JPMorgan Downgrades Victoria's Secret (VSCO) to Neutral
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JPMorgan analyst Matthew R. Boss downgraded Victoria's Secret (NYSE: VSCO) from Overweight to Neutral with a price target of $43.00 (from $51.00).
The analyst comments "While VSCO is the leading market share player in US lingerie (~20% share) and women’s mass fragrance (~30% share) categories, and has outlined structural cost reductions of ~$250M over the next 3-yrs - top-line growth & gross profit dollars have declined sequentially tied to an increasingly cautious macro-economic backdrop, hindering the brand’s growth & profitability profile. We rate VSCO Neutral."
Shares of Victoria's Secret closed at $46.00 yesterday.
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