balance sheet is as close to impregnable as possible.


Baron Funds Q3 2022 Report - Letter From Ron

<p>Investors continue to prefer the stability of the U.S. relative to emerging markets. The recent declines recorded in emerging markets and their currencies suggest global risk aversion. U.S. equity markets are, by contrast, not showing any significant signs of coming unhinged as a result of this rout in emerging markets.  In this report we examine the factors likely to impact the U.S. equity markets, and explore actionable opportunities within the Technology, Consumer Discretionary, and Health Care Sectors.</p>

Investors continue to prefer the stability of the U.S. relative to emerging markets. The recent declines recorded in emerging markets and their currencies suggest global risk aversion. U.S. equity markets are, by contrast, not showing any significant signs of coming unhinged as a result of this rout in emerging markets.  In this report we examine the factors likely to impact the U.S. equity markets, and explore actionable opportunities within the Technology, Consumer Discretionary, and Health Care Sectors.

U.S. Equity Strategy: Cyclicals Remain Leadership - Staples & Utilities Are Strengthening

<p>On cue, outperformance last week and yesterday from cyclicals led the S&amp;P 500 to new all-time highs while defensive Sectors lagged. Additionally, weakness in the US dollar has allowed foreign equities to recover substantially, to the point where the major int’l ETFs (ACWX, EFA, and EEM) are on the cusp of bullish inflections topside downtrends. In today’s report outline our view of the U.S. equity market ad highlight attractive Groups and stocks within Health Care and Technology.</p>

On cue, outperformance last week and yesterday from cyclicals led the S&amp;P 500 to new all-time highs while defensive Sectors lagged. Additionally, weakness in the US dollar has allowed foreign equities to recover substantially, to the point where the major int’l ETFs (ACWX, EFA, and EEM) are on the cusp of bullish inflections topside downtrends. In today’s report outline our view of the U.S. equity market ad highlight attractive Groups and stocks within Health Care and Technology.

U.S. Strategy: Sentiment Improving, Upgrading Manufacturing

United States

IDEXX Laboratories, Inc. provides diagnostic, detection, and information systems for veterinary, food, and water testing applications. The Company also operates an international network of veterinary reference laboratories. IDEXX offers its products to customers worldwide.

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IDEXX Laboratories (IDXX US)

IDEXX Accelerates Its Cancer Dx Revolution With Breakthrough Tools for Early Detection; What's Next?

IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG)...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

Baron Funds Q3 2022 Report - Letter From Ron

Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to...

Fund Newsletters

U.S. Equity Strategy: Cyclicals Remain Leadership - Staples & Utilities Are Strengthening

Investors continue to prefer the stability of the U.S. relative to emerging markets. The recent declines recorded in emerging markets and their...

Vermilion Research

U.S. Strategy: Sentiment Improving, Upgrading Manufacturing

On cue, outperformance last week and yesterday from cyclicals led the S&P 500 to new all-time highs while defensive Sectors lagged....

Vermilion Research

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