After CNBC reported that Sycamore Partners is near a deal to acquire Victoria's Secret from L Brands, MKM Partners analyst Roxanne Meyer says Sycamore is a credible buyer and could likely finance the deal mostly with equity. In light of "weak" fundamentals and "escalating negative press" at Victoria's, L Brands management is likely to support a deal, Meyer tells investors in a research note. The analyst sees the price of Victoria's Secret in the $2.0B-$3.4B range. L Brands would likely use the proceeds of a sale to pay down a significant portion of its existing long-term debt of $5.48B, predicts Meyer, who keeps a Neutral rating on the shares with an $18 price target.