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>Lululemon Athletica has gone from one of retail’s most coveted growth stories to one of its most dramatic reversals.</li><li>The stock, which closed at $511.29 in December 2023, recently traded near levels last seen in 2018 after losing more than 80% from that peak.</li><li>The underlying business has weakened as well: second-quarter revenue declined 4%, North American sales fell 8%, comparable sales dropped 10% globally, and management cut its full-year outlook.</li></ul>

Lululemon Athletica has gone from one of retail’s most coveted growth stories to one of its most dramatic reversals.The stock, which closed at $511.29 in December 2023, recently traded near levels last seen in 2018 after losing more than 80% from that peak.The underlying business has weakened as well: second-quarter revenue declined 4%, North American sales fell 8%, comparable sales dropped 10% globally, and management cut its full-year outlook.

Lululemon Lost Its Cool—Can Nike’s Former Star Save The Brand?

<ul><li>Lululemon Athletica Inc. reported second-quarter 2026 results reflecting pressure in North America and China Mainland while continuing to invest for long-term growth.</li><li>Net revenue declined 4%, or 5% in constant currency, to $2.4 billion, while comparable sales fell 10%.</li><li>North America revenue decreased 8%, with comparable sales down 12%.</li></ul>

Lululemon Athletica Inc. reported second-quarter 2026 results reflecting pressure in North America and China Mainland while continuing to invest for long-term growth.Net revenue declined 4%, or 5% in constant currency, to $2.4 billion, while comparable sales fell 10%.North America revenue decreased 8%, with comparable sales down 12%.

Lululemon Athletica’s $10.5 Billion Reset — Can North America Recover?

<ul><li>Lululemon Athletica has gone from being one of the most recognizable winners of the athleisure boom to facing a much harder question: are consumers simply losing interest?</li><li>The stock fell nearly 20% following its latest earnings report, briefly pushing shares below $100 for the first time since 2018 and extending a decline of more than 50% in 2026.</li><li>The financial numbers explain part of the reaction.</li></ul>

Lululemon Athletica has gone from being one of the most recognizable winners of the athleisure boom to facing a much harder question: are consumers simply losing interest?The stock fell nearly 20% following its latest earnings report, briefly pushing shares below $100 for the first time since 2018 and extending a decline of more than 50% in 2026.The financial numbers explain part of the reaction.

Lululemon’s $100 Breakdown: Has America Fallen Out Of Love With The Brand?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

United States

lululemon athletica Inc. designs and retails athletic clothing.  The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers throughout the world.

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Lululemon Athletica (LULU US)

Lululemon Lost Its Cool—Can Nike’s Former Star Save The Brand?

Lululemon Athletica has gone from one of retail’s most coveted growth stories to one of its most dramatic reversals. The stock, which closed at...

Baptista Research

Lululemon Athletica’s $10.5 Billion Reset — Can North America Recover?

Lululemon Athletica Inc. reported second-quarter 2026 results reflecting pressure in North America and China Mainland while continuing to invest...

Baptista Research

Lululemon’s $100 Breakdown: Has America Fallen Out Of Love With The Brand?

Lululemon Athletica has gone from being one of the most recognizable winners of the athleisure boom to facing a much harder question: are...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lululemon Lost Its Cool—Can Nike’s Former Star Save The Brand?

Lululemon Athletica has gone from one of retail’s most coveted growth stories to one of its most dramatic reversals. The stock, which closed at...

Baptista Research

Lululemon Athletica’s $10.5 Billion Reset — Can North America Recover?

Lululemon Athletica Inc. reported second-quarter 2026 results reflecting pressure in North America and China Mainland while continuing to invest...

Baptista Research

Lululemon’s $100 Breakdown: Has America Fallen Out Of Love With The Brand?

Lululemon Athletica has gone from being one of the most recognizable winners of the athleisure boom to facing a much harder question: are...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...