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>The TJX Companies, Inc. reported its first-quarter results for fiscal year 2026, demonstrating resilient performance across its various divisions amidst a challenging macroeconomic environment.</li><li>The company achieved a 3% increase in comparable store sales, driven by higher customer transactions, with each division—both in the U.S. and internationally—contributing positively.</li><li>Notable growth was observed in the HomeGoods division, which outperformed its competitors, delivering a 4% increase in comp sales and a 70 basis point improvement in segment profit margin compared to the previous year.</li></ul>

The TJX Companies, Inc. reported its first-quarter results for fiscal year 2026, demonstrating resilient performance across its various divisions amidst a challenging macroeconomic environment.The company achieved a 3% increase in comparable store sales, driven by higher customer transactions, with each division—both in the U.S. and internationally—contributing positively.Notable growth was observed in the HomeGoods division, which outperformed its competitors, delivering a 4% increase in comp sales and a 70 basis point improvement in segment profit margin compared to the previous year.

The TJX Companies: Leveraging Vendor Relationships For A Competitive Edge!

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating, $23 price target and projections for Guess?</li><li>with the company announcing 1QFY26 (April) results after the close on Thursday.</li><li>We believe, after a very difficult FY25, driven by material investments in newly acquired rag and bone and marketing, and poor results in the domestic stores, Guess?</li></ul>

We are reiterating our Buy rating, $23 price target and projections for Guess?with the company announcing 1QFY26 (April) results after the close on Thursday.We believe, after a very difficult FY25, driven by material investments in newly acquired rag and bone and marketing, and poor results in the domestic stores, Guess?

GES: 1Q Preview: Beginning to Reprove the Model; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Buy rating, projections and $23 price target for Guess?</li><li>after visiting stores in Metropolitan New York City and Long Island.</li><li>As we have seen in the previous two months, we believe Guess?</li></ul>

We are reiterating our Buy rating, projections and $23 price target for Guess?after visiting stores in Metropolitan New York City and Long Island.As we have seen in the previous two months, we believe Guess?

GES: Snapping the Store: Turn Gaining Momentum; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Buy rating, projections and $23 price target for Guess?</li><li>after visiting stores in Metropolitan New York City and Long Island.</li><li>We believe, after a long period of shifts and upgrades, Guess?</li></ul>

We are reiterating our Buy rating, projections and $23 price target for Guess?after visiting stores in Metropolitan New York City and Long Island.We believe, after a long period of shifts and upgrades, Guess?

GES: Snapping the Store: Beginning to Bloom; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in FY27 after the company announced solid 4QFY25 (January) results, with top and bottom line upside driven by rag and bone and European results.</li><li>With management focused on returning domestic stores to positive comps (via closures and upgrades) and continuing to fund growth opportunities for rag and bone, Guess Jeans and international, we expect FY26 to set the stage for FY27 (and beyond) top and bottom line growth.</li><li>Further, with Guess?' highly material international operations and licensed businesses, we believe tariffs are not as material an issue as investors perceive.</li></ul>

We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in FY27 after the company announced solid 4QFY25 (January) results, with top and bottom line upside driven by rag and bone and European results.With management focused on returning domestic stores to positive comps (via closures and upgrades) and continuing to fund growth opportunities for rag and bone, Guess Jeans and international, we expect FY26 to set the stage for FY27 (and beyond) top and bottom line growth.Further, with Guess?' highly material international operations and licensed businesses, we believe tariffs are not as material an issue as investors perceive.

GES: 4Q Review: Being Offensive & Defensive to Drive Returns; Reiterate Buy

United States

The TJX Companies, Inc. is an off-price apparel and home fashion retailer in the United States and worldwide.  The Company operates off-price retail concepts in the U.S., Canada and Europe that offer a wide range of brand name and designer merchandise.

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Tjx Companies (TJX US)

The TJX Companies: Leveraging Vendor Relationships For A Competitive Edge!

The TJX Companies, Inc. reported its first-quarter results for fiscal year 2026, demonstrating resilient performance across its various divisions...

Baptista Research

GES: 1Q Preview: Beginning to Reprove the Model; Reiterate Buy, $23 PT

We are reiterating our Buy rating, $23 price target and projections for Guess? with the company announcing 1QFY26 (April) results after the close...

Small Cap Consumer Research

GES: Snapping the Store: Turn Gaining Momentum; Reiterate Buy, $23 PT

We are reiterating our Buy rating, projections and $23 price target for Guess? after visiting stores in Metropolitan New York City and Long...

Small Cap Consumer Research

GES: Snapping the Store: Beginning to Bloom; Reiterate Buy, $23 PT

We are reiterating our Buy rating, projections and $23 price target for Guess? after visiting stores in Metropolitan New York City and Long...

Small Cap Consumer Research

GES: 4Q Review: Being Offensive & Defensive to Drive Returns; Reiterate Buy

We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in...

Small Cap Consumer Research

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