Morgan Stanley upgraded Victoria’s Secret to Equal Weight from Underweight with a price target of $20, up from $14. The CEO appointment of Hillary Super puts “turnaround hopes” back into play while the company’s Q2 beat makes for an achievable second half of 2024 bar, the analyst tells investors in a research note. The firm believes Victoria’s new leadership likely means any near-term “shortcomings” will mostly be forgiven. Morgan Stanley maintains a view that retail turnarounds “are both difficult and mostly unprecedented,” but thinks Victoria’s Secret “gets the benefit of the doubt” near term.
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