Jefferies analyst Randal Konik says he's tracked bra and panty prices across Victoria's Secret over the past decade and believes the data demonstrates that L Brands' PINK brand is "fading fast." The brand is resorting to steep price discounts, namely $3 "UNLIMITED" panties, to try to spur demand and it's not working, Konik tells investors in a research note. The analyst reminds investors that PINK is $3B in sales and roughly 40% of Victoria's Secret total. He believes PINK sales will cut in half or more over the next 12-24 months, resulting in "significant" earnings estimates cuts for L Brands. Konik recommends selling shares of L Brands "now." He has an Underperform rating on the name with a $16 price target.