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>Upstart's second quarter 2024 financial results reflect a period of transformation and recovery under challenging macroeconomic conditions.</li><li>The company, led by CEO Dave Girouard, expressed confidence in the progress Upstart has made in returning to sequential growth and EBITDA profitability, despite the continued absence of significant macroeconomic improvements.</li><li>This optimism is grounded in internal developments, particularly in artificial intelligence (AI) model enhancements, revived funding strategies, and augmented operational efficiency.</li></ul>

Upstart's second quarter 2024 financial results reflect a period of transformation and recovery under challenging macroeconomic conditions.The company, led by CEO Dave Girouard, expressed confidence in the progress Upstart has made in returning to sequential growth and EBITDA profitability, despite the continued absence of significant macroeconomic improvements.This optimism is grounded in internal developments, particularly in artificial intelligence (AI) model enhancements, revived funding strategies, and augmented operational efficiency.

Upstart Holdings Inc.: Leveraging Co-investment Partnerships To Drive AI Investments! - Major Drivers

<ul><li>Upstart has reported its financial results for the first quarter of 2024, showing several positives and negatives.</li><li>The company, a leader in AI-enabled lending, has been proactive in adjusting its operational strategies to align with current economic conditions while also planning for sustainable growth.</li><li>Focusing on the positives, Upstart announced a decrease in fixed expenses due to reduced headcount and streamlined operations, which saved the company approximately $20 million annually.</li></ul>

Upstart has reported its financial results for the first quarter of 2024, showing several positives and negatives.The company, a leader in AI-enabled lending, has been proactive in adjusting its operational strategies to align with current economic conditions while also planning for sustainable growth.Focusing on the positives, Upstart announced a decrease in fixed expenses due to reduced headcount and streamlined operations, which saved the company approximately $20 million annually.

Upstart Holdings Inc.: Enhanced Model Accuracy and Funnel Throughput! - 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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.</li>
<li>Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback <em>again</em>.</li>
<li>We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside healthy market dynamics which have continued to improve.
Two weeks ago, our election day report (11/5/24) was titled "Buy the Pullback," and with the SPX/QQQ/IWM pulling back to their 20-day MAs, it's time to buy the pullback again.
We continue to expect significant upside into year-end and early 2025, and we expect support at the 20-day MAs on the aforementioned indexes (though support at 50-day MAs is possible).


Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

<ul><li>This is our first report on cloud- based artificial intelligence (AI) lending platform operator, Upstart Holdings, Inc.</li><li>Its recent results reveal a diverse picture as substantial growth and progress are achieved in the midst of a challenging lending environment.</li><li>The positives are the company's rapid strides in advancing its artificial intelligence lending platform, achievement as a financially sound company, growth in fee revenue, increase in team size, and AI platform expansion.</li></ul>

This is our first report on cloud- based artificial intelligence (AI) lending platform operator, Upstart Holdings, Inc.Its recent results reveal a diverse picture as substantial growth and progress are achieved in the midst of a challenging lending environment.The positives are the company's rapid strides in advancing its artificial intelligence lending platform, achievement as a financially sound company, growth in fee revenue, increase in team size, and AI platform expansion.

Upstart Holdings: Initiation of Coverage - Inside Look at Upstart's Plan to Secure Game-Changing Partnerships and Fuel Growth! - Major Drivers

<ul>
<li>Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. </li>
<li>Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF</li>
<li>Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more</li>
</ul>


Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. 
Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF
Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more


Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

United States

Upstart Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides cloud-based artificial intelligence (AI) lending platform to improve access of credit while reducing the risk and costs of lending for bank partners.

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Upstart Holdings (UPST US)

Upstart Holdings Inc.: Leveraging Co-investment Partnerships To Drive AI Investments! - Major Drivers

Upstart's second quarter 2024 financial results reflect a period of transformation and recovery under challenging macroeconomic conditions. The...

Baptista Research

Upstart Holdings Inc.: Enhanced Model Accuracy and Funnel Throughput! - Major Drivers

Upstart has reported its financial results for the first quarter of 2024, showing several positives and negatives. The company, a leader in...

Baptista Research

Buy the Pullback Again; S&P 500, Nasdaq 100, Russell 2000 Testing Confluence of Support

Buy the Pullback Again, Same as Our Election Day Report; S&P 500 $SPX, Nasdaq 100 $QQQ, Russell 2000 $IWM Testing Confluence of Support at 20-day...

Vermilion Research

Upstart Holdings: Initiation of Coverage - Inside Look at Upstart's Plan to Secure Game-Changing Partnerships and Fuel Growth! - Major Drivers

This is our first report on cloud- based artificial intelligence (AI) lending platform operator, Upstart Holdings, Inc. Its recent results reveal...

Baptista Research

Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

Continue Riding This Bull Market Higher; Small- and Mid-Caps Resuming Uptrends $IWM $RTY $VXF; Downgrading Consumer Staples $XLP to Underweight...

Vermilion Research

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