- Telsey Advisory Group analyst Dana Telsey reiterated the Less Risk rating on the shares of Lands’ End Inc (NASDAQ:LE) with a price target of $18.00.
- The company announced the appointment of Andrew McLean as the next CEO, following the planned retirement of CEO Jerome Griffith, effective at the end of FY22.
- To ensure a smooth transition, McLean will join the company as CEO-Designate and Board member on November 1, 2022. Griffith will continue to serve as a Director after his retirement.
- Related: Lands’ End Picks Andrew McLean To Succeed Jerome Griffith As CEO
- The analyst believes McLean is joining the company at an opportune time as the brand is well-positioned with multiple growth opportunities.
- Lands’ End is in the early innings with its third-party partnerships, while e-commerce revenue is benefiting from increasing brand awareness, and the Outfitters business should continue to expand as work, travel, and school normalizes post-pandemic.
- Also Read: Lands’ End Clocks 9% Sales Decline In Q2; Cuts FY22 Outlook
- Telsey anticipates some near-term pressure given the macroeconomic environment and expected promotional levels in the second half of the year. Meanwhile, she believes Lands’ End is still well-positioned to capitalize on its multiple growth initiatives.
- She also sees tangible and differentiated topline growth drivers, including the Outfitters and Third Party businesses, which can be accretive to the operating margin.
- Price Action: LE shares are trading lower by 10.1% at $9.26 on the last check Tuesday.
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