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, $20 price target and projections for Lands’ End after reviewing the August catalog.</li><li> August represents the “In Between” period between Summer and Fall for Lands’ End, allowing the company to offer a last hurrah to swimwear, and begin to flow in Fall goods, with an emphasis on shirting (“Beyond Buttondown”), new denim bottoms, the first hints of outerwear and dresses and a focus on lifestyle fabrics (such as chinos and knit bottoms).</li><li> Further, the product looks have continued to expand to bolder, two page spreads and a deeper focus on lifestyle driven combinations.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands’ End after reviewing the August catalog. August represents the “In Between” period between Summer and Fall for Lands’ End, allowing the company to offer a last hurrah to swimwear, and begin to flow in Fall goods, with an emphasis on shirting (“Beyond Buttondown”), new denim bottoms, the first hints of outerwear and dresses and a focus on lifestyle fabrics (such as chinos and knit bottoms). Further, the product looks have continued to expand to bolder, two page spreads and a deeper focus on lifestyle driven combinations.

LE: Snapping the Catalog: Living in the “In Between;” 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>Over the past two weeks, we have been steadfast in our belief that this current rally/short squeeze is likely to fizzle in the 4100-4165 area on the S&amp;P 500.</li>
<li>There has yet to be any meaningful deterioration and we cannot rule out the SPX reaching higher, potentially for 4300-4325 (August 2022 highs).</li>
<li>We continue to preach caution and believe upside is limited on the market indexes. Any combination of a continued strong labor market or hotter-than-expected inflation could upset the market.</li>
</ul>


Over the past two weeks, we have been steadfast in our belief that this current rally/short squeeze is likely to fizzle in the 4100-4165 area on the S&amp;P 500.
There has yet to be any meaningful deterioration and we cannot rule out the SPX reaching higher, potentially for 4300-4325 (August 2022 highs).
We continue to preach caution and believe upside is limited on the market indexes. Any combination of a continued strong labor market or hotter-than-expected inflation could upset the market.


Downgrading Energy; SPX Final Reach Up to 4300-4325?; Buys in Restaurants, Retailers, Industrials

aka Brands Holding Corp / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating and $30 price target after a.k.a. Brands Holding reported basically inline 2Q26 (June) top line and EBTIDA results, driven by solid growth in the domestic and non-Australian markets, as the company anniversaried the highly negative impacts of tariffs, and the focus on new Princess Polly stores, wholesale expansion and Culture Kings’ margin growth begins to demonstrate the ability of a.k.a. to register solid EBITDA growth.</li><li> Further, the company provided basically inline initial 3Q and unchanged 2026 guidance; we note the 3Q guide projects YoY top line growth of 8.8% to 11.5% and EBITDA expansion of 14% to 21%.</li><li> Further, management announced the first Culture Kings domestic store expansions since the initial Las Vegas opening in 4Q22 and guided to 10 new Princess Polly store openings in 2027.</li></ul>

We are reiterating our Buy rating and $30 price target after a.k.a. Brands Holding reported basically inline 2Q26 (June) top line and EBTIDA results, driven by solid growth in the domestic and non-Australian markets, as the company anniversaried the highly negative impacts of tariffs, and the focus on new Princess Polly stores, wholesale expansion and Culture Kings’ margin growth begins to demonstrate the ability of a.k.a. to register solid EBITDA growth. Further, the company provided basically inline initial 3Q and unchanged 2026 guidance; we note the 3Q guide projects YoY top line growth of 8.8% to 11.5% and EBITDA expansion of 14% to 21%. Further, management announced the first Culture Kings domestic store expansions since the initial Las Vegas opening in 4Q22 and guided to 10 new Princess Polly store openings in 2027.

AKA: 2Q Review: Reproving the Model’s Worth; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating, $30 price target and projections with a.k.a. Brands announcing 2Q26 (June) results after the close next Wednesday.</li><li> We believe, with the company anniversarying material shocks from China tariffs which impacted product flows and margins, the potential for upside from Street expectations remain strong and will allow a.k.a. Brands to demonstrate what should be material operating leverage opportunities from increased Princess Polly stores (14 worldwide versus 10 last year) and wholesale expansion for Petal & Pup and Princess Polly.</li><li> Further, we expect tariff refunds have allowed the company to even further reduce debt and invest in the core business.</li></ul>

We are reiterating our Buy rating, $30 price target and projections with a.k.a. Brands announcing 2Q26 (June) results after the close next Wednesday. We believe, with the company anniversarying material shocks from China tariffs which impacted product flows and margins, the potential for upside from Street expectations remain strong and will allow a.k.a. Brands to demonstrate what should be material operating leverage opportunities from increased Princess Polly stores (14 worldwide versus 10 last year) and wholesale expansion for Petal & Pup and Princess Polly. Further, we expect tariff refunds have allowed the company to even further reduce debt and invest in the core business.

AKA: 2Q Preview: Further Proof of the Business Model; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li> We believe, with solid product flows, continued expansion into new hues and patterns for Summer, great offerings in dresses, sweaters, linen and tops, Vince has continued to provide their affluent customer base with multiple reasons to purchase full price looks.</li><li> We continue to view Vince as a compelling winner in 2026 and remain impressed with the relevance of their offerings and ability to capture a higher share of wallet.</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey. We believe, with solid product flows, continued expansion into new hues and patterns for Summer, great offerings in dresses, sweaters, linen and tops, Vince has continued to provide their affluent customer base with multiple reasons to purchase full price looks. We continue to view Vince as a compelling winner in 2026 and remain impressed with the relevance of their offerings and ability to capture a higher share of wallet.

VNCE: Snapping the Store: Winning the Summer Season; Reiterate Buy, $9 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)

LE: Snapping the Catalog: Living in the “In Between;” Reiterate Buy, $20 PT

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

Small Cap Consumer Research

Downgrading Energy; SPX Final Reach Up to 4300-4325?; Buys in Restaurants, Retailers, Industrials

We have expected this squeeze to fizzle in the 4100-4165 $SPX area, but with no meaningful deterioration, we could see the $SPX reach for 4300-4325...

Vermilion Research

AKA: 2Q Review: Reproving the Model’s Worth; Reiterate Buy, $30 PT

We are reiterating our Buy rating and $30 price target after a.k.a. Brands Holding reported basically inline 2Q26 (June) top line and EBTIDA...

Small Cap Consumer Research

AKA: 2Q Preview: Further Proof of the Business Model; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and projections with a.k.a. Brands announcing 2Q26 (June) results after the close next...

Small Cap Consumer Research

VNCE: Snapping the Store: Winning the Summer Season; Reiterate Buy, $9 PT

We are reiterating our Buy rating, $9 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New...

Small Cap Consumer Research

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