We are reiterating our Buy rating and $20 price target and slightly tweaking our projections for Lands' End after the company reported EBITDA & EPS slightly above Street consensus (while bracketing the company's guidance ranges) and revenue below the Street and the lower end of company guidance. Further, initial 4QFY25 (January) guidance bracketed the Street. That said, we believe, as the company anniversaries key licensing shifts and the International segment continues to evolve, the potential for Lands' End to take the next steps of their evolution to a younger, more return driven company and break the string of YoY revenue declines is nearing, and is now projected for 4QFY25. When the company combines top line growth and their already impressive margin expansion (despite the revenue decline, YoY EBITDA rose 28% and EBITDA margin increased 170 bp [to 8.1%] in 3QFY25) we believe LE will be fully deserving of a premium multiple from investors. As such, we reiterate our Buy rating and $20 price target for LE.