Cowen Affirms L Brands (LB) at 'Outperform' Following Solid Sept. Comps

Cowen and Company affirms L Brands (NYSE: LB) at Outperform with a price target of $83 following solid September 2016 comparable-store sales results.

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.

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