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 neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023</li>
<li>As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves </li>
<li>TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts</li>
</ul>


Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023
As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves 
TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts


Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

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 for Vince Holding after visiting the company's store in London and reviewing Vince's wholesale offering with leading department stores.</li><li>We continue to believe Europe, and especially the United Kingdom, remain key growth opportunities for Vince, as their fashion aesthetic and pricing are ideal to capture market share in Europe.</li><li>Further, we believe, even with their limited current reach, Vince is already beginning to cultivate a very loyal local customer base that considers the product part of their overall lifestyle.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting the company's store in London and reviewing Vince's wholesale offering with leading department stores.We continue to believe Europe, and especially the United Kingdom, remain key growth opportunities for Vince, as their fashion aesthetic and pricing are ideal to capture market share in Europe.Further, we believe, even with their limited current reach, Vince is already beginning to cultivate a very loyal local customer base that considers the product part of their overall lifestyle.

Pvh Corp - VNCE: Snapping the Store - London; Future Remains Bright; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>We believe, with Fall now in full swing, Vince is flexing their ability to act strategically both fashion-wise and financially, rolling out impressive looks in sweaters, outerwear, dresses and accessories, expanding men's with new bottoms in multiple colors and silhouettes and layering tops, tees, sweaters and knits.</li><li>Further, the company has been able to drive strong instock levels and expand the colors and products offered to the stores to drive higher overall sales and margins.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.We believe, with Fall now in full swing, Vince is flexing their ability to act strategically both fashion-wise and financially, rolling out impressive looks in sweaters, outerwear, dresses and accessories, expanding men's with new bottoms in multiple colors and silhouettes and layering tops, tees, sweaters and knits.Further, the company has been able to drive strong instock levels and expand the colors and products offered to the stores to drive higher overall sales and margins.

Pvh Corp - VNCE: Snapping the Store: Strategically Focused for Fall; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating and $3 price target for VNCE, slightly reducing our FY24 top line, but increasing our bottom line projections after the company reported solid 2Q results, driven by stronger than expected wholesale revenue.</li><li>With the company now fully anniversarying the ABG Vince relationship, and the drive to materially reduce clearance and discount levels at their own stores completed, we believe 2HFY24 will begin to visibly demonstrate the power of the Vince brand to drive returns and position the company for further material top and bottom line expansion in FY25 from new store openings, further expansion in men's, international growth and continued wholesale door and segment expansion which, when further fueled by ABG Vince category expansion, debt reduction and share repurchases, positions the company for material upside.</li><li>As such, we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $3 price target for VNCE, slightly reducing our FY24 top line, but increasing our bottom line projections after the company reported solid 2Q results, driven by stronger than expected wholesale revenue.With the company now fully anniversarying the ABG Vince relationship, and the drive to materially reduce clearance and discount levels at their own stores completed, we believe 2HFY24 will begin to visibly demonstrate the power of the Vince brand to drive returns and position the company for further material top and bottom line expansion in FY25 from new store openings, further expansion in men's, international growth and continued wholesale door and segment expansion which, when further fueled by ABG Vince category expansion, debt reduction and share repurchases, positions the company for material upside.As such, we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 2Q Review: Driving Upside, Remaining Conservative; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday.</li><li>We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.</li><li>Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday.We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $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)

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Pvh Corp - VNCE: Snapping the Store - London; Future Remains Bright; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting the company's store in London and reviewing...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store: Strategically Focused for Fall; Reiterate Buy, $3 PT

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

Small Cap Consumer Research

Pvh Corp - VNCE: 2Q Review: Driving Upside, Remaining Conservative; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for VNCE, slightly reducing our FY24 top line, but increasing our bottom line projections...

Small Cap Consumer Research

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday. We...

Small Cap Consumer Research

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