Victoria’s Secret price target raised to $17 from $14 at Wells Fargo

Wells Fargo analyst Ike Boruchow raised the firm’s price target on Victoria’s Secret (VSCO) to $17 from $14 and keeps an Underweight rating on the shares. The firm notes the company’s Q2 was a much-needed inflection following a tough Q1. All key categories have inflected while gross margin improvement was notable. The key issues remain on tariffs/margins into the second half of the year and beyond – as Victoria’s Secret was not able to raise full year despite sizable Q2 beat, Wells adds.