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Fly News Breaks for August 23, 2019
LB
Aug 23, 2019 | 09:19 EDT
DA Davidson analyst John Morris lowered his price target on L Brands to $20 and kept his Neutral rating, saying that while the company posted a 4c earnings beat in Q2, it was driven by a lower tax rate. The analyst notes that the comps and gross margins were also lower than he expected, which underscores his view of 2019 being a "transition year" for L Brands' Victoria's Secret line. Morris adds that the management has acknowledged a higher degree of uncertainty around the pacing of the turnaround for the segment, but he also looks forward to see any evidence of changes in VS marketing and product initiatives starting with the Fall and Holiday floorsets.
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