Goldman Sachs analyst Brooke Roach lowered the firm’s price target on Victoria’s Secret (VSCO) to $35 from $40 and keeps a Sell rating on the shares. The firm’s says its takeaway from the company’s holiday pre-announcement was “incrementally” encouraging given the sequentially improving momentum within its business, though its recent conversations with investors suggested a larger Q4 earnings beat was expected given the strong traffic trends observed at the retailer throughout the key holiday season, the analyst tells investors in a research note. The focus will center on the changes being put in place by new management after today’s announcement of CFO transition, Goldman added.
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