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, price target and projections for Vera Bradley after meeting with management at the ICR Conference.</li><li>We believe, with management continuing to tweak the Project Restoration shifts, they are resolute in shifting the customer mix to a younger, more fashion focused customer who will pay a premium for fashion driven looks.</li><li>Further, with the outlet product and shopping experience increasingly distinct from the main line stores, we believe there is an opportunity, longer term, for Vera Bradley to drive higher returns from both concepts.</li></ul>

We are reiterating our Buy rating, price target and projections for Vera Bradley after meeting with management at the ICR Conference.We believe, with management continuing to tweak the Project Restoration shifts, they are resolute in shifting the customer mix to a younger, more fashion focused customer who will pay a premium for fashion driven looks.Further, with the outlet product and shopping experience increasingly distinct from the main line stores, we believe there is an opportunity, longer term, for Vera Bradley to drive higher returns from both concepts.

VRA: ICR Conference Notes: Forward with Project Restoration; Reiterate Buy, PT