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>Terex Corporation reported second quarter 2026 results marked by revenue growth across all segments and improved earnings conversion.</li><li>Consolidated revenue on a pro forma basis grew by 8.5% year-over-year to $2.2 billion, supported by strong demand in materials processing, specialty vehicles, aerials, and environmental solutions.</li><li>Adjusted EBITDA increased 10.7% to $269 million with a margin of 12%, slightly improving over the prior year’s 11.8%.</li></ul>

Terex Corporation reported second quarter 2026 results marked by revenue growth across all segments and improved earnings conversion.Consolidated revenue on a pro forma basis grew by 8.5% year-over-year to $2.2 billion, supported by strong demand in materials processing, specialty vehicles, aerials, and environmental solutions.Adjusted EBITDA increased 10.7% to $269 million with a margin of 12%, slightly improving over the prior year’s 11.8%.

Terex Corporation's Hidden Catalyst — Bookings Surge 25% As Backlog Hits $6.9 Billion!

<ul><li>Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion, primarily driven by the recent acquisition of REV and growth across all legacy business segments.</li><li>On a pro forma basis, which adjusts for the merger and excludes divested businesses, sales grew approximately 11%, with Specialty Vehicles leading at 20% growth, complemented by robust increases in Materials Processing (MP) and Terex Utilities.</li><li>The company’s earnings per share (EPS) rose 18% compared to the prior year to $0.98, boosted by a one-time favorable tax event of $0.10 per share and despite tariff pressures impacting some segments.</li></ul>

Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion, primarily driven by the recent acquisition of REV and growth across all legacy business segments.On a pro forma basis, which adjusts for the merger and excludes divested businesses, sales grew approximately 11%, with Specialty Vehicles leading at 20% growth, complemented by robust increases in Materials Processing (MP) and Terex Utilities.The company’s earnings per share (EPS) rose 18% compared to the prior year to $0.98, boosted by a one-time favorable tax event of $0.10 per share and despite tariff pressures impacting some segments.

Terex: The Journey From REV Group Integration to Margin Gains—Inside the Specialty Vehicles Transformation!

<ul><li>Terex Corporation has announced a strategic merger with REV Group, a move designed to create a U.S.-centric specialty equipment manufacturer.</li><li>The merger intends to combine complementary operations, management systems, and distribution channels to enhance competitiveness and unlock synergies.</li><li>With Terex shareholders set to own 58% and REV shareholders 42% of the new entity, the merger also offers a cash consideration of $425 million for REV shareholders.</li></ul>

Terex Corporation has announced a strategic merger with REV Group, a move designed to create a U.S.-centric specialty equipment manufacturer.The merger intends to combine complementary operations, management systems, and distribution channels to enhance competitiveness and unlock synergies.With Terex shareholders set to own 58% and REV shareholders 42% of the new entity, the merger also offers a cash consideration of $425 million for REV shareholders.

Terex Corporation: The REV Integration Is a Productivity Story — Consolidation

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.

We take a look at actionable stocks within the U.S. manufacturing sector, a Vermilion Research overweight.  The following industry groups are represented: Aero/Defense, Auto Parts , Industrial Rental Equipment, Building Products &amp; Fixtures.<ul><li>List of highlighted charts: ALV, BDC, BLDR, CW, EMR, HDNG, HEES, HII, HURC, HXL, ITT, KAMN, LCII, LNN, MGRC, MLR, MOD, NNBR, NPO, PCAR, SPAR, SSD, SXI, TEX, TRN, TRS, TXT, URI, VICR, VMI, WSO, WTS</li></ul>

We take a look at actionable stocks within the U.S. manufacturing sector, a Vermilion Research overweight.  The following industry groups are represented: Aero/Defense, Auto Parts , Industrial Rental Equipment, Building Products &amp; Fixtures.List of highlighted charts: ALV, BDC, BLDR, CW, EMR, HDNG, HEES, HII, HURC, HXL, ITT, KAMN, LCII, LNN, MGRC, MLR, MOD, NNBR, NPO, PCAR, SPAR, SSD, SXI, TEX, TRN, TRS, TXT, URI, VICR, VMI, WSO, WTS

U.S. Manufacturing Sector Breaking Out to All-Time Relative Strength Highs; Actionable Stocks

United States

Terex Corporation is a diversified global manufacturer operating in four business segments: aerial work platforms; construction; cranes; and materials processing.  Terex manufactures a broad range of equipment for use in various industries including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries.

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Terex Corp (TEX US)

Terex Corporation's Hidden Catalyst — Bookings Surge 25% As Backlog Hits $6.9 Billion!

Terex Corporation reported second quarter 2026 results marked by revenue growth across all segments and improved earnings conversion. Consolidated...

Baptista Research

Terex: The Journey From REV Group Integration to Margin Gains—Inside the Specialty Vehicles Transformation!

Terex Corporation reported a strong start to 2026, with first-quarter sales increasing by 41% year-over-year on a reported basis to $1.7 billion,...

Baptista Research

Terex Corporation: The REV Integration Is a Productivity Story — Consolidation

Terex Corporation has announced a strategic merger with REV Group, a move designed to create a U.S.-centric specialty equipment manufacturer. The...

Baptista 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

U.S. Manufacturing Sector Breaking Out to All-Time Relative Strength Highs; Actionable Stocks

We take a look at actionable stocks within the U.S. manufacturing sector, a Vermilion Research overweight. The following industry groups are...

Vermilion Research

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