Cowen reiterated an Outperform rating and $110.00 price target on L Brands (NYSE: LB) following a strong start to the company's holiday season. Momentum continues as LB's November comps of +7% came in well ahead of the Street's estimate of +3.1%, as well as mgmt's +LSD guide. Going forward, Cowen believes newness & emotional/differentiated product offerings & exceptional operations from an inventory & business management point of view should continue to deliver upside to comps.

Analyst Oliver Chen commented, "LB Gets in Holiday Spirit with +7% Nov. Comp & Record-Breaking Black Friday. Results confirm our channel checks, & we're most impressed w/overall +7% comps, strong merch margin rates vs. LY, & unprecedented Black Friday results at VS & BBW. LB continues to stand out in retail as comps accelerate even among a heavily promotional & declining traffic environment. Reit. Outperform on Holiday winner."

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Shares of L Brands closed at $96.10 yesterday.