Loop Capital analyst Laura Champine maintains a Sell rating on L Brands with a $15 price target following the company's "disappointing" Q1 guidance. The analyst assumes Bath & Body Works' comp moderates to 3.7% in fiscal 2020 from 10% in fiscal 2019, and that it remains near GDP growth over the longer term. Further, Champine is modeling for "modest" EBIT margin deterioration as the comp growth slows. The analyst does not include anything from Victoria's Secret in her valuation, as she thinks the potential for mounting operating losses is just as likely as a rebound in the business.