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>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

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, $23 price target and projections for Guess?</li><li>after visiting stores in the Metro New York City and Long Island.</li><li>As we near the heart of Holiday party and event season, Guess?</li></ul>

We are reiterating our Buy rating, $23 price target and projections for Guess?after visiting stores in the Metro New York City and Long Island.As we near the heart of Holiday party and event season, Guess?

GES: Snapping the Store: All Dressed Up; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the December catalogs.</li><li>We believe Lands' End continues to focus the catalog on value-added offerings which tell a compelling product story and offer an increasing range of lifestyle driven products.</li><li>For December, the focus has remained outerwear, with a deeper look this year on lighter weight styles, even in December.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the December catalogs.We believe Lands' End continues to focus the catalog on value-added offerings which tell a compelling product story and offer an increasing range of lifestyle driven products.For December, the focus has remained outerwear, with a deeper look this year on lighter weight styles, even in December.

LE: Snapping the Catalog: Getting Festive for Xmas; Reiterate Buy, $20 PT

<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

<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

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.: 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: All Dressed Up; Reiterate Buy, $23 PT

We are reiterating our Buy rating, $23 price target and projections for Guess? after visiting stores in the Metro New York City and Long...

Small Cap Consumer Research

LE: Snapping the Catalog: Getting Festive for Xmas; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the December catalogs. We believe Lands' End...

Small Cap Consumer Research

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

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

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