Cowen analyst Oliver Chen reiterated an Outperform rating and $98 price target on L Brands (NYSE: LB) following Q4 results and what they believe is conservative guidance.

Chen commented, "We believe FY15 guidance of +LSD comps & EPS growth of -1% to +4%. is conservative, as we expected, & consistent with mgmt’s prudent focus on tight inventory planning. Valuation is expensive, but we still recommend LB given we are
impressed w/: Strong potential for con’t recent momentum at B&BW (Jan comps +16% vs. LB +9%), swim focus for Spring w/innovative marketing, & diligent int’l expansion."

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Shares of L Brands closed at $92.47 yesterday.