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LB

L Brands

$18.98

0.825 (4.55%)

08:27
01/10/20
01/10
08:27
01/10/20
08:27

Deutsche Bank upgrades L Brands to Buy with scales tipping toward split

Deutsche Bank analyst Tiffany Kanaga upgraded L Brands to Buy from Hold with a price target of $24, up from $22. The stock closed Thursday up 81c to $18.96. Yesterday's holiday report, with Victoria's Secret reporting sales well below expectations, likely tips the scale "more toward a split, likely triggering strategic action in the near-term," Kanaga writes in a research note titled "So Bad, It's Good?" The company's "window of opportunity" for action is fairly limited, which creates a risk/reward that is now "skewed meaningfully to the upside," contends the analyst, whose sum-of-the-parts analysis yields a $26 share price. Kanaga expects Victoria's Secret EBIT to inflect negative in 2020 and she feels Bath & Body Works has a "clear path" toward high-single-digit EBIT growth or more in 2020. In addition, Barington's standstill agreement expires in February, while other activists could enter the fray ahead of L Brands' annual meeting, contends the analyst.

  • 27

    Feb

LB L Brands
$18.98

0.825 (4.55%)

01/03/20
BOFA
01/03/20
UPGRADE
Target $25
BOFA
Buy
L Brands upgraded to Buy from Neutral at BofA
BofA analyst Lorraine Hutchinson upgraded L Brands to Buy from Neutral with a price target of $25, up from $21. In a research note to investors, Hutchinson says she thinks L Brands' inexpensive valuation, a high dividend yield, a strong and growing Bath & Body Works business and the potential for stabilization at Victoria's Secret make this a compelling investment. She also contends that the divergent performance of its two concepts suggests a spinoff could present an opportunity to create value, especially given the low level of synergies between the two businesses.
01/03/20
01/03/20
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. L Brands (LB) upgraded to Buy from Neutral at BofA with analyst Lorraine Hutchinson saying she thinks L Brands' inexpensive valuation, a high dividend yield, a strong and growing Bath & Body Works business and the potential for stabilization at Victoria's Secret make this a compelling investment. 2. Wingstop (WING) upgraded to Outperform from Neutral at Wedbush with analyst Nick Setyan citing his belief that drivers exist to deliver outperformance relative to current expectations in 2020 and beyond. 3. Synaptics (SYNA) upgraded to Overweight from Sector Weight at KeyBanc analyst John Vinh saying he is increasingly confident, based on supply chain conversations, that Synaptics has secured the touch controller sockets in the 2020 OLED iPhones, which he estimates could add $2 in incremental EPS. 4. Business First Bancshares (BFST) upgraded to Buy from Neutral at DA Davidson with analyst Kevin Fitzsimmons saying he has a more "constructive" stance on the bank entering 2020, stating that the net interest margin pressure is a "diminishing headwind." 5. Occidental Petroleum (OXY) upgraded to Hold from Sell at Tudor Pickering. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/03/20
JEFF
01/03/20
NO CHANGE
Target $14
JEFF
Underperform
Jefferies says use strength in L Brands on competitor upgrade to sell shares
Jefferies analyst Randal Konik noted that L Brands shares are higher today after a competitor firm upgraded the stock, but he recommends using the strength as an opportunity to sell and exit positions. The analyst, who has had an Underperform rating on L Brands for over three years, listed 10 reasons he sees to sell the stock, including his view that its Victoria's Secret real estate is "an anchor," its PINK brand is a "land mine," the company made a mistake building massive stores internationally, and his opinion that Bath & Body Works' comp drivers are "running out of gas" and a potential spin-off of its strongest brand "may be too late." Konik keeps an Underperform rating on L Brands shares with a $14 price target.
01/09/20
JEFF
01/09/20
NO CHANGE
Target $12
JEFF
Underperform
Jefferies says 'sell L Brands now,' cuts target to $12 after holiday report
After L Brands reported comparable sales decreased 3% for the nine weeks ended Jan. 4 and cut its fourth quarter EPS view to about $1.85 from $2.00, Jefferies analyst Randal Konik advised investors to "sell now" and lowered his price target to $12 from $14 while maintaining his long-held Underperform rating on the shares. Victoria's Secret comps being down 12% show the brand is worsening and underlying demand is very soft, leading him to conclude that the "brand is becoming irrelevant." Pink comps are "even worse" and the brand is "broken," according to the analyst. While he thinks bulls will like the strong Bath and Body Works comp growth of 9%, Konik points to margin deterioration as a sign that the brand's demand and traffic is becoming more volatile.

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  • 21

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FDEF

First Defiance Financial

$31.12

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T

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STIM

Neuronetics

$4.38

-0.01 (-0.23%)

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TCMD

Tactile Systems

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EFSC

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CPG

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Genmab

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