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, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>After a somewhat confusing visit last month, when product flows were shifted due to the tariff situation, our June tours were more normalized, with Vince stores beginning to flow the Pre-Fall 1 collection; while slightly (one week) later than last year, we believe the depth and breadth of goods demonstrates the company is quickly responding to tariffs and providing the customer with the looks, quality and versatility they expect.</li><li>Further, we believe the Summer and Pre-Fall 1 collections have remained fashion right, with great colors, solid knits and sweaters and warm weather items, from dress to short sleeve tops and shorts.</li></ul>

We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.After a somewhat confusing visit last month, when product flows were shifted due to the tariff situation, our June tours were more normalized, with Vince stores beginning to flow the Pre-Fall 1 collection; while slightly (one week) later than last year, we believe the depth and breadth of goods demonstrates the company is quickly responding to tariffs and providing the customer with the looks, quality and versatility they expect.Further, we believe the Summer and Pre-Fall 1 collections have remained fashion right, with great colors, solid knits and sweaters and warm weather items, from dress to short sleeve tops and shorts.

VNCE: Snapping the Store: Flows, Fashion Return to Normal; Reiterate Buy, $4 PT