Victoria’s Secret price target lowered to $19 from $25 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Victoria’s Secret to $19 from $25 and keeps an Equal Weight rating on the shares. The company’s Q4 beat breaks a streak of misses, but is overshadowed by the “disappointing” Q1 and fiscal year guidance, says the firm, which says Victoria’s Secret’s “show-me” status is amplified by the outlook. Guidance points to “another year of fundamental deterioration” and “even this lower guidance could prove optimistic,” adds the analyst, who thinks the print reduces investor confidence in the achievability of the company’s turnaround.