Loop Capital analyst Laura Champine lowered her price target on L Brands to $14 and kept her Sell rating after its Q3 results. The analyst sees the company facing "significant risks" of achieving its FY19 guidance without improved margin trajectory for Victoria's Secret during the holiday period. Champine notes that while the new management team has started to update its Victoria's Secret merchandise in stores in August, October comps continued to show deceleration on a 1- and 2-year basis. The analyst adds that even her below-consensus estimates of $2.14 EPS in FY20 would require Victoria's Secret comps to improve from down 6% to down 3%.