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.
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