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>Williams-Sonoma, Inc. reported a solid performance in its second quarter of fiscal 2026, with comparable brand revenue growth accelerating to 6.2% and total revenue rising 6.7% year-over-year.</li><li>This broad-based growth spanned all of the company's brands, channels, and product categories, with positive comps in both furniture and non-furniture segments.</li><li>Notably, the Williams Sonoma brand led with a 7.6% comp, West Elm followed closely with 6.4%, and Pottery Barn showed significant improvement posting a 5.1% comp.</li></ul>

Williams-Sonoma, Inc. reported a solid performance in its second quarter of fiscal 2026, with comparable brand revenue growth accelerating to 6.2% and total revenue rising 6.7% year-over-year.This broad-based growth spanned all of the company's brands, channels, and product categories, with positive comps in both furniture and non-furniture segments.Notably, the Williams Sonoma brand led with a 7.6% comp, West Elm followed closely with 6.4%, and Pottery Barn showed significant improvement posting a 5.1% comp.

Williams-Sonoma’s $200 Million Tariff Refund — How Much Of The Margin Story Is Sustainable?

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

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

<ul><li>Williams-Sonoma, Inc. reported a solid start to fiscal 2026, with first-quarter results reflecting growth across all brands and channels despite an uncertain macroeconomic environment.</li><li>Comp store sales increased 4.8%, driven by improvements in both furniture and non-furniture categories, and strength in retail and direct-to-consumer segments.</li><li>The company’s portfolio, which spans various aesthetics, life stages, and price points, contributed to market share gains in a contracting home furnishings market.</li></ul>

Williams-Sonoma, Inc. reported a solid start to fiscal 2026, with first-quarter results reflecting growth across all brands and channels despite an uncertain macroeconomic environment.Comp store sales increased 4.8%, driven by improvements in both furniture and non-furniture categories, and strength in retail and direct-to-consumer segments.The company’s portfolio, which spans various aesthetics, life stages, and price points, contributed to market share gains in a contracting home furnishings market.

Williams-Sonoma’s $373 Million Return: Can Comps Defy Tariff Pressure?

<ul><li>Williams-Sonoma, Inc. reported its fiscal year 2025 and fourth quarter results, demonstrating resilience and growth amid a complex macroeconomic and tariff environment.</li><li>The company posted a fourth-quarter comparable sales increase of 3.2%, with operating margin at 20.3% and earnings per share (EPS) of $3.04.</li><li>For the full year, comparable sales rose 3.5%, operating margin totaled 18.1%, and EPS set a record at $8.84, up 1% year-over-year.</li></ul>

Williams-Sonoma, Inc. reported its fiscal year 2025 and fourth quarter results, demonstrating resilience and growth amid a complex macroeconomic and tariff environment.The company posted a fourth-quarter comparable sales increase of 3.2%, with operating margin at 20.3% and earnings per share (EPS) of $3.04.For the full year, comparable sales rose 3.5%, operating margin totaled 18.1%, and EPS set a record at $8.84, up 1% year-over-year.

Williams-Sonoma: Lifestyle Centers, New Stores & ROI Discipline—A Calculated Bet on Physical Retail!

United States

Williams-Sonoma, Inc. retails cooking and serving equipment, home furnishings, and home accessories through retail stores, mail order catalogs and e-commerce. The Company offers its merchandise under the Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, and West Elm.

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Williams Sonoma (WSM US)

Williams-Sonoma’s $200 Million Tariff Refund — How Much Of The Margin Story Is Sustainable?

Williams-Sonoma, Inc. reported a solid performance in its second quarter of fiscal 2026, with comparable brand revenue growth accelerating to 6.2%...

Baptista Research

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

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Williams-Sonoma’s $373 Million Return: Can Comps Defy Tariff Pressure?

Williams-Sonoma, Inc. reported a solid start to fiscal 2026, with first-quarter results reflecting growth across all brands and channels despite...

Baptista Research

Williams-Sonoma: Lifestyle Centers, New Stores & ROI Discipline—A Calculated Bet on Physical Retail!

Williams-Sonoma, Inc. reported its fiscal year 2025 and fourth quarter results, demonstrating resilience and growth amid a complex macroeconomic...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Williams-Sonoma’s $200 Million Tariff Refund — How Much Of The Margin Story Is Sustainable?

Williams-Sonoma, Inc. reported a solid performance in its second quarter of fiscal 2026, with comparable brand revenue growth accelerating to 6.2%...

Baptista Research

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

S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Williams-Sonoma’s $373 Million Return: Can Comps Defy Tariff Pressure?

Williams-Sonoma, Inc. reported a solid start to fiscal 2026, with first-quarter results reflecting growth across all brands and channels despite...

Baptista Research

Williams-Sonoma: Lifestyle Centers, New Stores & ROI Discipline—A Calculated Bet on Physical Retail!

Williams-Sonoma, Inc. reported its fiscal year 2025 and fourth quarter results, demonstrating resilience and growth amid a complex macroeconomic...

Baptista Research

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...