We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look at key trends for 2HFY25 and beyond. We believe Lands' End is poised to move into the next phase of the transformation of the company into a higher margin, higher return global brand, as the recently launched licensing initiatives begin expanding the overall category levels, as opposed to shifting prior owned categories into licensing relationships which, while driving higher return on assets, led to YoY revenue declines. Further, with continued international expansion (both owned and licensed) on tap, further key wins at Lands' End Outfitters and the potential to continue to drive higher returns (and sales) in the core business as the company shifts the business model, we believe Lands' End remains well situated to drive further top and bottom line upside, and we reiterate our Buy rating and $20 price target.