UPDATE: Nomura Equity Research Reiterates Buy Rating, Lowers PT on Limited Brands

In a report published Friday, Nomura Equity Research reiterated its Buy rating on Limited Brands

, but lowered its price target from $55.00 to $52.00. Nomura Equity Research noted, “Dec comps of +3% came in below cons, our ests, and mgmt plan. While BBW results were strong (+7%), VSS's flat comp (driven by weakness in Beauty, typically representing 25-30% of holiday sales) weighed on sales/margins. The key question is whether there are legitimate ‘reasons' why VSS was weak, or whether they are just ‘excuses' that give false hope to what could just be a slowing trend.” Limited Brands closed on Thursday at $44.71.