Barclays downgraded Victoria’s Secret to Underweight from Equal Weight with a price target of $14, down from $15. Promotional checks suggest elevated discounting has continued this year despite Victoria’s efforts to improve its inventory position, the analyst tells investors in a research note. The firm sees competitors like Skims and Savage X Fenty encroaching on Victoria’s Secret’s market share, noting the company’s transactions have decelerated year-to-date. It believes consensus estimates for the company could be at risk.
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