Citi analyst Paul Lejuez does not "see light at the end of the tunnel" for Victoria's Secret given the brand's current direction. He notes that L Brands' holiday sales yesterday came in below expectations. However, the market is now interpreting the "extremely tough" times at Victoria's Secret as more of a call to action to take a strategic review of the brand portfolio, Lejuez tells investors in a research note. As such, L Brands shares may not trade on fundamentals, but rather more on a split potential, adds the analyst. He believes that as long as Bath & Body Works continues to be strong, the shares are likely to remain range bound. Lejuez keeps a Neutral rating on L Brands.