Fly News Breaks for February 27, 2020
Feb 27, 2020 | 09:17 EDT
MKM Partners analyst Roxanne Meyer raised the firm's price target on L Brands to $24 from $18 but keeps a Neutral rating on the shares. The analyst notes that while the company beat on Q4 earnings, its VS segment saw another "highly disappointing" quarter as traffic, sales and margins decelerating sequentially and year-on-year. Meyer adds that separating VS should unlock value for L Brands' BBW segment, but she sees the equity contribution of VS as a "wildcard" which may not be a positive earnings contributor.
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