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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- Victoria’s Secret (NYSE:VSCO) Delivers Mixed Q3 Results
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