We are reiterating our Buy rating, projections and $23 price target for Guess? after visiting stores in Metropolitan New York City and Long Island. As we have seen in the previous two months, we believe Guess? retail has continued to rebound, driven by exciting new denim styles, dresses, activewear, accessories, a shift in displaying their fashion items, and a more normalized flow of goods and shopping calendar, especially with the Easter shift moving the crucial Holiday to a warmer (and later) time, all of which have driven higher average purchases. Further, the company continues to reduce overall inventory exposure and exposure to China, which historically accounted for 33% of domestic cost of goods sold. As such, and given the low expectations for the company, with GES trading at a FY27 PE of 6X and a dividend yield of over 10%, we view the risk/reward as materially improving, and we reiterate our Buy rating and $23 price target.