Wells Fargo analyst Ike Boruchow says L Brands (LB) and Gap (GPS) posted material comps misses as the companies underestimated this year's Easter shift, as well as the negative impact from unfavorable weather. While Gap's "big April miss" led to a much weaker than anticipated Q1 guide, L Brands stated that EPS would come in at the high end of their previous range despite also posting a "big April miss." However, this will be the first time since 2012 that L Brands has not beaten its quarterly plan, the analyst tells investors in a research note. Boruchow lowered his price target range for L Brands to $67-$69 from $78-$80 and for Gap to $20-$22 from $22-$24. He reiterates a Market Perform rating on both stocks.