Evercore ISI resumed coverage of Victoria’s Secret with an In Line rating and $20 price target. While the firm says “the potential margin and earnings unlock is among the best in our coverage universe,” it is staying on the sidelines because of the risk it sees that Victoria’s Secret “won’t be able to fully unleash its most valuable asset in its turnaround effort,” namely the brand equity that the Victoria’s Secret brand built with millions of American consumers through many decades.
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