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 Inc. recently reported its fourth-quarter and full-year financial results, marking another year of growth, while also spotlighting both achievements and challenges.</li><li>The company reported total revenue for the fourth quarter, excluding the 53rd week, increased by 8% year-over-year, or 9% on a constant currency basis.</li><li>Operating margin expanded by 40 basis points to 28.9%, and earnings per share rose by 16%.</li></ul>

Lululemon Athletica Inc. recently reported its fourth-quarter and full-year financial results, marking another year of growth, while also spotlighting both achievements and challenges.The company reported total revenue for the fourth quarter, excluding the 53rd week, increased by 8% year-over-year, or 9% on a constant currency basis.Operating margin expanded by 40 basis points to 28.9%, and earnings per share rose by 16%.

Lululemon Athletica Faces New Tariff Pressures Through Vietnam

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in FY27 after the company announced solid 4QFY25 (January) results, with top and bottom line upside driven by rag and bone and European results.</li><li>With management focused on returning domestic stores to positive comps (via closures and upgrades) and continuing to fund growth opportunities for rag and bone, Guess Jeans and international, we expect FY26 to set the stage for FY27 (and beyond) top and bottom line growth.</li><li>Further, with Guess?' highly material international operations and licensed businesses, we believe tariffs are not as material an issue as investors perceive.</li></ul>

We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in FY27 after the company announced solid 4QFY25 (January) results, with top and bottom line upside driven by rag and bone and European results.With management focused on returning domestic stores to positive comps (via closures and upgrades) and continuing to fund growth opportunities for rag and bone, Guess Jeans and international, we expect FY26 to set the stage for FY27 (and beyond) top and bottom line growth.Further, with Guess?' highly material international operations and licensed businesses, we believe tariffs are not as material an issue as investors perceive.

GES: 4Q Review: Being Offensive & Defensive to Drive Returns; Reiterate Buy

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Since its IPO back in 2007, Lululemon always posted double-digit revenue growth every single year.</li><li>While there was plenty of skepticism throughout 2024, they managed to eke out double digit growth last year.</li><li>But 2025 topline guidance of 5-7% implies the era of persistent double digit growth regardless of the economy is likely behind us!</li></ul>

Since its IPO back in 2007, Lululemon always posted double-digit revenue growth every single year.While there was plenty of skepticism throughout 2024, they managed to eke out double digit growth last year.But 2025 topline guidance of 5-7% implies the era of persistent double digit growth regardless of the economy is likely behind us!

<ul><li>We are reiterating our Buy rating, projections and $23 price target with Guess?</li><li>announcing 4QFY25 (January) results after the close on Thursday.</li><li>While we do not expect material upside to our previously reduced 4Q projections, we do believe management will be upbeat on the potential to turn the domestic operations in FY26 and the beginning of rag and bone global store expansion, with the launch of licensed accessories also on tap for Spring 2025; further, we believe Europe has remained a key bright spot, with the Guess Jeans launch gaining momentum.</li></ul>

We are reiterating our Buy rating, projections and $23 price target with Guess?announcing 4QFY25 (January) results after the close on Thursday.While we do not expect material upside to our previously reduced 4Q projections, we do believe management will be upbeat on the potential to turn the domestic operations in FY26 and the beginning of rag and bone global store expansion, with the launch of licensed accessories also on tap for Spring 2025; further, we believe Europe has remained a key bright spot, with the Guess Jeans launch gaining momentum.

GES: 4Q Preview: Planning the Turn; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Buy rating, projections and $23 price target for Guess?</li><li>after visiting stores in Long Island and Metropolitan New York City.</li><li>Although way too early to call, we are seeing hints of a turn at the company's main line and outlet stores, driven by shifts in displaying product, distorting to key fashion leading product and magnifying the product positives by offering key items in multiple hues/patterns.</li></ul>

We are reiterating our Buy rating, projections and $23 price target for Guess?after visiting stores in Long Island and Metropolitan New York City.Although way too early to call, we are seeing hints of a turn at the company's main line and outlet stores, driven by shifts in displaying product, distorting to key fashion leading product and magnifying the product positives by offering key items in multiple hues/patterns.

GES: Snapping the Store: Signs of a Spring Turn; Reiterate Buy, $23 PT

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 Athletica Faces New Tariff Pressures Through Vietnam

Lululemon Athletica Inc. recently reported its fourth-quarter and full-year financial results, marking another year of growth, while also...

Baptista Research

GES: 4Q Review: Being Offensive & Defensive to Drive Returns; Reiterate Buy

We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in...

Small Cap Consumer Research

Lululemon 4Q'24 Update

Since its IPO back in 2007, Lululemon always posted double-digit revenue growth every single year. While there was plenty of skepticism throughout...

MBI Deep Dives

GES: 4Q Preview: Planning the Turn; Reiterate Buy, $23 PT

We are reiterating our Buy rating, projections and $23 price target with Guess? announcing 4QFY25 (January) results after the close on...

Small Cap Consumer Research

GES: Snapping the Store: Signs of a Spring Turn; Reiterate Buy, $23 PT

We are reiterating our Buy rating, projections and $23 price target for Guess? after visiting stores in Long Island and Metropolitan New York...

Small Cap Consumer Research

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