Victoria’s Secret price target lowered to $20 from $29 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Victoria’s Secret to $20 from $29 and keeps a Market Perform rating on the shares. Following three consecutive quarters of underperformance, the company delivered a “nice beat” to close out FY23, the analyst tells investors. However, the broader intimates category decline in North America, and this market is expected to remain under pressure through at least the first half of 2024, the firm adds. While the new share repurchase program can help support the stock, visibility to profitability improvements remains challenging, Telsey concludes.