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>Interparfums reported modest sales growth of 2% for both the second quarter and first half of 2026, driven by strong performances across its core brands and a rebound in its U.S.-based operations, which benefited from a weak comparative period in 2025.</li><li>Excluding adverse geopolitical factors—in particular the war-related headwinds in the Middle East—organic sales grew 4% in the quarter and 1% year-to-date.</li><li>The company maintains a diversified geographic footprint with growth in North America (+5%), Asia Pacific (+14%), and South America (+15%) offsetting declines in Western Europe (-3%), Eastern Europe (-7%), and Middle East & Africa (-24%).</li></ul>

Interparfums reported modest sales growth of 2% for both the second quarter and first half of 2026, driven by strong performances across its core brands and a rebound in its U.S.-based operations, which benefited from a weak comparative period in 2025.Excluding adverse geopolitical factors—in particular the war-related headwinds in the Middle East—organic sales grew 4% in the quarter and 1% year-to-date.The company maintains a diversified geographic footprint with growth in North America (+5%), Asia Pacific (+14%), and South America (+15%) offsetting declines in Western Europe (-3%), Eastern Europe (-7%), and Middle East & Africa (-24%).

Interparfums Unlocks New Growth With Longchamp, Off-White & A Bigger 2027 Launch Slate!

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

iShares PHLX Semiconductor ETF / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.</li>
<li>We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.</li>
<li>A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.
We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.
A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility


Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX

<ul><li>Interparfums, a global fragrance company operating through its European-based subsidiary and U.S.-based operations, reported record full-year sales of $1.49 billion in 2025, including a 7% reported and 3% organic growth in the fourth quarter.</li><li>The company managed to navigate challenges such as tariffs, fluctuating foreign exchange rates, and geopolitical tensions through operational discipline and portfolio revitalization.</li><li>Its diverse brand portfolio, including Lacoste, Roberto Cavalli, Jimmy Choo, Coach, and Montblanc, contributed to growth across multiple markets.</li></ul>

Interparfums, a global fragrance company operating through its European-based subsidiary and U.S.-based operations, reported record full-year sales of $1.49 billion in 2025, including a 7% reported and 3% organic growth in the fourth quarter.The company managed to navigate challenges such as tariffs, fluctuating foreign exchange rates, and geopolitical tensions through operational discipline and portfolio revitalization.Its diverse brand portfolio, including Lacoste, Roberto Cavalli, Jimmy Choo, Coach, and Montblanc, contributed to growth across multiple markets.

Interparfums: A $1.49 Billion Record Year Masks Slowing Organic Growth Trends

<ul><li>Interparfums Inc.'s third-quarter earnings report for 2025 reflects several dynamics in the company's operations, emphasizing both opportunities and challenges.</li><li>The overall sales showed moderate growth, rising by 1% for the third quarter and year-to-date.</li><li>However, the European and U.S. segments displayed contrasting performances.</li></ul>

Interparfums Inc.'s third-quarter earnings report for 2025 reflects several dynamics in the company's operations, emphasizing both opportunities and challenges.The overall sales showed moderate growth, rising by 1% for the third quarter and year-to-date.However, the European and U.S. segments displayed contrasting performances.

Interparfums: Inside the License Landgrab—How Off-White, Longchamp, & Goutal Could Reshape Growth!

<ul>
<li>Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.</li>
<li>As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.</li>
<li>Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples</li>
</ul>


Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.
As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.
Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples


S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

United States

Inter Parfums, Inc. manufactures, markets, and distributes a wide array of fragrances and fragrance related products. The Company's European-based operations produce and distribute prestige fragrance products primarily under license with brand owners. It's U.S.-based operations primarily produce and sell fragrance and personal care products under several specialty retail brands.

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Inter Parfums (IPAR US)

Interparfums Unlocks New Growth With Longchamp, Off-White & A Bigger 2027 Launch Slate!

Interparfums reported modest sales growth of 2% for both the second quarter and first half of 2026, driven by strong performances across its core...

Baptista Research

Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX

Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern?; All Hinges on 7507-7580 $SPX. We continue to believe Technology and A.I....

Vermilion Research

Interparfums: A $1.49 Billion Record Year Masks Slowing Organic Growth Trends

Interparfums, a global fragrance company operating through its European-based subsidiary and U.S.-based operations, reported record full-year...

Baptista Research

Interparfums: Inside the License Landgrab—How Off-White, Longchamp, & Goutal Could Reshape Growth!

Interparfums Inc.'s third-quarter earnings report for 2025 reflects several dynamics in the company's operations, emphasizing both opportunities...

Baptista Research

S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

Last week (3/21) we discussed the potential for a 2-5% rally to the 1.5-month downtrend on the $SPX, or even the 4165-4200 range, which we noted...

Vermilion Research

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