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>Xerox Holdings Corporation’s second quarter of 2026 reflected mixed dynamics influenced by its recent Lexmark acquisition and ongoing business transformation initiatives.</li><li>Reported revenue rose 22% year-over-year to $1.92 billion, driven primarily by Lexmark’s inclusion.</li><li>However, on a pro forma basis—which excludes Lexmark’s impact—revenue declined nearly 7%, marking a deceleration from the prior quarter, though when adjusted for currency effects and previously flagged supply pull-forwards, the trajectory showed modest year-over-year improvement.</li></ul>

Xerox Holdings Corporation’s second quarter of 2026 reflected mixed dynamics influenced by its recent Lexmark acquisition and ongoing business transformation initiatives.Reported revenue rose 22% year-over-year to $1.92 billion, driven primarily by Lexmark’s inclusion.However, on a pro forma basis—which excludes Lexmark’s impact—revenue declined nearly 7%, marking a deceleration from the prior quarter, though when adjusted for currency effects and previously flagged supply pull-forwards, the trajectory showed modest year-over-year improvement.

Xerox Holdings Corporation’s $350 Million Lexmark Synergy Push: Can The Turnaround Hold?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Xerox is a company in transition, grappling with secular decline in its core print business while pursuing a "Reinvention"strategy focused on cost efficiencies, acquisition integration, and diversification into IT and digital services.</li>
 <li>The recent acquisition of Lexmark is a pivotal strategic move, expected to generate significant cost synergies and broaden the company's market position, though it also introduces substantial integration risk and adds to operational complexity.</li>
 <li>Valuation appears attractive, with the company trading at a significant discount to peers across multiple metrics; however, this is set against a backdrop of negative organic growth, high uncertainty, and a recently reduced dividend, reflecting significant fundamental challenges.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Xerox is a company in transition, grappling with secular decline in its core print business while pursuing a "Reinvention"strategy focused on cost efficiencies, acquisition integration, and diversification into IT and digital services.
  The recent acquisition of Lexmark is a pivotal strategic move, expected to generate significant cost synergies and broaden the company's market position, though it also introduces substantial integration risk and adds to operational complexity.
  Valuation appears attractive, with the company trading at a significant discount to peers across multiple metrics; however, this is set against a backdrop of negative organic growth, high uncertainty, and a recently reduced dividend, reflecting significant fundamental challenges.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Xerox Holdings  (XRX US) - Aug 2026

<ul><li>Xerox Holdings Corporation reported first-quarter fiscal 2026 results that reflect ongoing integration efforts from its Lexmark acquisition and early signs of operational improvement amid a challenging market environment.</li><li>Total revenue reached $1.85 billion, representing a 27% increase year-over-year on a reported basis and 24% growth in constant currency.</li><li>However, on a pro forma basis that excludes the Lexmark acquisition, revenue declined 4%, albeit a notable improvement versus a 9% decline in the previous quarter.</li></ul>

Xerox Holdings Corporation reported first-quarter fiscal 2026 results that reflect ongoing integration efforts from its Lexmark acquisition and early signs of operational improvement amid a challenging market environment.Total revenue reached $1.85 billion, representing a 27% increase year-over-year on a reported basis and 24% growth in constant currency.However, on a pro forma basis that excludes the Lexmark acquisition, revenue declined 4%, albeit a notable improvement versus a 9% decline in the previous quarter.

Xerox’s Lexmark Deal: Can $200 Million In Synergies Offset Print Declines?

<ul><li>Xerox Holdings Corporation reported its financial performance for the third quarter of 2025 amidst challenging macroeconomic conditions.</li><li>The company's revenue increased by roughly 28% year-over-year to $1.96 billion, buoyed by the acquisitions of Lexmark and ITsavvy.</li><li>However, on a pro forma basis, considering these acquisitions, revenue declined by approximately 8%, highlighting the impact of broader economic uncertainties and delayed purchasing decisions.</li></ul>

Xerox Holdings Corporation reported its financial performance for the third quarter of 2025 amidst challenging macroeconomic conditions.The company's revenue increased by roughly 28% year-over-year to $1.96 billion, buoyed by the acquisitions of Lexmark and ITsavvy.However, on a pro forma basis, considering these acquisitions, revenue declined by approximately 8%, highlighting the impact of broader economic uncertainties and delayed purchasing decisions.

Xerox: The A3 Strategy Shift—How Lexmark’s Platform & New OEM Partnerships Could Change the Economics!

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

Technology Select Sector SPDR / Technical Analysis

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

U.S. Tech Stocks Are Leading Market Higher.

United States

Xerox Holdings Corporation operates as a holding company. The Company, through its subsidiaries provides printers, scanners, supplies, and accessories. Xerox Holdings serves health care, insurance, government and retail sectors worldwide.

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Xerox Holdings (XRX US)

Xerox Holdings Corporation’s $350 Million Lexmark Synergy Push: Can The Turnaround Hold?

Xerox Holdings Corporation’s second quarter of 2026 reflected mixed dynamics influenced by its recent Lexmark acquisition and ongoing business...

Baptista Research

Primer: Xerox Holdings (XRX US) - Aug 2026

Xerox is a company in transition, grappling with secular decline in its core print business while pursuing a "Reinvention"strategy focused on...

αSK Primers

Xerox’s Lexmark Deal: Can $200 Million In Synergies Offset Print Declines?

Xerox Holdings Corporation reported first-quarter fiscal 2026 results that reflect ongoing integration efforts from its Lexmark acquisition and...

Baptista Research

Xerox: The A3 Strategy Shift—How Lexmark’s Platform & New OEM Partnerships Could Change the Economics!

Xerox Holdings Corporation reported its financial performance for the third quarter of 2025 amidst challenging macroeconomic conditions. The...

Baptista Research

U.S. Tech Stocks Are Leading Market Higher.

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology...

Vermilion Research

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