We are reiterating our Buy rating, projections and $45 price target for Lands’ End after reviewing the company’s February catalog. The February catalog, focused on items the Lands’ End customer can “love forever” represents a further shift to a lifestyle brand, a deeper focus on key fashion trends and items, the continued integration of men’s and women’s looks, expansion of key categories (totes) and a material shift in the seasonal key product launches (swimwear in this catalog). We continue to believe Lands’ End management is moving the company to a deeper lifestyle focus and driving higher overall margins and upside. As such, we reiterate our Buy rating and $45 price target for LE.
