Cowen Reiterates Buy on L Brands (LB) Following September Comp Report

October 6, 2016 9:30 AM EDT
Get Alerts LB Hot Sheet
Price: $72.50 +0.36%

Rating Summary:
    11 Buy, 17 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Cowen reiterated an Outperform rating and $83.00 price target on L Brands (NYSE: LB) following the company's September Comp report. September comps at LB came in above the Street, at +3% vs. Street at 0.0%. Store comps were +1%. Inventories are up +2%/ft vs. LY.

Analyst Oliver Chen commented, "LB's Sept comp was better-than-expected, +3% vs. Street at 0%. Both VS & BBW beat the Street (VS: 0% vs. -2% & BBW +9% vs. +2.9%), which could help the stock today. However, we note con't merch. margin pressure on beauty declines & promos to drive trial & clear inventories could hurt GM for the qtr more than the St.'s current -100bp of erosion in 3Q."

For an analyst ratings summary and ratings history on L Brands click here. For more ratings news on L Brands click here.

Shares of L Brands closed at $70.52 yesterday.

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