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).

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<ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>As such, we believe Express is on track to achieve our 4Q projections.</li><li>We reiterate our Buy rating and price target.</li></ul>

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.As such, we believe Express is on track to achieve our 4Q projections.We reiterate our Buy rating and price target.

EXPR: Getting Clean as Near Peak Xmas; Reiterate Buy Rating, $20 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, Inc. exceeded analyst expectations in terms of revenue as well as earnings, reaching 11.2% for the period, up from 9.8% the previous year.</li><li>Sales for the year-to-date period reached $14.4 billion, showing a 4% increase in comparable store sales over the previous year.</li><li>The company is on track to end the year with 1,764 Ross stores and 345 dd's DISCOUNTS, reflecting a net increase of 94 stores.</li></ul>

Ross Stores, Inc. exceeded analyst expectations in terms of revenue as well as earnings, reaching 11.2% for the period, up from 9.8% the previous year.Sales for the year-to-date period reached $14.4 billion, showing a 4% increase in comparable store sales over the previous year.The company is on track to end the year with 1,764 Ross stores and 345 dd's DISCOUNTS, reflecting a net increase of 94 stores.

Ross Stores Inc.: Emphasis On Value-Focused Changes Across Categories & Other Major Drivers! - Financial Forecasts

<ul><li>We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to a materially weaker than expected 4Q.</li><li>Further, with inventories heavier than expected ahead of the Holiday season (up 14% YoY, or flat if Bonobos is excluded) we expect the season to remain aggressively promotional and, in the near term, offset any gains from cost savings and other S,G&A reductions (and probably spill over into Q1FY24).</li><li>Our new price target of $20 (down from $40) translates to 8.2X our new, materially lowered FY24 EBITDA projection.</li></ul>

We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to a materially weaker than expected 4Q.Further, with inventories heavier than expected ahead of the Holiday season (up 14% YoY, or flat if Bonobos is excluded) we expect the season to remain aggressively promotional and, in the near term, offset any gains from cost savings and other S,G&A reductions (and probably spill over into Q1FY24).Our new price target of $20 (down from $40) translates to 8.2X our new, materially lowered FY24 EBITDA projection.

EXPR: 3Q Review; Cleaning Up the Mess; Reiterate Buy, Lowering PT to $20

<ul><li>We are reiterating our Buy rating, projections and price target for Express after visiting stores in Long Island and Connecticut.</li><li>We believe, after a tough Xmas last year, Express offerings are materially more versatile, priced better and more inline with the split between fashion and basics to create multiple exciting looks and outfits.</li><li>As such, we reiterate our Buy rating and price target for EXPR.</li></ul>

We are reiterating our Buy rating, projections and price target for Express after visiting stores in Long Island and Connecticut.We believe, after a tough Xmas last year, Express offerings are materially more versatile, priced better and more inline with the split between fashion and basics to create multiple exciting looks and outfits.As such, we reiterate our Buy rating and price target for EXPR.

EXPR: Snapping the Store: Remedying Issues of Xmas Past; Reiterate Buy, $40 PT

<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

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: Getting Clean as Near Peak Xmas; Reiterate Buy Rating, $20 PT

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. As such, we...

Small Cap Consumer Research

Ross Stores Inc.: Emphasis On Value-Focused Changes Across Categories & Other Major Drivers! - Financial Forecasts

Ross Stores, Inc. exceeded analyst expectations in terms of revenue as well as earnings, reaching 11.2% for the period, up from 9.8% the previous...

Baptista Research

EXPR: 3Q Review; Cleaning Up the Mess; Reiterate Buy, Lowering PT to $20

We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to...

Small Cap Consumer Research

EXPR: Snapping the Store: Remedying Issues of Xmas Past; Reiterate Buy, $40 PT

We are reiterating our Buy rating, projections and price target for Express after visiting stores in Long Island and Connecticut. We believe,...

Small Cap Consumer Research

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

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