We are reiterating our Buy rating, projections and $5 price target for Vince Holding after visiting Vince stores in Connecticut, Long Island and New Jersey. With the weather continuing to be frigid, Vince is warming the stores with their end of season sale, offering compelling items for the cold and beginning to seep in warmer weather items for resort season. We believe Vince management has continued to experiment with the cadence of seasonal items and discounting to drive higher overall returns and to allow for better inventory flows. With their affluent customer base remaining shoppers for winning fashion items, we believe Vince remains among the best positioned specialty retail plays, and we reiterate our Buy rating and $5 price target for VNCE.