LB - L Brands runs to new 52-week high after JPMorgan points to multiple catalysts

JPMorgan keeps L Brands ([[LB]] -0.3%) slotted at Overweight and tagged as an Analyst Focus List pick after meeting with management and with recent fieldwork pointing to potential incremental Q3 same-store-sales and gross margin upside. JP's bull pitch: "The combination of (i) BBW high-single-digit sustainable long-term growth, (ii) 2H gross profit dollars returning to growth (lapping seven straight quarters of decline with inventory clean), (iii) $400M announced 'net' cost savings through FY20 or 12% of FY19’s expense base, and (iv) 250 VS store closures (= 27% of N/A fleet) with commitment to establish BBW as pure-play public company and return to shareholder value actions." The price target on L Brands is lifted by JP to $50 to rep more than 50% upside for shares.L Brands ran up to a new 52-week high of $35.41 earlier in the session before falling back.Compare different valuation metric on L Brands.

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L Brands runs to new 52-week high after JPMorgan points to multiple catalysts