We are reiterating our Buy recommendation, $37 price target and projections as we look at key trends for 2HFY24 and beyond for Guess? We believe the company remains focused on driving upside via both elevation and escalation. In terms of elevation, Guess? continues to materially upgrade owned store assortments worldwide to become even more of a fashion driven boutique, with an increased emphasis on the Marciano brand, and fashion items such as dresses and accessories and activewear, as the focus shifts to maximizing spending by the core Guess? customer. In terms of escalation, the company is focused on driving growth with their first acquisition, rag & bone and the recent launch of Guess Jeans, which is set to re-introduce Guess to a younger, more environmentally focused customer base. While the near-term costs of these initiatives will slightly weigh on FY25 EPS, we believe they will position GES for further upside and a more visible business model. As such, we are reiterating our Buy rating and $37 price target on GES.