Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity research on small cap consumer names.

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

aka Brands Holding Corp / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding with the company announcing 3Q25 (September) results after the close on Wednesday.</li><li>While we continue to believe 3Q will reflect the impact of tariffs to the company's business model, we view the potential for upside to continue to increase as more Princess Polly stores come online (potential for 14 for Xmas) and as the company moves further away from the impact of tariffs.</li><li>Further, we look for continued improvements in wholesale relationships (especially at Nordstrom's) and better overall margin in Australia to also be key pluses post 3Q.</li></ul>

We are reiterating our Buy rating, projections and $30 price target for a.k.a. Brands Holding with the company announcing 3Q25 (September) results after the close on Wednesday.While we continue to believe 3Q will reflect the impact of tariffs to the company's business model, we view the potential for upside to continue to increase as more Princess Polly stores come online (potential for 14 for Xmas) and as the company moves further away from the impact of tariffs.Further, we look for continued improvements in wholesale relationships (especially at Nordstrom's) and better overall margin in Australia to also be key pluses post 3Q.

AKA: 3Q Preview: As Move From Tariff Upheaval, Upside Rises; Reit. Buy, $30 PT