Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Tapestry has been in the news for its $8.5 billion acquisition of Capri Holdings.</li><li>Meanwhile, we delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.</li><li>Tapestry achieved remarkable and strategic progress, showcasing robust brand-building strategies, consumer-centric approaches, and effective execution, resulting in significant earnings per share.</li></ul>

Tapestry has been in the news for its $8.5 billion acquisition of Capri Holdings.Meanwhile, we delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.Tapestry achieved remarkable and strategic progress, showcasing robust brand-building strategies, consumer-centric approaches, and effective execution, resulting in significant earnings per share.

Tapestry Inc.: The $8.5 Billion Capri Holdings Acquisition Can Be A Real Game Changer! - Major Drivers

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).

<ul><li>We are reiterating our Buy rating, $37 price target and projections for Guess?</li><li>after touring stores in Milan, Italy, the second largest market for Guess?</li><li>As we have seen on our international and domestic store tours, the name of the game for Guess?</li></ul>

We are reiterating our Buy rating, $37 price target and projections for Guess?after touring stores in Milan, Italy, the second largest market for Guess?As we have seen on our international and domestic store tours, the name of the game for Guess?

GES: Snapping the Store - Milan - Peaking Elevation - Reiterate Buy, $37 PT

<ul><li>We are reiterating our Buy rating, $25 price target and projections for Vera Bradley as we look forward to 2H24.</li><li>Not surprisingly, our focus is on the start of the New Day, which is the relaunch of the company's main line stores to reflect management's vision, scheduled for July 11th, and the associated shifts for the company's outlet locations in August.</li><li>We believe this shift, which will impact all pieces of the store (and online) shopping experience, represents a bold move by management to fundamentally change the Vera Bradley shopping experience, making it more relevant to a wider range of consumers, easier to shop and offering both the pattern driven and feature driven shoppers compelling choices.</li></ul>

We are reiterating our Buy rating, $25 price target and projections for Vera Bradley as we look forward to 2H24.Not surprisingly, our focus is on the start of the New Day, which is the relaunch of the company's main line stores to reflect management's vision, scheduled for July 11th, and the associated shifts for the company's outlet locations in August.We believe this shift, which will impact all pieces of the store (and online) shopping experience, represents a bold move by management to fundamentally change the Vera Bradley shopping experience, making it more relevant to a wider range of consumers, easier to shop and offering both the pattern driven and feature driven shoppers compelling choices.

VRA; 2H Signposts; All About the "New Day;" Reiterate Buy Rating, $10 PT

<ul><li>We are reiterating our Buy rating, $37 price target and projections for Guess?</li><li>as we begin our Milan tour with the global rollout of the new Guess Jeans line, which debuted last week.</li><li>For Milan, Guess Jeans launched at La Rinascente's (the leading Italian luxury department store) flagship Milan location (across from the Piazza del Duomo) with an intense merchandising campaign, including taking over the front of the store, in-store signage and a key event with influencers.</li></ul>

We are reiterating our Buy rating, $37 price target and projections for Guess?as we begin our Milan tour with the global rollout of the new Guess Jeans line, which debuted last week.For Milan, Guess Jeans launched at La Rinascente's (the leading Italian luxury department store) flagship Milan location (across from the Piazza del Duomo) with an intense merchandising campaign, including taking over the front of the store, in-store signage and a key event with influencers.

GES: Snapping the Store: Milan - Guess Jeans Launch - Reiterate Buy, $37 PT

<ul><li>We are reiterating our Buy recommendation, $37 price target and projections as we look at key trends for 2HFY24 and beyond for Guess?</li><li>We believe the company remains focused on driving upside via both elevation and escalation.</li><li>In terms of elevation, Guess?</li></ul>

We are reiterating our Buy recommendation, $37 price target and projections as we look at key trends for 2HFY24 and beyond for Guess?We believe the company remains focused on driving upside via both elevation and escalation.In terms of elevation, Guess?

GES: 2H Signposts: Elevation and Escalation for Guess?; Reiterate Buy & $37 PT

United States

Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged, and lifestyle footwear for men, women, and children.  The Company sells its products to department stores and specialty retailers.  Skechers also sells its products internationally through distributors and directly to consumers through its own retail stores.

Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. The Company's products are sold under a wide range of brands. Ralph Lauren's operations include wholesale, retail, and licensing.

Crocs, Inc. designs and manufactures shoes.  The Company produces soft, lightweight, non-marking, slip- and odor-resistant shoes made of closed-cell resin material.  Crocs manufactures men's, women's, and children's shoes and markets them to retail chains.

