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, $9 price target and projections for Vince Holding as we begin 2Q earning season and look at 2HFY26 and beyond.</li><li> We believe Vince is ideally positioned to continue to drive top and bottom line upside in 2HFY26 and into FY27, as the company’s core customer is a key economic beneficiary and the company offerings, while pricing has been raised in 2025 due to tariffs, remains under the umbrella of elite luxury names.</li><li> From a micro standpoint, we believe the Vince brand has continued to strengthen, driving full price selling in the company’s own stores and taking increased market share at key wholesalers such as Nordstrom (with Bloomingdale’s gaining importance and Sak back in the mix).</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vince Holding as we begin 2Q earning season and look at 2HFY26 and beyond. We believe Vince is ideally positioned to continue to drive top and bottom line upside in 2HFY26 and into FY27, as the company’s core customer is a key economic beneficiary and the company offerings, while pricing has been raised in 2025 due to tariffs, remains under the umbrella of elite luxury names. From a micro standpoint, we believe the Vince brand has continued to strengthen, driving full price selling in the company’s own stores and taking increased market share at key wholesalers such as Nordstrom (with Bloomingdale’s gaining importance and Sak back in the mix).

VNCE: 2H Signposts: Having A Moment; Reiterate Buy, $9 PT

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we enter 2Q earnings season and look forward for key trends for 2H26 and beyond.</li><li> With the start of the joint venture with leading brand licensor WHP Global beginning on April 1st, Lands’ End entered a different state, now debt free (but with a hefty licensing payment) and with the ability to remake the Lands’ End model as potentially a multi-branded play and/or materially return capital to shareholders.</li><li> When combined with a new Chief Executive Officer joining the company next week, we believe near term there is an opportunity for management to craft a compelling Lands’ End investor narrative; we await the next iteration of LE and reiterate our Buy rating and $20 price target.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we enter 2Q earnings season and look forward for key trends for 2H26 and beyond. With the start of the joint venture with leading brand licensor WHP Global beginning on April 1st, Lands’ End entered a different state, now debt free (but with a hefty licensing payment) and with the ability to remake the Lands’ End model as potentially a multi-branded play and/or materially return capital to shareholders. When combined with a new Chief Executive Officer joining the company next week, we believe near term there is an opportunity for management to craft a compelling Lands’ End investor narrative; we await the next iteration of LE and reiterate our Buy rating and $20 price target.

LE: 2H Signposts: Making a New World; Reiterate Buy, $20 PT

aka Brands Holding Corp / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands as we enter 2Q earnings season and look at key trends for 2H26 and beyond.</li><li> We believe in 2025, tariffs, and a material diversification of the company’s supply chain, served to defer proof of the a.k.a. Brand business model’s ability to register significant operating leverage.</li><li> As we began to anniversary the impact of tariffs, we believe the potential for material upside at the company will accelerate and reveal to investors the compelling economics of the a.k.a. Brands “test and repeat” model, driving higher recognition of the company as leading growth (and margin expansion) story (and deserving of a premium valuation).</li></ul>

We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands as we enter 2Q earnings season and look at key trends for 2H26 and beyond. We believe in 2025, tariffs, and a material diversification of the company’s supply chain, served to defer proof of the a.k.a. Brand business model’s ability to register significant operating leverage. As we began to anniversary the impact of tariffs, we believe the potential for material upside at the company will accelerate and reveal to investors the compelling economics of the a.k.a. Brands “test and repeat” model, driving higher recognition of the company as leading growth (and margin expansion) story (and deserving of a premium valuation).

AKA: 2H Signposts: Proving Model Now; Reiterate Buy, $30 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

<p>Market dynamics have deteriorated and are now much more mixed overall. Deteriorating signals include RS improvement for defensive Sectors, RS deterioration for small-caps, and the US dollar breaking above 92. Despite this mild deterioration in market dynamics, there are plenty of indicators that remain positive. This tells us any weakness should be treated as a buying opportunity and our outlook remains constructive for the months ahead.</p>

Market dynamics have deteriorated and are now much more mixed overall. Deteriorating signals include RS improvement for defensive Sectors, RS deterioration for small-caps, and the US dollar breaking above 92. Despite this mild deterioration in market dynamics, there are plenty of indicators that remain positive. This tells us any weakness should be treated as a buying opportunity and our outlook remains constructive for the months ahead.

<ul><li>We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding after visiting Princess Polly stores in Ohio and Los Angeles.</li><li> We believe, with the supply chain normalized and tariff issues receding, Princess Polly has returned to offering compelling fashion driven items for its core “It” girl, with materially better product flows and the ability to leverage the “read and react” business model to capitalize on key fashion winners and full price selling.</li><li> Further, we believe management is also focused on driving higher productivity via technology and to expand the current Princess Polly offerings to drive more units per transaction and further leverage the model.</li></ul>

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding after visiting Princess Polly stores in Ohio and Los Angeles. We believe, with the supply chain normalized and tariff issues receding, Princess Polly has returned to offering compelling fashion driven items for its core “It” girl, with materially better product flows and the ability to leverage the “read and react” business model to capitalize on key fashion winners and full price selling. Further, we believe management is also focused on driving higher productivity via technology and to expand the current Princess Polly offerings to drive more units per transaction and further leverage the model.

AKA: Snapping the Store: Honing the Business Model; Reiterate Buy, $30 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)

VNCE: 2H Signposts: Having A Moment; Reiterate Buy, $9 PT

We are reiterating our Buy rating, $9 price target and projections for Vince Holding as we begin 2Q earning season and look at 2HFY26 and beyond. ...

Small Cap Consumer Research

LE: 2H Signposts: Making a New World; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we enter 2Q earnings season and look forward for key trends...

Small Cap Consumer Research

AKA: 2H Signposts: Proving Model Now; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands as we enter 2Q earnings season and look at key trends for...

Small Cap Consumer Research

Upgrading U.S. Staples To Market Weight

Despite mild deterioration in market dynamics, there are plenty of indicators that remain positive and our outlook remains constructive for the...

Vermilion Research

AKA: Snapping the Store: Honing the Business Model; Reiterate Buy, $30 PT

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding after visiting Princess Polly stores in Ohio and Los...

Small Cap Consumer Research

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