We are reiterating our Buy rating, $20 price target and projections with Lands' End announcing 2QFY24 (July) results before the open on Thursday. We believe Lands' End management, under CEO Andrew McLean has continued to refocus the company on driving higher returns via lower discounting, fashion and product newness and innovation, reduced overall inventories and licensing non-core categories and relationships. When combined with an increased emphasis on core winning categories such as swimwear and women's bottoms in 2Q and shifting to outerwear in 2H, we believe Lands' End is well positioned to drive near and longer term upside, and register returns we believe investors will find compelling. As such, we reiterate our Buy rating and $20 price target for LE.
