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

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $30 price target and projections after meeting with a.k.a. Brand management.</li><li>We believe, with new Princess Polly stores rolling out, continued expansion with key partners such as Nordstrom, the rising potential for Petal & Pup as a lifestyle brand and the key shifts at Culture Kings, a.k.a. is on the cusp of material positives, which we believe will become increasingly visible to investors and position the company for higher recognition and a stronger capital base.</li><li>As such, we believe a.k.a. Brands is positioned for a highly positive 2025 and beyond, and we are reiterating our Buy rating and $30 price target for AKA.</li></ul>

We are reiterating our Buy rating, $30 price target and projections after meeting with a.k.a. Brand management.We believe, with new Princess Polly stores rolling out, continued expansion with key partners such as Nordstrom, the rising potential for Petal & Pup as a lifestyle brand and the key shifts at Culture Kings, a.k.a. is on the cusp of material positives, which we believe will become increasingly visible to investors and position the company for higher recognition and a stronger capital base.As such, we believe a.k.a. Brands is positioned for a highly positive 2025 and beyond, and we are reiterating our Buy rating and $30 price target for AKA.

AKA: Management Meetings Confirm AKA at Inflection Point; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating and $3 price target for VNCE and slightly reducing our projections for FY24 and FY25 after Vince reported 3QFY24 results just below expectations, driven by warmer weather, a concerted effort by management to continue to reduce overall discounting, especially in the outlet channel, and lower than expected wholesale reorders as the United States $ strengthened.</li><li>We do not believe any of these items materially impact the momentum and potential for the turn at Vince and, with the company resuming owned store growth both domestically and internationally in FY25, new product categories rolling in and the focus on higher pricing and margins remaining unabated, we believe the potential for upside remains strong.</li><li>As such, we are reiterating our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $3 price target for VNCE and slightly reducing our projections for FY24 and FY25 after Vince reported 3QFY24 results just below expectations, driven by warmer weather, a concerted effort by management to continue to reduce overall discounting, especially in the outlet channel, and lower than expected wholesale reorders as the United States $ strengthened.We do not believe any of these items materially impact the momentum and potential for the turn at Vince and, with the company resuming owned store growth both domestically and internationally in FY25, new product categories rolling in and the focus on higher pricing and margins remaining unabated, we believe the potential for upside remains strong.As such, we are reiterating our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 3Q Review: Turn Remains on Track; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before the open on Tuesday.</li><li>We believe 3Q was another strong quarter for the company, as Vince focused on winning fashion, expanded the men's offerings and, we believe, gained further traction on the wholesale side.</li><li>Further, with the impact of the ABG Vince transaction (completed in May 2023) now fully incorporated, Vince can begin to demonstrate progress on a true "apples to apples" basis.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before the open on Tuesday.We believe 3Q was another strong quarter for the company, as Vince focused on winning fashion, expanded the men's offerings and, we believe, gained further traction on the wholesale side.Further, with the impact of the ABG Vince transaction (completed in May 2023) now fully incorporated, Vince can begin to demonstrate progress on a true "apples to apples" basis.

Pvh Corp - VNCE: 3Q Preview: Showing Their Style; Reiterate Buy, $3 Price Target

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>Urban Outfitters, Inc. reported a promising performance for Q3 of fiscal 2025, with total sales reaching a record $1.4 billion, a 6% rise compared to the previous year.</li><li>This growth was primarily driven by strong performances from its Anthropologie and Free People brands, both of which posted mid-single-digit positive retail segment comps, which counterbalanced a high single-digit decline at Urban Outfitters.</li><li>Nuuly, the company's fashion rental business, also saw robust double-digit revenue growth, credited to a 51% rise in average active subscribers.</li></ul>

Urban Outfitters, Inc. reported a promising performance for Q3 of fiscal 2025, with total sales reaching a record $1.4 billion, a 6% rise compared to the previous year.This growth was primarily driven by strong performances from its Anthropologie and Free People brands, both of which posted mid-single-digit positive retail segment comps, which counterbalanced a high single-digit decline at Urban Outfitters.Nuuly, the company's fashion rental business, also saw robust double-digit revenue growth, credited to a 51% rise in average active subscribers.

Urban Outfitters Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>We are reducing our price target to $23 (from $29.00) and projections for Guess?</li><li>after the company reported below consensus 3QFY25 results and materially reduced expectations for 4Q, as the domestic retail division continued to struggle, the strengthening US Dollar was a drag and Guess?</li><li>feels the impact of higher freight costs, particularly in Europe.</li></ul>

We are reducing our price target to $23 (from $29.00) and projections for Guess?after the company reported below consensus 3QFY25 results and materially reduced expectations for 4Q, as the domestic retail division continued to struggle, the strengthening US Dollar was a drag and Guess?feels the impact of higher freight costs, particularly in Europe.

GES: 3Q Review: NT Sinks GES Again; Cutting PT to $23 (from $29), Projections

United States

Urban Outfitters, Inc. operates retail stores and direct response, including a catalog and Web sites.  The Company's Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise. Urban also designs and markets young women's casual wear which it provides to the Company's retail operations and sells to retailers worldwide.

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Urban Outfitters (URBN US)

AKA: Management Meetings Confirm AKA at Inflection Point; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and projections after meeting with a.k.a. Brand management. We believe, with new Princess...

Small Cap Consumer Research

Pvh Corp - VNCE: 3Q Review: Turn Remains on Track; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for VNCE and slightly reducing our projections for FY24 and FY25 after Vince reported 3QFY24...

Small Cap Consumer Research

Pvh Corp - VNCE: 3Q Preview: Showing Their Style; Reiterate Buy, $3 Price Target

We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before...

Small Cap Consumer Research

Urban Outfitters Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

Urban Outfitters, Inc. reported a promising performance for Q3 of fiscal 2025, with total sales reaching a record $1.4 billion, a 6% rise compared...

Baptista Research

GES: 3Q Review: NT Sinks GES Again; Cutting PT to $23 (from $29), Projections

We are reducing our price target to $23 (from $29.00) and projections for Guess? after the company reported below consensus 3QFY25 results and...

Small Cap Consumer Research

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