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 and $20 price target, and raising our projections after Lands' End reported lower than expected 2Q results, driven by a slow start to the swim season, but raised overall EBITDA and EPS guidance, as momentum has accelerated in 3Q, the shift to more licensed products should help drive even further margin expansion, management has aggressively mitigated the impact of tariff and the company is seeing strong results in the Outfitters, 3rd Party and International segments.</li><li>When combined with a continued shift to more lifestyle and wear now looks and an already solid beginning to the outerwear season, we believe Lands' End is positioned, with comparison beginning to normalize, to register strong results and increase investor interest; as such, we reiterate our Buy rating and $20 price target for LE.</li></ul>

We are reiterating our Buy rating and $20 price target, and raising our projections after Lands' End reported lower than expected 2Q results, driven by a slow start to the swim season, but raised overall EBITDA and EPS guidance, as momentum has accelerated in 3Q, the shift to more licensed products should help drive even further margin expansion, management has aggressively mitigated the impact of tariff and the company is seeing strong results in the Outfitters, 3rd Party and International segments.When combined with a continued shift to more lifestyle and wear now looks and an already solid beginning to the outerwear season, we believe Lands' End is positioned, with comparison beginning to normalize, to register strong results and increase investor interest; as such, we reiterate our Buy rating and $20 price target for LE.

LE: 2Q Review: Momentum Getting Clearer; Raising Projections; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 2QFY25 (July) results after the close on Wednesday.</li><li>We believe the company has continued to offer compelling styles in both the wholesale and retail channels, even in the face of higher tariffs, which have somewhat altered the product flows for the Spring/Pre-Fall collections.</li><li>Further, we expect the impact of higher tariffs, which did not coincide with material price increases in 2Q, to be the largest negative this quarter, with the bottom line impact increasingly offset going forward from price and sourcing shifts.</li></ul>

We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 2QFY25 (July) results after the close on Wednesday.We believe the company has continued to offer compelling styles in both the wholesale and retail channels, even in the face of higher tariffs, which have somewhat altered the product flows for the Spring/Pre-Fall collections.Further, we expect the impact of higher tariffs, which did not coincide with material price increases in 2Q, to be the largest negative this quarter, with the bottom line impact increasingly offset going forward from price and sourcing shifts.

VNCE: 2Q Preview: Progressing Against the Tariff Tides; Reiterate Buy, $4 PT

<ul><li>We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company announcing 2QFY25 (July) results after the close on Tuesday.</li><li>We believe the quarter was another key positive in the company's transformation to a leading lifestyle player, with Lands' End continuing to shift the product mix to higher margin licensed items, enjoying the full impact of warmer weather for the swimwear season and successfully navigating the current tariff driven waters.</li><li>We believe, especially in 2HFY25, when new licensing categories kick in and the back-to-school uniform segment ramps up, Lands' End will be poised to drive solid upside on both the top and bottom lines; as such, we reiterate our Buy rating and $20 price target for LE.</li></ul>

We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company announcing 2QFY25 (July) results after the close on Tuesday.We believe the quarter was another key positive in the company's transformation to a leading lifestyle player, with Lands' End continuing to shift the product mix to higher margin licensed items, enjoying the full impact of warmer weather for the swimwear season and successfully navigating the current tariff driven waters.We believe, especially in 2HFY25, when new licensing categories kick in and the back-to-school uniform segment ramps up, Lands' End will be poised to drive solid upside on both the top and bottom lines; as such, we reiterate our Buy rating and $20 price target for LE.

LE: 2Q Preview: Creating the New Lands' End; Reiterate Buy, $20 PT

<ul><li>We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess?</li><li>provided further evidence why management and Authentic Brands want to take the company private in their 2QFY26 (July) results.</li><li>2Q registered top line growth of 6%, handily beating the Street and management guidance, as Europe has remained a key winner (+11% same store sales) and domestic retail provided further evidence, while slow, the turn is coming, with domestic comps of -5% the best in six quarters.</li></ul>

We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess?provided further evidence why management and Authentic Brands want to take the company private in their 2QFY26 (July) results.2Q registered top line growth of 6%, handily beating the Street and management guidance, as Europe has remained a key winner (+11% same store sales) and domestic retail provided further evidence, while slow, the turn is coming, with domestic comps of -5% the best in six quarters.

GES: 2Q Review: Showing Why Mgmt. Buying Company; Moving to Hold (from Buy)

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>Guess?</li><li>Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.</li><li>The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.</li></ul>

Guess?Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!

United States

Guess?, Inc. designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products.  The Company's apparel for men, women, and girls are marketed under branded names.  Guess? provides full collections of denim and cotton clothing and has granted licenses to manufacture complementary products.

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Guess? Inc (GES US)

LE: 2Q Review: Momentum Getting Clearer; Raising Projections; Reiterate Buy, PT

We are reiterating our Buy rating and $20 price target, and raising our projections after Lands' End reported lower than expected 2Q results,...

Small Cap Consumer Research

VNCE: 2Q Preview: Progressing Against the Tariff Tides; Reiterate Buy, $4 PT

We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 2QFY25 (July) results after the...

Small Cap Consumer Research

LE: 2Q Preview: Creating the New Lands' End; Reiterate Buy, $20 PT

We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company announcing 2QFY25 (July) results after the...

Small Cap Consumer Research

GES: 2Q Review: Showing Why Mgmt. Buying Company; Moving to Hold (from Buy)

We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess? provided...

Small Cap Consumer Research

Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!

Guess? Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim...

Baptista Research

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