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

Public Service Enterprise Group Inc / Equity Bottom-Up

Public Service Enterprise Group Inc (PEG US)

<ul><li>Public Service Enterprise Group reported solid financial performance for the fourth quarter and full year of 2025, reflecting operational resilience and moderate growth amid regulatory and market challenges.</li><li>The company recorded net income of $0.63 per share for the fourth quarter and $4.22 per share for the full year.</li><li>Non-GAAP operating earnings were $0.72 and $4.05 per share respectively, placing results at the top end of guidance.</li></ul>

Public Service Enterprise Group reported solid financial performance for the fourth quarter and full year of 2025, reflecting operational resilience and moderate growth amid regulatory and market challenges.The company recorded net income of $0.63 per share for the fourth quarter and $4.22 per share for the full year.Non-GAAP operating earnings were $0.72 and $4.05 per share respectively, placing results at the top end of guidance.

Public Service Enterprise Group: Big Nuclear Projects & Energy Security — The Strategy Reshaping Its Generation Portfolio!

<ul><li>Public Service Enterprise Group (PSEG) delivered a solid financial performance in the third quarter of 2025, showcasing both resilience and strategic progression.</li><li>The company reported net income of $1.24 per share, an increase from $1.04 in the same period last year, and non-GAAP operating earnings of $1.13 per share, compared with $0.90 per share in 2024.</li><li>The improved performance was notably driven by the impact of the October 2024 electric and gas base distribution rate increase, which enabled PSE&G to recover returns on prior capital investments exceeding $3 billion.</li></ul>

Public Service Enterprise Group (PSEG) delivered a solid financial performance in the third quarter of 2025, showcasing both resilience and strategic progression.The company reported net income of $1.24 per share, an increase from $1.04 in the same period last year, and non-GAAP operating earnings of $1.13 per share, compared with $0.90 per share in 2024.The improved performance was notably driven by the impact of the October 2024 electric and gas base distribution rate increase, which enabled PSE&G to recover returns on prior capital investments exceeding $3 billion.

Public Service Enterprise Group (PSEG) Expands Its Energy Empire—Will BYOG Partnerships Become Its Next Big Revenue Engine?

<ul><li>Public Service Enterprise Group delivered solid financial and operational performance in the second quarter of 2025, reporting net income of $1.17 per share compared to $0.87 per share in the second quarter of 2024.</li><li>NonGAAP operating earnings were $0.77 per share, marking a 22% increase from the previous year's second quarter.</li><li>This increase was attributed to the implementation of new electric and gas base distribution rates and higher nuclear generating volumes.</li></ul>

Public Service Enterprise Group delivered solid financial and operational performance in the second quarter of 2025, reporting net income of $1.17 per share compared to $0.87 per share in the second quarter of 2024.NonGAAP operating earnings were $0.77 per share, marking a 22% increase from the previous year's second quarter.This increase was attributed to the implementation of new electric and gas base distribution rates and higher nuclear generating volumes.

Public Service Enterprise Group (PSEG): Data Center & Large Load Integration to Impact Energy Demand Forecasts & Infrastructure Planning!

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>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

United States

Public Service Enterprise Group Incorporated is a public utility holding company. The Company, through its subsidiaries, generates, transmits, and distributes electricity and produces natural gas in the Northeastern and Mid Atlantic United States.

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Public Service Enterprise Group Inc (PEG US)

Public Service Enterprise Group: Big Nuclear Projects & Energy Security — The Strategy Reshaping Its Generation Portfolio!

Public Service Enterprise Group reported solid financial performance for the fourth quarter and full year of 2025, reflecting operational...

Baptista Research

Public Service Enterprise Group (PSEG) Expands Its Energy Empire—Will BYOG Partnerships Become Its Next Big Revenue Engine?

Public Service Enterprise Group (PSEG) delivered a solid financial performance in the third quarter of 2025, showcasing both resilience and...

Baptista Research

Public Service Enterprise Group (PSEG): Data Center & Large Load Integration to Impact Energy Demand Forecasts & Infrastructure Planning!

Public Service Enterprise Group delivered solid financial and operational performance in the second quarter of 2025, reporting net income of $1.17...

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

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

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