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, $29 price target and projections for Guess?</li><li>after visiting the newly opened Guess Jeans store and wholesale displays in the Milan metro area.</li><li>Guess Jeans represents the company's focus on a younger, more environmentally driven consumer who is looking for easy to wear, primarily denim driven basics.</li></ul>

We are reiterating our Buy rating, $29 price target and projections for Guess?after visiting the newly opened Guess Jeans store and wholesale displays in the Milan metro area.Guess Jeans represents the company's focus on a younger, more environmentally driven consumer who is looking for easy to wear, primarily denim driven basics.

GES: Snapping the Store: Guess Jeans - New Store Launch - Milan - Reiterate Buy

<ul><li>We are reiterating our Buy rating, $29 price target and projections after reviewing Guess?</li><li>stores in London.</li><li>As we near the peak Fall season, Guess?</li></ul>

We are reiterating our Buy rating, $29 price target and projections after reviewing Guess?stores in London.As we near the peak Fall season, Guess?

GES: Snapping the Store - London - Fall Elevation Rising; Reiterate Buy, $29 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>Ross Stores has reported a notably strong second quarter for the fiscal year 2024, with financial results that surpassed initial expectations.</li><li>The company, renowned for its off-price retail offerings through Ross Dress for Less and dd's DISCOUNTS stores, announced a 7% increase in sales to about $5.3 billion from the previous year's $4.9 billion.</li><li>This was coupled with a comparable store sale rise of 4%.</li></ul>

Ross Stores has reported a notably strong second quarter for the fiscal year 2024, with financial results that surpassed initial expectations.The company, renowned for its off-price retail offerings through Ross Dress for Less and dd's DISCOUNTS stores, announced a 7% increase in sales to about $5.3 billion from the previous year's $4.9 billion.This was coupled with a comparable store sale rise of 4%.

Ross Stores Inc.: What Is Its Approach Towards Brand Diversification and Merchandise Strategy? - Major Drivers

<ul><li>We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.</li><li>While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.</li><li>That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.</li></ul>

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

<ul><li>We are reiterating our Buy rating, $37 price target and projections for GUESS?</li><li>after visiting stores in the Metropolitan New York City and Long Island regions.</li><li>While Guess?</li></ul>

We are reiterating our Buy rating, $37 price target and projections for GUESS?after visiting stores in the Metropolitan New York City and Long Island regions.While Guess?

GES: Snapping the Store: Last Days of Summer; Reiterate Buy, $37 PT

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)

GES: Snapping the Store: Guess Jeans - New Store Launch - Milan - Reiterate Buy

We are reiterating our Buy rating, $29 price target and projections for Guess? after visiting the newly opened Guess Jeans store and wholesale...

Small Cap Consumer Research

GES: Snapping the Store - London - Fall Elevation Rising; Reiterate Buy, $29 PT

We are reiterating our Buy rating, $29 price target and projections after reviewing Guess? stores in London. As we near the peak Fall season, Guess?

Small Cap Consumer Research

Ross Stores Inc.: What Is Its Approach Towards Brand Diversification and Merchandise Strategy? - Major Drivers

Ross Stores has reported a notably strong second quarter for the fiscal year 2024, with financial results that surpassed initial expectations. The...

Baptista Research

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but...

Small Cap Consumer Research

GES: Snapping the Store: Last Days of Summer; Reiterate Buy, $37 PT

We are reiterating our Buy rating, $37 price target and projections for GUESS? after visiting stores in the Metropolitan New York City and Long...

Small Cap Consumer Research

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