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>Eversource Energy's third-quarter performance highlights several significant developments, indicative of its strategic direction and financial adjustments.</li><li>Primarily, the company has exited the offshore wind development sector, selling its stakes in Revolution Wind and South Fork Wind to Global Infrastructure Partners.</li><li>This divestiture marked Eversource's evolution into a regulated pure play utility focusing on electric, natural gas, and water services.</li></ul>

Eversource Energy's third-quarter performance highlights several significant developments, indicative of its strategic direction and financial adjustments.Primarily, the company has exited the offshore wind development sector, selling its stakes in Revolution Wind and South Fork Wind to Global Infrastructure Partners.This divestiture marked Eversource's evolution into a regulated pure play utility focusing on electric, natural gas, and water services.

Eversource Energy: Can Its Approval & Integration of Advanced Metering Infrastructure (AMI) Be A Game Changer? - Major Drivers

<ul><li>Eversource Energy has made substantial progress in its strategic realignment towards its core utility operations, as evidenced by its latest earnings call.</li><li>The company's decision to sell its offshore wind projects, Sunrise Wind, South Fork, and Revolution Wind, underscores its intent to focus on strengthening its regulated utility business.</li><li>This divestiture allows Eversource Energy to concentrate on enhancing system reliability and facilitating the transition to clean energy, which aligns with regional environmental goals.</li></ul>

Eversource Energy has made substantial progress in its strategic realignment towards its core utility operations, as evidenced by its latest earnings call.The company's decision to sell its offshore wind projects, Sunrise Wind, South Fork, and Revolution Wind, underscores its intent to focus on strengthening its regulated utility business.This divestiture allows Eversource Energy to concentrate on enhancing system reliability and facilitating the transition to clean energy, which aligns with regional environmental goals.

Eversource Energy: A Bear's Perspective! - Major Drivers

<ul><li>Eversource Energy has reported a largely positive outcome in its first-quarter performance, reflecting the company's steady transition towards becoming a regulated utilities business focused predominantly on delivering safe and reliable energy solutions.</li><li>With gross earnings of $1.49 per share in Q1, up from $1.41 per share in the previous year, the company is on track to achieve its projected EPS guidance of $4.50 to $4.67 for 2024.</li><li>This growth in earnings is attributed to various segments such as Electric Transmission and Natural Gas Distribution, both of which have seen an increase due to higher revenues and efficient capital cost recovery mechanisms.</li></ul>

Eversource Energy has reported a largely positive outcome in its first-quarter performance, reflecting the company's steady transition towards becoming a regulated utilities business focused predominantly on delivering safe and reliable energy solutions.With gross earnings of $1.49 per share in Q1, up from $1.41 per share in the previous year, the company is on track to achieve its projected EPS guidance of $4.50 to $4.67 for 2024.This growth in earnings is attributed to various segments such as Electric Transmission and Natural Gas Distribution, both of which have seen an increase due to higher revenues and efficient capital cost recovery mechanisms.

Eversource Energy: Initiation of Coverage - What Is Its Core Business Strategy? - Major Drivers

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

<ul>
<li>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

<ul>
<li>The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.</li>
<li>We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.</li>
<li>After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels </li>
</ul>


The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.
We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.
After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels 


Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

United States

Eversource Energy is a public utility holding company. The Company, through its subsidiaries, provides retail electric service to customers in Connecticut, New Hampshire, and western Massachusetts.  Eversource Energy also distributes natural gas throughout Connecticut.

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Eversource Energy (ES US)

Eversource Energy: Can Its Approval & Integration of Advanced Metering Infrastructure (AMI) Be A Game Changer? - Major Drivers

Eversource Energy's third-quarter performance highlights several significant developments, indicative of its strategic direction and financial...

Baptista Research

Eversource Energy: A Bear's Perspective! - Major Drivers

Eversource Energy has made substantial progress in its strategic realignment towards its core utility operations, as evidenced by its latest...

Baptista Research

Eversource Energy: Initiation of Coverage - What Is Its Core Business Strategy? - Major Drivers

Eversource Energy has reported a largely positive outcome in its first-quarter performance, reflecting the company's steady transition towards...

Baptista Research

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Upgrading Utilities $XLU to Overweight; Many Indexes Testing Resistance $SPX $DJI $IJH $IWM $XRT $EEM; Expecting SPX to Roll Over; $NVDA and $SMH...

Vermilion Research

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