Barclays analyst Adrienne Yih double upgraded L Brands to Overweight from Underweight with a price target of $30, up from $15. The shares closed Wednesday down 31c to $19.98. The analyst believes there is "meaningful upside" to the shares if either management or activist Barington announce measures to improve the business and unlock inherent asset value. Fundamental changes could include real estate rationalization, inventory reduction, cost reduction, or redirection of brand positioning, Yih tells investors in a research note. Structural changes could include separation into two companies, a take-private transaction of Victoria's Secret, or leadership and/or board changes, adds the analyst. With activist involvement since March 2019, Yih believes "value-enhancing strategies could come soon."