We are reiterating our Buy rating, $17 price target and projections after reviewing Betterware de Mexico's December catalog, which offered record SKU levels and continues to raise the bar in terms of offerings. Further, management remains focused on offering solid values, with pricing down YoY, but lower levels of discounting, as the company takes advantage of gains in the supply chain and overall logistics. Management has also continued to focus on key new categories, such as Kid's while combining and pruning pets as a stand-alone offering. As such, we believe the Betterware division remains well positioned to drive top line growth in 4Q and into 2024, and we reiterate our Buy rating and $17 price target.
