UBS upgraded Victoria’s Secret (VSCO) to Neutral from Sell with a price target of $47, up from $18. The firm now sees less risk to Victoria’s outlook and stock, saying the company’s turnaround is “gaining traction.” Victoria’s fundamentals continue improving, as evidenced by its North America’ Q3 comp sales inflection, the analyst tells investors in a research note. UBS also also believes market share pressures are subsiding given the company’s North America sales grew in Q3, outperforming the intimates industry.
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