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, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling out top and bottom line projected growth for FY25 after Lands' End reported a strong end to FY23, driven by a multi-level focus on driving higher pricing, better inventory management and overall higher returns.</li><li>Further, we believe in FY24, as the company continues to shift revenue to higher margin segments (such as licensing and online marketplaces) and heightens the level of newness, innovation and full price selling in the product offerings, the potential for bottom line upside will expand.</li><li>We are also projecting for revenue shift to a plus in FY25, as the gains from product shifts begin to offset the necessary changes to create a higher margin business model.</li></ul>

We are reiterating our Buy rating, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling out top and bottom line projected growth for FY25 after Lands' End reported a strong end to FY23, driven by a multi-level focus on driving higher pricing, better inventory management and overall higher returns.Further, we believe in FY24, as the company continues to shift revenue to higher margin segments (such as licensing and online marketplaces) and heightens the level of newness, innovation and full price selling in the product offerings, the potential for bottom line upside will expand.We are also projecting for revenue shift to a plus in FY25, as the gains from product shifts begin to offset the necessary changes to create a higher margin business model.

LE: 4Q Review: On Track For Upside; Raising PT to $14 (From $12); Reiterate Buy

<ul><li>We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th.</li><li>We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register solid 4Q results and position Lands' End to return to profitability in FY24.</li><li>As such, and with LE trading at 6.6X our FY24 EBITDA, we believe myopic top-line focused investors are missing a compelling turnaround story, with management creating a superior business model with multiple catalysts; we reiterate our Buy rating and $12 price target.</li></ul>

We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th.We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register solid 4Q results and position Lands' End to return to profitability in FY24.As such, and with LE trading at 6.6X our FY24 EBITDA, we believe myopic top-line focused investors are missing a compelling turnaround story, with management creating a superior business model with multiple catalysts; we reiterate our Buy rating and $12 price target.

LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT

<ul><li>We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.</li><li>Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.</li><li>With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.</li></ul>

We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.

LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 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>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

Oxford Industries, Inc. is an international manufacturer and wholesale marketer of branded and private label apparel for men, women, and children.  The Company's private label customers include national chains, specialty catalogs, mass merchandisers, department stores, specialty stores, and Internet retailers.

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Oxford Industries (OXM US)

LE: 4Q Review: On Track For Upside; Raising PT to $14 (From $12); Reiterate Buy

We are reiterating our Buy rating, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling...

Small Cap Consumer Research

LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT

We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the...

Small Cap Consumer Research

LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT

We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear...

Small Cap Consumer 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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