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 and $20 price target and slightly tweaking our projections for Lands' End after the company reported EBITDA & EPS slightly above Street consensus (while bracketing the company's guidance ranges) and revenue below the Street and the lower end of company guidance.</li><li>Further, initial 4QFY25 (January) guidance bracketed the Street.</li><li>That said, we believe, as the company anniversaries key licensing shifts and the International segment continues to evolve, the potential for Lands' End to take the next steps of their evolution to a younger, more return driven company and break the string of YoY revenue declines is nearing, and is now projected for 4QFY25.</li></ul>

We are reiterating our Buy rating and $20 price target and slightly tweaking our projections for Lands' End after the company reported EBITDA & EPS slightly above Street consensus (while bracketing the company's guidance ranges) and revenue below the Street and the lower end of company guidance.Further, initial 4QFY25 (January) guidance bracketed the Street.That said, we believe, as the company anniversaries key licensing shifts and the International segment continues to evolve, the potential for Lands' End to take the next steps of their evolution to a younger, more return driven company and break the string of YoY revenue declines is nearing, and is now projected for 4QFY25.

LE: 3Q Review: "Bridge" to New Lands' End Almost Complete; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company reporting 3QFY25 (October) results before the open on Tuesday.</li><li>We believe, as the company begins to: 1) anniversary the shift to deeper levels of licensed goods/selling segments; 2) continues their focus on lifestyle driven looks and offering key solutions for their customer base (increasingly driven by customization), and 3) further expands the Outfitters uniform business, top line growth will become more obvious and, even more so, margin expansion will drive material free cash flow and EPS upside.</li><li>As such, we remain highly positive on the overall potential for LE and reiterate our Buy rating and $20 price target</li></ul>

We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company reporting 3QFY25 (October) results before the open on Tuesday.We believe, as the company begins to: 1) anniversary the shift to deeper levels of licensed goods/selling segments; 2) continues their focus on lifestyle driven looks and offering key solutions for their customer base (increasingly driven by customization), and 3) further expands the Outfitters uniform business, top line growth will become more obvious and, even more so, margin expansion will drive material free cash flow and EPS upside.As such, we remain highly positive on the overall potential for LE and reiterate our Buy rating and $20 price target

LE: 3Q Preview: Opportunities Becoming More Obvious; Reiterate Buy, $20 PT

<ul><li>We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the November catalog, which is fully focused on the Holiday season.</li><li>This year's Holiday catalog represents a material shift from 2024, with an increased emphasis on customization, a swap in category placement, going co-ed in the catalog looks, emphasizing key price points and continuing to upgrade the company's footwear, cozy and accessories game.</li><li>Further, Lands' End has continued to expand the overall offerings to become even more of a lifestyle player, with new Holiday event and party gear to keep the seasons bright.</li></ul>

We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the November catalog, which is fully focused on the Holiday season.This year's Holiday catalog represents a material shift from 2024, with an increased emphasis on customization, a swap in category placement, going co-ed in the catalog looks, emphasizing key price points and continuing to upgrade the company's footwear, cozy and accessories game.Further, Lands' End has continued to expand the overall offerings to become even more of a lifestyle player, with new Holiday event and party gear to keep the seasons bright.

LE: Snapping the Catalog: Making Merry for the Holidays; 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

<div>The action we are seeing in broad indexes, Sectors, and in market dynamics continues to support our overall bullish outlook. Additionally, the mild deterioration in market dynamics that we discussed the past two weeks is now much less of a concern. Continue to buy dips. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Energy, and Health Care.</div>

The action we are seeing in broad indexes, Sectors, and in market dynamics continues to support our overall bullish outlook. Additionally, the mild deterioration in market dynamics that we discussed the past two weeks is now much less of a concern. Continue to buy dips. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Energy, and Health Care.

U.S. Equity Strategy: Bullish Outlook Intact

<p>Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.</p>

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.

U.S. Consumer Discretionary Sector: Complete Technical Analysis

United States

Lands' End, Inc. manufactures men's, women's and children's apparel and accessories. The Company produces and distributes swimwear, clothing, bedding, totes, furniture, bath accessories, uniforms, outter wear and various related products. Lands' End offers its products through its catalog and website around the world.

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Lands' End Inc (LE US)

LE: 3Q Review: "Bridge" to New Lands' End Almost Complete; Reiterate Buy, PT

We are reiterating our Buy rating and $20 price target and slightly tweaking our projections for Lands' End after the company reported EBITDA...

Small Cap Consumer Research

LE: 3Q Preview: Opportunities Becoming More Obvious; Reiterate Buy, $20 PT

We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company reporting 3QFY25 (October) results before the...

Small Cap Consumer Research

LE: Snapping the Catalog: Making Merry for the Holidays; Reiterate Buy, $20 PT

We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the November catalog, which is fully focused on...

Small Cap Consumer Research

U.S. Equity Strategy: Bullish Outlook Intact

The action we are seeing in broad indexes, Sectors, and in market dynamics continues to support our overall bullish outlook. Continue to buy dips.

Vermilion Research

U.S. Consumer Discretionary Sector: Complete Technical Analysis

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector. Charts highlighted: AMZN, NFLX, COLM, PVH,...

Vermilion Research

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