We are reiterating our Buy rating, projections and $45 price target for Lands’ End as we review the May catalog. Summer is in full force for May, as Lands’ End continues to expand their personalized swimwear focus with a deepening emphasis on features, complete outfits for events or lounging around the house, the tote/charms craze and become an even greater source in bottoms, from denim to chinos and knits. Further, with discount rates remaining similar to last year, the emphasis on higher returns has also continued at Lands’ End, which we believe will be further proven by the June 9th 1QFY26 (April) earnings release. As such, we reiterate our Buy rating and $45 price target for LE.