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, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday.</li><li>With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management.</li><li>As such, and with operating comparisons continuing to ease and the product mix (especially in women's) improving, we reiterate our Buy rating and pricetarget for EXPR.</li></ul>

We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday.With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management.As such, and with operating comparisons continuing to ease and the product mix (especially in women's) improving, we reiterate our Buy rating and pricetarget for EXPR.

EXPR; 3Q Preview: New Management Set to Introduce Themselves; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA handily beating Street consensus, but EPS a miss, driven by a higher than expected tax rate and slightly weaker top line results, as Europe saw slowing traffic and the domestic stores remain negative.</li><li>Jeans), the recapture of the company's license for domestic outerwear and a normalization of the expense base.</li><li>As such, we are reiterating our Buy rating and $32.50 price target on GES, which now translates to 6.5X our new FY25 EBITDA.</li></ul>

We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA handily beating Street consensus, but EPS a miss, driven by a higher than expected tax rate and slightly weaker top line results, as Europe saw slowing traffic and the domestic stores remain negative.Jeans), the recapture of the company's license for domestic outerwear and a normalization of the expense base.As such, we are reiterating our Buy rating and $32.50 price target on GES, which now translates to 6.5X our new FY25 EBITDA.

GES: 3Q Review: Guess Goes Conservative for 4Q; Reiterate Buy, $32.50 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

VanEck Gold Miners ETF/USA / Technical Analysis

<ul>
<li>Discussed risk/reward favored buyers in late-October as supports were being tested (October 24 and 31), then we outlined on 11/7/23 our belief that a significant year-end rally was likely underway.</li>
<li>New market-generated information has continued to be risk-on, which has only reinforced our bullish outlook on the broad equity market.  We continue to expect a rally into year-end and beyond</li>
<li>Gold and silver are bullishly inflecting, and we are buying GLD, SLV, and the miners (GDX, GDXJ)</li>
</ul>


Discussed risk/reward favored buyers in late-October as supports were being tested (October 24 and 31), then we outlined on 11/7/23 our belief that a significant year-end rally was likely underway.
New market-generated information has continued to be risk-on, which has only reinforced our bullish outlook on the broad equity market.  We continue to expect a rally into year-end and beyond
Gold and silver are bullishly inflecting, and we are buying GLD, SLV, and the miners (GDX, GDXJ)


Continue to Ride the Trend Higher; Buying Gold, Silver, Miners $GDX $GDXJ $GLD $SLV

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>Ross Stores Inc. delivered a positive result and managed an all-around beat last quarter, with a 5% increase in comparable store sales primarily attributed to heightened customer traffic.</li><li>Despite remaining cautious due to ongoing challenges in the economic landscape, Ross Stores raised its outlook for the second half of the year, indicating an upward trend in comparable store sales for the upcoming quarters.</li><li>This resilient approach and the company's strategic planning position Ross Stores for continued growth and success in the retail industry.</li></ul>

Ross Stores Inc. delivered a positive result and managed an all-around beat last quarter, with a 5% increase in comparable store sales primarily attributed to heightened customer traffic.Despite remaining cautious due to ongoing challenges in the economic landscape, Ross Stores raised its outlook for the second half of the year, indicating an upward trend in comparable store sales for the upcoming quarters.This resilient approach and the company's strategic planning position Ross Stores for continued growth and success in the retail industry.

Ross Stores Inc.: Continued Addition Of New Locations Boosting Growth! - Major Drivers

Equity Capital Markets

<ul><li>Ross Stores managed to exceed analyst expectations in terms of revenue as well as earnings in its most recent quarterly result.</li><li>The operating margin declined slightly compared to the previous year, primarily due to increased incentive compensation.</li><li>Ross Stores plans to open new locations in the second quarter and anticipates a range for the operating margin.</li></ul>

Ross Stores managed to exceed analyst expectations in terms of revenue as well as earnings in its most recent quarterly result.The operating margin declined slightly compared to the previous year, primarily due to increased incentive compensation.Ross Stores plans to open new locations in the second quarter and anticipates a range for the operating margin.

Ross Stores: Collaboration With Adidas & Other Developments

United States

Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross Stores offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

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Ross Stores Inc (ROST US)

EXPR; 3Q Preview: New Management Set to Introduce Themselves; Reiterate Buy, PT

We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the...

Small Cap Consumer Research

GES: 3Q Review: Guess Goes Conservative for 4Q; Reiterate Buy, $32.50 Pt

We are reiterating our Buy rating and $32.50 price target for Guess?, after the company reported mixed 3QFY24 (October) results, with EBITDA...

Small Cap Consumer Research

Continue to Ride the Trend Higher; Buying Gold, Silver, Miners $GDX $GDXJ $GLD $SLV

New market-generated information continues to be risk-on, which has only reinforced our bullish outlook on the broad equity market. We still expect...

Vermilion Research

Ross Stores Inc.: Continued Addition Of New Locations Boosting Growth! - Major Drivers

Ross Stores Inc. delivered a positive result and managed an all-around beat last quarter, with a 5% increase in comparable store sales primarily...

Baptista Research

Ross Stores: Collaboration With Adidas & Other Developments

Ross Stores managed to exceed analyst expectations in terms of revenue as well as earnings in its most recent quarterly result. The operating...

Baptista Research

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