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, $20 price target and raising our EPS projections after Lands' End reported 3QFY24 (October) results inline with their guidance, with revenue and EPS above, and EBITDA below, Street expectations, as warmer weather in October impacted sales of outerwear and the potential for material upside.</li><li>Further, initial 4QFY24 guidance reflected revenue below Street expectations, while EPS and EBITDA were inline, as weather remained a factor and the company continues to focus on driving higher returns, including reducing the level of discounted goods.</li><li>We would use today's weakness in LE, especially for investors who can discern the material multi-year positive drivers are fully on track, as a buying opportunity, and we reiterate our Buy rating and $20 price target.</li></ul>

We are reiterating our Buy rating, $20 price target and raising our EPS projections after Lands' End reported 3QFY24 (October) results inline with their guidance, with revenue and EPS above, and EBITDA below, Street expectations, as warmer weather in October impacted sales of outerwear and the potential for material upside.Further, initial 4QFY24 guidance reflected revenue below Street expectations, while EPS and EBITDA were inline, as weather remained a factor and the company continues to focus on driving higher returns, including reducing the level of discounted goods.We would use today's weakness in LE, especially for investors who can discern the material multi-year positive drivers are fully on track, as a buying opportunity, and we reiterate our Buy rating and $20 price target.

LE: 3Q Review: Shifts Beginning to Take Hold; Reiterate Buy Rating, $20 PT

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>Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.</li>
<li>There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title</li>
<li>We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)</li>
</ul>


Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.
There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title
We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)


Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before the open on Tuesday.</li><li>We believe 3Q was another strong quarter for the company, as Vince focused on winning fashion, expanded the men's offerings and, we believe, gained further traction on the wholesale side.</li><li>Further, with the impact of the ABG Vince transaction (completed in May 2023) now fully incorporated, Vince can begin to demonstrate progress on a true "apples to apples" basis.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before the open on Tuesday.We believe 3Q was another strong quarter for the company, as Vince focused on winning fashion, expanded the men's offerings and, we believe, gained further traction on the wholesale side.Further, with the impact of the ABG Vince transaction (completed in May 2023) now fully incorporated, Vince can begin to demonstrate progress on a true "apples to apples" basis.

Pvh Corp - VNCE: 3Q Preview: Showing Their Style; Reiterate Buy, $3 Price Target

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands' End with the company announcing 3QFY24 (October) results before the open on Thursday.</li><li>We believe, with a continued emphasis on reducing discounting, rolling out new products and features to create compelling product (and category) stories and expansion on the licensing and digital marketplace arenas, Lands' End has continued to shift the overall story to driving higher returns and creating the ability to achieve higher overall revenue.</li><li>Further, with a deepening international focus and material emerging opportunities in the Outfitters uniform and embroidery business, we believe Lands' End continues to rapidly improve their overall business model, and 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 with the company announcing 3QFY24 (October) results before the open on Thursday.We believe, with a continued emphasis on reducing discounting, rolling out new products and features to create compelling product (and category) stories and expansion on the licensing and digital marketplace arenas, Lands' End has continued to shift the overall story to driving higher returns and creating the ability to achieve higher overall revenue.Further, with a deepening international focus and material emerging opportunities in the Outfitters uniform and embroidery business, we believe Lands' End continues to rapidly improve their overall business model, and we reiterate our Buy rating and $20 price target for LE.

LE: 3Q Preview: Showing the Way to Higher Returns; Reiterate Buy, $20 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, New Jersey and New York.</li><li>As the stores enter the heart of Holiday selling, strong fashion items, better in stock levels, expansion into new accessory categories (belting) and a wider selection of key items such as men's bottoms, sweaters, outerwear and dresses, are driving traffic and sales.</li><li>Further, the launch of the Black Friday 25% off the store sale (similar to last year) is poised to once again register strong results.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, New Jersey and New York.As the stores enter the heart of Holiday selling, strong fashion items, better in stock levels, expansion into new accessory categories (belting) and a wider selection of key items such as men's bottoms, sweaters, outerwear and dresses, are driving traffic and sales.Further, the launch of the Black Friday 25% off the store sale (similar to last year) is poised to once again register strong results.

Pvh Corp - VNCE: Snapping the Store: Luxury Holiday Winner; Reiterate Buy Rating, $3 PT

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)

LE: 3Q Review: Shifts Beginning to Take Hold; Reiterate Buy Rating, $20 PT

We are reiterating our Buy rating, $20 price target and raising our EPS projections after Lands' End reported 3QFY24 (October) results inline with...

Small Cap Consumer Research

Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

Improving Market Dynamics; Outlook Remains Bullish $SPX $IWM $QQQ; MSCI EAFE $EFA, ACWI ex-US $ACWX, and Europe $HEDJ $FEZ to Join the Party?...

Vermilion Research

Pvh Corp - VNCE: 3Q Preview: Showing Their Style; Reiterate Buy, $3 Price Target

We are reiterating our Buy rating, $3 price target and projections for Vince Holding with the company reporting 3QFY24 (October) results before...

Small Cap Consumer Research

LE: 3Q Preview: Showing the Way to Higher Returns; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Lands' End with the company announcing 3QFY24 (October) results before the...

Small Cap Consumer Research

Pvh Corp - VNCE: Snapping the Store: Luxury Holiday Winner; Reiterate Buy Rating, $3 PT

We are reiterating our Buy rating, $3 price target and projections for Vince after visiting stores in Connecticut, New Jersey and New York. As the...

Small Cap Consumer Research

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