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 $32.50 price target for Guess? was able to remain strategic throughout the Holiday season and, we believe, undertake the promotional calendar they originally anticipated.</li><li>As such, we remain confident in our projections and believe Guess?.</li></ul>

We are reiterating our Buy rating, projections and $32.50 price target for Guess? was able to remain strategic throughout the Holiday season and, we believe, undertake the promotional calendar they originally anticipated.As such, we remain confident in our projections and believe Guess?.

GES: Winning the Fashion Battle; Reiterate Buy Rating, $32.50 Price Target

<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>TJX Companies, Inc. delivered a positive result and managed an all-around beat in the last quarter, witnessing a commendable 6% surge in overall comparable store sales, surpassing the upper limit of its projections.</li><li>TJX's net sales reached a commendable $13.3 billion, marking a substantial 9% increase compared to the same period in fiscal 2023.</li><li>Marmaxx witnessed a robust increase in comp store sales, driven entirely by increased customer traffic.</li></ul>

TJX Companies, Inc. delivered a positive result and managed an all-around beat in the last quarter, witnessing a commendable 6% surge in overall comparable store sales, surpassing the upper limit of its projections.TJX's net sales reached a commendable $13.3 billion, marking a substantial 9% increase compared to the same period in fiscal 2023.Marmaxx witnessed a robust increase in comp store sales, driven entirely by increased customer traffic.

The TJX Companies Inc.: Surprising Factors Behind Their Recent Retail Growth! - Major Drivers

<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

United States

The TJX Companies, Inc. is an off-price apparel and home fashion retailer in the United States and worldwide.  The Company operates off-price retail concepts in the U.S., Canada and Europe that offer a wide range of brand name and designer merchandise.

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Tjx Companies (TJX US)

GES: Winning the Fashion Battle; Reiterate Buy Rating, $32.50 Price Target

We are reiterating our Buy rating, projections and $32.50 price target for Guess? was able to remain strategic throughout the Holiday season and,...

Small Cap Consumer Research

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

The TJX Companies Inc.: Surprising Factors Behind Their Recent Retail Growth! - Major Drivers

TJX Companies, Inc. delivered a positive result and managed an all-around beat in the last quarter, witnessing a commendable 6% surge in overall...

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

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