Thursday, October 23, 2025
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 Preview. We expect that there will be some impact on the third quarter from the “pull forward” in Branded Product revenue into the second quarter as consumers reacted ahead of possible trade policy changes. As such, we are modestly lowering our Q3 revenue and earnings expectations, highlighted in Figure #1 Q3 Revisions.
Largest variance. The largest adjustment to our Q3 revenue estimate is in Branded Products, revised from $89.8 million to $85.0 million. In our view, this segment offers one of the largest upside surprise potential in Q4, which could benefit from an improving macro economy.
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