LB - L Brands called a unique opportunity by BofA

Bank of America points to upside value for L Brands (LB) in a fresh note this morning.The firm sees the potential monetization of the Victoria's Secret business and transition of Bath & Body Works to a standalone entity as an opportunity to create further value for investors."We expect Bath & Body Works to re-rate higher post separation, as the action allows investors to own one of the most consistent growth concepts in retail. Shareholders will benefit from either a cash infusion that will be used to pay down debt, or an ownership in the spin, which will allow participation in the VS turnaround. Our Price Objective of $65 values BBW at 10x F2022 EV/EBITDA and VS at 5x."L Brands is called a unique opportunity as investors could hold one of the most consistent growth concepts in retail and a turnaround brand in its early stages.BofA keeps a Buy rating on

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L Brands called a unique opportunity by BofA