Barclays lowered the firm’s price target on Victoria’s Secret to $38 from $51 and keeps an Overweight rating on the shares. While Victoria’s remains the intimates market leader, with 20% share, competition continues to increase with many new entrants looking for a piece of the wallet share, the analyst tells investors in a research note. The firm says the company’s guidance for fiscal 2023 calls for first half pressure and a second half acceleration in sales that could be at risk should the Pink product fix not resonate .
Published first on TheFly
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