Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Duolingo shares plunged roughly 20% after management unveiled a strategic shift that will prioritize user growth over near-term monetization, a move that immediately rattled Wall Street.</li><li>While the company delivered a strong 2025 performance — surpassing 50 million daily active users, exceeding $1 billion in bookings, and generating more than $300 million in adjusted EBITDA — the tone changed with its 2026 outlook.</li><li>Management now expects bookings growth of just 10% to 12% and revenue growth of 15% to 18%, well below prior momentum, as it intentionally reduces friction in the free user experience and experiments with pricing tiers.</li></ul>

Duolingo shares plunged roughly 20% after management unveiled a strategic shift that will prioritize user growth over near-term monetization, a move that immediately rattled Wall Street.While the company delivered a strong 2025 performance — surpassing 50 million daily active users, exceeding $1 billion in bookings, and generating more than $300 million in adjusted EBITDA — the tone changed with its 2026 outlook.Management now expects bookings growth of just 10% to 12% and revenue growth of 15% to 18%, well below prior momentum, as it intentionally reduces friction in the free user experience and experiments with pricing tiers.

Duolingo Stock Crashes 20% After Shocking Growth Pivot — Is This A Bold Reset Or A Red Flag?