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LB

L Brands

$25.68

0.02 (0.08%)

17:25
04/18/19
04/18
17:25
04/18/19
17:25

L Brands board supports declassification, enters into pact with Barington

The L Brands board has unanimously committed to submitting and recommending that stockholders vote in favor of proposals at the company's 2020 Annual Meeting of Stockholders to declassify the board immediately, so that all directors will stand for election at the company's 2021 Annual Meeting of Stockholders, and to eliminate the company's supermajority voting requirements. "We are pleased to nominate Anne and Sarah as new independent directors and believe the addition of fresh perspectives to our board will be beneficial to L Brands, its businesses and the actions underway to improve performance and support our growth," said Allan R. Tessler, lead independent director and chair of the board's Nominating and Governance Committee. "Anne and Sarah bring governance and financial expertise and public company board experience that will be invaluable to the board and management team. Further, we believe the governance enhancements we are committed to making will ensure our board best serves the interests of our stockholders." The company also announced that it has entered into an agreement with Barington Capital Group and Barington Companies Equity Partners, pursuant to which Barington has agreed to vote all of its shares in favor of L Brands' nominees at the 2019 Annual Meeting and agreed to customary provisions. Under the agreement, Barington Capital Group will serve as special advisor to L Brands.Tessler continued, "We appreciate Barington's role in providing valuable input on director nominations and corporate governance, and we look forward to benefitting from its experience and role as special advisor as we work together to drive L Brands' growth and future success." James A. Mitarotonda, chairman and chief executive officer of Barington said, "We are pleased to have reached this collaborative agreement with the L Brands board and management team. We are aligned in our belief that there are significant opportunities to continue to drive improved financial results, and look forward to working closely with the company and the board toward our shared goal of enhancing long-term stockholder value."

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LB L Brands
$25.68

0.02 (0.08%)

03/01/19
03/01/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. L Brands (LB) downgraded to Market Perform from Outperform at Bernstein with analyst Jamie Merriman saying her Outperform rating was based on a view that investors were paying for Bath & Body Works with a free option on Victoria's Secret. 2. American Airlines (AAL) and Delta Air Lines (DAL) downgraded to Hold from Buy at Deutsche Bank. 3. Devon Energy (DVN) downgraded to Sector Perform from Outperform at RBC Capital. 4. O'Reilly Automotive (ORLY) downgraded to Neutral from Overweight at Atlantic Equities with analyst Sam Hudson citing valuation and raised his price target to $400 from $370. 5. Maxar Technologies (MAXR) downgraded to Hold from Speculative Buy at TD Securities and to Underperformer from Neutral at CIBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/06/19
LEHM
03/06/19
NO CHANGE
Target $31
LEHM
Overweight
L Brands separation not best path to shareholder value, says Barclays
After Barington Capital suggested L Brands consider a potential spin-off of Victoria's Secret or an initial public offering of Bath & Body Works, Barclays analyst Chethan Mallela says he does not think a separation is the best path to achieve value creation for shareholders. The analyst, however, continues to view L Brands as undervalued and sees "ample opportunity for value creation." His sum-of-the-parts analysis suggests a possible multiple arbitrage benefit, but with potentially "sizeable risk." Even "without aggressive multiples," he calculates a potential sum-of-the-parts range of $26-$36 per share. However, Mallela believes a separation comes with "significant transaction risk." He sees a combined L Brands as better positioned for value creation. The analyst keeps an Overweight rating on the name with a $31 price target.
03/20/19
JEFF
03/20/19
NO CHANGE
Target $16
JEFF
Underperform
Jefferies says sell L Brands 'aggressively' after analysis shows elevated promos
Jefferies analyst Randal Konik says his updated analysis of Victoria's Secret and Pink discounts shows elevated promotion levels "that indicate share loss is mounting." Victoria's Secret panty prices are at record lows, bringing back swim is not the answer, and key products are continuing to be promoted, Konik tells investors in a research note. The analyst's estimates for L Brands remain below consensus and he continues to believe Victoria's Secret and Pink will continue to erode while Bath & Body Works "is rolling over." Konik would "sell shares aggressively" and keeps an Underperform rating on L Brands with a $16 price target.
04/01/19
JEFF
04/01/19
NO CHANGE
Target $16
JEFF
Underperform
Pink sales may be cut in half over next 24 months, says Jefferies
Jefferies analyst Randal Konik believes the brand event at Rutgers University shows L Brands' Pink is "lacking energy" and that "brand engagement is waning," which he says is the strongest indicator of brand health. The analyst thinks Pink sales may be cut in half "or more" within the next 12-24 months. This creates further earnings cuts for L Brands so sell the shares, Konik tells investors in a research note titled #PINK Is Canary In Coal Mine As Rutgers PINK Event Shows Brand Over." The analyst keeps an Underperform rating on L Brands with a $16 price target.

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BA

Boeing

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0.5 (0.14%)

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Lockheed Martin

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