I feel like the market is misvaluing American Eagle as just another retailer when it is anything but an ordinary retailer. They have a lot of brand value, and their product mix is right with a denim/jeans focus. I feel most people care more about the brand of their jeans, as opposed to their tops. Either way, the valuation is not demanding at all with 425 million in cash (no debt), and another $10-50M in restricted cash from the liabilities of unredeemed gift cards with net earnings (after taxes) of $260M you are getting a growing retailer less than 10x earnings. Not that this is a long term hold, I've purchased and sold after it ran up.