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 and raising our projections and price target for Vince Holdings after the company beat 1QFY26 (April) expectations and raised FY26 guidance even further, as momentum has remained very strong into 2Q.</li><li> We believe, with product flow returning to normal, the company continuing to offer compelling fashion and expanding the product offerings, and a wider category selection, Vince is ideally positioned to drive upside.</li><li> Further, with a focus on core affluent customers who have remained economic winners and who remain full price buyers for the great looks and utility Vince offers, we believe the company is poised, even after the 1Q beat and FY26 raise, to drive further upside.</li></ul>

We are reiterating our Buy rating and raising our projections and price target for Vince Holdings after the company beat 1QFY26 (April) expectations and raised FY26 guidance even further, as momentum has remained very strong into 2Q. We believe, with product flow returning to normal, the company continuing to offer compelling fashion and expanding the product offerings, and a wider category selection, Vince is ideally positioned to drive upside. Further, with a focus on core affluent customers who have remained economic winners and who remain full price buyers for the great looks and utility Vince offers, we believe the company is poised, even after the 1Q beat and FY26 raise, to drive further upside.

VNCE: 1Q Review: A Triumph on Multiple Levels; Raising PT to $9 (from $7)

<ul><li>We are reiterating our Buy rating, $7 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li> We believe, with product flows fully normalizing, Vince has been able to offer exciting fashion newness, from a winning collection of linen driven items for men and women to colourful summer dresses, exciting new fruit driven hues and patterns and a continued acceleration of accessories.</li><li> We are also seeing strong fashion looks in men’s tops (textures are the key for Summer 2026), women’s light sweaters and hints of what should be a very strong season of outerwear.</li></ul>

We are reiterating our Buy rating, $7 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey. We believe, with product flows fully normalizing, Vince has been able to offer exciting fashion newness, from a winning collection of linen driven items for men and women to colourful summer dresses, exciting new fruit driven hues and patterns and a continued acceleration of accessories. We are also seeing strong fashion looks in men’s tops (textures are the key for Summer 2026), women’s light sweaters and hints of what should be a very strong season of outerwear.

VNCE: Snapping the Store: Moving from Win to Win; Reiterate Buy, $7 PT

<ul><li>We are reiterating our Buy rating, projections and $7 price target for Vince Holding with the company reporting 1QFY26 (April) results before the open on Tuesday.</li><li> We believe, with strong fashion sense, materially better product flows, great colors, new product lines, and an affluent consumer base who is still looking for value-added items to add to their wardrobe, Vince is one of the best positioned specialty retailers, with the ability to drive solid top and bottom line upside in FY26.</li><li> As such, we reiterate our Buy rating and $7 price target for VNCE.</li></ul>

We are reiterating our Buy rating, projections and $7 price target for Vince Holding with the company reporting 1QFY26 (April) results before the open on Tuesday. We believe, with strong fashion sense, materially better product flows, great colors, new product lines, and an affluent consumer base who is still looking for value-added items to add to their wardrobe, Vince is one of the best positioned specialty retailers, with the ability to drive solid top and bottom line upside in FY26. As such, we reiterate our Buy rating and $7 price target for VNCE.

VNCE: 1Q Preview; Right Product, Right Customer Drive Upside; Reiterate Buy, $7 PT

<ul><li>We are reiterating our Buy rating, projections and $7 price target for Vince after visiting stores in Connecticut, Long Island and New Jersey.</li><li> We believe, with goods freely flowing and the company well set up for warmer weather, Vince has continued to impress.</li><li> Further, with great offerings of colors, linen and warmer weather tops, dresses and bottoms, Vince’s affluent customer base has continued to spend, and is expanding their focus to key new categories (men’s suiting, belts and handbags) which will drive further incremental revenue.</li></ul>

We are reiterating our Buy rating, projections and $7 price target for Vince after visiting stores in Connecticut, Long Island and New Jersey. We believe, with goods freely flowing and the company well set up for warmer weather, Vince has continued to impress. Further, with great offerings of colors, linen and warmer weather tops, dresses and bottoms, Vince’s affluent customer base has continued to spend, and is expanding their focus to key new categories (men’s suiting, belts and handbags) which will drive further incremental revenue.

VNCE: Snapping the Store: Staying Cool in Summer Heat; Reiterate Buy, $7 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

<p>Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.</p>

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.

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)

VNCE: 1Q Review: A Triumph on Multiple Levels; Raising PT to $9 (from $7)

We are reiterating our Buy rating and raising our projections and price target for Vince Holdings after the company beat 1QFY26 (April)...

Small Cap Consumer Research

VNCE: Snapping the Store: Moving from Win to Win; Reiterate Buy, $7 PT

We are reiterating our Buy rating, $7 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New...

Small Cap Consumer Research

VNCE: 1Q Preview; Right Product, Right Customer Drive Upside; Reiterate Buy, $7 PT

We are reiterating our Buy rating, projections and $7 price target for Vince Holding with the company reporting 1QFY26 (April) results before the...

Small Cap Consumer Research

VNCE: Snapping the Store: Staying Cool in Summer Heat; Reiterate Buy, $7 PT

We are reiterating our Buy rating, projections and $7 price target for Vince after visiting stores in Connecticut, Long Island and New Jersey. We...

Small Cap Consumer Research

USD Breakout; Foreign Markets Reeling

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside...

Vermilion Research

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Market Cap (USDm)

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