Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity research on small cap consumer names.

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 projections for Express as we enter the new year.</li><li>With FY24 setting up as the first complete fiscal year under new CEO Stewart Glendinning, we look for Express to begin to leverage the gains from material cost saving programs, continue to expand the relationship with brand licensor WHP Global, further demonstrate the strength of the Bonobos acquisition and re-energize the Express brand to once again register consistent, profitable results.</li><li>As such, we believe FY24 will be a crucial period of initial cleanup and setting the stage for a stronger future which, if successful, will position the company to register material upside from somewhat apathetic Street expectations.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Express as we enter the new year.With FY24 setting up as the first complete fiscal year under new CEO Stewart Glendinning, we look for Express to begin to leverage the gains from material cost saving programs, continue to expand the relationship with brand licensor WHP Global, further demonstrate the strength of the Bonobos acquisition and re-energize the Express brand to once again register consistent, profitable results.As such, we believe FY24 will be a crucial period of initial cleanup and setting the stage for a stronger future which, if successful, will position the company to register material upside from somewhat apathetic Street expectations.

EXPR: 2024 Signposts: Creating the New Baseline; Reiterate Buy Rating, $20 PT