UPDATE: Oppenheimer Upgrades L Brands
In a research note released Monday, Oppenheimer analyst Anna Andreeva upgraded its Outperform position on L Brands (NYSE: LB) to Market Perform and raised the price target from $46 to $56.
The analyst primarily upgraded the stock on the basis of international growth and market-leading opportunities domestically in the United States.
Andreeva stated that L Brands is out-comping most retailers as the retailer posted comps of two percent in the first quarter of 2014; the retailer also has healthy margins. The analyst continued by saying that these are some key points that are driving the increase in the price target. Additionally, international growth is again a major driver, with market share and domestic EBIT margin levels holding.
Shares of the company are down one percent Monday, and are down five percent year-to-date.
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