UPDATE: Wells Fargo Starts Victoria's Secret (VSCO) at Overweight, Top Pick
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Wells Fargo analyst Ike Boruchow initiates coverage on Victoria's Secret (NYSE: VSCO) with a Overweight rating and a price target of $100.00.
The analyst comments "We are initiating on shares of VSCO with an Overweight rating and a $100 PT. While our prior bull thesis on LB (which yesterday split into BBWI and VSCO) had been predicated on hidden value for the robust BBW concept, at current levels we now view VSCO as the underappreciated asset with the more compelling story. The brand has momentum, strategic initiatives have been made, and the market has not yet figured out what the right multiple on the business is yet (VSCO is trading at < 8.0x P/E on our 2022 numbers). As such, we replace LB with VSCO as one of our 5 "Top Picks" in the space today."
Shares of Victoria's Secret closed at $58.23 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot New Coverage, New Coverage
Related EntitiesWells Fargo, Ike Boruchow
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