Wells Fargo reiterates Underweight on Victoria’s Secret amid online outage

Wells Fargo contacted multiple Victoria’s Secret (VSCO) stores across various U.S. states and reports that store associates’ answers regarding when online systems, including in-store ordering, could be back up were mixed. Multiple associates told the firm online ordering could be down for another one to two days, suggesting Victoria’s online business could have a four to five day total interruption, with the firm calling the “significant Memorial Day e-commerce disruption” an “additional near-term catalyst we did not expect.” Wells reiterates an Underweight rating and $15 price target on Victoria’s Secret as it thinks the company will continue to have some headwinds as it works toward a turnaround.