Victoria’s Secret downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Victoria’s Secret to Equal Weight from Overweight with a price target of $18, down from $34. The company once again cut its fiscal year plan, as sales trends and share dynamics remain unfavorable, the analyst tells investors in a research note. The firm says uncertainty on Victoria’s ability to execute a turnaround is mounting and the stock’s valuation “should continue to erode.” Wells calls the company “a cheap stock but no catalyst in sight.”