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 $20 price target for Lands’ End after reviewing the September catalog.</li><li> September represents another transition month before the emphasis materially shifts to Fall.</li><li> That said, the catalog does mark the start of outerwear season, with a focus on light weight and travel driven looks.</li></ul>

We are reiterating our Buy rating, projections and $20 price target for Lands’ End after reviewing the September catalog. September represents another transition month before the emphasis materially shifts to Fall. That said, the catalog does mark the start of outerwear season, with a focus on light weight and travel driven looks.

LE: Snapping the Catalog: Gearing Up for Fall; Reiterate Buy, $20 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

<ul>
<li>Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.</li>
<li>There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title</li>
<li>We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)</li>
</ul>


Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.
There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title
We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)


Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

<ul><li>We are reiterating our Buy rating and $9 price target for Vince Holding and raising our projections for 2HFY26 and FY27, driven by strong full price selling at Vince and, for the first time, incorporating the recent October’s Very Own (“OVO”) acquisition, which we project to be EPS neutral in 2HFY26 and accretive in FY27.</li><li> FY26 has been a triumph for Vince, as the premium brand has continued to hit the right fashion notes, add wholesale share with key partners and drive higher levels of full price selling and operating leverage.</li><li> Further, we believe the Fall collection, with tariff driven issues abated, is demonstrating the strength of the Vince model to be a key lifestyle brand to its affluent customer base.</li></ul>

We are reiterating our Buy rating and $9 price target for Vince Holding and raising our projections for 2HFY26 and FY27, driven by strong full price selling at Vince and, for the first time, incorporating the recent October’s Very Own (“OVO”) acquisition, which we project to be EPS neutral in 2HFY26 and accretive in FY27. FY26 has been a triumph for Vince, as the premium brand has continued to hit the right fashion notes, add wholesale share with key partners and drive higher levels of full price selling and operating leverage. Further, we believe the Fall collection, with tariff driven issues abated, is demonstrating the strength of the Vince model to be a key lifestyle brand to its affluent customer base.

VNCE: 2Q Review: Moving from Forte to Forte; Reiterate Buy, $9 PT

<ul><li>We are reiterating our Buy rating, $9 price target and projections for Vince Holding with the company announcing 2QFY26 (July) results before the open next Thursday.</li><li> With the company pre-announcing 2Q results at the higher end of their guidance and completing the acquisition of October’s Very Own (“OVO”) last week, we believe Vince is setting the stage for continued strong organic top and bottom line growth, with OVO slotted as a key FY27 upside driver.</li><li> We note the 2Q call will be the first to provide updated guidance including OVO; while we do not expect the acquisition to be material in FY26, we do expect management to provide a very positive update on the multiple positives of the deal and the current environment.</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vince Holding with the company announcing 2QFY26 (July) results before the open next Thursday. With the company pre-announcing 2Q results at the higher end of their guidance and completing the acquisition of October’s Very Own (“OVO”) last week, we believe Vince is setting the stage for continued strong organic top and bottom line growth, with OVO slotted as a key FY27 upside driver. We note the 2Q call will be the first to provide updated guidance including OVO; while we do not expect the acquisition to be material in FY26, we do expect management to provide a very positive update on the multiple positives of the deal and the current environment.

VNCE: 2Q Preview: Upside, Acquisitions Cap A Momentous 2Q; Reiterate Buy, $9 PT

<ul><li>We are reiterating our Buy rating and $20 price target and tweaking our 2HFY26 projections after the company reported basically inline 2QFY26 (July) results for the first full quarter under the WHP Global joint venture (“WHP JV”) and new Chief Executive Officer Charlie Cole (who joined in July).</li><li> We believe Lands’ End remains positioned, even more so as the company upgrades their systems and leverages the global licensing expertise of WHP Global, to register impressive brand expansion and overall growth.</li><li> That said, due the structure of the WHP joint venture (with the company now paying royalties for the use of the Lands’ End mark) we believe it will not be until FY27 before YoY operating performance metrics improve; FY26 (and 1QFY27) will set a new baseline for Lands’ End.</li></ul>

We are reiterating our Buy rating and $20 price target and tweaking our 2HFY26 projections after the company reported basically inline 2QFY26 (July) results for the first full quarter under the WHP Global joint venture (“WHP JV”) and new Chief Executive Officer Charlie Cole (who joined in July). We believe Lands’ End remains positioned, even more so as the company upgrades their systems and leverages the global licensing expertise of WHP Global, to register impressive brand expansion and overall growth. That said, due the structure of the WHP joint venture (with the company now paying royalties for the use of the Lands’ End mark) we believe it will not be until FY27 before YoY operating performance metrics improve; FY26 (and 1QFY27) will set a new baseline for Lands’ End.

LE: 2Q Review: Creating the New Baseline; Reiterate Buy, $20 PT

United States

The Gap, Inc., is an international specialty retailer operating retail and outlet stores.  The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

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Gap Inc/The (GPS US)

LE: Snapping the Catalog: Gearing Up for Fall; Reiterate Buy, $20 PT

We are reiterating our Buy rating, projections and $20 price target for Lands’ End after reviewing the September catalog. September represents...

Small Cap Consumer Research

Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

Improving Market Dynamics; Outlook Remains Bullish $SPX $IWM $QQQ; MSCI EAFE $EFA, ACWI ex-US $ACWX, and Europe $HEDJ $FEZ to Join the Party?...

Vermilion Research

VNCE: 2Q Review: Moving from Forte to Forte; Reiterate Buy, $9 PT

We are reiterating our Buy rating and $9 price target for Vince Holding and raising our projections for 2HFY26 and FY27, driven by strong full...

Small Cap Consumer Research

VNCE: 2Q Preview: Upside, Acquisitions Cap A Momentous 2Q; Reiterate Buy, $9 PT

We are reiterating our Buy rating, $9 price target and projections for Vince Holding with the company announcing 2QFY26 (July) results before the...

Small Cap Consumer Research

LE: 2Q Review: Creating the New Baseline; Reiterate Buy, $20 PT

We are reiterating our Buy rating and $20 price target and tweaking our 2HFY26 projections after the company reported basically inline 2QFY26...

Small Cap Consumer Research

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