We are reiterating our Buy rating and $5 price target and slightly raising our revenue projections for Vince Holding after meeting with management at the ICR Conference in Orlando and the company providing an impressive Holiday sales update. While VNCE declined on worries over the financial health of wholesale partner Saks, we believe they were overdone and present a compelling buying opportunity, as Saks has continued to decline in importance; in fact, Vince did not ship goods to Saks for the vast majority of 4Q. We continue to believe the company remains among the best positioned specialty retail plays and reiterate our Buy rating and $5 price target for VNCE.