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

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco headquarters.</li><li>We believe the company has continued to make material progress on multiple fronts, from adding new Princess Polly stores (and upgrading the current fleet), increasing the wholesale presence for both Petal & Pup and Princess Polly, leveraging the "test and repeat" model to return Culture Kings to higher margins and top line growth, and shifting the Australian market to top line expansion.</li><li>When combined with the potential for debt refinancing and continued strong online results (helped by new store expansion), we believe there remains top and bottom line upside, and we are reiterating our Buy rating and $30 price target for AKA.</li></ul>

We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco headquarters.We believe the company has continued to make material progress on multiple fronts, from adding new Princess Polly stores (and upgrading the current fleet), increasing the wholesale presence for both Petal & Pup and Princess Polly, leveraging the "test and repeat" model to return Culture Kings to higher margins and top line growth, and shifting the Australian market to top line expansion.When combined with the potential for debt refinancing and continued strong online results (helped by new store expansion), we believe there remains top and bottom line upside, and we are reiterating our Buy rating and $30 price target for AKA.

Abercrombie & Fitch Co Cl A - AKA: Remain Bullish After Management Meetings; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>After a somewhat confusing visit last month, when product flows were shifted due to the tariff situation, our June tours were more normalized, with Vince stores beginning to flow the Pre-Fall 1 collection; while slightly (one week) later than last year, we believe the depth and breadth of goods demonstrates the company is quickly responding to tariffs and providing the customer with the looks, quality and versatility they expect.</li><li>Further, we believe the Summer and Pre-Fall 1 collections have remained fashion right, with great colors, solid knits and sweaters and warm weather items, from dress to short sleeve tops and shorts.</li></ul>

We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.After a somewhat confusing visit last month, when product flows were shifted due to the tariff situation, our June tours were more normalized, with Vince stores beginning to flow the Pre-Fall 1 collection; while slightly (one week) later than last year, we believe the depth and breadth of goods demonstrates the company is quickly responding to tariffs and providing the customer with the looks, quality and versatility they expect.Further, we believe the Summer and Pre-Fall 1 collections have remained fashion right, with great colors, solid knits and sweaters and warm weather items, from dress to short sleeve tops and shorts.

VNCE: Snapping the Store: Flows, Fashion Return to Normal; Reiterate Buy, $4 PT

<ul><li>We are reiterating our Buy rating, $23 price target and projections for Guess?</li><li>after visiting stores in Long Island and the Metropolitan New York City area.</li><li>We believe Guess?</li></ul>

We are reiterating our Buy rating, $23 price target and projections for Guess?after visiting stores in Long Island and the Metropolitan New York City area.We believe Guess?

GES: Snapping the Store; Leveraging Summer Events, Denim; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Buy rating and $4 price target on Vince Holding Corp. and increasing our FY25 EPS projections after the company registered slightly better 1QFY25 (April) results than previously guided and provided initial 2QFY25 guidance which indicates Vince is registering strong progress in reducing the negative impact of China tariffs, while continuing to offer compelling items for their core customer base.</li><li>Further, we believe virtually all the key pieces of the Vince growth story, from store expansion, more men's offerings, continued category expansion and international growth opportunities, remain fully intact and will become even more evident as the tariff shock abates.</li><li>As such, we are raising our EPS projections for FY25 and reiterating our Buy rating and $4 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $4 price target on Vince Holding Corp. and increasing our FY25 EPS projections after the company registered slightly better 1QFY25 (April) results than previously guided and provided initial 2QFY25 guidance which indicates Vince is registering strong progress in reducing the negative impact of China tariffs, while continuing to offer compelling items for their core customer base.Further, we believe virtually all the key pieces of the Vince growth story, from store expansion, more men's offerings, continued category expansion and international growth opportunities, remain fully intact and will become even more evident as the tariff shock abates.As such, we are raising our EPS projections for FY25 and reiterating our Buy rating and $4 price target for VNCE.

VNCE: 1Q Review: Moving Quickly to Keep on Winning; Reiterate Buy, $4 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>Guess?, Inc. recently reported its first-quarter results for fiscal 2026, revealing a performance that surpassed initial expectations primarily driven by strategic financial management and beneficial acquisitions.</li><li>The company's revenue grew by 9% in U.S. dollars and 12% in constant currency, largely fueled by the acquisition of rag & bone, which added substantial growth to the topline.</li><li>Apart from this, core growth from Guess's wholesale operations in Europe and the Americas also contributed positively.</li></ul>

Guess?, Inc. recently reported its first-quarter results for fiscal 2026, revealing a performance that surpassed initial expectations primarily driven by strategic financial management and beneficial acquisitions.The company's revenue grew by 9% in U.S. dollars and 12% in constant currency, largely fueled by the acquisition of rag & bone, which added substantial growth to the topline.Apart from this, core growth from Guess's wholesale operations in Europe and the Americas also contributed positively.

Guess? Inc.: Will The Rag & Bone Acquisition Be A Game Changer In The Dynamic Fashion Industry Landscape!

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)

Abercrombie & Fitch Co Cl A - AKA: Remain Bullish After Management Meetings; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco...

Small Cap Consumer Research

VNCE: Snapping the Store: Flows, Fashion Return to Normal; Reiterate Buy, $4 PT

We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New...

Small Cap Consumer Research

GES: Snapping the Store; Leveraging Summer Events, Denim; Reiterate Buy, $23 PT

We are reiterating our Buy rating, $23 price target and projections for Guess? after visiting stores in Long Island and the Metropolitan New York...

Small Cap Consumer Research

VNCE: 1Q Review: Moving Quickly to Keep on Winning; Reiterate Buy, $4 PT

We are reiterating our Buy rating and $4 price target on Vince Holding Corp. and increasing our FY25 EPS projections after the company registered...

Small Cap Consumer Research

Guess? Inc.: Will The Rag & Bone Acquisition Be A Game Changer In The Dynamic Fashion Industry Landscape!

Guess?, Inc. recently reported its first-quarter results for fiscal 2026, revealing a performance that surpassed initial expectations primarily...

Baptista Research

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