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, projections and price target for Express after visiting stores in Long Island and Connecticut.</li><li>We believe, after a tough Xmas last year, Express offerings are materially more versatile, priced better and more inline with the split between fashion and basics to create multiple exciting looks and outfits.</li><li>As such, we reiterate our Buy rating and price target for EXPR.</li></ul>

We are reiterating our Buy rating, projections and price target for Express after visiting stores in Long Island and Connecticut.We believe, after a tough Xmas last year, Express offerings are materially more versatile, priced better and more inline with the split between fashion and basics to create multiple exciting looks and outfits.As such, we reiterate our Buy rating and price target for EXPR.

EXPR: Snapping the Store: Remedying Issues of Xmas Past; Reiterate Buy, $40 PT

<ul><li>We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday.</li><li>With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management.</li><li>As such, and with operating comparisons continuing to ease and the product mix (especially in women's) improving, we reiterate our Buy rating and pricetarget for EXPR.</li></ul>

We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday.With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management.As such, and with operating comparisons continuing to ease and the product mix (especially in women's) improving, we reiterate our Buy rating and pricetarget for EXPR.

EXPR; 3Q Preview: New Management Set to Introduce Themselves; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA handily beating Street consensus, but EPS a miss, driven by a higher than expected tax rate and slightly weaker top line results, as Europe saw slowing traffic and the domestic stores remain negative.</li><li>Jeans), the recapture of the company's license for domestic outerwear and a normalization of the expense base.</li><li>As such, we are reiterating our Buy rating and $32.50 price target on GES, which now translates to 6.5X our new FY25 EBITDA.</li></ul>

We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA handily beating Street consensus, but EPS a miss, driven by a higher than expected tax rate and slightly weaker top line results, as Europe saw slowing traffic and the domestic stores remain negative.Jeans), the recapture of the company's license for domestic outerwear and a normalization of the expense base.As such, we are reiterating our Buy rating and $32.50 price target on GES, which now translates to 6.5X our new FY25 EBITDA.

GES: 3Q Review: Guess Goes Conservative for 4Q; Reiterate Buy, $32.50 Pt

<ul><li>We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island.</li><li>We believe, with a focus on streamlining the shopping experience, continued flows of newness and licensed materials, including the first collection from Pixar (Toy Story), the return of key favorites and a rising de-emphasis on non-core categories and offerings, Vera Bradley has continued to satisfy their core shoppers and is creating the potential to attract and deepen their relationship with new customers that are not just looking for the newest patterns, but for compelling accessories offering high utility levels and impressive overall looks.</li><li>We believe the company is materially better positioned for the Holidays than last year in terms of inventory flows and product offerings, and we reiterate our Buy rating and $9 price target for VRA.</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island.We believe, with a focus on streamlining the shopping experience, continued flows of newness and licensed materials, including the first collection from Pixar (Toy Story), the return of key favorites and a rising de-emphasis on non-core categories and offerings, Vera Bradley has continued to satisfy their core shoppers and is creating the potential to attract and deepen their relationship with new customers that are not just looking for the newest patterns, but for compelling accessories offering high utility levels and impressive overall looks.We believe the company is materially better positioned for the Holidays than last year in terms of inventory flows and product offerings, and we reiterate our Buy rating and $9 price target for VRA.

VRA: Snapping the Store: An Impressive Holiday Experience; Reiterate Buy, $9 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 has been in the news for its $8.5 billion acquisition of Capri Holdings.</li><li>Meanwhile, we delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.</li><li>Tapestry achieved remarkable and strategic progress, showcasing robust brand-building strategies, consumer-centric approaches, and effective execution, resulting in significant earnings per share.</li></ul>

Tapestry has been in the news for its $8.5 billion acquisition of Capri Holdings.Meanwhile, we delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.Tapestry achieved remarkable and strategic progress, showcasing robust brand-building strategies, consumer-centric approaches, and effective execution, resulting in significant earnings per share.

Tapestry Inc.: The $8.5 Billion Capri Holdings Acquisition Can Be A Real Game Changer! - Major Drivers

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)

EXPR: Snapping the Store: Remedying Issues of Xmas Past; Reiterate Buy, $40 PT

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

Small Cap Consumer Research

EXPR; 3Q Preview: New Management Set to Introduce Themselves; Reiterate Buy, PT

We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the...

Small Cap Consumer Research

GES: 3Q Review: Guess Goes Conservative for 4Q; Reiterate Buy, $32.50 Pt

We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA...

Small Cap Consumer Research

VRA: Snapping the Store: An Impressive Holiday Experience; Reiterate Buy, $9 PT

We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island. We...

Small Cap Consumer Research

Tapestry Inc.: The $8.5 Billion Capri Holdings Acquisition Can Be A Real Game Changer! - Major Drivers

Tapestry has been in the news for its $8.5 billion acquisition of Capri Holdings. Meanwhile, we delivered a disappointing set of results as the...

Baptista Research

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