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, projections and $20 price target for Lands' End after reviewing the December catalog.</li><li>This year the emphasis is on great fixed pricing for the budget conscious, personalized gifts, a deeper focus on bottoms, apparel and gifting (versus outerwear), the return of kids, expansion of licensed categories and the tote craze.</li><li>When combined with Holiday driven winners such as stockings and gloves, we believe the December catalog amply demonstrated the material progress Lands' End has registered in 2025 to offer a more compelling lifestyle driven series of offerings and expand into key categories with licensed goods; we reiterate our Buy rating and $20 price target for LE, as we view 2026 as the start of material top line expansion to further leverage what is already a compelling margin expansion story.</li></ul>

We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the December catalog.This year the emphasis is on great fixed pricing for the budget conscious, personalized gifts, a deeper focus on bottoms, apparel and gifting (versus outerwear), the return of kids, expansion of licensed categories and the tote craze.When combined with Holiday driven winners such as stockings and gloves, we believe the December catalog amply demonstrated the material progress Lands' End has registered in 2025 to offer a more compelling lifestyle driven series of offerings and expand into key categories with licensed goods; we reiterate our Buy rating and $20 price target for LE, as we view 2026 as the start of material top line expansion to further leverage what is already a compelling margin expansion story.

LE: Snapping the Catalog: Bringing Personalized Holiday Cheer; Reit. Buy, PT

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>PVH Corp.'s first-quarter 2025 performance reflects a balance of achievements and challenges in a complex macroeconomic environment.</li><li>On the positive side, PVH delivered revenue growth that surpassed company guidance, attributable to the effective execution of its PVH+ Plan.</li><li>The revenue increased by 2%, exceeding expectations due to stronger-than-projected wholesale performance, early shipments, and the relaunch of Calvin Klein women's sportswear and jeans in North America.</li></ul>

PVH Corp.'s first-quarter 2025 performance reflects a balance of achievements and challenges in a complex macroeconomic environment.On the positive side, PVH delivered revenue growth that surpassed company guidance, attributable to the effective execution of its PVH+ Plan.The revenue increased by 2%, exceeding expectations due to stronger-than-projected wholesale performance, early shipments, and the relaunch of Calvin Klein women's sportswear and jeans in North America.

PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent

<ul><li>PVH Corp's recent earnings reflects a mix of achievements and challenges in the fiscal year 2024 and sets cautious expectations for 2025.</li><li>The company, which owns iconic brands Calvin Klein and Tommy Hilfiger, surpassed its initial 2024 guidance both in terms of revenue and non-GAAP EPS.</li><li>However, it faced a decrease in overall revenue compared to previous years, largely attributed to divestitures and external economic factors.</li></ul>

PVH Corp's recent earnings reflects a mix of achievements and challenges in the fiscal year 2024 and sets cautious expectations for 2025.The company, which owns iconic brands Calvin Klein and Tommy Hilfiger, surpassed its initial 2024 guidance both in terms of revenue and non-GAAP EPS.However, it faced a decrease in overall revenue compared to previous years, largely attributed to divestitures and external economic factors.

PVH Corporation’s Mixed Bag: Calvin Klein & Tommy Hilfiger Shine But Global Headwinds & China Are A Cause Of Concern!

<ul><li>We are reiterating our Buy rating and $6 price target and slightly raising our projections after P180, a venture spearheaded by former Vince CEO Brendan Hoffman and Christine Hunsicker (founder of CaaStle, a "Clothing as a Service" provider), acquired Sun Capital's 65% equity stake in VNCE and restructured and reduced Vince's Third Lien Facility with an affiliate of Sun Capital.</li><li>As such, Sun Capital has materially reduced their affiliation with the company.</li><li>Further, Mr. Hoffman, who was previously Chief Executive Officer of Vince from 2015 to 2020 is expected to return as Vince CEO in February.</li></ul>

We are reiterating our Buy rating and $6 price target and slightly raising our projections after P180, a venture spearheaded by former Vince CEO Brendan Hoffman and Christine Hunsicker (founder of CaaStle, a "Clothing as a Service" provider), acquired Sun Capital's 65% equity stake in VNCE and restructured and reduced Vince's Third Lien Facility with an affiliate of Sun Capital.As such, Sun Capital has materially reduced their affiliation with the company.Further, Mr. Hoffman, who was previously Chief Executive Officer of Vince from 2015 to 2020 is expected to return as Vince CEO in February.

Pvh Corp - VNCE: P180 Acquires Sun Capital Majority Stake in VNCE; Reiterate Buy, $6 PT

<ul><li>We are reiterating our Buy rating, raising our price target to $6 (from $3) and reiterating our projections as we look forward to 2025 for Vince.</li><li>We believe, after returning to profitability in FY24, and with "quiet luxury" remaining a key movement, Vince is poised to drive further strong results and upside in FY25, driven by a continued focus on lowering inventory exposure and driving higher pricing, the resumption of store growth (both domestically and internationally), new licensed category expansion, deeper penetration in the men's segment, further gross margin gains, and profits from their 25% stake in the ABG Vince strategic partnership.</li><li>We believe Vince remains one of the best positioned apparel retailers and, as such, we are comfortable raising our target price for VNCE to $6, or 15X our FY26 EPS projection.</li></ul>

We are reiterating our Buy rating, raising our price target to $6 (from $3) and reiterating our projections as we look forward to 2025 for Vince.We believe, after returning to profitability in FY24, and with "quiet luxury" remaining a key movement, Vince is poised to drive further strong results and upside in FY25, driven by a continued focus on lowering inventory exposure and driving higher pricing, the resumption of store growth (both domestically and internationally), new licensed category expansion, deeper penetration in the men's segment, further gross margin gains, and profits from their 25% stake in the ABG Vince strategic partnership.We believe Vince remains one of the best positioned apparel retailers and, as such, we are comfortable raising our target price for VNCE to $6, or 15X our FY26 EPS projection.

Pvh Corp - VNCE: 2025 Signposts; Moving Forward; Raising PT to $6; Reiterate Buy

United States

PVH Corp. designs, sources, manufactures, and markets men's, women's, and children's apparel and footwear.  The Company markets its products at a wholesale level through department store chains and directly to consumers through retail stores. PVH Corp offers attire that includes dress shirts, sportswear, neckwear, and footwear.

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Pvh Corp (PVH US)

LE: Snapping the Catalog: Bringing Personalized Holiday Cheer; Reit. Buy, PT

We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the December catalog. This year the emphasis is...

Small Cap Consumer Research

PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent

PVH Corp.'s first-quarter 2025 performance reflects a balance of achievements and challenges in a complex macroeconomic environment. On the...

Baptista Research

PVH Corporation’s Mixed Bag: Calvin Klein & Tommy Hilfiger Shine But Global Headwinds & China Are A Cause Of Concern!

PVH Corp's recent earnings reflects a mix of achievements and challenges in the fiscal year 2024 and sets cautious expectations for 2025. The...

Baptista Research

Pvh Corp - VNCE: P180 Acquires Sun Capital Majority Stake in VNCE; Reiterate Buy, $6 PT

We are reiterating our Buy rating and $6 price target and slightly raising our projections after P180, a venture spearheaded by former Vince CEO...

Small Cap Consumer Research

Pvh Corp - VNCE: 2025 Signposts; Moving Forward; Raising PT to $6; Reiterate Buy

We are reiterating our Buy rating, raising our price target to $6 (from $3) and reiterating our projections as we look forward to 2025 for...

Small Cap Consumer Research

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