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).

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<ul><li>We are reiterating our Buy rating, raising our price target for VRA to $10 (from $9) and slightly lowering our top and bottom line projections for Vera Bradley after the company handily beat Street EPS for 3Q (while revenues were below expectations).</li><li>Further, implied 4Q guidance was below expectations, as we believe management has remained somewhat conservative as we enter the heart of the Holiday selling season.</li><li>That said, with inventories materially lower, cash balances (and no debt) continuing to rise, strong demand for key new fabrics and performance-driven items, we believe management is beginning to make a positive difference at Vera Bradley which will become increasingly obvious in FY25; as such, we are becoming more aggressive and raising our VRA price target to $10 (from $9) or 7.3X our FY25 EV/EBITDA projection.</li></ul>

We are reiterating our Buy rating, raising our price target for VRA to $10 (from $9) and slightly lowering our top and bottom line projections for Vera Bradley after the company handily beat Street EPS for 3Q (while revenues were below expectations).Further, implied 4Q guidance was below expectations, as we believe management has remained somewhat conservative as we enter the heart of the Holiday selling season.That said, with inventories materially lower, cash balances (and no debt) continuing to rise, strong demand for key new fabrics and performance-driven items, we believe management is beginning to make a positive difference at Vera Bradley which will become increasingly obvious in FY25; as such, we are becoming more aggressive and raising our VRA price target to $10 (from $9) or 7.3X our FY25 EV/EBITDA projection.

VRA: 3Q Review: Building the Pieces for the New Vera Bradley; Raising PT to $10

<ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>As such, we believe Express is on track to achieve our 4Q projections.</li><li>We reiterate our Buy rating and price target.</li></ul>

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.As such, we believe Express is on track to achieve our 4Q projections.We reiterate our Buy rating and price target.

EXPR: Getting Clean as Near Peak Xmas; Reiterate Buy Rating, $20 PT

<ul><li>We are reiterating our Buy rating, projections and $10 price target after visiting Vera Bradley stores in Connecticut and Long Island.</li><li>We believe the company has continued to evolve Vera Bradley offerings and promotions, driving earlier consumer spending and allowing the company to become increasingly more strategic as the Holiday season rolls ahead.</li><li>As such, we remain impressed with the changes in the Vera Bradley business model under CEO Jacqueline Ardrey and her team and reiterate our Buy rating and $10 price target.</li></ul>

We are reiterating our Buy rating, projections and $10 price target after visiting Vera Bradley stores in Connecticut and Long Island.We believe the company has continued to evolve Vera Bradley offerings and promotions, driving earlier consumer spending and allowing the company to become increasingly more strategic as the Holiday season rolls ahead.As such, we remain impressed with the changes in the Vera Bradley business model under CEO Jacqueline Ardrey and her team and reiterate our Buy rating and $10 price target.

VRA: Snapping the Store: Making Xmas Bright; Reiterate Buy, $10 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.

<ul><li>Tapestry, Inc. delivered mixed results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The company achieved a commendable 2% constant currency revenue growth, aligning with its projected outlook and spotlighting the advantages of its diversified global business model.</li><li>The emphasis on fashion innovation and product excellence translated into compelling launches and outperforming elements, propelling handbag AUR globally.</li></ul>

Tapestry, Inc. delivered mixed results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.The company achieved a commendable 2% constant currency revenue growth, aligning with its projected outlook and spotlighting the advantages of its diversified global business model.The emphasis on fashion innovation and product excellence translated into compelling launches and outperforming elements, propelling handbag AUR globally.

Tapestry Inc.: A Deep Dive into Its Strategic Moves and Future Growth Potential! - Major Drivers

<ul><li>We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to a materially weaker than expected 4Q.</li><li>Further, with inventories heavier than expected ahead of the Holiday season (up 14% YoY, or flat if Bonobos is excluded) we expect the season to remain aggressively promotional and, in the near term, offset any gains from cost savings and other S,G&A reductions (and probably spill over into Q1FY24).</li><li>Our new price target of $20 (down from $40) translates to 8.2X our new, materially lowered FY24 EBITDA projection.</li></ul>

We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to a materially weaker than expected 4Q.Further, with inventories heavier than expected ahead of the Holiday season (up 14% YoY, or flat if Bonobos is excluded) we expect the season to remain aggressively promotional and, in the near term, offset any gains from cost savings and other S,G&A reductions (and probably spill over into Q1FY24).Our new price target of $20 (down from $40) translates to 8.2X our new, materially lowered FY24 EBITDA projection.

EXPR: 3Q Review; Cleaning Up the Mess; Reiterate Buy, Lowering PT to $20

United States

Tapestry, Inc. designs and markets clothes and accessories. The Company offers handbags, leather goods, footwear, fragrance, jewelry, outer wear, ready-to-wear, scarves, sunwear, travel accessories, and watches. Tapestry serves customers in the United States.

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Tapestry Inc (TPR US)

VRA: 3Q Review: Building the Pieces for the New Vera Bradley; Raising PT to $10

We are reiterating our Buy rating, raising our price target for VRA to $10 (from $9) and slightly lowering our top and bottom line projections for...

Small Cap Consumer Research

EXPR: Getting Clean as Near Peak Xmas; Reiterate Buy Rating, $20 PT

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. As such, we...

Small Cap Consumer Research

VRA: Snapping the Store: Making Xmas Bright; Reiterate Buy, $10 PT

We are reiterating our Buy rating, projections and $10 price target after visiting Vera Bradley stores in Connecticut and Long Island. We believe...

Small Cap Consumer Research

Tapestry Inc.: A Deep Dive into Its Strategic Moves and Future Growth Potential! - Major Drivers

Tapestry, Inc. delivered mixed results in its most recent result, with revenues falling short of Wall Street expectations but above-par...

Baptista Research

EXPR: 3Q Review; Cleaning Up the Mess; Reiterate Buy, Lowering PT to $20

We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to...

Small Cap Consumer Research

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