We are reiterating our Buy rating, projections and $45 price target for Lands’ End after reviewing the April catalog. As we enter the core of Spring, Lands’ End has continued to raise the ante, expanding the swimwear offering, highlighting complete outfits at levels not registered previously, maintaining pricing discipline as we begin to anniversary tariff-driven shocks and adding more fashion driven pieces to the mix (linen, chinos, poplin, and dresses). Further, underpinning the product (and lifestyle looks) is a deepening emphasis on customization, from mix and match swim to embroidery, creating an increasingly personal offering. We believe momentum at Lands’ End remain strong and reiterate our Buy rating and price target.
