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We are reiterating our Buy rating, $37 price target and projections after visiting Guess? stores in the Metro NYC area and Long Island. We believe, with Spring now beginning to fully flow into stores, Guess? has continued to pivot their overall looks and focus even more on key fashion items, with an increased emphasis on activewear, dresses, and accessories, particularly handbags and footwear and men's accessories. Further, the company is experimenting in select stores to limit overall sizes on
Companies: PVH LULU URBN ROST AEO TPR AEO TJX GES ROST TPR LULU GES TJX PVH URBN
Small Cap Consumer Research LLC
We are reiterating our Buy rating, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling out top and bottom line projected growth for FY25 after Lands' End reported a strong end to FY23, driven by a multi-level focus on driving higher pricing, better inventory management and overall higher returns. Further, we believe in FY24, as the company continues to shift revenue to higher margin segments (such as licensing and online marketplaces) and
Companies: PVH JILL GPS LE LEVI OXM GES JILL OXM GES LE LEVI GPS PVH
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With Spring now in full bloom, Express has been rolling out new looks for the season, from a major activewear collection, an expansion of Body Contour, new men's swim, shorts for both men and women and seasonal suiting and dresses for the next key event or wedding. Further, the offerings are keyed by an increased focus on mix and match core basics, offering strong ver
Companies: PVH LULU GPS URBN GIII ROST AEO TPR AEO GIII TJX GES EXPR ROST EXPR TPR LULU GES GPS TJX PVH URBN
We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess? ended FY24 with a strong 4Q which easily beat both top and bottom line Street expectations and announced a $2.25 per share special dividend. Further, initial FY25 projections, which incorporate the acquisition of Rag & Bone, handily beat Street top line projections and bracket bottom line expectations, even as Guess? adds resources to drive Rag & Bone to higher ov
We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th. We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register s
We are reiterating our Buy rating, $32.50 price target and projections for Guess? with the company announcing 4QFY24 (January) results after the close on Wednesday. We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range. Further, we expect Guess? to incorporate multiple positive drivers in their initial FY25 guidance, including the recen
We are reiterating our Buy rating, projections and $32.50 price target for Guess? after visiting stores in the NYC metro area and Long Island. We believe Guess? is rolling out strong initial fashion statements for Spring, from dresses to light hues and jackets, women's and men's activewear and further distortions for key accessories. For men's, new short sleeve shirts and accessories expansion are helping to drive traffic. Further, with the stores clean, the brand is fully ready for an early Spr
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season. The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on t
We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection. Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions,
Companies: PVH JILL GPS LEVI GES JILL LSS OXM GES LE LEVI GPS PVH
We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess? and a joint venture with leading brand licensor WHP Global. We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading
We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? stores in Long Island and the Metro New York City region. We believe Guess? maintained planned discounting levels during the Holiday season, made strong winning fashion bets on active wear, luggage, handbags, footwear and other accessories and denim. Inventories, with the exception of outerwear, were in solid shape and should, after end of season sales, be clean for Spring. Further, the company has alrea
We are reiterating our Buy rating and $20 price target for Express, but lowering our 4QFY23 projections after visiting stores in Long Island and Connecticut. While we believe the Holiday offerings, especially on the women's side, were solid in terms of looks and versatility, and the company was not overly focused on the tough outerwear market, Express management made a decision to materially clear out the stores back rooms, which has resulted in material markdowns and inventory on the store floo
We are reiterating our Buy rating, $32.50 price target and projections for Guess? as we look ahead into 2024. We believe Guess? remains well positioned to continue to register strong top and bottom line results, as the company continues their international expansion, raises the overall fashion bar, maintains strong inventory integrity, further realigns their licensing portfolio and launches the Guess? Jeans contemporary line. Further, we believe there remains opportunities to continue to upgrade
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.
