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LB

L Brands

$34.53

-0.75 (-2.13%)

08:37
11/20/18
11/20
08:37
11/20/18
08:37

Jefferies encouraged by L Brands dividend cut but remains cautious

Jefferies analyst Randal Konik is encouraged that L Brands is "taking steps in the right direction," including cutting the dividend, closing Henri Bendel, and pursuing strategic options for La Senza. The analyst, however, remains cautious on the shares saying Pink declines are deepening, Victoria's Secret is "still subject to pressure from competition" and Bath & Body Works trends "have peaked." He keeps an Underperform rating on L Brands with a $21 price target.

  • 20

    Nov

LB L Brands
$34.53

-0.75 (-2.13%)

11/12/18
WELS
11/12/18
UPGRADE
WELS
Outperform
L Brands upgraded to Outperform from Market Perform at Wells Fargo
11/12/18
11/12/18
UPGRADE
Target $55

Outperform
L Brands upgraded to Outperform on 2019 turnaround story at Wells Fargo
As previously reported, Wells Fargo analyst Ike Boruchow upgraded L Brands to Outperform from Market Perform and raised his price target for the shares to $55 from $30 on compelling 2019 turnaround story. While the analyst is not calling for an imminent inflection in the business, he now sees L Brands as the next retail turnaround story poised for positive shift in the "narrative" as the company appears set to begin embracing change with an "all options on the table" mentality. Specifically, the recent announcements to divest the money losing Bendel business illustrates a new focus on the portfolio, he contends. Moreover, Boruchow sees a meaningful opportunity for a re-rating in shares.
11/12/18
11/12/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Starbucks (SBUX) upgraded to Buy from Hold at Argus with analyst John Staszak citing his expectations of "continued revenue growth and new store openings" for the company, forecasting 14% EPS growth and 15% in total returns over the next several years. 2. L Brands (LB) upgraded to Outperform from Market Perform at Wells Fargo with analyst Ike Boruchow saying while he is not calling for an imminent inflection in the business, he now sees L Brands as the next retail turnaround story poised for positive shift in the "narrative" as the company appears set to begin embracing change with an "all options on the table" mentality. 3. Armstrong World (AWI) upgraded to Neutral from Underperform at BofA/Merrill with analyst John Lovallo saying Armstrong World deserves a higher multiple following the spin-off of Armstrong Flooring in April 2016 and is positive on the company's capital deployment strategy including buybacks, a recently initiated dividend, and tuck-in M&A. 4. Michael Kors (KORS) upgraded to Market Perform from Underperform at Bernstein with analyst Jamie Merriman citing valuation. 5. Crocs (CROX) upgraded to Neutral from Negative at Susquehanna. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/20/18
UBSW
11/20/18
NO CHANGE
Target $34
UBSW
Neutral
L Brands shares look fairly priced, says UBS
UBS analyst Jay Sole gave four reasons why he is maintaining his Neutral rating on L Brands shares. The analyst believes the shares are fairly priced; he believes the trouble with Victoria Secret is not product issues but a brand problem; Q3 results were lackluster; and any potential Victoria Secret recovery is likely a slow process. Sole raised his price target to $34 from $31 and maintained his Neutral rating on L Brands shares.

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