LB - L Brands Might Have a 30% Upside JP Morgan Says
A JP Morgan analyst believes L Brands (NYSE: LB) may have turned the corner on its woes, after an extremely rocky start to the year when the COVID-19 pandemic ended a chance to divest its ailing, controversial Victoria's Secret brand. Seeing a brighter future ahead for the company, analyst Matthew Boss set a December 2021 price target of $42 per share, Seeking Alpha reports, representing a roughly 30% upside.
Labeled as a "Value Idea" and added to JP Morgan's "Analyst Focus List," L Brands received the analyst thumbs-up because of several factors. The research note cites the company's projected net cost-savings of $400 million, along with increasing gross profits that reversed a seven-quarter trend of decline.
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L Brands Might Have a 30% Upside, JP Morgan Says