MKM Partners lowered its price target on L Brands (NYSE: LB) to $33.00 (from $42.00) while maintaining a Neutral rating.

Analyst Roxanne Meyer comments "We expect management to lower the bar for 2Q (relative to current Street expectations) as well as the full year. We wouldn't expect any changes to the dividend. We have significantly lowered our 2Q and FY18 EPS expectations on lower visibility of improving traffic trends and incremental cost pressures..."