VF Corporation is an international apparel company. The Company owns a broad portfolio of brands in the jeanswear, outerwear, packs, footwear, sportswear and occupational apparel categories. VF Corp's products are marketed to consumers shopping in specialty stores, upscale and traditional department stores, national chains and mass merchants.

PVH Corp. designs, sources, manufactures, and markets men's, women's, and children's apparel and footwear.  The Company markets its products at a wholesale level through department store chains and directly to consumers through retail stores. PVH Corp offers attire that includes dress shirts, sportswear, neckwear, and footwear.

Levi Strauss & Co. manufactures and distributes apparels. The Company offers jeans, casual pants, tops, jackets, shirts, and other related products. Levi Strauss serves customers worldwide.

Capri Holdings Limited retails apparel. The Company offers fashion luxury women's and men's accessories, footwear, apparel, watches, jewelry, eyewear, and fragrance products, as well as provides delivery services. Capri Holdings serves customers worldwide.

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

Samsonite International SA designs, manufactures, and distributes luggage. The Company's products include suitcases, garment bags, casual bags, business cases, clothing, shoes, and accessories. Samsonite also licenses their trademarks for use on products such as travel accessories, leather goods, handbags, clothing, and furniture.

Columbia Sportswear Company designs, manufactures, markets, and distributes active outdoor apparel.  The Company's products include outerwear, sportswear, rugged footwear, and related accessories.  Columbia's products are sold to specialty and department store retailers in the United States and other countries.

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

Li Ning Company Limited researches, designs, manufactures, distributes, and retails sports footwear, apparel and accessories for sport and leisure use.

Bosideng International Holdings Limited develops down apparel products in the Peoples Republic of China. The Company's products include down jackets, vests, and pants which it offers through retail outlets located in multiple cities.

Bosideng International Holdings (3998 HK)

Shenzhou International Group Holdings Ltd manufactures and processes textiles.  The Company produces, dyes, finishes, prints, embroiders, cuts, and sews knitwear.

ASICS CORPORATION manufactures general sporting goods and equipment.  The Company's products, such as athletic shoes and sportswear, are distributed in the United States, Europe, Australia, and Asia.

Brunello Cucinelli SpA is a luxury fashion company, known for its cashmere products as well as exclusive brands.  The Company designs, manufactures, and distributes clothing and accessories globally for men and women.

Puma SE designs, manufactures, and sells sporting goods and apparels. The Company produces running, tennis, training, and basketball shoes, as well as t-shirts and accessories. Puma serves customers worldwide.

Pandora A/S designs, manufactures, markets, and distributes hand finished and modern jewellery made from primarily sterling  silver, gold, precious and semiprecious stones and Murano glass. The Company offers rings, bracelets, necklaces and earings.

The Swatch Group AG manufactures watches, watch components, jewelry, miniature batteries, liquid crystal displays, and scoreboards. The Company produces watches under various branded names, as well as operates retail boutiques. Swatch Group serves customers worldwide.

Tapestry, Inc. designs and markets clothes and accessories. The Company offers handbags, leather goods, footwear, fragrance, jewelry, outer wear, ready-to-wear, scarves, sunwear, travel accessories, and watches. Tapestry serves customers in the United States.

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Tapestry Inc (TPR US)

Tapestry Inc.: The $8.5 Billion Capri Holdings Acquisition Can Be A Real Game Changer! - Major Drivers

Tapestry has been in the news for its $8.5 billion acquisition of Capri Holdings. Meanwhile, we delivered a disappointing set of results as the...

Baptista Research

GES: Snapping the Store - Milan - Peaking Elevation - Reiterate Buy, $37 PT

We are reiterating our Buy rating, $37 price target and projections for Guess? after touring stores in Milan, Italy, the second largest market for...

Small Cap Consumer Research

VRA; 2H Signposts; All About the "New Day;" Reiterate Buy Rating, $10 PT

We are reiterating our Buy rating, $25 price target and projections for Vera Bradley as we look forward to 2H24. Not surprisingly, our focus is on...

Small Cap Consumer Research

GES: Snapping the Store: Milan - Guess Jeans Launch - Reiterate Buy, $37 PT

We are reiterating our Buy rating, $37 price target and projections for Guess? as we begin our Milan tour with the global rollout of the new Guess...

Small Cap Consumer Research

GES: 2H Signposts: Elevation and Escalation for Guess?; Reiterate Buy & $37 PT

We are reiterating our Buy recommendation, $37 price target and projections as we look at key trends for 2HFY24 and beyond for Guess? We believe...

Small Cap Consumer Research

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