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, $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

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.

<ul><li>This is our first report on apparel major, PVH Corp.</li><li>The company's third quarter earnings for 2023 portray an encouraging picture of the company's financial performance, characterized by a steady stream of revenue and a strategic focus on its core brands.</li><li>PVH Corp. displayed resilience by achieving an overall revenue growth in line with guidance, up 4% on a reported basis and up 1% in constant currency.</li></ul>

This is our first report on apparel major, PVH Corp.The company's third quarter earnings for 2023 portray an encouraging picture of the company's financial performance, characterized by a steady stream of revenue and a strategic focus on its core brands.PVH Corp. displayed resilience by achieving an overall revenue growth in line with guidance, up 4% on a reported basis and up 1% in constant currency.

PVH Corp.: Initiation of Coverage - E-Commerce Explosion: How PVH's Digital Mastery Is Redefining Fashion Retail! - Major Drivers

<ul><li>We are reiterating our Buy rating, $37 price target and projections for Guess?</li><li>after visiting stores in Long Island and the Metropolitan New York City area.</li><li>With the return of hot and humid weather, we believe Guess?</li></ul>

We are reiterating our Buy rating, $37 price target and projections for Guess?after visiting stores in Long Island and the Metropolitan New York City area.With the return of hot and humid weather, we believe Guess?

GES: Snapping the Store: Summer Begins to Sizzle; Reiterate Buy, $37 PT

<ul><li>We are reiterating our Buy rating and projections and raising our price target to $20 (from $17) after meeting with Lands' End management at their headquarters in Dodgeville, Wisconsin.</li><li>We believe management is laser focused on continuing to drive higher overall returns to the company, from shifting the product mix, lowering inventories, realizing higher pricing, focusing on features and stories to drive deeper customer interaction and loyalty, deepening licensing penetration on non-core categories, expanding internationally and driving stronger results at the Outfitters segment.</li><li>The emphasis on leveraging the highly trusted Lands' End moniker to maximize brand equity, drive higher returns and create an even more compelling lifestyle story is still in the early stages and, we believe, will drive multi-period growth.</li></ul>

We are reiterating our Buy rating and projections and raising our price target to $20 (from $17) after meeting with Lands' End management at their headquarters in Dodgeville, Wisconsin.We believe management is laser focused on continuing to drive higher overall returns to the company, from shifting the product mix, lowering inventories, realizing higher pricing, focusing on features and stories to drive deeper customer interaction and loyalty, deepening licensing penetration on non-core categories, expanding internationally and driving stronger results at the Outfitters segment.The emphasis on leveraging the highly trusted Lands' End moniker to maximize brand equity, drive higher returns and create an even more compelling lifestyle story is still in the early stages and, we believe, will drive multi-period growth.

LE: Mgmt. Meetings Confirm Positives; Raising PT to $20 (From $17); Reit. Buy

United States

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.

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Pvh Corp (PVH US)

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

PVH Corp.: Initiation of Coverage - E-Commerce Explosion: How PVH's Digital Mastery Is Redefining Fashion Retail! - Major Drivers

This is our first report on apparel major, PVH Corp. The company's third quarter earnings for 2023 portray an encouraging picture of the company's...

Baptista Research

GES: Snapping the Store: Summer Begins to Sizzle; Reiterate Buy, $37 PT

We are reiterating our Buy rating, $37 price target and projections for Guess? after visiting stores in Long Island and the Metropolitan New York...

Small Cap Consumer Research

LE: Mgmt. Meetings Confirm Positives; Raising PT to $20 (From $17); Reit. Buy

We are reiterating our Buy rating and projections and raising our price target to $20 (from $17) after meeting with Lands' End management at their...

Small Cap Consumer Research

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