Goldman Sachs analyst Brooke Roach initiated coverage of Victoria’s Secret with a Sell rating and $14 price target. The analyst views Victoria’s as a market leader within the intimates category with “several idiosyncratic initiatives” that should help to improve its positioning long term. However, the firm sees a less attractive risk/reward relative to other companies in the brands and apparel sector over the near term. The company’s core customer is more price sensitive in comparison to other brands and it is a relative market share loser to fast-growing competitors, contends Goldman.
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