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, $37 price target and projections for Guess?</li><li>after visiting stores in London.</li><li>We believe the company has continued to raise their fashion game worldwide, increasing overall elevation levels and remaining focused on creating a global fashion powerhouse.</li></ul>

We are reiterating our Buy rating, $37 price target and projections for Guess?after visiting stores in London.We believe the company has continued to raise their fashion game worldwide, increasing overall elevation levels and remaining focused on creating a global fashion powerhouse.

GES: Snapping the Store - London Edition - All in on Elevation - Reiterate Buy

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key wholesale partners.</li><li>While not a highly material focus for FY24, we believe, with a compelling store in a prime contemporary fashion focused location and strong representation in key London department stores, Vince is poised, longer-term, to expand on international opportunities.</li><li>With the company now on track in terms of capital and set to anniversary key operating shifts in 2HFY24, we believe the brand is poised to reappear on investors' radar screens in the near future, and we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key wholesale partners.While not a highly material focus for FY24, we believe, with a compelling store in a prime contemporary fashion focused location and strong representation in key London department stores, Vince is poised, longer-term, to expand on international opportunities.With the company now on track in terms of capital and set to anniversary key operating shifts in 2HFY24, we believe the brand is poised to reappear on investors' radar screens in the near future, and we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: Snapping the Store - London; Setting Up for Success, Reiterate Buy & PT

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $25 price target and projections of a.k.a. Brands after touring the company's Culture Kings store in Las Vegas and Princess Polly unit in Los Angeles.</li><li>We believe both locations represent impressive retail units which will allow for continued growth (and high returns) going forward, as a.k.a. expands their retail footprint, with three new Princess Polly stores on track for a 2H24 opening.</li><li>As such, we remain excited by the potential for the ongoing turn at the company, which we believe will be even further driven by continued retail expansion, and reiterate our Buy rating and $25 price target for AKA.</li></ul>

We are reiterating our Buy rating, $25 price target and projections of a.k.a. Brands after touring the company's Culture Kings store in Las Vegas and Princess Polly unit in Los Angeles.We believe both locations represent impressive retail units which will allow for continued growth (and high returns) going forward, as a.k.a. expands their retail footprint, with three new Princess Polly stores on track for a 2H24 opening.As such, we remain excited by the potential for the ongoing turn at the company, which we believe will be even further driven by continued retail expansion, and reiterate our Buy rating and $25 price target for AKA.

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Building Unique Brands; Retierate Buy, $25 PT

<ul><li>We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.</li><li>We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.</li><li>As such, we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.As such, we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; 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 reported a robust performance in the first quarter of 2024, displaying strong momentum that surpassed the company’s own expectations.</li><li>The positive financial outcome is primarily attributed to a well-executed growth strategy that focuses on brand amplification, operational optimization, and financial discipline.</li><li>The company's first-quarter revenue reached $1.1 billion, marking a new record driven by 7% comparable growth, showcasing significant improvements across both main brands—American Eagle and Aerie—and through all channels, from physical stores to digital platforms.</li></ul>

American Eagle Outfitters reported a robust performance in the first quarter of 2024, displaying strong momentum that surpassed the company’s own expectations.The positive financial outcome is primarily attributed to a well-executed growth strategy that focuses on brand amplification, operational optimization, and financial discipline.The company's first-quarter revenue reached $1.1 billion, marking a new record driven by 7% comparable growth, showcasing significant improvements across both main brands—American Eagle and Aerie—and through all channels, from physical stores to digital platforms.

American Eagle Outfitters: - Expansion of Aerie Brand Offerings & Major Drivers

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)

GES: Snapping the Store - London Edition - All in on Elevation - Reiterate Buy

We are reiterating our Buy rating, $37 price target and projections for Guess? after visiting stores in London. We believe the company has...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store - London; Setting Up for Success, Reiterate Buy & PT

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key...

Small Cap Consumer Research

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Building Unique Brands; Retierate Buy, $25 PT

We are reiterating our Buy rating, $25 price target and projections of a.k.a. Brands after touring the company's Culture Kings store in Las Vegas...

Small Cap Consumer Research

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24...

Small Cap Consumer Research

American Eagle Outfitters: - Expansion of Aerie Brand Offerings & Major Drivers

American Eagle Outfitters reported a robust performance in the first quarter of 2024, displaying strong momentum that surpassed the company’s own...

Baptista Research

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