Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>We believe Vince continues to shine with strong offerings, from key event/gala driven looks, cold weather items, further expansion of men's and accessories and a Pre-Spring collection for the vacation and "snowbird" buyer.</li><li>Further, the Black Friday event was a winner, driving traffic and offering compelling savings at 25% off most of the store.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.We believe Vince continues to shine with strong offerings, from key event/gala driven looks, cold weather items, further expansion of men's and accessories and a Pre-Spring collection for the vacation and "snowbird" buyer.Further, the Black Friday event was a winner, driving traffic and offering compelling savings at 25% off most of the store.

Pvh Corp - VNCE: Snapping the Store: Cold Weather Winner: Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating and $3 price target for VNCE and slightly reducing our projections for FY24 and FY25 after Vince reported 3QFY24 results just below expectations, driven by warmer weather, a concerted effort by management to continue to reduce overall discounting, especially in the outlet channel, and lower than expected wholesale reorders as the United States $ strengthened.</li><li>We do not believe any of these items materially impact the momentum and potential for the turn at Vince and, with the company resuming owned store growth both domestically and internationally in FY25, new product categories rolling in and the focus on higher pricing and margins remaining unabated, we believe the potential for upside remains strong.</li><li>As such, we are reiterating our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $3 price target for VNCE and slightly reducing our projections for FY24 and FY25 after Vince reported 3QFY24 results just below expectations, driven by warmer weather, a concerted effort by management to continue to reduce overall discounting, especially in the outlet channel, and lower than expected wholesale reorders as the United States $ strengthened.We do not believe any of these items materially impact the momentum and potential for the turn at Vince and, with the company resuming owned store growth both domestically and internationally in FY25, new product categories rolling in and the focus on higher pricing and margins remaining unabated, we believe the potential for upside remains strong.As such, we are reiterating our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 3Q Review: Turn Remains on Track; Reiterate Buy, $3 PT

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 and the significant end-of-year rally that we have been expecting since mid-October is in progress.</li>
<li>There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title</li>
<li>We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)</li>
</ul>


Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.
There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title
We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)


Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before the open on Tuesday.</li><li>We believe 3Q was another strong quarter for the company, as Vince focused on winning fashion, expanded the men's offerings and, we believe, gained further traction on the wholesale side.</li><li>Further, with the impact of the ABG Vince transaction (completed in May 2023) now fully incorporated, Vince can begin to demonstrate progress on a true "apples to apples" basis.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before the open on Tuesday.We believe 3Q was another strong quarter for the company, as Vince focused on winning fashion, expanded the men's offerings and, we believe, gained further traction on the wholesale side.Further, with the impact of the ABG Vince transaction (completed in May 2023) now fully incorporated, Vince can begin to demonstrate progress on a true "apples to apples" basis.

Pvh Corp - VNCE: 3Q Preview: Showing Their Style; Reiterate Buy, $3 Price Target

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.

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>Abercrombie & Fitch's latest quarterly performance showed strong results, effectively capitalizing on consumer demand and strategic execution across multiple facets of their business.</li><li>The company reported a record net sales figure of $1.2 billion for the third quarter, marking a 14% increase from the previous year, alongside a comparable sales rise of 16%.</li><li>The operating income also witnessed a 30% growth year-over-year, driven by a 170 basis point improvement in operating margin to 14.8%.</li></ul>

Abercrombie & Fitch's latest quarterly performance showed strong results, effectively capitalizing on consumer demand and strategic execution across multiple facets of their business.The company reported a record net sales figure of $1.2 billion for the third quarter, marking a 14% increase from the previous year, alongside a comparable sales rise of 16%.The operating income also witnessed a 30% growth year-over-year, driven by a 170 basis point improvement in operating margin to 14.8%.

Abercrombie & Fitch Co.: Expansion of Global Brand Awareness & Localization Efforts Driving Our Bullishness! - Major Drivers

United States

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

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Abercrombie & Fitch Co Cl A (ANF US)

Pvh Corp - VNCE: Snapping the Store: Cold Weather Winner: Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New...

Small Cap Consumer Research

Pvh Corp - VNCE: 3Q Review: Turn Remains on Track; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for VNCE and slightly reducing our projections for FY24 and FY25 after Vince reported 3QFY24...

Small Cap Consumer Research

Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

Improving Market Dynamics; Outlook Remains Bullish $SPX $IWM $QQQ; MSCI EAFE $EFA, ACWI ex-US $ACWX, and Europe $HEDJ $FEZ to Join the Party?...

Vermilion Research

Pvh Corp - VNCE: 3Q Preview: Showing Their Style; Reiterate Buy, $3 Price Target

We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before...

Small Cap Consumer Research

Abercrombie & Fitch Co.: Expansion of Global Brand Awareness & Localization Efforts Driving Our Bullishness! - Major Drivers

Abercrombie & Fitch's latest quarterly performance showed strong results, effectively capitalizing on consumer demand and strategic execution...

Baptista Research

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