In a report released today, Susan Anderson from B.Riley FBR reiterated a Buy rating on L Brands (NYSE: LB), with a price target of $44. The company’s shares closed yesterday at $27.44, close to its 52-week low of $25.89.
Anderson wrote:
“After the market close on September 13, L Brands (LB) announced the closure of the Henri Bendel brand at the end of FY18. The closure will include all 23 Bendel stores as well as the Bendel website. All stores and the website will remain open through January 2019 with management noting that new merchandise will still be allocated to stores during the Holiday season. While the stores and website are shutting down, LB will retain ownership and rights to the brand. We believe this closure is a step in the right direction to unleash shareholder value and will allow management to focus on its core brands. No other plans have been articulated at this time, but we believe management could pursue the sale or closure of other brands in the portfolio and will likely continue to address plans to increase shareholder value.”
According to TipRanks.com, Anderson is a 4-star analyst with an average return of 6.0% and a 53.9% success rate. Anderson covers the Services sector, focusing on stocks such as Lululemon Athletica Inc, Ascena Retail Group, and Abercrombie Fitch.
Currently, the analyst consensus on L Brands is a Hold with an average price target of $30.53.
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The company has a one-year high of $63.10 and a one-year low of $25.89. Currently, L Brands has an average volume of 5.24M.
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L Brands, Inc. engages in the retail business. It is focused on women’s intimate and other apparel, personal care and beauty categories. It operates its business through the following segments: Victorias Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International.
