Stifel Cuts Price Target on L Brands (LB) to $85 Following 3Q Pre-Release
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Stifel maintained a Buy rating on L Brands (NYSE: LB), and cut the price target to $85.00 (from $90.00), following the company's 3Q pre-release. Management expects 3Q EPS to be $0.40, at the low end of its previous guidance range of $0.40-$0.45 and below the consensus of $0.46.
Analyst Richard Jaffe commented, "LB pre-released its comparable sales for October and updated its 3Q EPS guidance in advance of its Investor Update Meeting tomorrow. October comparable sales are expected to be up 1%, including an expected 2% comp decline at VS and a 6% comp gain at BBW. Additionally, the company expects 3Q EPS to be $0.40 (versus previous guidance of $0.40-$0.45 and below our estimate and consensus of $0.46)."
Shares of L Brands closed at $72.19 yesterday.
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