Cowen Reiterates Buy on L Brands (LB) Following September Comp Report
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Rating Summary:
17 Buy, 21 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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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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