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Fly News Breaks for October 18, 2019
M, GPS, LB
Oct 18, 2019 | 07:37 EDT
Credit Suisse analyst Michael Binetti downgraded L Brands (LB) to Underperform from Neutral with a price target of $14, down from $22. In a research note to investors, Binetti says he thinks structural challenges are poised to accelerate in 2020 and thinks consensus estimates for 2020 are likely to be revised significantly lower. Amid a tougher U.S. backdrop, Binetti sees risk to L Brands' 2H guidance that assumes a fairly quick turn in Victoria's Secret trends. The analyst also downgraded Macy's (M) and Gap (GPS).
News For LB;GPS;M From the Last 2 Days
