Jefferies analyst Randal Konik noted that media reports indicate L Brands is considering strategic alternatives, though he does not believe such an exploration can save the shares from further downside as he contends Victoria's Secret and Pink are "broken" brands whose value will continue to diminish and that Bath & Body Works "isn't what bulls think." While the latter has been strong, the business is cyclical and not well positioned for the long-term, said Konik in a note entitled "No Alternatives Are Strategic Here Except Closing Hundreds Of Stores...Sell LB." He keeps an Underperform rating on L Brands shares with a $14 price target.