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 Vera Bradley after touring stores in Connecticut and Long Island.</li><li>We believe, with a focus on streamlining the shopping experience, continued flows of newness and licensed materials, including the first collection from Pixar (Toy Story), the return of key favorites and a rising de-emphasis on non-core categories and offerings, Vera Bradley has continued to satisfy their core shoppers and is creating the potential to attract and deepen their relationship with new customers that are not just looking for the newest patterns, but for compelling accessories offering high utility levels and impressive overall looks.</li><li>We believe the company is materially better positioned for the Holidays than last year in terms of inventory flows and product offerings, and we reiterate our Buy rating and $9 price target for VRA.</li></ul>

We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island.We believe, with a focus on streamlining the shopping experience, continued flows of newness and licensed materials, including the first collection from Pixar (Toy Story), the return of key favorites and a rising de-emphasis on non-core categories and offerings, Vera Bradley has continued to satisfy their core shoppers and is creating the potential to attract and deepen their relationship with new customers that are not just looking for the newest patterns, but for compelling accessories offering high utility levels and impressive overall looks.We believe the company is materially better positioned for the Holidays than last year in terms of inventory flows and product offerings, and we reiterate our Buy rating and $9 price target for VRA.

VRA: Snapping the Store: An Impressive Holiday Experience; Reiterate Buy, $9 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

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.</li>
<li>As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.</li>
<li>Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.</li>
</ul>


The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.
As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.
Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.


Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

<p>We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (<strong>IBB, XBI</strong>), small- and micro-caps (<strong>IWM, IWC</strong>), and emerging markets (<strong>EEM</strong>). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.</p>

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

<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

United States

Movado Group, Inc. designs, manufactures, retails, and distributes watches as well as jewelry, tabletop, and accessory products.  The Company markets several watch brands in North America, Western Europe, and the Far East.

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Movado Group (MOV US)

VRA: Snapping the Store: An Impressive Holiday Experience; Reiterate Buy, $9 PT

We are reiterating our Buy rating, $9 price target and projections for Vera Bradley after touring stores in Connecticut and Long Island. We...

Small Cap Consumer Research

Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

As long as the Russell 2000 index (IWM) is above $208, the Russell Micro Caps index (IWC) is above $134-$135, and the S&P 500 is above 4495, we...

Vermilion Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion 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

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