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Fly News Breaks for April 6, 2017
LB
Apr 6, 2017 | 13:37 EDT
Jefferies analyst Randal Konik said he is not surprised to see L Brands' "relief rally" after the company reported March same-store sales that declined fairly in-line with the consensus forecast, given "very low expectations," but he expects the rally to be short-lived and recommends using the strength to exit long positions. Konik contends that the report shows core Victoria Secrets continues to weaken, while the PINK brand growth is slowing, and he keeps an Underperform rating and $35 price target on L Brands shares.
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