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, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.</li><li>With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.</li><li>That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, projections and $17 price target for Lands' End after reviewing the June 2024 and June 2023 catalogs.</li><li>We believe, with Lands' End in the heart of the swim season, the company remains focused on key new items to drive earlier purchases by customer, with new shaping swimwear products, updates to classic items such as the Tugless Tank and Starfish pants, new fabrics (gauze and rayon) and increased emphasis on seasonal winners (linen).</li><li>Further, the expansion into adjacent categories, such as dresses, after-swim looks and cover-ups, further expands the Lands' End collection and creates a true swim-wear driven vacation lifestyle look.</li></ul>

We are reiterating our Buy rating, projections and $17 price target for Lands' End after reviewing the June 2024 and June 2023 catalogs.We believe, with Lands' End in the heart of the swim season, the company remains focused on key new items to drive earlier purchases by customer, with new shaping swimwear products, updates to classic items such as the Tugless Tank and Starfish pants, new fabrics (gauze and rayon) and increased emphasis on seasonal winners (linen).Further, the expansion into adjacent categories, such as dresses, after-swim looks and cover-ups, further expands the Lands' End collection and creates a true swim-wear driven vacation lifestyle look.

LE: Snapping the Catalog: Layering in Newness; Reiterate Buy Rating, $17 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.'s Q1 fiscal 2025 showed a strong start to the year, with significant progress on operational, strategic, and financial objectives.</li><li>The company reported results for the first quarter exceeding expectations in revenues, operating earnings, and per share results.</li><li>Sales growth was recorded in each of their segments and gross margins expanded favorably impacting the bottom line.</li></ul>

Guess?, Inc.'s Q1 fiscal 2025 showed a strong start to the year, with significant progress on operational, strategic, and financial objectives.The company reported results for the first quarter exceeding expectations in revenues, operating earnings, and per share results.Sales growth was recorded in each of their segments and gross margins expanded favorably impacting the bottom line.

Guess? Inc.: The Rag & Bone Acquisition Can Be A Game Changer?  - Major Drivers

<ul><li>We are reiterating our Buy rating, raising our price target to $17 (from $14) and raising our FY24 and FY25 EPS projections to $0.29 (from $0.18) and $0.56 (from $0.39), respectively, as Lands' End registered an impressive 1QFY24 (April), beating the Street and their own guidance, on multiple levels, raising the lower end of revenue and raising overall EBITDA and EPS guidance for FY24.</li><li>Further, initial 2QFY24 guidance conservatively bracketed Street expectations.</li><li>Management's focus to raise overall returns by injecting further innovation and newness, reducing inventories, shifting secondary categories to licensed product, driving international growth and expanding the B2B channel, have all continued to gain momentum, and we believe the company is nearing a shift to revenue growth, which would further focus investor attention.</li></ul>

We are reiterating our Buy rating, raising our price target to $17 (from $14) and raising our FY24 and FY25 EPS projections to $0.29 (from $0.18) and $0.56 (from $0.39), respectively, as Lands' End registered an impressive 1QFY24 (April), beating the Street and their own guidance, on multiple levels, raising the lower end of revenue and raising overall EBITDA and EPS guidance for FY24.Further, initial 2QFY24 guidance conservatively bracketed Street expectations.Management's focus to raise overall returns by injecting further innovation and newness, reducing inventories, shifting secondary categories to licensed product, driving international growth and expanding the B2B channel, have all continued to gain momentum, and we believe the company is nearing a shift to revenue growth, which would further focus investor attention.

LE: 1Q Review: Turn Fully on Track; Raising Estimates, PT to $17; Reiterate Buy

<ul><li>We are reiterating our Buy rating and $37 price target for Guess?</li><li>and tweaking and further back-end loading our FY25 and FY26 projections after Guess?</li><li>announced 1QFY25 top and bottom line upside, driven by Europe and Domestic wholesale results, as the rag & bone acquisition proved to be a key positive and the company continues to take share in Europe.</li></ul>

We are reiterating our Buy rating and $37 price target for Guess?and tweaking and further back-end loading our FY25 and FY26 projections after Guess?announced 1QFY25 top and bottom line upside, driven by Europe and Domestic wholesale results, as the rag & bone acquisition proved to be a key positive and the company continues to take share in Europe.

GES: 1Q Review; Creating a Powerful Model; Reiterate Buy, $37 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)

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday. With...

Small Cap Consumer Research

LE: Snapping the Catalog: Layering in Newness; Reiterate Buy Rating, $17 PT

We are reiterating our Buy rating, projections and $17 price target for Lands' End after reviewing the June 2024 and June 2023 catalogs. We...

Small Cap Consumer Research

Guess? Inc.: The Rag & Bone Acquisition Can Be A Game Changer? - Major Drivers

Guess?, Inc.'s Q1 fiscal 2025 showed a strong start to the year, with significant progress on operational, strategic, and financial...

Baptista Research

LE: 1Q Review: Turn Fully on Track; Raising Estimates, PT to $17; Reiterate Buy

We are reiterating our Buy rating, raising our price target to $17 (from $14) and raising our FY24 and FY25 EPS projections to $0.29 (from $0.18)...

Small Cap Consumer Research

GES: 1Q Review; Creating a Powerful Model; Reiterate Buy, $37 PT

We are reiterating our Buy rating and $37 price target for Guess? and tweaking and further back-end loading our FY25 and FY26 projections after...

Small Cap Consumer Research

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