UPDATE: Canaccord Genuity Reiterates Hold Rating, Raises PT as Promotions Drive October SSS

In a report published Thursday, Canaccord Genuity analyst Laura Champine reiterated a Hold rating on

, and raised the price target from $50.00 to $54.00. In the report, Canaccord Genuity noted, “LTD reported consolidated SSS growth of 8% on top of +3% in October, above our estimate and consensus of +3%. The company beat our expectation in both core segments with the majority of the upside coming from Victoria's Secret. VS SSS increased 10% on top of +3%. This was driven by elevated promotions, which led to a significant yr./yr. decline in the merchandise margin. Sales declined 7% at VS Direct, and promotions drove margins lower. SSS increased 4% on top of +3% at Bath & Body Works, and the merchandise margin was flat. We remain on the sidelines with shares trading at 18x our FY14 EPS estimate and 10x FY14E EV/EBITDA based on the pre-market quote of $64.” L Brands closed on Wednesday at $63.03.