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, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.</li><li>The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.</li></ul>

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.

EXPR: Snapping the Store: Clearing & Gearing

<ul><li>We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?</li><li>and a joint venture with leading brand licensor WHP Global.</li><li>We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.</li></ul>

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?and a joint venture with leading brand licensor WHP Global.We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 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>This is our first report on consumer products player, Urban Outfitters, Inc.</li><li>The company's Q3 2024 earnings call demonstrated signs of consistent growth and profitability across most of its brands, although improvements are still needed for the flagship Urban Outfitters brand.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on consumer products player, Urban Outfitters, Inc.The company's Q3 2024 earnings call demonstrated signs of consistent growth and profitability across most of its brands, although improvements are still needed for the flagship Urban Outfitters brand.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Urban Outfitters Inc: Initiation of Coverage - What Is Their Core Business Strategy? - Major Drivers

<ul><li>We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in solid shape and should, after end of season sales, be clean for Spring.</li><li>Further, the company has already begun to slowly flow in new Spring items, with patterned looks and dresses.</li></ul>

We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in solid shape and should, after end of season sales, be clean for Spring.Further, the company has already begun to slowly flow in new Spring items, with patterned looks and dresses.

GES: Snapping the Store: Picking the Key Winners; Reiterate Buy, $32.50 PT

<ul><li>We are reiterating our Buy rating and $20 price target for Express, but lowering our 4QFY23 projections after visiting stores in Long Island and Connecticut.</li><li>That said, we believe the near term impact will be to reduce gross margins; as such, while we are maintaining our 4Q23 top line projections, we are lowering our gross margin projections, which results in increased 4Q losses.</li><li>We believe the negative impact will be localized into FY23 and are leaving our FY24 projections unchanged.</li></ul>

We are reiterating our Buy rating and $20 price target for Express, but lowering our 4QFY23 projections after visiting stores in Long Island and Connecticut.That said, we believe the near term impact will be to reduce gross margins; as such, while we are maintaining our 4Q23 top line projections, we are lowering our gross margin projections, which results in increased 4Q losses.We believe the negative impact will be localized into FY23 and are leaving our FY24 projections unchanged.

EXPR: Snapping the Store; Clearing Out for a New Year; Reiterate Buy Rating, PT

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)

EXPR: Snapping the Store: Clearing & Gearing

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

Small Cap Consumer Research

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+)...

Small Cap Consumer Research

Urban Outfitters Inc: Initiation of Coverage - What Is Their Core Business Strategy? - Major Drivers

This is our first report on consumer products player, Urban Outfitters, Inc. The company's Q3 2024 earnings call demonstrated signs of consistent...

Baptista Research

GES: Snapping the Store: Picking the Key Winners; Reiterate Buy, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in...

Small Cap Consumer Research

EXPR: Snapping the Store; Clearing Out for a New Year; Reiterate Buy Rating, PT

We are reiterating our Buy rating and $20 price target for Express, but lowering our 4QFY23 projections after visiting stores in Long Island and...

Small Cap Consumer Research

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