Jefferies analyst Randal Konik tells investors in a research note that they should sell L Brands shares, saying Victoria's Secret and Pink are "broken," while Bath & Body Works has "peaked." The analyst adds that he has now witnessed two slightly incremental promos at Bath & Body Works in the past few weeks and that adding "online" to the promo offer is also an "ominous" sign. Meanwhile, Konik, who made no change to his Underperform rating and $12 price target, notes that store-only comps are also stalling, suggesting that a split/spin won't work. He sees potential share downside near 40% from here in now his fourth year recommending his short thesis on L Brands.