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 prominent player in the regulated utility sector, recently presented its Q3 2024 financial results and refined its long-term strategy.</li><li>Key executives outlined the company's performance, future outlook, and strategic initiatives.</li><li>Operating across six regulatory jurisdictions in the United States, NiSource emphasizes delivering safe, reliable, and affordable energy while maximizing shareholder returns.</li></ul>

NiSource, a prominent player in the regulated utility sector, recently presented its Q3 2024 financial results and refined its long-term strategy.Key executives outlined the company's performance, future outlook, and strategic initiatives.Operating across six regulatory jurisdictions in the United States, NiSource emphasizes delivering safe, reliable, and affordable energy while maximizing shareholder returns.

NiSource Inc.: Here Are the 7 Key Factors Shaping Its Performance in 2025 & Beyond! - Major Drivers

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>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

<ul><li>NiSource, a company that operates in the utilities sector, recently reported its second-quarter 2024 earnings and maintains a focus on delivering reliable and affordable energy, leveraging efficient capital deployment and regulatory mechanisms to provide competitive returns and enhance its balance sheet strength.</li><li>The company reported a second-quarter adjusted earnings per share (EPS) of $0.21 and reaffirmed its guidance for 2024 with adjusted EPS expected to hit the upper half of the $1.70 to $1.74 range.</li><li>NiSource also projects an annual growth of 6% to 8% in adjusted EPS from 2023 to 2028, alongside a rate base growth of 8% to 10%.</li></ul>

NiSource, a company that operates in the utilities sector, recently reported its second-quarter 2024 earnings and maintains a focus on delivering reliable and affordable energy, leveraging efficient capital deployment and regulatory mechanisms to provide competitive returns and enhance its balance sheet strength.The company reported a second-quarter adjusted earnings per share (EPS) of $0.21 and reaffirmed its guidance for 2024 with adjusted EPS expected to hit the upper half of the $1.70 to $1.74 range.NiSource also projects an annual growth of 6% to 8% in adjusted EPS from 2023 to 2028, alongside a rate base growth of 8% to 10%.

NiSource Inc.: A Tale Of Customer Base Expansion & Load Growth Management! - Major Drivers

<ul>
<li>The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.</li>
<li>We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.</li>
<li>After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels </li>
</ul>


The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.
We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.
After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels 


Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

<ul><li>NiSource, in its Q1 2024 investor update, provided an exhaustive look into their operational and financial dynamics, reinforcing their strategic route toward realizing significant growth through diligent initiatives and regulatory alignments.</li><li>The company marked the period with a robust financial upswing, posting a first-quarter 2024 adjusted earnings per share (EPS) of $0.85— showcasing a 10% rise from the previous year's $0.77.</li><li>Such fruitful results were buoyed by contributions from regulatory activities and other income sectors while being slightly offset by escalated operations and maintenance (O&M) and depreciation costs.</li></ul>

NiSource, in its Q1 2024 investor update, provided an exhaustive look into their operational and financial dynamics, reinforcing their strategic route toward realizing significant growth through diligent initiatives and regulatory alignments.The company marked the period with a robust financial upswing, posting a first-quarter 2024 adjusted earnings per share (EPS) of $0.85— showcasing a 10% rise from the previous year's $0.77.Such fruitful results were buoyed by contributions from regulatory activities and other income sectors while being slightly offset by escalated operations and maintenance (O&M) and depreciation costs.

NiSource Inc.: Initiation of Coverage - Renewable Energy Initiatives & Project Investments Catapulting Their Growth? - Major Drivers

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)

NiSource Inc.: Here Are the 7 Key Factors Shaping Its Performance in 2025 & Beyond! - Major Drivers

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NiSource Inc.: Initiation of Coverage - Renewable Energy Initiatives & Project Investments Catapulting Their Growth? - Major Drivers

NiSource, in its Q1 2024 investor update, provided an exhaustive look into their operational and financial dynamics, reinforcing their strategic...

Baptista Research

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