We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the December catalog. This year the emphasis is on great fixed pricing for the budget conscious, personalized gifts, a deeper focus on bottoms, apparel and gifting (versus outerwear), the return of kids, expansion of licensed categories and the tote craze. When combined with Holiday driven winners such as stockings and gloves, we believe the December catalog amply demonstrated the material progress Lands' End has registered in 2025 to offer a more compelling lifestyle driven series of offerings and expand into key categories with licensed goods; we reiterate our Buy rating and $20 price target for LE, as we view 2026 as the start of material top line expansion to further leverage what is already a compelling margin expansion story.
