Morgan Stanley analyst Kimberly Greenberger noted that L Brands' June comparable sales increase of 3% was in-line with her expectations and the consensus forecast, but that Victoria's Secret "significantly disappointed" with 1% June comp decrease that was below her estimate for a 4% increase and below the Street's forecast for the brand's sales to be up 3%. While stating that numbers should get "less bad" over the next six months, Greenberger still struggles to find a positive catalyst for the stock. Still, she maintains an Overweight rating on L Brands shares given what she views as "very attractive" risk/reward balance.