We are reiterating our Buy rating and $45 price target, slightly raising our FY26 projections and rolling our further FY27 top and bottom line growth as Lands’ End shifted to revenue growth for 4QFY25 (January). While slightly below Street consensus, we believe the 4Q results reflect a key positive for Lands’ End on multiple levels, and, with the WHP joint venture on track to close in 1Q, position Lands’ End to register further strong organic growth, delever the balance sheet and set up for multiple expansion initiatives. As such, we reiterate our Buy rating and $45 price target for LE.