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LB

L Brands

$28.43

0.23 (0.82%)

14:10
01/09/19
01/09
14:10
01/09/19
14:10

L Brands puts active and implied volatility moves up another notch

L Brands puts active and implied volatility moves up another notch. The stock up 20c to $28.40 and a 3.5K lot of Jan 11th 29 puts trade 88c. Open interest is 341 and these ITM puts expire at the end of the week. Jan 28 and 29 puts also seeing opening interest, with 1K and 2.6K traded, respectively. Total volume lopsided 7:1 at 8.5K puts and 1.4K calls. 30-day implied volatility moved up 2.5% and, at 52, is in the 97th percentile of the one-year range.

LB L Brands
$28.43

0.23 (0.82%)

01/02/19
JEFF
01/02/19
NO CHANGE
JEFF
Buy Gap, sell L Brands are Jefferies' best Consumer ideas for 2019
In the Consumer space, Jefferies analyst Randal Konik says his best ideas for 2019 are buying Gap (GPS) and selling L Brands (LB). The analyst recommends using the late 2018 selloff as an opportunity to get long consumer names for 2019. His other top Buy ideas are American Eagle (AEO), Boot Barn (BOOT), Capri Holdings (CPRI), Five Below (FIVE), Foot Locker (FL), Fox Factory (FOXF), Acushnet Holdings (GOLF), Kohl's (KSS), Manchester United (MANU), Ollie's Bargain Outlet (OLLI), Tiffany (TIF), Urban Outfitters (URBN), Under Armour (UAA) and Yeti (YETI). On L Brands, Konik continues to believe Victoria's Secret "is broken," Pink "is a fad" that's sales will get cut in half, and Bath & Body Works is at a "cyclical peak with daunting compares ahead." On the flip side, the analyst thinks Gap will be one of the top S&P 500 stocks in 2019. He recommends "aggressively" buying the shares at current levels.
01/02/19
WELS
01/02/19
NO CHANGE
Target $50
WELS
Outperform
L Brands price target lowered to $50 from $55 at Wells Fargo
Wells Fargo analyst Ike Boruchow lowered his price target for L Brands to $50 from $55, while reiterating an Outperform rating on the shares. In a research note titled "2019 Retail Outlook report," the analyst says he believes Holiday reads likely slowed post Black Friday, Multinational brands struggled relative to retailers the past several months as concerns around Europe weakness, China uncertainty, a slowdown in tourism and FX pressures are growing, e-commerce meaningfully underperformed Brick and Mortar retail in 2018 as inflated multiples have been hit hard in the face of a painful tech ''unwind'' and choppier fundamentals, 2019 is likely to be worse than 2018 for the space, and Leases are coming onto retailers' balance sheets in 2019, making for worse capital structure optics.
12/18/18
DADA
12/18/18
INITIATION
Target $32
DADA
Neutral
L Brands initiated with a Neutral at DA Davidson
DA Davidson analyst John Morris initiated L Brands with a Neutral rating and a price target of $32, saying the company's turnaround of Victoria's Secret brand could take "well into next year to materialize". The analyst notes that while the company's Bath & Body Works division is performing well with historically high margins, it does not sufficiently offset the challenges faced by Victoria's Secret, which likely requires "brand repositioning" and correction to its product assortment missteps.
12/13/18
BARD
12/13/18
NO CHANGE
Target $37
BARD
Outperform
L Brands sale of La Senza a 'positive outcome,' says Baird
Baird analyst Mark Altschwager views L Brands' sale of its La Senza business to an affiliate of Regent LP as a "positive outcome." The analyst currently models operating losses of $90M in the company's Other segment, where both the La Senza and Henri Bendel businesses are reported, in fiscal 2019 versus $130M in losses for 2018. The $40M improvement implicitly represents half of the benefit from the removal of Henri Bendel and La Senza, says the analyst, who sees room for "further upside in this line item." Altschwager keeps an Outperform rating on L Brands with a $37 price target.

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