We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey. After a somewhat confusing visit last month, when product flows were shifted due to the tariff situation, our June tours were more normalized, with Vince stores beginning to flow the Pre-Fall 1 collection; while slightly (one week) later than last year, we believe the depth and breadth of goods demonstrates the company is quickly responding to tariffs and providing the customer with the looks, quality and versatility they expect. Further, we believe the Summer and Pre-Fall 1 collections have remained fashion right, with great colors, solid knits and sweaters and warm weather items, from dress to short sleeve tops and shorts. As such, Vince continues to provide us comfort that they will weather the tariff storm, and we reiterate our Buy rating and $4 price target.