Victoria’s Secret price target lowered to $25 from $32 at Wells Fargo

Wells Fargo lowered the firm’s price target on Victoria’s Secret to $25 from $32 and keeps an Overweight rating on the shares. The firm notes the Q4 print was all about the go-forward commentary, as Victoria’s Secret guided Q1/full year well below Street. While bulls had viewed 2024 as a likely “recovery” year for the company, “margins have not yet troughed,” Wells says.