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LB

L Brands

$18.98

0.825 (4.55%)

08:42
01/10/20
01/10
08:42
01/10/20
08:42

L Brands shares may trade on split potential, not fundamentals, says Citi

Citi analyst Paul Lejuez does not "see light at the end of the tunnel" for Victoria's Secret given the brand's current direction. He notes that L Brands' holiday sales yesterday came in below expectations. However, the market is now interpreting the "extremely tough" times at Victoria's Secret as more of a call to action to take a strategic review of the brand portfolio, Lejuez tells investors in a research note. As such, L Brands shares may not trade on fundamentals, but rather more on a split potential, adds the analyst. He believes that as long as Bath & Body Works continues to be strong, the shares are likely to remain range bound. Lejuez keeps a Neutral rating on L Brands.

  • 27

    Feb

LB L Brands
$18.98

0.825 (4.55%)

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.
01/10/20
DBAB
01/10/20
UPGRADE
Target $24
DBAB
Buy
L Brands upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Tiffany Kanaga upgraded L Brands to Buy from Hold with a price target of $24, up from $22.
01/10/20
DBAB
01/10/20
UPGRADE
Target $24
DBAB
Buy
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.

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