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.

Equity Bottom-Up

<ul><li>Guess, Inc. reported its third-quarter fiscal 2025 results amidst several positive strides and challenges.</li><li>The company's revenue grew by 13% to $739 million, primarily driven by the acquisition and integration of rag & bone and a modest increase from its core business.</li><li>However, the stronger U.S. dollar affected revenues negatively, alongside weakened performance in some regions.</li></ul>

Guess, Inc. reported its third-quarter fiscal 2025 results amidst several positive strides and challenges.The company's revenue grew by 13% to $739 million, primarily driven by the acquisition and integration of rag & bone and a modest increase from its core business.However, the stronger U.S. dollar affected revenues negatively, alongside weakened performance in some regions.

Guess? Inc.: The Role of Rag & Bone Acquisition & Other Major Drivers

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).

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands' End with the company announcing 3QFY24 (October) results before the open on Thursday.</li><li>We believe, with a continued emphasis on reducing discounting, rolling out new products and features to create compelling product (and category) stories and expansion on the licensing and digital marketplace arenas, Lands' End has continued to shift the overall story to driving higher returns and creating the ability to achieve higher overall revenue.</li><li>Further, with a deepening international focus and material emerging opportunities in the Outfitters uniform and embroidery business, we believe Lands' End continues to rapidly improve their overall business model, and we reiterate our Buy rating and $20 price target for LE.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands' End with the company announcing 3QFY24 (October) results before the open on Thursday.We believe, with a continued emphasis on reducing discounting, rolling out new products and features to create compelling product (and category) stories and expansion on the licensing and digital marketplace arenas, Lands' End has continued to shift the overall story to driving higher returns and creating the ability to achieve higher overall revenue.Further, with a deepening international focus and material emerging opportunities in the Outfitters uniform and embroidery business, we believe Lands' End continues to rapidly improve their overall business model, and we reiterate our Buy rating and $20 price target for LE.

LE: 3Q Preview: Showing the Way to Higher Returns; Reiterate Buy, $20 PT

<ul><li>We are reducing our price target to $23 (from $29.00) and projections for Guess?</li><li>after the company reported below consensus 3QFY25 results and materially reduced expectations for 4Q, as the domestic retail division continued to struggle, the strengthening US Dollar was a drag and Guess?</li><li>feels the impact of higher freight costs, particularly in Europe.</li></ul>

We are reducing our price target to $23 (from $29.00) and projections for Guess?after the company reported below consensus 3QFY25 results and materially reduced expectations for 4Q, as the domestic retail division continued to struggle, the strengthening US Dollar was a drag and Guess?feels the impact of higher freight costs, particularly in Europe.

GES: 3Q Review: NT Sinks GES Again; Cutting PT to $23 (from $29), Projections

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, New Jersey and New York.</li><li>As the stores enter the heart of Holiday selling, strong fashion items, better in stock levels, expansion into new accessory categories (belting) and a wider selection of key items such as men's bottoms, sweaters, outerwear and dresses, are driving traffic and sales.</li><li>Further, the launch of the Black Friday 25% off the store sale (similar to last year) is poised to once again register strong results.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, New Jersey and New York.As the stores enter the heart of Holiday selling, strong fashion items, better in stock levels, expansion into new accessory categories (belting) and a wider selection of key items such as men's bottoms, sweaters, outerwear and dresses, are driving traffic and sales.Further, the launch of the Black Friday 25% off the store sale (similar to last year) is poised to once again register strong results.

Pvh Corp - VNCE: Snapping the Store: Luxury Holiday Winner; Reiterate Buy Rating, $3 PT

<ul><li>We are reiterating our Buy rating, $29 price target and projections for Guess?</li><li>after visiting stores in the New York City metropolitan and Long Island areas.</li><li>The company has continued to focus on Fall/Winter fashion favorites such as sweaters, outerwear and activewear in multiple looks, fabrics and cuts.</li></ul>

We are reiterating our Buy rating, $29 price target and projections for Guess?after visiting stores in the New York City metropolitan and Long Island areas.The company has continued to focus on Fall/Winter fashion favorites such as sweaters, outerwear and activewear in multiple looks, fabrics and cuts.

GES: Snapping the Store; Waiting for the Cold; Reiterate Buy, $29 PT

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)

Guess? Inc.: The Role of Rag & Bone Acquisition & Other Major Drivers

Guess, Inc. reported its third-quarter fiscal 2025 results amidst several positive strides and challenges. The company's revenue grew by 13% to...

Baptista Research

LE: 3Q Preview: Showing the Way to Higher Returns; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Lands' End with the company announcing 3QFY24 (October) results before the...

Small Cap Consumer Research

GES: 3Q Review: NT Sinks GES Again; Cutting PT to $23 (from $29), Projections

We are reducing our price target to $23 (from $29.00) and projections for Guess? after the company reported below consensus 3QFY25 results and...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store: Luxury Holiday Winner; Reiterate Buy Rating, $3 PT

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, New Jersey and New York. As the...

Small Cap Consumer Research

GES: Snapping the Store; Waiting for the Cold; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting stores in the New York City metropolitan and Long...

Small Cap Consumer Research

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