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>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

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 and projections, but raising our price target for AKA to $30 (from $25) with the company announcing 3Q24 (September) results after the close on Thursday.</li><li>We believe, with at least six Princess Polly stores opened for the Holidays (and more on the way) a.k.a. Brands is well on their way to creating a true omnichannel brand with highly appealing returns and a path to driving overall profitability for the company.</li><li>Further, we believe Culture Kings, with the shift to the company's "test and repeat" inventory model, is setting up to return to profitable growth.</li></ul>

We are reiterating our Buy rating and projections, but raising our price target for AKA to $30 (from $25) with the company announcing 3Q24 (September) results after the close on Thursday.We believe, with at least six Princess Polly stores opened for the Holidays (and more on the way) a.k.a. Brands is well on their way to creating a true omnichannel brand with highly appealing returns and a path to driving overall profitability for the company.Further, we believe Culture Kings, with the shift to the company's "test and repeat" inventory model, is setting up to return to profitable growth.

AKA: 3Q Preview: Becoming an Omnichannel Leader; Reiterate Buy, Raising PT to $30

<ul><li>We are reiterating our Buy rating, $3 price target and projections after visiting Vince stores in Connecticut, Long Island and New Jersey.</li><li>We believe the company has continued to be a key winner for Fall, from dresses to suiting and sweaters, offering new styles, expanding core winners (men's bottoms) and adding new categories (small leather goods) and hues to the mix.</li><li>Further, management has been able to leverage more normalized capital levels to be increasingly more strategic in terms of inventory flows, focusing and leveraging key winners and becoming more aggressive in areas such as men's and outerwear.</li></ul>

We are reiterating our Buy rating, $3 price target and projections after visiting Vince stores in Connecticut, Long Island and New Jersey.We believe the company has continued to be a key winner for Fall, from dresses to suiting and sweaters, offering new styles, expanding core winners (men's bottoms) and adding new categories (small leather goods) and hues to the mix.Further, management has been able to leverage more normalized capital levels to be increasingly more strategic in terms of inventory flows, focusing and leveraging key winners and becoming more aggressive in areas such as men's and outerwear.

Pvh Corp - VNCE: Snapping the Store: Building on Fall Strengths; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, projections and $25 price target after visiting Princess Polly and Culture Kings stores, including newly opened locations in San Diego and Scottsdale (Phoenix).</li><li>We believe, as management continues to refine the Princess Polly store model, the opportunity to drive material returns and add new customers will increase, creating a compelling (and higher margin) shopping experience with the potential for further store expansion.</li><li>We view the new Princess Polly locations as setting the stage for further store expansion and upside to our projections and believe management is fully committed to adding incremental locations in the near and medium term.</li></ul>

We are reiterating our Buy rating, projections and $25 price target after visiting Princess Polly and Culture Kings stores, including newly opened locations in San Diego and Scottsdale (Phoenix).We believe, as management continues to refine the Princess Polly store model, the opportunity to drive material returns and add new customers will increase, creating a compelling (and higher margin) shopping experience with the potential for further store expansion.We view the new Princess Polly locations as setting the stage for further store expansion and upside to our projections and believe management is fully committed to adding incremental locations in the near and medium term.

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Expanding the Network; Reiterate Buy, $25 PT

<ul><li>We are reiterating our Buy rating, projections and $3 price target for Vince after meeting with management in their European headquarters and touring the Galeries Lafayette shop in shop in Paris.</li><li>We believe, with the company now well capitalized and acting in a materially more strategic fashion, the European opportunities, from owned stores to additional wholesale to category expansion, position Vince to drive material international growth going froward.</li><li>When coupled with strong product offerings and what we believe are material opportunities in the domestic market, we believe Vince is ideally positioned to register material top and bottom line growth, and we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating, projections and $3 price target for Vince after meeting with management in their European headquarters and touring the Galeries Lafayette shop in shop in Paris.We believe, with the company now well capitalized and acting in a materially more strategic fashion, the European opportunities, from owned stores to additional wholesale to category expansion, position Vince to drive material international growth going froward.When coupled with strong product offerings and what we believe are material opportunities in the domestic market, we believe Vince is ideally positioned to register material top and bottom line growth, and we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: European Tour: Creating Key Growth Vehicle; Reiterating Buy Rating, $3 PT

Spain

Industria de Diseno Textil, S.A. designs, manufactures, and distributes apparel.  The Company operates retail chains in Europe, the Americas, Asia, and Africa.

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Industria De Diseno Textil SA (ITX SM)

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

AKA: 3Q Preview: Becoming an Omnichannel Leader; Reiterate Buy, Raising PT to $30

We are reiterating our Buy rating and projections, but raising our price target for AKA to $30 (from $25) with the company announcing 3Q24...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store: Building on Fall Strengths; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections after visiting Vince stores in Connecticut, Long Island and New Jersey. We...

Small Cap Consumer Research

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Expanding the Network; Reiterate Buy, $25 PT

We are reiterating our Buy rating, projections and $25 price target after visiting Princess Polly and Culture Kings stores, including newly opened...

Small Cap Consumer Research

Pvh Corp - VNCE: European Tour: Creating Key Growth Vehicle; Reiterating Buy Rating, $3 PT

We are reiterating our Buy rating, projections and $3 price target for Vince after meeting with management in their European headquarters and...

Small Cap Consumer Research

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