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>Xcel Energy's third-quarter 2024 earnings revealed several key areas of interest for investors assessing the company's financial performance and growth prospects.</li><li>The company's ongoing earnings were reported at $1.25 per share, slightly higher than the $1.23 per share in the third quarter of the previous year.</li><li>This modest increase in earnings was driven by rate cases and non-fuel riders, alongside higher Allowance for Funds Used During Construction (AFUDC).</li></ul>

Xcel Energy's third-quarter 2024 earnings revealed several key areas of interest for investors assessing the company's financial performance and growth prospects.The company's ongoing earnings were reported at $1.25 per share, slightly higher than the $1.23 per share in the third quarter of the previous year.This modest increase in earnings was driven by rate cases and non-fuel riders, alongside higher Allowance for Funds Used During Construction (AFUDC).

Xcel Energy: Revenue Growth from Data Centers & Electrification & Other Major Drivers

<ul><li>Xcel Energy recently announced their results for the second quarter of 2024, revealing a mix of strengths and challenges shaping their financial and operational trajectory.</li><li>The company reported solid operational and financial performance, with earnings per share of $0.54, reflecting disciplined execution and a robust business model.</li><li>Their commitment to upgrading energy infrastructure is evident in the $1.7 billion spent during the quarter, aimed at enhancing the reliability and resilience of their systems.</li></ul>

Xcel Energy recently announced their results for the second quarter of 2024, revealing a mix of strengths and challenges shaping their financial and operational trajectory.The company reported solid operational and financial performance, with earnings per share of $0.54, reflecting disciplined execution and a robust business model.Their commitment to upgrading energy infrastructure is evident in the $1.7 billion spent during the quarter, aimed at enhancing the reliability and resilience of their systems.

Xcel Energy Inc.: A Story Of Infrastructure Modernization for Enhanced Resilience! - Major Drivers

<ul><li>Xcel Energy recently held a discussion regarding their first quarter earnings for 2024, where they announced an increased earnings per share compared to the prior year.</li><li>During the quarter, the company experienced various operational challenges and opportunities, extensively detailed in their public statements.</li><li>Xcel Energy continues to emphasize its commitment towards enhancing system resiliency, particularly against wildfire risks, and advancing its clean energy initiatives.</li></ul>

Xcel Energy recently held a discussion regarding their first quarter earnings for 2024, where they announced an increased earnings per share compared to the prior year.During the quarter, the company experienced various operational challenges and opportunities, extensively detailed in their public statements.Xcel Energy continues to emphasize its commitment towards enhancing system resiliency, particularly against wildfire risks, and advancing its clean energy initiatives.

Xcel Energy Inc.: Initiation of Coverage - Will Its Investments In Clean Energy & Grid Modernization Pay Off? - 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

Xcel Energy, Inc. provides electric and natural gas services.  The Company offers a variety of energy-related services, including generation, transmission, and distribution of electricity and natural gas throughout the United States. Xcel utilities serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin.

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Xcel Energy Inc (XEL US)

Xcel Energy: Revenue Growth from Data Centers & Electrification & Other Major Drivers

Xcel Energy's third-quarter 2024 earnings revealed several key areas of interest for investors assessing the company's financial performance and...

Baptista Research

Xcel Energy Inc.: A Story Of Infrastructure Modernization for Enhanced Resilience! - Major Drivers

Xcel Energy recently announced their results for the second quarter of 2024, revealing a mix of strengths and challenges shaping their financial...

Baptista Research

Xcel Energy Inc.: Initiation of Coverage - Will Its Investments In Clean Energy & Grid Modernization Pay Off? - Major Drivers

Xcel Energy recently held a discussion regarding their first quarter earnings for 2024, where they announced an increased earnings per share...

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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