Consumer & Retail Research Analysts

Comprehensive investigation, research, and thought are used by our analysts to create the best information and options for our clients.

Eric Gonzalez

Restaurants

Eric Gonzalez is a Vice President and Equity Research Analyst for KeyBanc Capital Markets Inc. With the firm since June 2018, he researches restaurant companies.

Prior to joining KeyBanc Capital Markets, Gonzalez spent seven years as a Vice President and Associate Analyst in Equity Research at RBC Capital Markets and UBS Securities. While there, he worked on the Institutional Investor-ranked research team covering the restaurant sector. Before that, Gonzalez was an Equity Research Associate at Oppenheimer & Co. His other previous experience includes working in institutional fixed-income sales at International Strategy and Investment Group, in interest rate/structured product sales at Nomura Securities International, and in fixed-income sales and trading at Morgan Stanley.

Gonzalez earned a Bachelor of Science degree from the Dyson School of Applied Economics and Management at Cornell University, as well as a Master of Business Administration degree from Columbia Business School. He also holds the Series 7, 63, 86, and 87 industry licenses.

In 2017, Gonzalez was recognized as a “Rising Star” in the restaurant sector by Institutional Investor Magazine.

Restaurant Companies Under Research Coverage

Company	Ticker
Brinker International, Inc.	EAT
Chipotle Mexican Grill, Inc.	CMG
Darden Restaurants, Inc.	DRI
Denny's Corporation	DENN
Dine Brands Global, Inc.	DIN
Domino's Pizza, Inc.	DPZ
Jack in the Box Inc.	JACK
McDonald's Corporation	MCD
Papa Johns International, Inc.	PZZA
Restaurant Brands International Inc.	QSR
Starbucks Corporation	SBUX
Texas Roadhouse, Inc.	TXRH
The Wendy's Company	WEN
YUM! Brands, Inc.	YUM

Ashley Owens

Softlines and Internet Retail

Ashley Owens is a Vice President, Equity Research Analyst, for KeyBanc Capital Markets Inc. With the Company since September 2017, she focuses her research on Consumer Softlines, specifically footwear, specialty retail, and e-commerce companies.

Prior to her promotion to Senior Analyst, she served as an Equity Research Associate on the Technology team in Portland, Oregon, covering the internet and media space with a focus on application technology, video games, and traditional media.

Owens earned a Bachelor of Science degree in finance from Oregon State University. She holds the Series 7, 63, 86, and 87 industry licenses.

Softlines & Internet Retail Companies Under Research Coverage

Company	Ticker
a.k.a. Brands Holding Corp.	AKA
Boot Barn Holdings, Inc.	BOOT
Brilliant Earth Group, Inc.	BRLT
Caleres, Inc.	CAL
Crocs, Inc.	CROX
Deckers Outdoor Corporation	DECK
Etsy, Inc.	ETSY
FIGS, Inc.	FIGS
G-III Apparel Group, Ltd.	GIII
lululemon athletica inc.	LULU
NIKE, Inc.	NKE
Nordstrom, Inc.	JWN
On Holding AG	ONON
Oxford Industries, Inc.	OXM
The RealReal, Inc.	REAL
Revolve Group, Inc.	RVLV
Wolverine World Wide, Inc.	WWW

Bradley Thomas, CFA

Retail Hardlines

Bradley B. Thomas is a Managing Director and Equity Research Analyst for KeyBanc Capital Markets Inc. With the company since April 2008, he focuses his research coverage on the retail hardlines industry.

Prior to joining the firm, Thomas was a Vice President and Senior Analyst in the retail sector at Lehman Brothers. Thomas joined Lehman in 2001 and began his career on the Institutional Investor-ranked retail hardlines team.

In 2018, Thomas was ranked the #1 stock picker in the multiline retail sector by Thomson Reuters. In addition, in 2013, he was ranked #1 of 75 analysts in The Wall Street Journal’s Best on the Street Survey in the specialty retailers and services category. This marked his second WSJ award. He ranked #2 in the home construction and furnishings category in 2012.

Thomas is a graduate of Duke University, where he earned a Bachelor of Science in economics with a minor in history. He is a CFA charterholder and a member of the New York Society of Security Analysts. Thomas is regularly featured in the media, appearing on CNBC and Bloomberg Television, and in publications such as The Wall Street Journal, Business Week, and Barron’s.

Retail — Hardlines Companies Under Research Coverage

Company	Ticker
Best Buy Co., Inc.	BBY
Central Garden & Pet Company	CENTA
Dollar General Corporation	DG
Dollar Tree, Inc.	DLTR
Ethan Allen Interiors Inc.	ETH
Five Below, Inc.	FIVE
Haverty Furniture Companies, Inc.	HVT
The Home Depot, Inc.	HD
La-Z-Boy Incorporated	LZB
Lowe’s Companies, Inc.	LOW
Ollie’s Bargain Outlet Holdings, Inc.	OLLI
PROG Holdings, Inc.	PRG
Purple Innovation, Inc.	PRPL
RH	RH
Sleep Number Corporation	SNBR
Target Corporation	TGT
Tempur Sealy International Inc.	TPX
Tractor Supply Company	TSCO
Upbound Group, Inc.	UPBD
Walmart Inc.	WMT
Wayfair Inc.	W
Williams-Sonoma, Inc.	WSM

Noah Zatzkin

Leisure & Performance Brands

Noah Zatzkin is a Vice President and Equity Research Analyst for KeyBanc Capital Markets Inc., covering Leisure & Performance Brands.

Noah rejoined KBCM in 2021, with considerable experience in the consumer retail and e-commerce space, most recently in private equity/restructuring as a Vice President at M3 Partners, LP (consumer softlines focus) and, prior to that, as an Associate Research Analyst at KBCM (specialty retail/consumer softlines and e-commerce). Earlier in his career, he worked as an Associate at BBR Partners LLC, a multifamily office, and as a Consultant at Deloitte.

Noah earned a Bachelor of Business Administration degree from the University of Michigan's Ross School of Business. He holds the Series 7, 63, 86, and 87 industry licenses.

Leisure & Performance Brands Companies Under Research Coverage

Company	Ticker
Acushnet Holdings Corp.	GOLF
Brunswick Corporation	BC
Camping World Holdings, Inc.	CWH
Garmin Ltd.	GRMN
Harley-Davidson, Inc.	HOG
Malibu Boats, Inc.	MBUU
MasterCraft Boat Holdings, Inc.	MCFT
OneWater Marine Inc.	ONEW
Patrick Industries, Inc.	PATK
Polaris Industries Inc.	PII
Thor Industries, Inc.	THO
Topgolf Callaway Brands Corp.	MODG
Winnebago Industries, Inc.	WGO
YETI Holdings, Inc.	YETI

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