Mizuho Securities Reiterates Buy on L Brands (LB) Following Solid August Comps
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Mizuho Securities reiterated a Buy rating and $85.00 price target on L Brands (NYSE: LB) following the company August comp beat. Mizuho believes that the solid August result should provide investors with further confidence in the company’s ability to meet or exceed 3Q and FY16 EPS targets.
Analyst Betty Chen commented, "We continue to recommend LB shares and believe the August comp beat and September guidance point to solid trends at both core brands. While margins remain under pressure as VS continues to refocus its assortment and pivot toward higher-margin growth categories, we were encouraged by the relative strength of the go-forward assortment (+2% comp). Importantly, we believe 3Q and FY16 remain achievable, particularly given the company’s history of strong opex control, and the current valuation of ~18x remains an attractive entry point for investors."
Shares of L Brands closed at $76.21 yesterday.
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