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.

Equity Bottom-Up

<ul><li>Ralph Lauren's recent earnings for the first quarter of fiscal 2025 reflect a robust performance that underscores the strength and desirability of the brand worldwide.</li><li>The company surpassed expectations due to a concerted focus on international markets and positive retail comps across all regions, significantly influenced by effective consumer engagement strategies and focused marketing efforts.</li><li>Key financial highlights included a total company revenue growth of 3%, with retail comps growing by 5%, reflecting balanced growth across physical and digital channels.</li></ul>

Ralph Lauren's recent earnings for the first quarter of fiscal 2025 reflect a robust performance that underscores the strength and desirability of the brand worldwide.The company surpassed expectations due to a concerted focus on international markets and positive retail comps across all regions, significantly influenced by effective consumer engagement strategies and focused marketing efforts.Key financial highlights included a total company revenue growth of 3%, with retail comps growing by 5%, reflecting balanced growth across physical and digital channels.

Ralph Lauren Corporation: Focus on Lifestyle Portfolio & Elevated Market Strategy & Other Major Drivers

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).

<ul><li>We are reiterating our Buy rating, projections and $3 price target for Vince after visiting stores in Long Island, Connecticut and New Jersey.</li><li> We believe the company continues to roll out winning collections, with a focus on compelling hues (dark scarlet and blue waltz), new items (cargo pants, shrunken camisoles, silk hooded shirts and cardigan sweaters) and a deeper focus on key categories such as dresses.</li><li>Further, we are also seeing continued newness and expansion in men's, driven by jackets, button front shirts (in patterns and textures) and the beginnings of a colder weather focus on long sleeve items, including the return of the waffle shirt jacket.</li></ul>

We are reiterating our Buy rating, projections and $3 price target for Vince after visiting stores in Long Island, Connecticut and New Jersey. We believe the company continues to roll out winning collections, with a focus on compelling hues (dark scarlet and blue waltz), new items (cargo pants, shrunken camisoles, silk hooded shirts and cardigan sweaters) and a deeper focus on key categories such as dresses.Further, we are also seeing continued newness and expansion in men's, driven by jackets, button front shirts (in patterns and textures) and the beginnings of a colder weather focus on long sleeve items, including the return of the waffle shirt jacket.

Pvh Corp - VNCE: Snapping the Store: Pre-Fall Continues to Impress; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince as we look forward to 2H24.</li><li>We believe, as the company finally enters a period of "apples to apples" comparisons, Vince will be able to fully demonstrate the material positives blooming in the business model, from strong fashion looks, lower discounting in the outlet and main line channels, gains from better sourcing and a continued emphasis on cost controls.</li><li>Further, as 2H rolls forward as a positive, we believe the company will be able to, on a much more credible basis, focus investors on the potential material gains from increasing the overall penetration in men's wear, adding more stores to the mix and expanding internationally, all of which should refocus investors on VNCE.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince as we look forward to 2H24.We believe, as the company finally enters a period of "apples to apples" comparisons, Vince will be able to fully demonstrate the material positives blooming in the business model, from strong fashion looks, lower discounting in the outlet and main line channels, gains from better sourcing and a continued emphasis on cost controls.Further, as 2H rolls forward as a positive, we believe the company will be able to, on a much more credible basis, focus investors on the potential material gains from increasing the overall penetration in men's wear, adding more stores to the mix and expanding internationally, all of which should refocus investors on VNCE.

Pvh Corp - VNCE: 2H Signposts: Showing What Vince Can Do; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key wholesale partners.</li><li>While not a highly material focus for FY24, we believe, with a compelling store in a prime contemporary fashion focused location and strong representation in key London department stores, Vince is poised, longer-term, to expand on international opportunities.</li><li>With the company now on track in terms of capital and set to anniversary key operating shifts in 2HFY24, we believe the brand is poised to reappear on investors' radar screens in the near future, and we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting the company's store in London and touring key wholesale partners.While not a highly material focus for FY24, we believe, with a compelling store in a prime contemporary fashion focused location and strong representation in key London department stores, Vince is poised, longer-term, to expand on international opportunities.With the company now on track in terms of capital and set to anniversary key operating shifts in 2HFY24, we believe the brand is poised to reappear on investors' radar screens in the near future, and we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: Snapping the Store - London; Setting Up for Success, Reiterate Buy & PT

<ul><li>We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.</li><li>We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.</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 Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.As such, we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

United States

Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. The Company's products are sold under a wide range of brands. Ralph Lauren's operations include wholesale, retail, and licensing.

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Ralph Lauren (RL US)

Ralph Lauren Corporation: Focus on Lifestyle Portfolio & Elevated Market Strategy & Other Major Drivers

Ralph Lauren's recent earnings for the first quarter of fiscal 2025 reflect a robust performance that underscores the strength and desirability of...

Baptista Research

Pvh Corp - VNCE: Snapping the Store: Pre-Fall Continues to Impress; Reiterate Buy, $3 PT

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

Small Cap Consumer Research

Pvh Corp - VNCE: 2H Signposts: Showing What Vince Can Do; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections for Vince as we look forward to 2H24. We believe, as the company finally enters...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store - London; Setting Up for Success, Reiterate Buy & PT

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

Small Cap Consumer Research

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24...

Small Cap Consumer Research

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