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Fly News Breaks for August 17, 2017
LB
Aug 17, 2017 | 14:58 EDT
Morgan Stanley analyst Kimberly Greenberger says that at 11 times 2017 earnings estimates, the market believes L Brands is in structural decline. She disagrees. The analyst admits the Victoria's Secret turnaround is taking longer than expected but she remains confident in L Brands' long-term competitive position. Greenberger keeps an Overweight rating on the shares with a slightly reduced $59 price target. The retailer is down 7% to $36.88 after reporting Q2 results.
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