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

<ul><li>We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the December catalog.</li><li>This year the emphasis is on great fixed pricing for the budget conscious, personalized gifts, a deeper focus on bottoms, apparel and gifting (versus outerwear), the return of kids, expansion of licensed categories and the tote craze.</li><li>When combined with Holiday driven winners such as stockings and gloves, we believe the December catalog amply demonstrated the material progress Lands' End has registered in 2025 to offer a more compelling lifestyle driven series of offerings and expand into key categories with licensed goods; we reiterate our Buy rating and $20 price target for LE, as we view 2026 as the start of material top line expansion to further leverage what is already a compelling margin expansion story.</li></ul>

We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the December catalog.This year the emphasis is on great fixed pricing for the budget conscious, personalized gifts, a deeper focus on bottoms, apparel and gifting (versus outerwear), the return of kids, expansion of licensed categories and the tote craze.When combined with Holiday driven winners such as stockings and gloves, we believe the December catalog amply demonstrated the material progress Lands' End has registered in 2025 to offer a more compelling lifestyle driven series of offerings and expand into key categories with licensed goods; we reiterate our Buy rating and $20 price target for LE, as we view 2026 as the start of material top line expansion to further leverage what is already a compelling margin expansion story.

LE: Snapping the Catalog: Bringing Personalized Holiday Cheer; Reit. Buy, PT

Lands' End Inc

LE: Snapping the Catalog: Bringing Personalized Holiday Cheer; Reit. Buy, PT