LB - L Brands Sparks Investor and Wall Street Enthusiasm After Unveiling $400 Million Cost-Savings Plan
Wall Street is trying to get out in front of what many see as a major transformation under way at L Brands (NYSE: LB), the owner of Victoria's Secret and Bath & Body Works. No fewer than six analysts substantially upgraded their price targets on the retailer, though none more than Deutsche Bank, which hiked its outlook to $27 a share, 68% higher than its prior $16 target and 42% above where L Brands closed yesterday.
J.P. Morgan went from a neutral to overweight rating on the stock and told investors the retailer's risk-reward profile made it "too hard to ignore."
Image source: L Brands.