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    Keegan Cox

    Senior Research Associate at D.A. Davidson Companies

    Keegan Cox is a Senior Research Associate at D.A. Davidson Companies, specializing in equity research with a focus on consumer and retail sectors. He covers companies such as Build-A-Bear Workshop and Hasbro, and has delivered actionable investment recommendations, including raising the price target for Build-A-Bear to $64 while maintaining a Buy rating. Cox began his career after graduating from Southern Utah University and joined D.A. Davidson as a Research Associate in 2022, earning a promotion to Senior Research Associate in November 2024 and quickly advancing to independently cover stocks. He is recognized for his financial modeling skills, active participation in the CFA Challenge, and expertise in investment analysis, with credentials that include hands-on client advisory and strong academic training in finance and economics.

    Keegan Cox's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership

    Keegan Cox's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q2 2025

    Question

    Keegan Cox of D.A. Davidson Companies questioned the implied slowdown in the second-half guidance, asking if it suggested weaker margins. He also inquired about the momentum with new partner-operated locations and any differences in the customer base compared to corporate stores.

    Answer

    CFO & President Voin Todorovic clarified that the guidance reflects tougher year-over-year comparisons and nearly $16 million in headwinds from tariffs and labor costs, despite which the company expects to approach or beat last year's record profitability. Chief Operations & Experience Officer J. Christopher Hurt added that partner momentum is strong, driven by the brand's global power, social media reach, and significant user-generated content, which creates a consistent guest experience worldwide.

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    Keegan Cox's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q1 2025

    Question

    Keegan Cox from D.A. Davidson Companies inquired about the strong performance of company-operated retail stores relative to expectations and asked for more details on the partners involved in the partner-operated store model.

    Answer

    CFO Voin Todorovic stated that all four key retail metrics were positive, highlighting that domestic store traffic increased 3% while national traffic declined 3%. President & CEO Sharon Price John added that Build-A-Bear is a destination brand, with most visits planned for special occasions. Chief Operations & Experience Officer J. Christopher Hurt identified partners such as Great Wolf Lodge, Carnival Cruise Line, and major international toy distributors, stressing that partners are carefully selected to uphold the brand's unique experience.

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    Keegan Cox's questions to Funko (FNKO) leadership

    Keegan Cox's questions to Funko (FNKO) leadership • Q2 2025

    Question

    Keegan Cox from D.A. Davidson Companies questioned the initial customer response to the July price increases, asked for clarification on the adjusted EBITDA margin guidance, and inquired about the company's cash sufficiency for the remainder of the year.

    Answer

    CFO Yves LePendeven stated that early e-commerce data shows no negative impact on unit volumes from the price hikes, and wholesale POS data does not show a meaningful dip. He clarified the mid-to-high single-digit adjusted EBITDA margin guidance is for the second half of 2025, with Q4 expected to be stronger than Q3. Regarding liquidity, he cited the recent credit amendment, covenant waivers, and the new ATM filing as providing flexibility while the company focuses on refinancing its debt.

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    Keegan Cox's questions to Funko (FNKO) leadership • Q1 2025

    Question

    Keegan Cox sought clarification on the timing of price increases relative to tariff announcements, the drivers behind better-than-expected Q1 gross margins, and the financial impact timeline for the announced 20% workforce reduction.

    Answer

    CEO Cynthia Williams confirmed the price increases were planned prior to the tariff announcements. CFO Yves Le Pendeven attributed the strong gross margin performance to broad-based minor improvements across product margins and inventory reserves, rather than a single factor. Cynthia Williams detailed that the workforce reduction occurred in two main phases (March and May), with the majority already complete, and the resulting cost savings will be realized throughout the remainder of 2025.

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    Keegan Cox's questions to SUPERIOR GROUP OF COMPANIES (SGC) leadership

    Keegan Cox's questions to SUPERIOR GROUP OF COMPANIES (SGC) leadership • Q2 2025

    Question

    Keegan Cox from D.A. Davidson Companies asked about potential customer order pull-forward due to tariffs, the reasons for the quarterly inventory build, and the outlook considering recent employment data.

    Answer

    President of Branded Products Jake Himelstein noted minimal tariff impact due to a made-to-order model, while CEO Michael Benstock confirmed there was no significant pull-forward. CFO Mike Koempel explained the inventory build was a strategic move in the Healthcare segment to support second-half sales and avoid prior-year stock-outs. Management indicated that hiring in key client sectors like healthcare and technology remains strong, mitigating concerns from broader employment reports.

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