Victoria’s Secret price target lowered to $38 from $53 at Barclays

Barclays lowered the firm’s price target on Victoria’s Secret (VSCO) to $38 from $53 and keeps an Overweight rating on the shares. The company reported Q4 results that beat on sales and earnings, but were more in-line as it benefited from a $26M increase to sales and margin due to an accounting change, the analyst tells investors in a research note. The firm says Victoria’s Secret provided guidance that was below consensus at the midpoint. Despite the step back in the turnaround story, the stock’s risk/reward is favorable for a multi-year brand recover, contends Barclays. It sees a favorable entry point at current share levels.