We are reiterating our Buy rating, projections and $20 price target for Lands’ End. We believe, with the company anniversarying key licensing shifts, adding new categories to the licensing mix, reviving international operations, leveraging share gains and new partnerships at the Outfitters division and continuing to shift the customer base and focus of the catalog towards younger and more lifestyle driven buyers, Lands’ End is poised to provide emphatic evidence of the material positives management has undertaken and register the top and bottom line growth necessary for a premium multiple. As such, we believe LE continues to offer a compelling risk/reward and we reiterate our Buy rating and $20 price target.
