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 Trade Desk, a digital advertising technology company, reported strong financial performance in the second quarter of 2025.</li><li>The company maintained its robust growth trajectory, with a 19% increase in revenue compared to the same quarter last year, reaching $694 million.</li><li>This growth rate was noted as significantly above the broader digital advertising market.</li></ul>

The Trade Desk, a digital advertising technology company, reported strong financial performance in the second quarter of 2025.The company maintained its robust growth trajectory, with a 19% increase in revenue compared to the same quarter last year, reaching $694 million.This growth rate was noted as significantly above the broader digital advertising market.

The Trade Desk: Expansion in Connected TV (CTV) and Retail Media Can Shape Its Future!

<ul><li>The Trade Desk, a leading player in the digital advertising ecosystem, recently reported its first quarter 2025 financial results, showcasing both encouraging growth and notable challenges.</li><li>The company's revenue for the quarter stood at $616 million, marking a substantial 25% year-over-year increase.</li><li>This growth was attributed to the company's resilience amid economic uncertainties and its sustained efforts to capture expanding market opportunities in programmatic advertising, particularly in the Connected TV (CTV) space.</li></ul>

The Trade Desk, a leading player in the digital advertising ecosystem, recently reported its first quarter 2025 financial results, showcasing both encouraging growth and notable challenges.The company's revenue for the quarter stood at $616 million, marking a substantial 25% year-over-year increase.This growth was attributed to the company's resilience amid economic uncertainties and its sustained efforts to capture expanding market opportunities in programmatic advertising, particularly in the Connected TV (CTV) space.

The Trade Desk: Capitalizing On Connected TV (CTV) & Retail Media Growth To Build Top-Line Momentum!

<ul><li>The Trade Desk reported its financial performance for the fourth quarter and full year of 2024, marking a significant year in the company's history with both achievements and setbacks.</li><li>The company experienced record-breaking figures with over $12 billion in total platform spend and revenue surpassing $2.4 billion, a 26% increase year-over-year.</li><li>The Trade Desk also generated over $1 billion in adjusted EBITDA and produced more than $600 million in free cash flow, demonstrating the robustness of its platform and its ability to provide value in the rapidly evolving digital advertising landscape.</li></ul>

The Trade Desk reported its financial performance for the fourth quarter and full year of 2024, marking a significant year in the company's history with both achievements and setbacks.The company experienced record-breaking figures with over $12 billion in total platform spend and revenue surpassing $2.4 billion, a 26% increase year-over-year.The Trade Desk also generated over $1 billion in adjusted EBITDA and produced more than $600 million in free cash flow, demonstrating the robustness of its platform and its ability to provide value in the rapidly evolving digital advertising landscape.

The Trade Desk: Can It Capitalize On The Growth in Programmatic Digital Advertising and Connected TV?

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>, <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> and <a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology Holdings (STX US)</a> are the top 3 addition candidates with ALNY at the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>, <a href="https://www.smartkarma.com/entities/cdw-corp-de" target="_blank" data-smartkarma-citation="entities:2244:1" rel="noopener">CDW Corp (CDW US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen (BIIB US)</a> are the top 3 deletion candidates with GFS at the bottom.</li>
<li>Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.

GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.


Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

United States

The Trade Desk, Inc. operates as an advertising technology company. The Company offers online advertising platform that manages display, social, mobile, and video advertising campaigns. Trade Desk serves customers worldwide.

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Trade Desk / (TTD US)

The Trade Desk: Expansion in Connected TV (CTV) and Retail Media Can Shape Its Future!

The Trade Desk, a digital advertising technology company, reported strong financial performance in the second quarter of 2025. The company...

Baptista Research

The Trade Desk: Capitalizing On Connected TV (CTV) & Retail Media Growth To Build Top-Line Momentum!

The Trade Desk, a leading player in the digital advertising ecosystem, recently reported its first quarter 2025 financial results, showcasing both...

Baptista Research

The Trade Desk: Can It Capitalize On The Growth in Programmatic Digital Advertising and Connected TV?

The Trade Desk reported its financial performance for the fourth quarter and full year of 2024, marking a significant year in the company's...

Baptista Research

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

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