UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on L Brands as Consistency Is Key

In a report published Wednesday, Wunderlich Securities analyst Danielle McCoy reiterated a Buy rating on

, and raised the price target from $90.00 to $112.00. In the report, Wunderlich Securities noted, “We are reiterating our Buy rating on L Brands (LB), raising our price target to $112 as we base our valuation on our FY17 EV/EBITDA projection, and rolling out our FY17 EPS estimate. With a solid performance coming out of Holiday, bucking weak mall traffic and the highly promotional atmosphere, we believe the power of LB's brands is clear and that its consistent strategy will build upon strong momentum throughout 2015 and beyond. In addition, we view international expansion as a significant growth opportunity over the longer term. Lastly, L Brands remains committed to driving shareholder value, offering a 1.62% yield. We view LB as a core holding and view the discount valuation to peers as unwarranted. Our $112 target translates into 14.0x our FY17 EV/EBITDA projection, in line with peers.” L Brands closed on Tuesday at $83.82.