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Fly News Breaks for August 22, 2019
LB
Aug 22, 2019 | 11:08 EDT
Jefferies analyst Randal Konik said he believes problems at Victoria's Secret are brand and competition related, not product related as L Brands contends, while the brand and Bath and Body Works are both "overstored" in his view. The analyst, who thinks Victoria's Secret is "broken," PINK is "broken" and Bath and Body has "peaked," keeps an Underperform rating on L Brands shares with a $16 price target, though he added that he thinks his downside case for the shares falling to $10 is now "most likely."
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