Wedbush Securities Sees 4Q Beat And Conservative Guidance As Largely Expected For L Brands

In a report published Thursday, Wedbush Securities analyst Morry Brown reiterated a Neutral rating and $93.00 price target on

. In the report, Wedbush Securities noted, "LB reported 4Q and provided initial guidance for 1Q15 and FY15. We believe the results and guidance were generally in line with expectations. February SSS were guided up to the mid-single digit range, suggesting unfavorable weather in certain regions of the US has not held back MTD comps. If there is any bone to pick with results, it comes from a lower tax rate generating a significant amount of the EPS upside (we estimate the lower tax rate added $0.06-$0.07 to EPS). That said, we believe 1Q15's $0.50-$0.55, which stands below consensus of $0.62, is largely based on conservatism, and expect ongoing beats throughout 2015." L Brands closed on Wednesday at $92.47.