Jefferies Downgrades L Brands (LB) to Underperform; Expecting a Down FY18
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Jefferies downgraded L Brands (NYSE: LB) from Hold to Underperform with a price target of $50.00 (from $70.00), saying they are now expecting a down FY18.
Analyst Randal Konik commented, "We see risks increasing at LB, given rising competition and pricing compression at VS (esp. in bras), and forecast down YoY EPS in FY'18, well below cons. While we expect BBW to have a strong holiday, we see fundamentals inflecting negatively and believe we are in the early innings of a negative EPS revision cycle. We see a turn taking longer than expected, and expect a multiple rerating. Downgrade to Underperform, PT to $50"
The firm cut FY17 EPS from $3.70 to $3.65 and FY18 EPS from $4.00 to $3.25.
Shares of L Brands closed at $65.00 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades, Hot Downgrades
Related EntitiesJefferies & Co, Randal Konik
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