We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the November catalog, which is fully focused on the Holiday season. This year's Holiday catalog represents a material shift from 2024, with an increased emphasis on customization, a swap in category placement, going co-ed in the catalog looks, emphasizing key price points and continuing to upgrade the company's footwear, cozy and accessories game. Further, Lands' End has continued to expand the overall offerings to become even more of a lifestyle player, with new Holiday event and party gear to keep the seasons bright. We believe the November catalog is an impressive start to the Holiday season and focuses buyers on the company's key fortes; as such, we reiterate our Buy rating and $20 price target on LE.
