L Brands (LB): Survey Data Shows VS On Top - Mizuho
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Mizuho Securities analyst, Betty Chen, reiterated her Buy rating on shares of L Brands (NYSE: LB) after conducting a survey of 1,011 U.S. women on their recent bra (including bralette) purchases and future buying plans.
The study reaffirmed Victoria’s Secret’s dominant position in overall bra purchases as well as a leading position in the current bralette trend. VS has been criticized for being late to the crowded bralette marketplace, our survey shows VS maintains dominant share in both traditional, constructed bras as well as in the emerging bralette segment. Over 45% of respondents owned a VS bra, giving the brand the #1 spot, 20 pts ahead of its closest competitor. While we noticed a more divergent list of bralette competitors, 30% of women surveyed still purchased a bralette from VS, while Hanes was a distant #2 with 11% share. Importantly, VS’ share was even more exaggerated amongst Millennials (aged 18-29), suggesting continued brand relevance.
No change to the price target of $85.
Shares of L Brands closed at $75.20 yesterday.
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