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>La-Z-Boy has moved to reshape its portfolio by agreeing to sell its American Drew and Kincaid casegoods businesses to Banner House, with the transaction expected to close around mid-May if customary conditions are satisfied.</li><li>The development follows management’s broader effort to simplify operations, sharpen focus on its core North American upholstery franchise, and exit non-core categories that no longer fit its long-term direction.</li><li>In its February fiscal third-quarter earnings call, La-Z-Boy said it had signed a letter of intent to sell the non-core wholesale casegoods businesses and emphasized that the changes were intended to improve efficiency while preserving its ability to offer whole-home solutions through stores, Comfort Studios, and branded spaces.</li></ul>

La-Z-Boy has moved to reshape its portfolio by agreeing to sell its American Drew and Kincaid casegoods businesses to Banner House, with the transaction expected to close around mid-May if customary conditions are satisfied.The development follows management’s broader effort to simplify operations, sharpen focus on its core North American upholstery franchise, and exit non-core categories that no longer fit its long-term direction.In its February fiscal third-quarter earnings call, La-Z-Boy said it had signed a letter of intent to sell the non-core wholesale casegoods businesses and emphasized that the changes were intended to improve efficiency while preserving its ability to offer whole-home solutions through stores, Comfort Studios, and branded spaces.

Banner House Acquisition Alert: Why La-Z-Boy’s Casegoods Exit Could Be A Strategic Masterstroke!

<ul><li>La-Z-Boy Incorporated reported its fiscal 2026 third quarter results with total delivered sales increasing 4% year-over-year to $542 million, supported by an 11% rise in Retail segment sales and a modest 1% growth in Wholesale.</li><li>The company expanded its store footprint by opening four new company-owned stores in the quarter—part of 16 total additions over the past year—while closing four stores, bringing its total store network to 374, with company-owned stores representing 60%.</li><li>Same-store sales in Retail declined 4%, reflecting continued industry-wide traffic challenges partially offset by higher conversion rates, average transaction value, and design sales.</li></ul>

La-Z-Boy Incorporated reported its fiscal 2026 third quarter results with total delivered sales increasing 4% year-over-year to $542 million, supported by an 11% rise in Retail segment sales and a modest 1% growth in Wholesale.The company expanded its store footprint by opening four new company-owned stores in the quarter—part of 16 total additions over the past year—while closing four stores, bringing its total store network to 374, with company-owned stores representing 60%.Same-store sales in Retail declined 4%, reflecting continued industry-wide traffic challenges partially offset by higher conversion rates, average transaction value, and design sales.

La-Z-Boy Incorporated: The Bold Push Toward 400 Stores and Stronger Profitability!

<ul><li>La-Z-Boy Incorporated recently reported its fiscal 2026 second-quarter results, showcasing both improvements and ongoing challenges within the business.</li><li>The company delivered total sales of $522 million, a slight increase from the previous year, indicating modest growth amidst a turbulent market environment.</li><li>Key highlights include a 4% increase in total written sales for its company-owned retail segment, although same-store sales experienced a 2% decline, which has shown sequential improvement over the last two quarters.</li></ul>

La-Z-Boy Incorporated recently reported its fiscal 2026 second-quarter results, showcasing both improvements and ongoing challenges within the business.The company delivered total sales of $522 million, a slight increase from the previous year, indicating modest growth amidst a turbulent market environment.Key highlights include a 4% increase in total written sales for its company-owned retail segment, although same-store sales experienced a 2% decline, which has shown sequential improvement over the last two quarters.

La-Z-Boy: What’s Behind the Aggressive Store Expansion—Will 15 New Locations Be the Growth Catalyst?

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>In last week's Compass (Feb. 22) we discussed our belief that a pullback has begun, and signs continue to point to more downside ahead on the broad market indexes</li>
<li>There has been four failed attempts to reclaim $190 on the Russell 2000 (IWM) and $297 on the Nasdaq 100 (QQQ) over the last five trading days.</li>
<li>These remain important lines in the sand moving forward. Attractive stocks: TPX, LZB, SNBR, ETD, HOFT, FLXS, KEX, SBLK, CMRE, DAC, EGLE, GNK, ASC, GSL, DSX, SB, NM, EURN, more</li>
</ul>


In last week's Compass (Feb. 22) we discussed our belief that a pullback has begun, and signs continue to point to more downside ahead on the broad market indexes
There has been four failed attempts to reclaim $190 on the Russell 2000 (IWM) and $297 on the Nasdaq 100 (QQQ) over the last five trading days.
These remain important lines in the sand moving forward. Attractive stocks: TPX, LZB, SNBR, ETD, HOFT, FLXS, KEX, SBLK, CMRE, DAC, EGLE, GNK, ASC, GSL, DSX, SB, NM, EURN, more


Signs Point to More Downside Ahead; Breadth Deteriorating; Buys in Home Furnishings and Shippers

<p>Our bullish outlook, intact since early November, has been based on the fact that virtually all signals from the market have been consistent with risk-on behavior that we would expect to see in bull markets. Now, the picture is less clear; we are still bullish, just <em>slightly</em> less so than we have been over the past 2-3 months. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Health Care, Manufacturing, and Technology.</p>

Our bullish outlook, intact since early November, has been based on the fact that virtually all signals from the market have been consistent with risk-on behavior that we would expect to see in bull markets. Now, the picture is less clear; we are still bullish, just slightly less so than we have been over the past 2-3 months. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Health Care, Manufacturing, and Technology.

U.S. Equity Strategy: Downgrading Manufacturing & Transports

United States

La-Z-Boy Incorporated manufactures residential and office upholstered furniture. The Company's product lines include motion, stationary and modular seating, desks, cabinets, conference tables, dining room and bedroom furniture, and book cases.  La-Z-Boy markets its products through department and furniture stores, mass merchandisers, and La-Z-Boy showcase galleries.

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La-Z-Boy Inc (LZB US)

Banner House Acquisition Alert: Why La-Z-Boy’s Casegoods Exit Could Be A Strategic Masterstroke!

La-Z-Boy has moved to reshape its portfolio by agreeing to sell its American Drew and Kincaid casegoods businesses to Banner House, with the...

Baptista Research

La-Z-Boy Incorporated: The Bold Push Toward 400 Stores and Stronger Profitability!

La-Z-Boy Incorporated reported its fiscal 2026 third quarter results with total delivered sales increasing 4% year-over-year to $542 million,...

Baptista Research

La-Z-Boy: What’s Behind the Aggressive Store Expansion—Will 15 New Locations Be the Growth Catalyst?

La-Z-Boy Incorporated recently reported its fiscal 2026 second-quarter results, showcasing both improvements and ongoing challenges within the...

Baptista Research

Signs Point to More Downside Ahead; Breadth Deteriorating; Buys in Home Furnishings and Shippers

Signs continue to point to more downside ahead on the broad market indexes with 4 failed attempts to reclaim $190 on $IWM and $297 on $QQQ over the...

Vermilion Research

U.S. Equity Strategy: Downgrading Manufacturing & Transports

In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Health Care, Manufacturing, and Technology

Vermilion Research

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