We are reiterating our Buy rating, projections and $32.50 price target for Guess? after visiting stores in Metropolitan New York City and Long Island. We believe, with a solid Black Friday promotion, key winning strategies to expand the activewear, footwear and outerwear categories and strong accessories driven revenue, Guess? was able to remain strategic throughout the Holiday season and, we believe, undertake the promotional calendar they originally anticipated. As such, we remain confident in
Research Tree provides access to ongoing research coverage, media content and regulatory news on Guess?, Inc.. We currently have 20 research reports from 2 professional analysts.
AFC has made strong progress with products and its manufacturing strategy. Despite heavy investment, the cash position, at £27.4m, was slightly better than our estimate for £26.9m, demonstrating good discipline. The monthly cash burn rate (at c. £1.3m) is tracking in-line with our expectations. Generally, we maintain our estimates for significantly increased sales in FY24e and FY25e, with the cash position unchanged. Recent news on commercial progress has been positive. The 30kW H-Power Generato
Companies: AFC Energy plc
Zeus Capital
Spectra Systems (SPSY) has an excellent record in growing profits through its highly regarded technology and relationships with key clients, which include a prominent global central bank. Now, the company is ready for the next stage, and we see the acquisition of Cartor Security Printers as a game-changer in enhancing its ability to continue, and potentially accelerate, this momentum, even as it continues to benefit from a near-term, multi-million-dollar sensor refresh programme with a long-term
Companies: Spectra Systems Corporation
WHIreland
The group’s year-end update flags trading ahead of expectations, achieved by strong growth in its Systems division, with the earlier than expected delivery of a NATO contract just prior to the year-end that pulls forward profit into FY24 making it a record year. Components continue to see a normalisation of orders and slower demand as previously flagged. Order cover is strong and further opportunities in the defence/security sector are leading to investment in Integrated Systems capabilities. Re
Companies: Solid State plc
Cavendish
2023 was a challenging year for Tandem, with cost-of-living pressures impacting demand for many of the group’s products. This led us to downgrade our forecasts several times during the year (including in December), and today’s results are largely in line with those revised projections – revenue -17% YoY to £22.2m and an adj. LAT of -£1.0m (our forecast of -£0.9m). FY24E looks more positive, however: economic pressures are easing for consumers (inflation is falling, interest rate cuts are expecte
Companies: Tandem Group plc
Today’s trading update confirms FY24E profitability above the top end of previously guided range, with positive trading momentum building into FY25.
Companies: Revolution Beauty Group plc
Companies: FOG TND BVXP ACC HDD
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has provided a trading update for the year ended 31 March 2024, reporting the earlier than expected delivery of specific contracts within its Systems division and resulting in the group's FY 2024E revenue and PBT outturn anticipated ahead of our forecasts, with a commensurate decrease in our FY 2025E estimates. The delivery of these contr
Encouraging FY23 results from SPSY this morning show profits and cash a touch ahead of expectation and position the company well for a year of strong growth in FY24E. SPSY leads the market in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. The company grew the business robustly in FY23 (PBTA +6%, EPS pared by increased tax payments, progressive DPS), building on a decade of double digit CAGR; and closed the year with the transfor
Liberum
Companies: LPA SOLI NANO QTX
Finals from the leader in machine-readable high-speed bank note authentication, brand protection technologies, security printing, and gaming software, in line. FY23’s stand-out feature was December’s acquisition of Cartor Holdings, the security printing business. As discussed at the time, this has moved Spectra’s Fusion polymer substrate proposition substantially forward, strengthens its competitive position and provides access to state of the art manufacturing facilities. Extending up the suppl
Allenby Capital
While revenue fell short of expectations due mainly to self-tan weakness, progress on margins, cost synergies and efficiency enabled BAR to deliver a reduction in H1 losses. While growth and profitability in other high margin brands has progressed, Skinny Tan trading is not expected to improve until next year. With synergy benefits having mostly annualised, lower sales forecasts impact the timing of the inflection to profit. We now assume losses both this and next year, albeit net cash is mostly
Companies: Brand Architekts Group plc
Singer Capital Markets
Companies: Portmeirion Group PLC
Shore Capital
Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.
Companies: Dowlais Group PLC
Edison
Companies: IG Design Group plc
Canaccord Genuity
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