JPMorgan analyst Matthew Boss upgraded Victoria’s Secret (VSCO) to Neutral from Underweight with a price target of $45, up from $29. Following recent leadership changes across management and merchandising functions, Victoria’s is beginning to realize topline growth improvement across both the namesake and PINK brands, the analyst tells investors in a research note. The firm says that while early in the turnaround, there remains a multi-year opportunity, with continued execution, to drive greater full-price selling to support gross margin expansion.
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