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 with Vince reporting 2QFY24 (July) results after the close on Monday.</li><li>We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.</li><li>Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday.We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $3 PT

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.

American Eagle Outfitters / Equity Bottom-Up

<ul><li>American Eagle Outfitters (AEO) delivered strong financial results for the second quarter of fiscal2024, reflecting a positive trajectory despite the challenges in the retail sector.</li><li>The company reported record revenue of $1.3 billion, an 8% increase, driven by 4% comparable sales growth.</li><li>Both core brands, American Eagle and Aerie, showed solid performance, underscoring their strong market appeal.</li></ul>

American Eagle Outfitters (AEO) delivered strong financial results for the second quarter of fiscal2024, reflecting a positive trajectory despite the challenges in the retail sector.The company reported record revenue of $1.3 billion, an 8% increase, driven by 4% comparable sales growth.Both core brands, American Eagle and Aerie, showed solid performance, underscoring their strong market appeal.

American Eagle Outfitters Inc.: Strategic Store and Real Estate Development Driving Growth! - Major Drivers

<ul><li>We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.</li><li>While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.</li><li>That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.</li></ul>

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

<ul><li>We are reiterating our Buy rating, $37 price target and projections for GUESS?</li><li>after visiting stores in the Metropolitan New York City and Long Island regions.</li><li>While Guess?</li></ul>

We are reiterating our Buy rating, $37 price target and projections for GUESS?after visiting stores in the Metropolitan New York City and Long Island regions.While Guess?

GES: Snapping the Store: Last Days of Summer; Reiterate Buy, $37 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, Long Island and New Jersey.</li><li>As a fashion leader, Vince is already fully focused on the Fall fashion season, with a complete men's and women's collection.</li><li>The new looks for Fall include dresses, work wear, a complete shoe collection and emphasis on sweaters, sleek tops and multiple colors, including polka dots and outerwear.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, Long Island and New Jersey.As a fashion leader, Vince is already fully focused on the Fall fashion season, with a complete men's and women's collection.The new looks for Fall include dresses, work wear, a complete shoe collection and emphasis on sweaters, sleek tops and multiple colors, including polka dots and outerwear.

Pvh Corp - VNCE: Snapping the Store: Fall Shows the Power of Vince; Reiterate Buy, $3 PT

United States

American Eagle Outfitters, Inc. retails men's and women's casual apparel, footwear, outerwear, and accessories.  The Company's products include jeans, khakis, T-shirts, and other similar apparel.  American Eagle operates in the United States.

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American Eagle Outfitters (AEO US)

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday. We...

Small Cap Consumer Research

American Eagle Outfitters Inc.: Strategic Store and Real Estate Development Driving Growth! - Major Drivers

American Eagle Outfitters (AEO) delivered strong financial results for the second quarter of fiscal2024, reflecting a positive trajectory despite...

Baptista Research

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but...

Small Cap Consumer Research

GES: Snapping the Store: Last Days of Summer; Reiterate Buy, $37 PT

We are reiterating our Buy rating, $37 price target and projections for GUESS? after visiting stores in the Metropolitan New York City and Long...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store: Fall Shows the Power of Vince; Reiterate Buy, $3 PT

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

Small Cap Consumer Research

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