UPDATE: Canaccord Genuity Raises PT to $51 on Limited Brands on Fewer Promotions

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Canaccord Genuity reiterated its Hold rating on Limited Brands (NYSE: LTD) and raised its price target from $49 to $51. Canaccord Genuity noted, "Lower product costs, namely cotton, and greater full-price selling resulted in yr./yr. merchandise margin expansion. VS Direct SSS increased 2% on top of -3%. The merchandise margin increased as a result of higher full-price selling and a mix shift to VS branded product. Bath & Body Works' SSS increased 6% on top of +6%, 100bps above our forecast, and the merchandise margin was flat yr./yr. We are raising our Q4 EPS estimate by $0.02 to $1.75, $0.01 below prior consensus."Limited Brands closed at $50.79 on Wednesday.

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