Morgan Stanley lowered the firm’s price target on Victoria’s Secret (VSCO) to $23 from $38 and keeps an Equal Weight rating on the shares. Though Victoria’s beat expectations for Q4 EPS, this was “overshadowed” by disappointing Q1 and fiscal year guidance, soft quarter-to-date trend commentary, and a second-half weighted marketing and launch cadence, says the analyst, who leaves the Q4 report “slightly more negative.”
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