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

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.

<ul><li>We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.</li><li>We believe Vince continues to shine with strong offerings, from key event/gala driven looks, cold weather items, further expansion of men's and accessories and a Pre-Spring collection for the vacation and "snowbird" buyer.</li><li>Further, the Black Friday event was a winner, driving traffic and offering compelling savings at 25% off most of the store.</li></ul>

We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.We believe Vince continues to shine with strong offerings, from key event/gala driven looks, cold weather items, further expansion of men's and accessories and a Pre-Spring collection for the vacation and "snowbird" buyer.Further, the Black Friday event was a winner, driving traffic and offering compelling savings at 25% off most of the store.

Pvh Corp - VNCE: Snapping the Store: Cold Weather Winner: Reiterate Buy, $3 PT

Guess?, Inc. designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products.  The Company's apparel for men, women, and girls are marketed under branded names.  Guess? provides full collections of denim and cotton clothing and has granted licenses to manufacture complementary products.

<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

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

<ul><li>We are reiterating our Buy rating, $30 price target and projections after meeting with a.k.a. Brand management.</li><li>We believe, with new Princess Polly stores rolling out, continued expansion with key partners such as Nordstrom, the rising potential for Petal & Pup as a lifestyle brand and the key shifts at Culture Kings, a.k.a. is on the cusp of material positives, which we believe will become increasingly visible to investors and position the company for higher recognition and a stronger capital base.</li><li>As such, we believe a.k.a. Brands is positioned for a highly positive 2025 and beyond, and we are reiterating our Buy rating and $30 price target for AKA.</li></ul>

We are reiterating our Buy rating, $30 price target and projections after meeting with a.k.a. Brand management.We believe, with new Princess Polly stores rolling out, continued expansion with key partners such as Nordstrom, the rising potential for Petal & Pup as a lifestyle brand and the key shifts at Culture Kings, a.k.a. is on the cusp of material positives, which we believe will become increasingly visible to investors and position the company for higher recognition and a stronger capital base.As such, we believe a.k.a. Brands is positioned for a highly positive 2025 and beyond, and we are reiterating our Buy rating and $30 price target for AKA.

AKA: Management Meetings Confirm AKA at Inflection Point; Reiterate Buy, $30 PT

Build-A-Bear Workshop, Inc. is an interactive, entertainment mall-based retailer that invites guests to create their own customized stuffed animals through a bear-making process.  The Company operates various locations in the United States and other countries.

<ul><li>We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>We believe momentum has remained on the rise at Build-A-Bear stores, with continued strong sales of key Holiday driven characters (from Glisten to Sanrio, Stitch and Holiday costumes), new TikTok driven crazes (Sugar Cookie Capybara), compelling new characters (Bluey and Bingo) and movie driven properties, including a new "furry friend" for the upcoming Sonic 3 movie launch.</li><li>As such, and with gift cards sure to drive full price post-Xmas selling, we reiterate our Buy rating and $58 price target for BBW.</li></ul>

We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.We believe momentum has remained on the rise at Build-A-Bear stores, with continued strong sales of key Holiday driven characters (from Glisten to Sanrio, Stitch and Holiday costumes), new TikTok driven crazes (Sugar Cookie Capybara), compelling new characters (Bluey and Bingo) and movie driven properties, including a new "furry friend" for the upcoming Sonic 3 movie launch.As such, and with gift cards sure to drive full price post-Xmas selling, we reiterate our Buy rating and $58 price target for BBW.

BBW: Snapping the Store: Driving Holiday Cheer; Reiterate Buy, $58 PT

Vera Bradley, Inc. designs, produces and retails fashion accessories for women. The Company markets handbags, accessories and travel and leisure items through its chain of retail stores and independent retailers.

<ul><li>We are reiterating our Buy rating, projections and $5.50 price target for Vera Bradley after visiting main line and outlet stores in Connecticut and Long Island.</li><li>We believe, with an emphasis on key price points, compelling sale items and a focus on winning collaborations (Wicked and Disney), Vera Bradley is well positioned to drive gifting purchases for Xmas shoppers and, continue to attract curious customers attracted to the company's Project Restoration driven new offerings and looks.</li><li>Given low expectations and solid pricing power, we believe there remains some upside to 4Q and we reiterate our Buy rating and $5.50 price target for BBW.</li></ul>

We are reiterating our Buy rating, projections and $5.50 price target for Vera Bradley after visiting main line and outlet stores in Connecticut and Long Island.We believe, with an emphasis on key price points, compelling sale items and a focus on winning collaborations (Wicked and Disney), Vera Bradley is well positioned to drive gifting purchases for Xmas shoppers and, continue to attract curious customers attracted to the company's Project Restoration driven new offerings and looks.Given low expectations and solid pricing power, we believe there remains some upside to 4Q and we reiterate our Buy rating and $5.50 price target for BBW.

VRA: Snapping the Store: Meeting Xmas Wishes; Reiterate Buy, $5.50 Price Target

Equity research on small cap consumer names.