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>Norfolk Southern Corporation’s latest quarterly discussion presented a mixed but operationally focused picture, with management emphasizing cost discipline, service resilience, safety progress and selective revenue opportunities, while also acknowledging several near-term headwinds.</li><li>The Q&A highlighted that the company expects normal sequential operating ratio improvement from the first quarter to the second quarter, quantified at roughly 200 basis points, despite multiple pressures including inflation, lower land sale benefits, fuel cost volatility and competitive revenue losses linked to merger-related responses.</li><li>This suggests that productivity initiatives remain an important offset, but the company’s margin trajectory is still exposed to variables outside its direct control, particularly fuel prices and the pace of volume recovery.</li></ul>

Norfolk Southern Corporation’s latest quarterly discussion presented a mixed but operationally focused picture, with management emphasizing cost discipline, service resilience, safety progress and selective revenue opportunities, while also acknowledging several near-term headwinds.The Q&A highlighted that the company expects normal sequential operating ratio improvement from the first quarter to the second quarter, quantified at roughly 200 basis points, despite multiple pressures including inflation, lower land sale benefits, fuel cost volatility and competitive revenue losses linked to merger-related responses.This suggests that productivity initiatives remain an important offset, but the company’s margin trajectory is still exposed to variables outside its direct control, particularly fuel prices and the pace of volume recovery.

<ul><li>Norfolk Southern Corporation (NSC) recently reported its fourth-quarter earnings for 2025, offering a complex picture of its current operational and financial standing.</li><li>With significant focus on operational performance and strategic initiatives, Norfolk Southern navigated through a challenging economic landscape marked by softer freight volumes, regulatory scrutiny from a pending merger, and a competitive rail industry environment.</li><li>On the positive side, Norfolk Southern demonstrated notable improvements in operational metrics, particularly in safety and efficiency.</li></ul>

Norfolk Southern Corporation (NSC) recently reported its fourth-quarter earnings for 2025, offering a complex picture of its current operational and financial standing.With significant focus on operational performance and strategic initiatives, Norfolk Southern navigated through a challenging economic landscape marked by softer freight volumes, regulatory scrutiny from a pending merger, and a competitive rail industry environment.On the positive side, Norfolk Southern demonstrated notable improvements in operational metrics, particularly in safety and efficiency.

Norfolk Southern: The Quiet Expansion of Merchandise and Auto That Could Redefine Growth!

<ul><li>Norfolk Southern Corporation's third-quarter 2025 earnings reflect a complex interplay of operational achievements and market challenges.</li><li>The company's management emphasized their commitment to safety, efficiency, and service quality as key drivers for long-term success.</li><li>Throughout the call, they highlighted several significant accomplishments while addressing the hurdles they are encountering.</li></ul>

Norfolk Southern Corporation's third-quarter 2025 earnings reflect a complex interplay of operational achievements and market challenges.The company's management emphasized their commitment to safety, efficiency, and service quality as key drivers for long-term success.Throughout the call, they highlighted several significant accomplishments while addressing the hurdles they are encountering.

Norfolk Southern: Intermodal Growth & Modal Share Gains in Eastern U.S. Freight Corridors; But Is It All Sustainable?

<ul><li>Norfolk Southern Corp. has emerged as a potential acquisition target for Union Pacific Corp., with early-stage discussions underway that could reshape the North American rail landscape.</li><li>If the deal materializes, it would combine the largest and fifth-largest railroads by revenue, creating a network valued at nearly $200 billion and extending from coast to coast — an unprecedented footprint in U.S. rail history.</li><li>Union Pacific CEO Jim Vena has publicly discussed the strategic merits of a transcontinental railroad, and Norfolk Southern CFO Jason Zampi has echoed support for such a structure, citing potential benefits.</li></ul>

Norfolk Southern Corp. has emerged as a potential acquisition target for Union Pacific Corp., with early-stage discussions underway that could reshape the North American rail landscape.If the deal materializes, it would combine the largest and fifth-largest railroads by revenue, creating a network valued at nearly $200 billion and extending from coast to coast — an unprecedented footprint in U.S. rail history.Union Pacific CEO Jim Vena has publicly discussed the strategic merits of a transcontinental railroad, and Norfolk Southern CFO Jason Zampi has echoed support for such a structure, citing potential benefits.

Union Pacific Eyes Norfolk Southern: Is America’s First Coast-to-Coast Rail Giant Taking Shape?

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

<p>Both the cap- and equal-weighted S&amp;P 500 are trading at highs not seen since early October 2018 - a positive indication in itself. Additionally, key risk-on areas we highlighted in last week’s <em>Compass</em> (small-caps, Financials/Banks, and Transports) have outperformed off the recent lows - a welcomed sight for risk sentiment, and confirms out positive outlook. In today's report we highlight attractive bottom-fishing opportunities within the Financials Sector, and attractive Groups and stocks within Large- and Small-Cap Railroads, and Internet Software</p>

Both the cap- and equal-weighted S&amp;P 500 are trading at highs not seen since early October 2018 - a positive indication in itself. Additionally, key risk-on areas we highlighted in last week’s Compass (small-caps, Financials/Banks, and Transports) have outperformed off the recent lows - a welcomed sight for risk sentiment, and confirms out positive outlook. In today's report we highlight attractive bottom-fishing opportunities within the Financials Sector, and attractive Groups and stocks within Large- and Small-Cap Railroads, and Internet Software

United States

Norfolk Southern Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports

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Norfolk Southern (NSC US)

Norfolk Southern Corporation: PSR 2.0

Norfolk Southern Corporation’s latest quarterly discussion presented a mixed but operationally focused picture, with management emphasizing cost...

Baptista Research

Norfolk Southern: The Quiet Expansion of Merchandise and Auto That Could Redefine Growth!

Norfolk Southern Corporation (NSC) recently reported its fourth-quarter earnings for 2025, offering a complex picture of its current operational...

Baptista Research

Union Pacific Eyes Norfolk Southern: Is America’s First Coast-to-Coast Rail Giant Taking Shape?

Norfolk Southern Corp. has emerged as a potential acquisition target for Union Pacific Corp., with early-stage discussions underway that could...

Baptista Research

U.S. Equity Strategy: Be Long & Carry On

Both the cap- and equal-weighted S&P 500 are trading at highs not seen since early October 2018 - a positive indication in itself....

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Norfolk Southern Corporation: PSR 2.0

Norfolk Southern Corporation’s latest quarterly discussion presented a mixed but operationally focused picture, with management emphasizing cost...

Baptista Research

Norfolk Southern: The Quiet Expansion of Merchandise and Auto That Could Redefine Growth!

Norfolk Southern Corporation (NSC) recently reported its fourth-quarter earnings for 2025, offering a complex picture of its current operational...

Baptista Research

Norfolk Southern: Intermodal Growth & Modal Share Gains in Eastern U.S. Freight Corridors; But Is It All Sustainable?

Norfolk Southern Corporation's third-quarter 2025 earnings reflect a complex interplay of operational achievements and market challenges. The...

Baptista Research

Union Pacific Eyes Norfolk Southern: Is America’s First Coast-to-Coast Rail Giant Taking Shape?

Norfolk Southern Corp. has emerged as a potential acquisition target for Union Pacific Corp., with early-stage discussions underway that could...

Baptista Research

U.S. Equity Strategy: Be Long & Carry On

Both the cap- and equal-weighted S&P 500 are trading at highs not seen since early October 2018 - a positive indication in itself....

Vermilion Research