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We are reiterating our Buy rating, $14 price target and projections after reviewing the company's early summer catalogs for April 2023 and 2024. We remain impressed by the shifts in the catalogs, from a deeper focus on features and story telling, impressive gains in swimwear and related accessories, expansion of categories such as outerwear, totes and lifestyle apparel, shifts in footwear that we believe will presage the relaunch of the category as a licensed item and overall similar pricing. We
Companies: PVH JILL GPS LE LEVI OXM GES JILL OXM GES LE LEVI GPS PVH
Small Cap Consumer Research LLC
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
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
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.
Research Tree provides access to ongoing research coverage, media content and regulatory news on PVH Corp.. We currently have 20 research reports from 2 professional analysts.
Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.
Companies: Surface Transforms PLC
Cavendish
We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.
Zeus Capital
Companies: BILN ELCO NXQ CUSN ATG
Companies: Nexteq PLC
Canaccord Genuity
Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.
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Shore Capital
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
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Hybridan
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: SCE HVO VLG
On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div
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Liberum
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on
Companies: Gooch & Housego PLC
Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen
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