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>Teradata’s second quarter of 2026 demonstrated a continuation of its strategic focus on hybrid data management and the emerging agentic AI market, with a number of product innovations and solid financial performance underpinning its current positioning.</li><li>The company reported growth in total annual recurring revenue (ARR) by 1% as reported (2% constant currency), and cloud ARR increased by 8% year-over-year (9% constant currency).</li><li>Recurring revenue rose 3% year-over-year, marking the third consecutive quarter of positive growth.</li></ul>

Teradata’s second quarter of 2026 demonstrated a continuation of its strategic focus on hybrid data management and the emerging agentic AI market, with a number of product innovations and solid financial performance underpinning its current positioning.The company reported growth in total annual recurring revenue (ARR) by 1% as reported (2% constant currency), and cloud ARR increased by 8% year-over-year (9% constant currency).Recurring revenue rose 3% year-over-year, marking the third consecutive quarter of positive growth.

Teradata Unlocks Agentic AI With Dell Technologies — Hybrid Infrastructure Takes Center Stage!

<ul><li>Teradata reported its Fourth Quarter and Full Year 2025 financial results, highlighting a strong performance across several key metrics.</li><li>The company exceeded expectations for total revenue, recurring revenue, and free cash flow, marking a year of stabilized business and revitalized execution.</li><li>Its total Annual Recurring Revenue (ARR) saw a 3% growth year-over-year, with cloud ARR playing a significant role by growing 15% as reported.</li></ul>

Teradata reported its Fourth Quarter and Full Year 2025 financial results, highlighting a strong performance across several key metrics.The company exceeded expectations for total revenue, recurring revenue, and free cash flow, marking a year of stabilized business and revitalized execution.Its total Annual Recurring Revenue (ARR) saw a 3% growth year-over-year, with cloud ARR playing a significant role by growing 15% as reported.

Why Teradata (TDC)’s Focus on Total ARR, Not Cloud Labels, May Unlock Its Next Growth Leg!

<ul><li>Teradata Corporation's third-quarter 2025 results showcase a period of solid performance and strategic advancements, as the company exceeded revenue and recurring revenue guidance.</li><li>Key highlights from the quarter demonstrate Teradata's focus on developing its AI and data analytics capabilities alongside its investments in cloud and hybrid cloud environments.</li><li>Positively, Teradata recorded non-GAAP earnings per share of $0.72, surpassing expectations.</li></ul>

Teradata Corporation's third-quarter 2025 results showcase a period of solid performance and strategic advancements, as the company exceeded revenue and recurring revenue guidance.Key highlights from the quarter demonstrate Teradata's focus on developing its AI and data analytics capabilities alongside its investments in cloud and hybrid cloud environments.Positively, Teradata recorded non-GAAP earnings per share of $0.72, surpassing expectations.

Teradata Built an “AI Factory” & Partnered With NVIDIA—Is This the Shortcut to Enterprise AI at Scale?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow.</li><li>Last month (ending 11/30), the WTR AI Index was down 7.0% M/M versus the S&amp;P 500 Index (up 0.1%), the Russell 2000 Index (up 0.8%), and the Nasdaq Index (down 1.6%).</li><li>Software (28% of the index) was down 8.6%, while Semiconductor (12% of the index) was down 3.7%, Internet and Data Services (8% of the index) was down 20.9%, Other Tech (21% of the index) was down 5.5%, and Other Industries (31% of the index) was down 3.6%. </li></ul>

Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow.Last month (ending 11/30), the WTR AI Index was down 7.0% M/M versus the S&amp;P 500 Index (up 0.1%), the Russell 2000 Index (up 0.8%), and the Nasdaq Index (down 1.6%).Software (28% of the index) was down 8.6%, while Semiconductor (12% of the index) was down 3.7%, Internet and Data Services (8% of the index) was down 20.9%, Other Tech (21% of the index) was down 5.5%, and Other Industries (31% of the index) was down 3.6%. 

AI Flow Index : Sailing a Sea of Companies in AI

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

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include 2,810-2,817 on the S&amp;P 500 and the 200-day moving average on the S&amp;P 600 Small Cap index... see charts below. We would welcome some consolidation or a mild pullback which would be a healthy correction of the current extended market conditions.In today’s report we highlight attractive Groups and stocks within Manufacturing and Technology: Construction Equipment, Industrial Rental Equipment, Data Storage Solutions &amp; Devices, Small-Cap, and Software, Financial Mgmt. Solutions.

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include 2,810-2,817 on the S&amp;P 500 and the 200-day moving average on the S&amp;P 600 Small Cap index... see charts below. We would welcome some consolidation or a mild pullback which would be a healthy correction of the current extended market conditions.In today’s report we highlight attractive Groups and stocks within Manufacturing and Technology: Construction Equipment, Industrial Rental Equipment, Data Storage Solutions &amp; Devices, Small-Cap, and Software, Financial Mgmt. Solutions.

United States

Teradata Corp operates as a database management company in the technology industry. The company offers analytic data solutions through integrated data warehousing, big data analytics, and business applications.  Teradata Corp collaborates with leading innovators in software, technology, and integration services.

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Teradata Corp (TDC US)

Teradata Unlocks Agentic AI With Dell Technologies — Hybrid Infrastructure Takes Center Stage!

Teradata’s second quarter of 2026 demonstrated a continuation of its strategic focus on hybrid data management and the emerging agentic AI market,...

Baptista Research

Why Teradata (TDC)’s Focus on Total ARR, Not Cloud Labels, May Unlock Its Next Growth Leg!

Teradata reported its Fourth Quarter and Full Year 2025 financial results, highlighting a strong performance across several key metrics. The...

Baptista Research

Teradata Built an “AI Factory” & Partnered With NVIDIA—Is This the Shortcut to Enterprise AI at Scale?

Teradata Corporation's third-quarter 2025 results showcase a period of solid performance and strategic advancements, as the company exceeded...

Baptista Research

AI Flow Index : Sailing a Sea of Companies in AI

Last month (ending 11/30), the WTR AI Index was down 7.0% M/M versus the S&P 500 Index (up 0.1%), the Russell 2000 Index (up 0.8%), and the Nasdaq...

Water Tower Research

S&P 500 and S&P 600 Testing Resistance

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include...

Vermilion Research

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