UPDATE: Jefferies Raises PT on L Brands Following Mixed Sales Numbers

In a report published Friday, Jefferies analyst Randal J. Konik reiterated an Underperform rating on L Brands LTD, and raised the price target from $40.00 to $45.00.

In the report, Jefferies noted, “July sales numbers came in very mixed, with notable weakness across the teen space. A sharp falloff in July traffic and an aggressive promo environment prompted negative pre-announcements from AEO, ARO and RUE, sending potential warning signs about the back-to-school selling season. On a more positive note, GPS and LTD both posted SSS gains and walked up guidance on 2Q EPS. GPS remains a top pick and see further upside into the back half of the year.”

L Brands closed on Thursday at $60.25.