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 and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.</li><li>We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.</li><li>As such, we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.As such, we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.</li><li>With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.</li><li>That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

<ul><li>We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home goods via their own stores, online and in wholesale partnerships with key retailers, with a Buy rating and $3 price target, or 6.5X our FY25 EBITDA projection.</li><li>We believe, after a momentous FY23, where the company formed a partnership with Authentic Brands Group, a leading brand licensor, materially recast their balance sheet with debt paydowns and maturity extensions, and began a $30 million transformation program, Vince is ready to shine once again in 2HFY24 and return to top line growth, with higher returns and a more enduring business model.</li><li>As such, and with investor skepticism remaining a drag, we view the longer term risk/reward as compelling, and are initiating coverage of VNCE with a Buy rating and $3 price target.</li></ul>

We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home goods via their own stores, online and in wholesale partnerships with key retailers, with a Buy rating and $3 price target, or 6.5X our FY25 EBITDA projection.We believe, after a momentous FY23, where the company formed a partnership with Authentic Brands Group, a leading brand licensor, materially recast their balance sheet with debt paydowns and maturity extensions, and began a $30 million transformation program, Vince is ready to shine once again in 2HFY24 and return to top line growth, with higher returns and a more enduring business model.As such, and with investor skepticism remaining a drag, we view the longer term risk/reward as compelling, and are initiating coverage of VNCE with a Buy rating and $3 price target.

Pvh Corp - VNCE: Upside Clarity Increasing; Initiating Coverage with a Buy Rating, $3 PT

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"</li>
<li>All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).</li>
<li>Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.</li>
</ul>


Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"
All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).
Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.


Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

United States

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

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Abercrombie & Fitch Co Cl A (ANF US)

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24...

Small Cap Consumer Research

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday. With...

Small Cap Consumer Research

Pvh Corp - VNCE: Upside Clarity Increasing; Initiating Coverage with a Buy Rating, $3 PT

We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home...

Small Cap Consumer Research

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

Lockout Rally Continues; Breakouts Piling Up; $SPX Breakout Above 2-Yr Resistance at 4600-4607, $COMP Breakout Above 14,400. This is what a strong...

Vermilion Research

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