Goldman keeps Sell rating on Victoria’s Secret after Q1 update

Goldman Sachs keeps a Sell rating on Victoria’s Secret (VSCO) with a $15 price target after the company announced preliminary Q1 results in conjunction with an update on the technology security incident. Given the ongoing work to restore access to the company’s systems, management noted they are unable to access certain platforms and information necessary to report Q1 earnings, the analyst tells investors in a research note. While pleased to see stronger than expected sales and profitability trends in Q1, Goldman believes the security breach “weighs on overall enthusiasm” for the result and drives a more cautious view on Victoria’s ability to navigate an “already dynamic operating environment.”