We are reiterating our Buy rating, projections and $20 price target for Lands' End after reviewing the April catalog. As we enter the heart of the Spring selling season, Lands' End continues to improve their overall swim game, with an increased emphasis on lifestyle and overall looks; this month the focus is on keys items for the resort vacation. Further, Lands' End continues to add lifestyle driven offerings to drive complete looks, from an expanded focus on linen, the launch of the Creaseless apparel collection, capturing new trends from key standbys (bag charms), launching even deeper into footwear and an increasing focus on accessories. Given the continued material positives we are seeing in the catalog, we reiterate our Buy rating and $20 price target for LE.
