We are reiterating our Buy rating, $23 price target and conservatively tweaking our projections lower for Guess? after the company handily beat already depressed 1Q projections on every operating level and provided updated guidance which envisioned further overall progress, somewhat impeded by increased spending, tariffs and, we believe, the conservative nature of Guess? management. With the company highly focused on driving a return to prominence at the domestic retail stores, leveraging strong product offerings and availability to capture deeper levels of wholesale revenue and continued growth at rag and bone, we believe our projections could be conservative. As such, and with GES registering a dividend yield of almost 11% and a FY27 P/E of 6.0X, we view the risk/reward as continuing to improve, and reiterate our Buy rating and $23 price target for GES.