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>Gap Inc. reported its third quarter fiscal 2024 earnings, delivering results that met and, in several instances, surpassed expectations.</li><li>Net sales increased by 2%, marking the fourth consecutive quarter of sales growth and contributing to a 1% rise in comparable sales.</li><li>The growth in sales was distributed across its brand portfolio, with Old Navy and Gap showing strong performances, and Athleta experiencing a notable turnaround with a 5% increase in comparable sales.</li></ul>

Gap Inc. reported its third quarter fiscal 2024 earnings, delivering results that met and, in several instances, surpassed expectations.Net sales increased by 2%, marking the fourth consecutive quarter of sales growth and contributing to a 1% rise in comparable sales.The growth in sales was distributed across its brand portfolio, with Old Navy and Gap showing strong performances, and Athleta experiencing a notable turnaround with a 5% increase in comparable sales.

The Gap Inc.: Brand Reinvigoration & Market Share Gains Driving Our Optimism! - 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, raising our price target to $6 (from $3) and reiterating our projections as we look forward to 2025 for Vince.</li><li>We believe, after returning to profitability in FY24, and with "quiet luxury" remaining a key movement, Vince is poised to drive further strong results and upside in FY25, driven by a continued focus on lowering inventory exposure and driving higher pricing, the resumption of store growth (both domestically and internationally), new licensed category expansion, deeper penetration in the men's segment, further gross margin gains, and profits from their 25% stake in the ABG Vince strategic partnership.</li><li>We believe Vince remains one of the best positioned apparel retailers and, as such, we are comfortable raising our target price for VNCE to $6, or 15X our FY26 EPS projection.</li></ul>

We are reiterating our Buy rating, raising our price target to $6 (from $3) and reiterating our projections as we look forward to 2025 for Vince.We believe, after returning to profitability in FY24, and with "quiet luxury" remaining a key movement, Vince is poised to drive further strong results and upside in FY25, driven by a continued focus on lowering inventory exposure and driving higher pricing, the resumption of store growth (both domestically and internationally), new licensed category expansion, deeper penetration in the men's segment, further gross margin gains, and profits from their 25% stake in the ABG Vince strategic partnership.We believe Vince remains one of the best positioned apparel retailers and, as such, we are comfortable raising our target price for VNCE to $6, or 15X our FY26 EPS projection.

Pvh Corp - VNCE: 2025 Signposts; Moving Forward; Raising PT to $6; Reiterate Buy

<ul><li>The Gap Inc. sustained a positive trajectory in its second quarter earnings for the fiscal year 2024, demonstrating robust operational and financial advancement.</li><li>The company achieved a 5% increase in net sales and a 3% rise in comparable store sales, surpassing expectations and contributing to an ongoing market share expansion for the sixth consecutive quarter.</li><li>Notably, The Gap Inc. showed a commendable discipline in inventory management, reducing inventory levels by 5% year-over-year, and simultaneously expanded its gross margin by 500 basis points.</li></ul>

The Gap Inc. sustained a positive trajectory in its second quarter earnings for the fiscal year 2024, demonstrating robust operational and financial advancement.The company achieved a 5% increase in net sales and a 3% rise in comparable store sales, surpassing expectations and contributing to an ongoing market share expansion for the sixth consecutive quarter.Notably, The Gap Inc. showed a commendable discipline in inventory management, reducing inventory levels by 5% year-over-year, and simultaneously expanded its gross margin by 500 basis points.

The Gap Inc.: These Are The 6 Big Factors Driving Our Optimism! - Major Drivers

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look forward to 2025.</li><li>We believe, after an impressive return to profitability in FY24, Lands' End management is poised to continue to build on their winning business model drivers (improved product, marketing and customer reach, Outfitters, international and licensing) to drive further upside into FY25 and amply demonstrate the power of Lands' End to leverage a quintessential and trusted American brand to drive compelling returns.</li><li>As such, we reiterate our Buy rating and $20 price target for LE.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look forward to 2025.We believe, after an impressive return to profitability in FY24, Lands' End management is poised to continue to build on their winning business model drivers (improved product, marketing and customer reach, Outfitters, international and licensing) to drive further upside into FY25 and amply demonstrate the power of Lands' End to leverage a quintessential and trusted American brand to drive compelling returns.As such, we reiterate our Buy rating and $20 price target for LE.

LE: 2025 Signposts; Expanding on Wins; Reiterate Buy, $20 Price Target

<ul><li>The Gap Inc. reported strong first quarter results, exceeding expectations across key metrics, with market share gains and positive comparable sales across all brands.</li><li>The company's first quarter performance reflected continued focus on its financial and operational priorities.</li><li>Comparable sales for the company grew by 3%, with positive comps for all brands.</li></ul>

The Gap Inc. reported strong first quarter results, exceeding expectations across key metrics, with market share gains and positive comparable sales across all brands.The company's first quarter performance reflected continued focus on its financial and operational priorities.Comparable sales for the company grew by 3%, with positive comps for all brands.

The Gap Inc.: How Is Their Strategic Pivot In The Digital Era Yielding Results? - Major Drivers

United States

The Gap, Inc., is an international specialty retailer operating retail and outlet stores.  The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

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Gap Inc/The (GPS US)

Pvh Corp - VNCE: 2025 Signposts; Moving Forward; Raising PT to $6; Reiterate Buy

We are reiterating our Buy rating, raising our price target to $6 (from $3) and reiterating our projections as we look forward to 2025 for...

Small Cap Consumer Research

The Gap Inc.: These Are The 6 Big Factors Driving Our Optimism! - Major Drivers

The Gap Inc. sustained a positive trajectory in its second quarter earnings for the fiscal year 2024, demonstrating robust operational and...

Baptista Research

LE: 2025 Signposts; Expanding on Wins; Reiterate Buy, $20 Price Target

We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look forward to 2025. We believe, after an impressive...

Small Cap Consumer Research

The Gap Inc.: How Is Their Strategic Pivot In The Digital Era Yielding Results? - Major Drivers

The Gap Inc. reported strong first quarter results, exceeding expectations across key metrics, with market share gains and positive comparable...

Baptista Research

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The Gap Inc.: Brand Reinvigoration & Market Share Gains Driving Our Optimism! - Major Drivers

Gap Inc. reported its third quarter fiscal 2024 earnings, delivering results that met and, in several instances, surpassed expectations. Net sales...

Baptista Research

Pvh Corp - VNCE: 2025 Signposts; Moving Forward; Raising PT to $6; Reiterate Buy

We are reiterating our Buy rating, raising our price target to $6 (from $3) and reiterating our projections as we look forward to 2025 for...

Small Cap Consumer Research

The Gap Inc.: These Are The 6 Big Factors Driving Our Optimism! - Major Drivers

The Gap Inc. sustained a positive trajectory in its second quarter earnings for the fiscal year 2024, demonstrating robust operational and...

Baptista Research

LE: 2025 Signposts; Expanding on Wins; Reiterate Buy, $20 Price Target

We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look forward to 2025. We believe, after an impressive...

Small Cap Consumer Research

The Gap Inc.: How Is Their Strategic Pivot In The Digital Era Yielding Results? - Major Drivers

The Gap Inc. reported strong first quarter results, exceeding expectations across key metrics, with market share gains and positive comparable...

Baptista Research