Jefferies analyst Randal Konik believes the brand event at Rutgers University shows L Brands' Pink is "lacking energy" and that "brand engagement is waning," which he says is the strongest indicator of brand health. The analyst thinks Pink sales may be cut in half "or more" within the next 12-24 months. This creates further earnings cuts for L Brands so sell the shares, Konik tells investors in a research note titled #PINK Is Canary In Coal Mine As Rutgers PINK Event Shows Brand Over." The analyst keeps an Underperform rating on L Brands with a $16 price target.