LB - L Brands +17% as confidence from Wall Street rises

L Brands (LB) has extended on yesterday's post-earnings rally and is now up 16.65% in premarket trading. On Wall Street, Jefferies raises its ratings on L Brands to Hold from Underperform and bumped up its price target to $33 from $20. The call is notable since Jefferies has been a bear on L Brands for four year.Wells Fargo hiked its price target to $60 from $45. The firm calls the material Q3 earnings beat one of the strongest prints it has seen this year with upside surprises all the way down LB's P&L and across the portfolio. "BBW earning a multiple as a stand-alone has always been a core tenet to the bull case, but now with what appears to be a 'stable' VS brand in hand, LB shares should also benefit from a higher value of its second concept (we raise our assumption of VS value to ~$3.0B from ~$1.0B

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L Brands +17% as confidence from Wall Street rises