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>NiSource, a diversified energy company with a focus on regulated utility operations, reported its fourth-quarter 2025 earnings, surpassing financial expectations and demonstrating strong operational performance.</li><li>The company delivered a full-year adjusted earnings per share (EPS) of $1.90, exceeding guidance, with a fourth-quarter EPS of $0.51.</li><li>NiSource continues to execute its business strategy of disciplined capital allocation, operational excellence, and constructive regulatory relationships across its six jurisdictions, ensuring it remains well-positioned for sustained growth.</li></ul>

NiSource, a diversified energy company with a focus on regulated utility operations, reported its fourth-quarter 2025 earnings, surpassing financial expectations and demonstrating strong operational performance.The company delivered a full-year adjusted earnings per share (EPS) of $1.90, exceeding guidance, with a fourth-quarter EPS of $0.51.NiSource continues to execute its business strategy of disciplined capital allocation, operational excellence, and constructive regulatory relationships across its six jurisdictions, ensuring it remains well-positioned for sustained growth.

Inside NiSource’s $28 Billion Capex Plan—Safety, Reliability, and a Smoother Energy Transition!

<ul><li>NiSource Inc.'s recent earnings call highlighted several significant developments and strategic initiatives that may influence investment perspectives on the company.</li><li>From a financial performance standpoint, NiSource reported a third-quarter adjusted EPS of $0.19, resulting in a year-to-date total of $1.38.</li><li>In terms of guidance, the company reaffirmed its upper half of 2025 adjusted EPS guidance of $1.85 to $1.89 and announced 2026 consolidated EPS guidance of $2.02 to $2.07.</li></ul>

NiSource Inc.'s recent earnings call highlighted several significant developments and strategic initiatives that may influence investment perspectives on the company.From a financial performance standpoint, NiSource reported a third-quarter adjusted EPS of $0.19, resulting in a year-to-date total of $1.38.In terms of guidance, the company reaffirmed its upper half of 2025 adjusted EPS guidance of $1.85 to $1.89 and announced 2026 consolidated EPS guidance of $2.02 to $2.07.

NiSource: THIS Strategic Partnership Just Doubled Its Power Capacity—Here’s How!

<ul><li>NiSource, a diversified energy company engaged primarily in regulated utility operations across six states, reported its financial results for the second quarter of 2025.</li><li>The company posted an adjusted earnings per share (EPS) of $0.22 for the quarter, bringing the year-to-date total to $1.19.</li><li>This performance positions NiSource to achieve the higher end of its annual adjusted EPS guidance range of $1.85 to $1.89, reflecting effective operational management and strategic focus.</li></ul>

NiSource, a diversified energy company engaged primarily in regulated utility operations across six states, reported its financial results for the second quarter of 2025.The company posted an adjusted earnings per share (EPS) of $0.22 for the quarter, bringing the year-to-date total to $1.19.This performance positions NiSource to achieve the higher end of its annual adjusted EPS guidance range of $1.85 to $1.89, reflecting effective operational management and strategic focus.

NiSource Wins Big in Rate Cases With Massive Revenue Uplifts—Will Shareholders Reap the Rewards?

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 will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold</li>
<li>We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.</li>
<li>We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6780-6824 on SPX and $255-$257 on IWM continue to hold
We see deterioration in market dynamics, and while we still expect a period of consolidation/pullback, aforementioned support levels need to break to give us confidence that the pullback has begun.
We are upgrading Staples (XLP) to overweight, and we are downgrading Services to underweight


Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

<ul>
<li>In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.</li>
<li>We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.</li>
</ul>


In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.


S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

United States

NiSource Inc. is an energy holding company. The Company's subsidiaries provide natural gas, electricity and other products and services to customers located within a corridor that runs from the Gulf Coast through the Midwest to New England.

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Nisource Inc (NI US)

Inside NiSource’s $28 Billion Capex Plan—Safety, Reliability, and a Smoother Energy Transition!

NiSource, a diversified energy company with a focus on regulated utility operations, reported its fourth-quarter 2025 earnings, surpassing...

Baptista Research

NiSource: THIS Strategic Partnership Just Doubled Its Power Capacity—Here’s How!

NiSource Inc.'s recent earnings call highlighted several significant developments and strategic initiatives that may influence investment...

Baptista Research

NiSource Wins Big in Rate Cases With Massive Revenue Uplifts—Will Shareholders Reap the Rewards?

NiSource, a diversified energy company engaged primarily in regulated utility operations across six states, reported its financial results for the...

Baptista Research

Upgrading Staples to Overweight; Downgrading Services. Still Cautious; Market Dynamics Deteriorating

Upgrading Staples $XLP to Overweight; Downgrading Services. Cautious $SPX $QQQ; Market Dynamics Deteriorating as Defensives Take the Lead $XLU...

Vermilion Research

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

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