BMO Capital analyst Simeon Siegel raised the firm’s price target on Victoria’s Secret to $29 from $23 and keeps an Outperform rating on the shares. The company’s Q3 sales were in line but its earnings were a miss as a beat on gross margin was offset by SGA miss, the analyst tells investors in a research note. BMO adds however that the management noted that Q3 has improved as the quarter progressed, suggested a good start to November, and the firm believes that if numbers aren’t going lower, Victoria’s Secret shares are undervalued.
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Read More on VSCO:
- Victoria’s Secret (NYSE:VSCO) Delivers Mixed Q3 Results
- Victoria’s Secret sees FY23 adjusted EPS $1.85-$2.25, consensus $2.16
- Victoria’s Secret sees Q4 adjusted EPS $2.20-$2.60, consensus $2.43
- Victoria’s Secret reports Q3 comparable sales down 7%
- Victoria’s Secret reports Q3 EPS (86c), consensus (78c)